BSE: 544682
GRE Renew Enertech Limited
Executes turnkey solar EPC contracts and operates its own solar power plants in India. Revenue comes from engineering, procurement and construction of ground-mounted solar PV projects for private clients, typically delivered over 3-6 months and often bundled with 3-year operation and maintenance services. As of mid-July 2026, the aggregate order book stood at approximately Rs 248 crore, against FY26 consolidated revenue of Rs 122.9 crore. Key wins include a Rs 175 crore 50 MW AC turnkey EPC order from Solarium Green Energy, with other orders from Standard Solar, Souraj Energy, Dain Colour Chem, Navsurya Renewable Energy and Govind Bronze Alloys. The company also generates power from commissioned solar assets in Gujarat through itself and its wholly owned subsidiary GRE Green Energy. Materials made up 67.9% of FY26 revenue at Rs 83.456 crore, making modules and balance-of-system equipment the largest cost. FY26 consolidated PAT was Rs 13.6 crore, with the company reporting a 147% three-year PAT CAGR. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Solar EPC contracts, Own solar power generation, Operation and maintenance services. Solar EPC contractor with growing in-house solar power generation
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 123 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 12.08 |
| ROE % · ROCE % | — · 22.2 |
| Debt / equity (x) | — |
| Cash from operations | 5 |
| Capex | (11) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 79 |
| Profit before tax | 13 |
| Net profit | — |
| EPS (₹) | 8.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.9 | 13.5 | 76 of 101 | 25% |
| ROCE | 22.0 | 10.0 | 17 of 107 | 85% |
| Market cap | 307 | 465 | 58 of 107 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · GRE Renew Enertech receives 3 solar EPC orders worth Rs 18.67 crore | business updates | medium | — | — |
| 10 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 3 Oct 2026 · Order worth Rs 71.72 lakh received for 265 KW solar rooftop project | business updates | low | — | — |
| 28 Sept 2026 · 18th AGM: All 7 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1, 2026 Until H1 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Summary of 18th AGM proceedings held on 25 September 2026 | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · GRE Renew Enertech bags seven solar EPC orders worth around 25.56 crore | business updates | medium | — | — |
| 5 Sept 2026 · GRE Renew Enertech wins Rs 24.88 crore in Solar EPC orders | business updates | medium | — | — |
| 4 Sept 2026 · Newspaper publication for 18th AGM notice and e-voting info | compliance | minimal | — | — |
| 3 Sept 2026 · Internal Auditor appointed for FY 2026-27 | management changes | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.