GRE Renew Enertech Ltd (544682)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, GRE Renew's revenue was ₹79.0 Cr (+79.5% year on year, +79.5% on the previous half-year), and net profit ₹10.0 Cr (+150.0% year on year); the operating margin was 13.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹79.0 | +79.5% | +79.5% |
| Operating profit | ₹11.0 | +120.0% | +83.3% |
| Net profit | ₹10.0 | +150.0% | +150.0% |
| EPS (₹) | 6.70 | +93.1% | +76.3% |
| Operating margin | 13.9% | — | — |
📢 Recent Corporate Announcements
GRE Renew Enertech has secured three domestic solar EPC orders aggregating to ₹18.67 crore between October 1 and October 15, 2026. The largest contract is a ₹17.23 crore ground-mounted solar plant (5,503.68 kWp DC / 4,000 kW AC) to be executed within 6 months. Two smaller rooftop solar projects account for ₹80.88 lakh and ₹62.93 lakh with 3-month execution timelines. Relative to the company's FY26 revenue of ₹123 crore, these wins represent approximately 15.2% of annual revenue, demonstrating steady order inflow.
- Total orders received aggregate to ₹18,66,94,612 between October 1 and October 15, 2026
- Largest order is worth ₹17,23,13,341 for a 5,503.68 kWp ground-mounted solar EPC project
- Two rooftop solar EPC orders received worth ₹80,87,891 and ₹62,93,380
- Execution timeline is approximately 6 months for the large ground-mounted plant and 3 months for rooftop projects
GRE Renew Enertech has secured a domestic order valued at ₹71,71,608 (inclusive of GST) as part of its fortnightly business update. The contract entails complete design, engineering, procurement, installation, and commissioning for a 265 KW grid-connected solar rooftop plant. The project has an execution timeline of approximately 3 months from receipt. Relative to the company's FY26 revenue of ₹123.0 crore, this contract represents under 0.6% of annual sales, making it a routine operational update.
- Order value of ₹71,71,608 inclusive of applicable GST
- Scope covers end-to-end development of a 265 KW grid-connected rooftop solar plant
- Execution period is approximately 3 months
- Order received on 21 September 2026 under ordinary course of business
GRE Renew Enertech Limited has incorporated two new wholly-owned subsidiaries: Solarsource Energy Private Limited (incorporated on August 25, 2026) and Solarcatch Energy Private Limited (incorporated on August 29, 2026). The company subscribed to 100% equity share capital in each entity for a cash consideration of ₹0.01 crore (₹1,00,000 each) at ₹10 face value. Both entities have been established to focus on the development, establishment, operation, and maintenance of solar power projects.
- Incorporated Solarsource Energy Pvt Ltd on August 25, 2026 with 100% shareholding
- Incorporated Solarcatch Energy Pvt Ltd on August 29, 2026 with 100% shareholding
- Initial cash subscription of ₹0.01 Crore (₹1,00,000) per subsidiary at ₹10 per share
- Entities dedicated to development, operation, and maintenance of solar power projects
GRE Renew Enertech Limited has announced the resignation of its Chief Financial Officer (CFO), Mr. Alpeshkumar Laxmanji Agrawal, tendered on August 27, 2026. The resignation is due to his pursuit of other career opportunities and will take effect at the close of business hours on September 5, 2026. The company reported FY26 annual revenue of ₹123.0 crore and net profit of ₹14.0 crore. A successor for the CFO position has not yet been named in the filing.
- CFO Mr. Alpeshkumar Laxmanji Agrawal submitted resignation on August 27, 2026
- Resignation takes effect from the close of business hours on September 5, 2026
- Reason stated is to pursue better career opportunities
- Outgoing CFO confirmed cooperation for smooth handover of responsibilities and records
GRE Renew Enertech Ltd has received an order worth ₹5.05 crore (inclusive of GST) from Urjasol Energy Private Limited during the August 1–15, 2026 fortnightly period. The scope covers the design, engineering, supply, installation, testing, and commissioning of a 1666.56 kW (DC) / 1200 kW (AC) grid-connected ground-mounted seasonal tilt solar power plant. The contract is scheduled for execution over approximately 6 months. This order represents approximately 4.1% of the company's FY26 revenue of ₹123 crore.
- Order value aggregates to ₹5,04,53,771 inclusive of applicable GST
- Project capacity stands at 1666.56 kW (DC) / 1200 kW (AC) for a ground-mounted solar plant
- Awarded by domestic entity Urjasol Energy Private Limited under Third Party Sale Scheme
- Execution timeline is approximately 6 months
M/s. Dhiren H Pandya & Associates LLP resigned as Statutory Auditor of GRE Renew Enertech Ltd effective August 14, 2026. The auditor's five-year term was originally scheduled to run from May 22, 2024, until the Annual General Meeting in 2029. The resignation occurred after the Audit Committee declined the auditor's request for an audit fee increase for FY 2026-27 to reflect the expanded scope and regulatory requirements of a BSE-listed entity. The outgoing auditor explicitly confirmed that there were no accounting disputes, irregularities, or lack of management cooperation.
- Resignation of Statutory Auditor M/s. Dhiren H Pandya & Associates LLP took effect on August 14, 2026.
- Auditor's term was originally valid until the conclusion of the AGM to be held in 2029 following appointment on May 22, 2024.
- The last audit report submitted by the auditor was for the year ended March 31, 2026, issued on May 23, 2026.
- Auditor confirmed zero disagreements on accounting policies, disclosures, internal controls, or management cooperation.
GRE Renew Enertech Limited announced the resignation of its statutory auditor, M/s. Dhiren H Pandya & Associates LLP, effective August 14, 2026. The resignation occurred after the Audit Committee did not agree to the auditor's proposed fee revision for FY 2026-27, which was sought due to expanded compliance and audit responsibilities following the company's BSE listing. The outgoing auditor explicitly confirmed that there are no disagreements regarding accounting policies, internal controls, or audit evidence, nor any management non-cooperation.
- Statutory auditor M/s. Dhiren H Pandya & Associates LLP resigned effective August 14, 2026
- Reason for resignation is non-agreement on revised audit fees for FY 2026-27 following post-listing scope expansion
- Auditor confirmed zero disputes regarding accounting policies, reporting, or internal financial controls
- Auditor confirmed no concerns regarding non-availability of information or management non-cooperation
GRE Renew Enertech has received its initial credit ratings from CRISIL for bank facilities totaling ₹35 crore. The agency assigned a long-term rating of 'CRISIL BBB-/Stable' and a short-term rating of 'CRISIL A3'. This rated amount is significant, representing approximately 28% of the company's FY26 revenue of ₹123 crore. Given the company's current low debt of ₹2 crore and a healthy net worth of ₹79 crore, this investment-grade rating establishes a baseline for future credit access.
- Initial assignment of 'CRISIL BBB-/Stable' for long-term bank facilities
- Short-term rating of 'CRISIL A3' assigned for bank debt
- Total bank facilities rated amount to ₹35.00 crore
- Rated facilities represent ~28.4% of the company's FY26 revenue of ₹123 crore
- Company maintains a low Debt-to-Equity ratio of 0.03 as of the latest financial context
GRE Renew Enertech has secured new solar EPC orders totaling ₹23.99 crore during the first fortnight of July 2026. These domestic orders involve turnkey projects for Dain Colour Chem and Navsurya Renewable Energy, with execution timelines ranging from 6 to 12 months. Following these wins, the company's aggregate order book stands at approximately ₹248 crore. The projects include ground-mounted solar plants with single-axis trackers under captive and third-party sale schemes.
- Total new orders worth ₹23,99,74,407 received between July 1 and July 15, 2026.
- Aggregate order book value reached approximately ₹248 crore as of July 16, 2026.
- Largest single order in this update is valued at ₹10.97 crore for a 2.916 MWp solar plant.
- Execution timelines for the new projects are set between 6 and 12 months.
- Total capacity across the three new orders amounts to approximately 6.19 MWp (DC).
GRE Renew Enertech has reported a consolidated EPC order book of ₹224 crore as of July 2026, which is approximately 1.82x its total FY26 revenue of ₹122.9 crore. The company achieved a significant milestone of 100 MWp in cumulative solar installations and successfully commissioned a 9.678 MW (DC) plant under the RESCO model. A major driver is a single ₹175 crore turnkey order from Solarium Green Energy, representing a shift toward higher-value utility-scale projects. The company also reported a FY26 PAT of ₹13.6 crore, reflecting a strong 3-year CAGR of 147%.
- Consolidated EPC order book stands at approximately ₹224 crore as of Q1 FY27
- Secured a major turnkey order worth ₹175 crore for a 50 MW AC utility-scale project
- Cumulative solar installations crossed the 100 MWp milestone by June 2026
- FY26 revenue from operations reported at ₹122.9 crore
- Reported FY26 Profit After Tax (PAT) of ₹13.6 crore with a 147% 3-year CAGR
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