GRE Renew Enertech revenue triples to Rs 138.6881 crore

GRE Renew Enertech Limited reported consolidated revenue from operations of Rs 138.6881 crore for the half year ended September 30, 2026, up from Rs 43.8044 crore a year earlier, as Solar EPC delivered Rs 128.9193 crore of revenue. Consolidated profit after tax rose to Rs 9.0628 crore from Rs 3.9998 crore.

How much did GRE Renew Enertech's revenue and profit increase?

GRE Renew Enertech's revenue from operations rose by Rs 94.8837 crore year on year to Rs 138.6881 crore in the half year ended September 30, 2026. Total income, including Rs 34.62 lakh of other income, was Rs 139.0343 crore, compared with Rs 43.9768 crore in the half year ended September 30, 2025.

Profit before tax increased to Rs 11.9193 crore from Rs 5.3921 crore, while profit after tax reached Rs 9.0628 crore from Rs 3.9998 crore. Basic and diluted earnings per share were Rs 6.34, compared with Rs 3.80 a year earlier, while paid-up equity share capital stood at Rs 14.288 crore at September 30, 2026.

Total expenses rose to Rs 127.115 crore from Rs 38.5847 crore alongside the higher revenue base. Material consumption increased to Rs 112.8737 crore from Rs 29.1916 crore, purchases of stock in trade were Rs 5.3335 crore against nil a year earlier, and finance cost rose to Rs 70.38 lakh from Rs 24.21 lakh.

Which segment accounted for GRE Renew Enertech's revenue growth?

Solar engineering, procurement and construction, or Solar EPC, accounted for most of GRE Renew Enertech's revenue expansion, with segment revenue increasing to Rs 128.9193 crore from Rs 39.3047 crore. The Rs 89.6146 crore increase in Solar EPC was close to the group's Rs 94.8837 crore increase in consolidated revenue from operations.

Solar EPC recorded profit before tax of Rs 14.0157 crore in the September 2026 half year, compared with Rs 7.2884 crore a year earlier. The segment statement shows no interest allocation to Solar EPC, while its assets increased to Rs 102.8769 crore at September 30, 2026 from Rs 9.9736 crore at September 30, 2025.

Sale of power revenue rose to Rs 3.3332 crore from Rs 82.44 lakh, and the other segment reported revenue of Rs 6.4356 crore against Rs 3.6754 crore. Sale of power generated Rs 1.5043 crore of profit before tax after Rs 46.26 lakh of interest, whereas the other segment reported a Rs 12.34 lakh loss before tax after a Rs 5.59 lakh profit a year earlier.

What changed in GRE Renew Enertech's balance sheet?

GRE Renew Enertech's consolidated assets increased to Rs 187.6703 crore at September 30, 2026 from Rs 103.0357 crore at March 31, 2026. Current assets rose to Rs 126.7887 crore from Rs 73.127 crore, led by trade receivables of Rs 80.1939 crore, compared with Rs 9.7986 crore at March 31.

Property, plant and equipment increased to Rs 51.6324 crore from Rs 15.1605 crore, while capital work-in-progress declined to Rs 5.1812 crore from Rs 9.6768 crore. Inventories fell to Rs 10.723 crore from Rs 11.5296 crore, and cash and cash equivalents decreased to Rs 7.5968 crore from Rs 30.7858 crore.

Shareholders' funds rose to Rs 88.7091 crore from Rs 79.6463 crore, while total liabilities increased to Rs 98.9612 crore from Rs 23.3894 crore. Long-term borrowings rose to Rs 11.8731 crore from Rs 1.2248 crore, short-term borrowings reached Rs 6.5832 crore from Rs 57.86 lakh, and trade payables to creditors other than micro and small enterprises increased to Rs 65.2998 crore from Rs 9.9185 crore.

Why did GRE Renew Enertech report an operating cash outflow?

GRE Renew Enertech reported net cash used in operating activities of Rs 7.593 crore in the September 2026 half year, compared with an inflow of Rs 27.76 lakh in the corresponding 2025 period. A Rs 70.3953 crore increase in sundry debtors was partly offset by a Rs 57.4493 crore increase in sundry creditors.

Cash flow from operations before working-capital changes was Rs 13.4499 crore, compared with Rs 5.8048 crore a year earlier. After the working-capital movements and Rs 1.4241 crore of taxes paid, cash generated from operations became an outflow of Rs 6.1689 crore.

Investing activities used Rs 31.5504 crore, including Rs 33.4533 crore spent on fixed assets, compared with an investing outflow of Rs 1.5619 crore a year earlier. Financing activities generated Rs 15.9492 crore through Rs 10.6483 crore of long-term loan proceeds and Rs 6.0047 crore of short-term loan proceeds, less Rs 70.38 lakh of finance charges.

How did GRE Renew Enertech use its IPO proceeds?

GRE Renew Enertech disclosed that all Rs 39.564 crore of initial public offering proceeds had been utilised by September 30, 2026. The allocation included Rs 29.8541 crore for a 7.20 megawatt alternating current and 9.99 megawatt direct current ground-mounted solar power plant, Rs 5.7063 crore for general corporate purposes and Rs 4.0036 crore for issue expenses.

The disclosed allocation reflected variations approved by the board on May 23, 2026 and by members on June 24, 2026. The auditor's utilisation certificate said Rs 50.91 lakh of the utilised amount had been spent from GRE Renew Enertech's own funds before the initial public offering, with no remaining proceeds to be used at September 30.

Manubhai & Shah LLP completed a limited review of the consolidated results under Regulation 33 of the Securities and Exchange Board of India listing regulations. The results were approved by GRE Renew Enertech's board on November 6, 2026, and the reviewer reported no matter suggesting a material misstatement.

Conclusion

GRE Renew Enertech's revenue increase to Rs 138.6881 crore in the half year ended September 30, 2026 was concentrated in Solar EPC, which contributed Rs 128.9193 crore. Profit after tax rose to Rs 9.0628 crore, while the increase in receivables to Rs 80.1939 crore and the Rs 7.593 crore operating cash outflow show the working-capital effect of the expansion.

The disclosed next item to watch is the 7.20 megawatt alternating current and 9.99 megawatt direct current ground-mounted solar plant funded through the Rs 29.8541 crore IPO allocation. Future filings can show the effect of this completed allocation on sale-of-power revenue, receivables, creditor balances and cash flow.