GRE Renew Enertech Limited is an emerging player in the field of Rooftop and ground mount solar solutions. They specialize in providing solar energy solutions to industrial and commercial customers. The business operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Under the CAPEX model, they offer Engineering, Procurement, construction, and operation of solar projects. In this model, customers invest in the Capital Expenditure at their own. Under the RESCO model, agreement is entered into with roof-top owners. The rooftop owners may consume the electricity generated, for which they have to pay a pre decided tariff to them as RESCO developer for the tenure of the agreement. In this model the assets (solar panels and installations) belong to the Company. Along with solar, the GRE goes further in the field of manufacturing of LED lighting applications. They manufacturer and provider of indoor and outdoor LED lights. As per financial performance, GRE Renew Enertech Limited has posted total income / net profits of Rs 53.10 / 0.89 Cr (FY23), Rs 92.15 / Rs 9.90 Cr (FY24), Rs 84.37 Cr / 7.02 Cr (FY25) and Rs 43.97 Cr / 3.99 Cr (upto Q2 FY26). So as per previous financials data, company has shown good results. The order-book as on 30.11.25 is around Rs 77.53. Company has an average EPS of Rs 6.81 and average RoNW of 35.39% for last three fiscals. Issue is priced at a P/BV of 3.14 as per NAV of Rs 33.48/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 15.15, 21.35 and 18.75 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Share India Capital Services Private Limited is associated with this IPOs, and has handled 19 IPOs in last three fiscal years. From last 10 IPOs, three opened below issue price remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, four are trading below issue price and remaining all are trading above issue price or at par. (as on 05.01.26 ) As per financials, GRE Renew Enertech Limited has shown good results, RoNW is 26.89% and P/E is 15.15, 21.35 and 18.75 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced and the order-book as on 30.11.25 is around Rs 77.53. Company is an emerging player in the field of Rooftop and ground mount solar solutions, which is very competitive business segment. Performance of BRLM is average post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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