Synopsis: GRE Renew Enertech Limited has received a Letter of Award (LoA) from Solarium Green Energy Limited for the execution of a 50 MW AC / 65 MW DC utility-scale ground-mounted solar PV project. The Rs 175 crore contract includes turnkey EPC execution along with three years of operation & maintenance (O&M) services, strengthening the company’s order book and long-term revenue visibility.
Beyond the initial infrastructure build, the transaction secures a predictable, multi-year recurring cash flow for the company’s service division. GRE Renew Enertech Limited is currently trading at Rs 166.45. The stock opened at a day’s high of Rs 166.45 and has so far recorded a day’s low of Rs 165.90. The current market capitalisation of the company is Rs 238 crore and is trading at a p/e ratio of 19.7, higher than the industry peer median of 17.61.
GRE Renew Enertech will execute the entire solar power project on a turnkey basis, covering engineering, procurement, construction, civil and electrical works, commissioning, and three years of operation & maintenance (O&M). This enables the company to generate revenue during both the construction phase and the post-completion maintenance period.
Of the total Rs. 175 crore contract value, Rs. 170 crore is allocated to EPC execution, while the remaining Rs. 5 crore is for three years (36 months) of O&M services. As a turnkey project, it allows GRE to participate across the entire project lifecycle, strengthening its presence in the utility-scale solar EPC segment while providing recurring maintenance income.
The project will be executed according to the timeline and milestones specified in the Letter of Award. It aligns with GRE’s existing EPC operations and manufacturing capabilities in LED lighting, solar lighting systems, and power products. Importantly, the contract does not involve entry into a new business segment or result in any change to the company’s business model, capital structure, or overall risk profile.
Financials
The company reported revenue from operations of Rs 74 crore in H2 FY26 against Rs 42 crore in H2 FY25, registering a strong YoY growth of 76.2 percent. Operating profit also doubled from Rs 5 crore to Rs 10 crore during the previous year, while operating margins improved from 11 per cent to 13 per cent, indicating better operating efficiency.
The company posted a net profit of Rs 8 crore in H2 FY26 against Rs 3 crore in H2 FY25, a robust growth of 166.7 per cent. The improved profitability was reflected in the earnings per share (EPS), which jumped to Rs 5.70 from Rs 3.22 in the previous year.
The company recorded a strong ROCE of 34.8 per cent and an ROE of 26.7 per cent, indicating efficient capital utilisation and healthy returns to shareholders. The debt-to-equity ratio was just 0.02x, showing that the balance sheet was almost free of debt. In the longer term, the company has delivered a 5-year sales CAGR of 42 percent and a 5-year profit CAGR of 89 percent.
About the Company
GRE Renew Enertech Limited is a renewable power EPC company involved in the design, engineering, procurement, construction and maintenance of solar power projects. The company also manufactures LED lighting, solar lighting systems and power products for utility, commercial, industrial and government infrastructure projects.
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