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Renfra Energy India ₹122 ▲ 0.0% 1M
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Renfra Energy India Unlisted Shares

Renewable Energy Solar and wind EPC and turnkey solutions IPO: DRHP filed with SEBI

Renfra Energy India is a Chennai-based turnkey solar and wind energy solutions provider for commercial and industrial clients. It has completed 462.35 MW of projects in Tamil Nadu and Puducherry.

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Indicative price
As of 17 Oct 2026
₹122 ▲ 0.00% in 1 month
Dealer quotes: ₹105 – ₹122 across 2 dealers
Key facts

Renfra Energy India share details

Lot size
1,000 shares
Min. investment
₹122,000
Face value
₹10
Headquarters
Chennai, Tamil Nadu
Website
renfraenergy.com
ISIN
INE1LPG01028
CIN
U74999TN2017PTC119232
Lock-in after IPO
6 months
Price history

Renfra Energy India share price chart

1Y change
+3.39%
High
₹122
Low
₹98.00

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

IPO journey

Renfra Energy India IPO status: DRHP filed with SEBI

Renfra Energy India has filed its draft offer document with SEBI. SEBI reviews it before the company can launch an IPO.

  1. 1 Jul 2026
    DRHP filed with SEBI
DRHP details & financials
About

About Renfra Energy India

Renfra Energy India Limited is a Chennai-based company that builds solar and wind power projects for commercial and industrial customers. It calls itself a turnkey solutions provider. That means it does more than engineering, procurement and construction (EPC). It also handles project structuring, land procurement, grid connectivity, commissioning and long-term operations and maintenance (O&M). As of May 15, 2026, the company had completed projects with an installed capacity of 462.35 MW, made up of 412.85 MW of solar and 49.50 MW of wind. Its completed solar projects have served 112 customers and its wind projects 15 customers, all in Tamil Nadu and Puducherry. It also had ongoing projects of 139.10 MW, all in Tamil Nadu. Solar and wind projects together gave 98.36% of revenue from operations in FY26. On the restated consolidated numbers in its DRHP, revenue from operations was ₹10,136.97 million in FY26, up from ₹5,107.16 million in FY25. Profit after tax was ₹1,568.20 million in FY26 against ₹945.45 million in FY25. PAT margin was 15.47% in FY26. The company runs a single reportable business segment. The promoters are Muthuraj Periyasamy and Jayendran. Muthuraj Periyasamy, the Chairman and Managing Director, holds 138,699,000 equity shares, or 81.81% before the offer. The Draft Red Herring Prospectus was dated June 30, 2026 and filed with SEBI. The proposed offer is a fresh issue of up to ₹4,300.00 million plus an offer for sale of up to 4,794,800 shares by existing shareholders. Unistone Capital is the book running lead manager. The fresh issue money is proposed for redeeming non-convertible debentures, working capital and general corporate purposes. The company is not listed yet. Unlisted shares of a company like this change hands off-market through dealers, and the prices are indicative only. They do not come from a stock exchange. The indicative price on IPO Guru is ₹122 per share with a lot size of 1000 shares, and the IPO price will be set only after the issue is finalised.

Strengths

  • Revenue from operations nearly doubled to ₹10,136.97 million in FY26 from ₹5,107.16 million in FY25, a growth of 98.49%.
  • Profit after tax rose to ₹1,568.20 million in FY26 from ₹945.45 million in FY25 and ₹368.62 million in FY24.
  • EBITDA margin was 23.41% in FY26 and 25.81% in FY25, up from 12.40% in FY24.
  • Return on equity was 43.63% in FY26 and net worth as restated reached ₹4,663.03 million, up from ₹2,525.87 million a year earlier.
  • Completed projects total 462.35 MW (412.85 MW solar and 49.50 MW wind), with a further 139.10 MW under execution as of May 15, 2026.
  • The company reports secured award letters for 316.00 MW of solar and 149.50 MW of wind, which is 465.50 MW it plans to execute over the next two years.
  • Its customer base is wide: completed solar projects have served 112 customers and wind projects 15 customers.
  • Muthuraj Periyasamy and Jayendran each have over 17 years of experience in the renewable energy sector.

Risks

  • Business is concentrated in Tamil Nadu and Puducherry, and all ongoing projects are in Tamil Nadu, so local setbacks can hit the whole business.
  • Solar and wind projects gave 98.36% of revenue from operations in FY26, so the company depends on one theme and on demand from commercial and industrial customers.
  • The company relies on third-party suppliers for solar modules, cells and wind turbine generators, so supply disruption or price swings can hurt margins.
  • Projects depend on timely grid connectivity from public sector utilities and authorities, and delays can affect power evacuation and cash flow.
  • The DRHP lists negative cash flows in prior periods and the chance of cash flow mismatches as a risk to liquidity.
  • The business is capital intensive. Part of the fresh issue is meant to redeem non-convertible debentures and to fund working capital.
  • The wind energy business is newer than the solar business, which adds execution risk as the company scales it up.
  • Revenue includes sale of land parcels linked to projects, and failure to procure land on time and at fair cost can delay execution.
  • Project delays and cost overruns can lead to liquidated damages and lower margins.
  • Revenue nearly doubled in FY26 after growing 14.32% in FY25, and such uneven project-based growth may not repeat. The DRHP also shows 5 tax proceedings against directors other than promoters, aggregating ₹18.29 million.
Financials

Renfra Energy India financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY26Latest FY25 FY24
Revenue (₹ Cr) 1,014 511 447
EBITDA (₹ Cr) 237 132 55
PAT (₹ Cr) 157 95 37
EBITDA Margin (%) 23.41 25.80 12.41
PAT Margin (%) 15.47 18.51 8.25
RoNW (%) 33.63 37.43 75.78
EPS (₹) 9.51 6.59 2.63
Book Value (₹) 28.29 17.61 3.47
Net Worth (₹ Cr) 466 253 49

Swipe the table sideways for earlier years →

Leadership

Management team

Muthuraj Periyasamy
Chairman and Managing Director
Promoter with over 17 years in renewable energy, responsible for project execution, procurement and strategy.
Jayendran
Executive Director
Promoter with over 17 years in renewable energy, responsible for management of renewable energy operations.
Velmurugan
Chief Financial Officer
Key managerial personnel heading finance.
Saritha S
Company Secretary and Compliance Officer
Key managerial personnel handling secretarial and compliance matters.
Corporate events

Events & announcements

Event Date File
DRHP filed with SEBI IPO filing
1 Jul 2026

Renfra Energy India filed its draft red herring prospectus with SEBI, the first public step towards an IPO.

1 Jul 2026
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Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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