Grace Renewable Energy IPO
Grace Renewable Energy IPO — date, issue size, SEBI status & DRHP details 2026
Grace Renewable Energy filed its draft red herring prospectus (DRHP) with SEBI on 7 Oct 2026 for an IPO of a fresh issue of up to 84,15,000 shares and an offer for sale of up to 27,85,000 shares. SEBI has not yet reported on the draft. The price band, lot size and IPO dates are not announced yet.
Grace Renewable Energy, based in Ahmedabad, does solar EPC projects, trades solar panels and is setting up battery energy storage manufacturing. Revenue from operations grew from Rs 77.91 crore in FY2024 to Rs 205.84 crore in FY2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Grace Renewable Energy IPO stands
From draft to listing. Today is 9 October 2026.
- DRHP filed 07 Oct 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 7 Oct 2026 |
|---|---|
| SEBI status | DRHP filed · 7 Oct 2026 |
| RHP, price band & dates | Not announced |
Grace Renewable Energy IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to 84,15,000 shares |
| Offer for sale | Up to 27,85,000 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Marwadi Chandarana Intermediaries Brokers Private Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Manish Bagadia | Promoter | Up to 19,01,000 shares | Rs 0.04 |
| Karuna Bagadia | Promoter | Up to 8,84,000 shares | Rs 0.01 |
Both selling promoters acquired their shares at a weighted average cost of Rs 0.04 and Rs 0.01 per share, and the shares they got in the last one year came through a bonus issue.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 77.91 crore in FY2024 to Rs 120.49 crore in FY2025 and Rs 205.84 crore in FY2026, a growth of 70.83% in FY2026.
- 02EBITDA rose from Rs 8.88 crore in FY2024 to Rs 25.80 crore in FY2026, with the margin at 12.53% in FY2026.
- 03Profit after tax grew from Rs 5.79 crore in FY2024 to Rs 18.67 crore in FY2026, a PAT margin of 9.05%.
- 04Total borrowings fell from Rs 3.24 crore in FY2024 to Rs 0.93 crore in FY2026, against a net worth of Rs 37.73 crore.
- 05Operating cash flow was positive in all three years and reached Rs 11.19 crore in FY2026.
- 06Order book stood at Rs 47.89 crore on 31 March 2026 against Rs 3.77 crore a year earlier, and capacity under execution was 15,388 KW.
- 07Return on capital employed was 80.45% and return on equity 65.73% in FY2026, on a small equity base.
Risks · 10
- 01Gujarat gave 91.36% of FY2026 revenue, so a local slowdown or policy change would hit most of the business.
- 02The trading vertical was 54.75% of FY2026 revenue and runs under channel partner terms that limit products, pricing and sales channels.
- 03The top 10 suppliers gave 88.97% of purchases in FY2026, so supply is concentrated.
- 04The top five customers gave 30.29% of FY2026 revenue, up from 17.38% in FY2025.
- 05The BESS plan depends on critical components from suppliers in China, and the BESS vertical earned only Rs 0.35 crore in FY2026.
- 06Promoter Harsh Bagadia, who oversees the BESS factory setup, has only over 6 months of experience, and the promoters have limited prior BESS experience.
- 07The number of projects completed fell from 857 in FY2024 to 506 in FY2026, and residential EPC revenue fell from Rs 19.24 crore to Rs 10.39 crore over the same period.
- 08Promoters Manish Bagadia and Karuna Bagadia are selling 27,85,000 shares in the offer at a weighted average cost of Rs 0.04 and Rs 0.01 per share, so part of the offer does not bring money to the company.
- 09General corporate purposes can take up to 25% of gross proceeds, and the exact amount is not yet fixed.
- 10Three tax proceedings against promoters involve Rs 1.10 million, and two against directors involve Rs 1.13 million.
Grace Renewable Energy financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 205.84 | 120.49 | 77.91 |
| EBITDA | 25.80 | 12.81 | 8.88 |
| Profit After Tax | 18.67 | 9.77 | 5.79 |
| Net Worth | 37.73 | 19.07 | 9.29 |
| Total Borrowing | 0.93 | 1.32 | 3.24 |
Key ratios (FY26)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹79.31 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Grace Renewable Energy
In EPC, the company builds rooftop and ground-mounted systems and off-site solar farms on a turnkey basis. It follows the CAPEX model, so the customer owns the finished plant. Operation and maintenance is a small part of this vertical. Commercial and industrial EPC gave Rs 81.33 crore in FY2026 and residential EPC gave Rs 10.39 crore.
Trading is the largest vertical. The company sells solar PV modules, inverters and related equipment. Sale of solar panels gave Rs 110.90 crore in FY2026, which is 53.88% of revenue from operations. Trading as a whole was 54.75% of revenue in FY2026 and 30.59% in FY2024. The company works under channel partner arrangements that restrict the products it can sell and how it prices them.
The BESS vertical is new. The company has one battery manufacturing unit and plans to expand it. It earned Rs 0.35 crore from BESS manufacturing in FY2026 and nothing before that. It also took Rs 0.18 crore from third-party contract manufacturing.
The business is concentrated in Gujarat, which gave 91.36% of FY2026 revenue. The company says it serves 11 Indian states and 3 countries as of 31 March 2026. Indonesia gave 7.52% of revenue in FY2026 and 23.67% in FY2024. The company completed 506 projects in FY2026 and commissioned 29,545 KW of capacity. Its order book was Rs 47.89 crore as on 31 March 2026. The promoters are Manish Bagadia, Karuna Bagadia and Harsh Bagadia.
The industry
The industry report is by D&B. It says India's solar generation capacity is likely to increase significantly over the next several years, helped by national clean energy programmes and investment from private and public players. It also says demand for battery energy storage is rising because of peak-demand management, grid stability and the growth of data centres. The extract does not give a market size in rupees.
Customer concentration: Top 5 customers gave 30.29% of FY2026 revenue (17.38% in FY2025) and the top 10 gave 37.73% (26.35% in FY2025).
Promoters & management
Promoters hold 99.60% and promoter group members hold 0.40% of the paid-up capital before the issue.
| Name | Role |
|---|---|
| Manish Bagadia | Chairman and Managing Director |
| Karuna Bagadia | Whole-time Director |
| Harsh Bagadia | Whole-time Director |
| Patel Jigar | Whole-time Director |
| Dipesh Mancharam Prajapati | Chief Financial Officer |
| Vivekkumar Barlota | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Marwadi Chandarana Intermediaries Pvt.Ltd.
4 issues handledBest listing: Vahh Chemicals (+16.7%). Weakest: PAN HR Solutions (+0.4%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Grace Renewable Energy IPO: frequently asked
When will the Grace Renewable Energy IPO open?
The Grace Renewable Energy IPO dates are not announced yet. SEBI has not yet reported on the draft. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Grace Renewable Energy IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Grace Renewable Energy IPO?
Grace Renewable Energy filed its draft red herring prospectus (DRHP) with SEBI on 7 Oct 2026 for an IPO of a fresh issue of up to 84,15,000 shares and an offer for sale of up to 27,85,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Grace Renewable Energy IPO?
SEBI has not yet reported on the draft. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Grace Renewable Energy IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Grace Renewable Energy IPO GMP once the RHP and price band are out.
What will Grace Renewable Energy do with the IPO money?
As per the DRHP: Funding of incremental working capital requirement (₹79.31 crore); General corporate purposes.
Who are the lead managers of the Grace Renewable Energy IPO?
The book running lead managers are Marwadi Chandarana Intermediaries Brokers Private Limited. KFin Technologies Limited is the registrar.
Is Grace Renewable Energy profitable?
Yes. Profit after tax was Rs 18.67 crore in FY2026, Rs 9.77 crore in FY2025 and Rs 5.79 crore in FY2024.
Who are the promoters of Grace Renewable Energy?
Manish Bagadia, Karuna Bagadia and Harsh Bagadia. They hold 99.60% before the issue.
How much of Grace Renewable Energy's revenue comes from Gujarat?
Gujarat gave 91.36% of revenue from operations in FY2026, against 84.47% in FY2025.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Grace Renewable Energy files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
