Grace Renewable Energy IPO

Grace Renewable Energy IPO is proposed to enter the Indian primary market, with the issue opening and closing date yet to be announced. The IPO comprises a fresh issue of up to 84,15,000 equity shares and an Offer for Sale (OFS) up to 27,85,000 equity shares by existing promoters. The price band, issue price and total issue size are yet to be announced. The shares are proposed to be listed on the NSE and BSE. 

Marwadi Chandarana Intermediaries Brokers Private Limited is managing the issue, while KFin Technologies Limited is the registrar to the IPO.

The proceeds from the fresh issue will be utilised primarily to fund the Company's incremental working capital requirements, with a portion allocated towards general corporate purposes, as specified in the offer document. The proceeds from the OFS portion will go to the selling shareholders, Manish Bagadia and Karuna Bagadia, and Grace Renewable Energy Limited will not receive any proceeds from the shares sold under the OFS.

About Grace Renewable Energy Limited

Incorporated in 2013, Grace Renewable Energy Limited is a renewable energy solutions provider offering specialised solar energy and battery energy storage solutions to residential, commercial and industrial customers. The Company operates across three principal business verticals: Engineering, Procurement and Construction (EPC), trading of solar and energy-related products, and Battery Energy Storage Solutions (BESS), supported by a dedicated Operations and Maintenance (O&M) function within its EPC business.

The Company has developed a track record of executing solar power projects across India and international markets. Its EPC business provides end-to-end turnkey solar photovoltaic (PV) solutions, including rooftop and ground-mounted installations and off-site solar farms. The Company undertakes projects under the Capital Expenditure (CAPEX) model, wherein ownership of the completed solar power projects remains with the customer. Its services encompass site evaluation, system design and engineering, procurement, installation, transmission infrastructure development, testing, commissioning and post-commissioning maintenance.

As of March 31, 2026, the Company had achieved a cumulative commissioned solar capacity of 94.90 MW across 6,344 projects and an EPC order book of ?478.86 million. During Fiscal 2026, it commissioned 29.55 MW of capacity across 506 projects. Over the three Fiscals preceding March 31, 2026, the Company executed and commissioned 56.52 MW of solar projects across more than 2,132 sites.

The Company's trading vertical complements its EPC operations through the supply of solar PV modules, inverters and other energy-related equipment. 

Through its BESS business, the Company manufactures and distributes battery energy storage solutions under its own brand, “Grace.” Its manufacturing model combines in-house production, third-party contract manufacturing and select imports, providing flexibility in production planning and capacity utilisation. In 2026, the Company established its own manufacturing facility with an installed capacity of 48 MWh, strengthening its in-house manufacturing capabilities.

The Company's execution capabilities are supported by an in-house design and technical team, digital project management systems, engineering and simulation tools, and drone-based site surveys. Its procurement network comprised more than 328 domestic and international vendors during the last three Fiscals, supporting its EPC, trading and BESS operations.

With its presence across 11 Indian states and three countries, Grace Renewable Energy Limited continues to focus on expanding its renewable energy business and international customer base.