GRE Renew Enertech

Listed EPC / O&M — per-stock model.

As of 21 Aug 2026

EPC / O&M—

CMP ₹175

Latest concall

FY26 · 23 May 2026

FY26 revenue Rs122.9cr (from Rs83.7cr, ~+47%), PAT Rs13.6cr (+136%)
EBITDA margin improved to 13.1% (from 11.35%)
Executed 25 projects / 23,506 KWp (vs 17); >100MW installed by Jun-26 via EPC + RESCO
Won Rs175cr EPC deal from Solarium Green Energy (50MW); Rs17.75cr Standard Solar order

Order-book execution

Rs175cr Solarium 50MW EPC order to be executed in FY27; EPC portfolio >61MW pre-win.

Management guidance

No formal guidance; Rs175cr Solarium 50MW order to be executed in FY27

FY26 results / investor update, board 23 May 2026 (no formal concall confirmed)

Revenue FY26E

123₹ cr

EBITDA margin

13%

P/E

18.4×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY23	52	2	4.2%	1	—	—	—	—	—	7.1	—
FY24	90	11	13.0%	10	—	—	—	—	—	79.3	—
FY25	84	9	11.0%	7	—	—	—	—	—	6.7	—
FY26	123	16	13.0%	14	—	—	—	—	—	9.5	—

Source BSE SME (maintained)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source BSE SME (maintained)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY25	44	5	11.0%	4	9.1%
Q2FY26	44	6	13.0%	4	9.1%
Q4FY26	79	11	13.0%	10	12.7%

Source BSE SME (maintained)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source BSE SME (maintained)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

18.4×

EV / EBITDA

15.8×

P/B

3.1×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source BSE SME (maintained)· As of 21 Aug 2026