GRE Renew lands ₹175 cr solar EPC order, 70%+ of its market cap
A single 50 MW AC turnkey order from Solarium Green Energy transforms the nano-cap EPC player's book. It exceeds the entire FY26 revenue and dwarfs prior wins.
— 2 earlier stories on GRE Renew Enertech Ltd. →What's new
- Letter of Award from Solarium Green Energy for a 50 MW AC solar EPC + 3-year O&M contract.
- Total value ₹175 cr: ₹170 cr EPC plus ₹5 cr O&M.
- Order is in the ordinary course, no related-party involvement.
Why this matters
For a nano-cap with a ₹238 cr market cap, this single contract is over 70% of its own equity value and likely larger than its entire FY26 revenue. It transforms the order book narrative overnight and forces a fundamental reassessment of revenue visibility and earnings power.
What we're watching
- Execution timelines and milestone billing against the schedule in the award.
- Any follow-on orders from Solarium for additional capacity.
- Whether the company raises equity or debt to fund working capital needs.
The full read
GRE Renew Enertech just landed an order that rewrites its size. A ₹175 cr turnkey EPC and O&M contract from Solarium Green Energy for a 50 MW AC solar project is worth over 70% of the company's ₹238 cr market cap and exceeds its entire FY26 revenue. For a nano-cap that reported ₹79 cr in sales last quarter, this is a genuine step-change. The order dwarfs its prior ₹17.75 cr win from July and signals that GRE Renew can compete in utility-scale solar. Execution risk is real. Delivering a project this large will test project management and working capital, but even partial execution over 12–18 months will boost earnings multiples. The open question is whether Solarium places more capacity or if this is a one-off.
Questions answered
- How does this order compare to GRE Renew's previous wins?
- It is roughly 10x the prior visible order of ₹17.75 cr from July 2026, making it a step-change in scale.
- What is the payment and milestone structure?
- The filing does not disclose payment milestones, but standard EPC contracts typically have 10–20% advances with progress-linked billing.
- Is there any promoter or related-party interest in this contract?
- No. The company explicitly states the order is in the ordinary course and involves no promoter or related-party interest.
- What is the expected completion timeline?
- The award specifies a project schedule, but the exact duration is not disclosed in the filing. Ground-mounted solar projects of this size typically take 12–18 months.
- How will this affect GRE Renew's financials?
- Assuming normal EPC margins, this order alone could add ₹10–15 cr in net profit over its life, against a net profit of ₹10 cr in the last reported quarter.
- Does the company have the balance sheet to execute such a large project?
- Yes. With a debt/equity of 0.05 and trailing ROE of 22.5%, the company is conservatively financed, though the sheer size may require interim working capital lines.
GRE Renew Enertech Ltd.
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All notes on GRERENEW →- 30 Jun 2026 · 2:02 PM IST GRE Renew lands ₹175 cr solar EPC order, 70%+ of its market cap
- 4d ago GRE Renew grabs ₹17.75 cr solar EPC order, 15% of FY26 revenue
- 33d ago GRE Renew flips on 9.67 MW Gujarat solar projects funded by its IPO.