Ahmedabad-based solar engineering, procurement and construction provider Grace Renewable Energy Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a mainboard IPO to list on the BSE and NSE — fresh startup funding in India news from Gujarat's solar boom.
The offer structure
The book-built issue covers up to 1.12 crore equity shares of face value ₹10 each: a fresh issue of up to 84.15 lakh shares and an offer for sale of up to 27.85 lakh shares by promoters Manish Bagadia and Karuna Bagadia. Fresh-issue proceeds will support incremental working capital and general corporate purposes. Marwadi Chandarana Intermediaries Brokers is the sole book running lead manager; KFin Technologies is the registrar. The price band will follow SEBI's observations.
The business: EPC, trading and batteries
Incorporated in 2013, Grace operates three verticals: turnkey solar EPC for rooftop and ground-mounted projects across residential, commercial and industrial clients; product trading as an authorised channel partner for Adani New Industries and Mundra Solar modules; and battery energy storage (BESS) manufacturing in Ahmedabad with 48 MWh installed capacity. As of March 31, 2026, it had commissioned 94,904.74 kW across 6,344 projects in 11 states, with a confirmed EPC order book of ₹478.86 million.
Financials that justify the leap
FY26 revenue from operations grew 70.8% year-on-year to ₹205.84 crore; profit after tax rose 91% to ₹18.67 crore; EBITDA reached ₹25.80 crore. Net worth stood at ₹37.73 crore with total debt of just ₹0.92 crore — a clean, profitable balance sheet heading into the IPO.
Why it matters for founders
Profitable, debt-free clean-energy companies are queuing for the public markets — and their disclosures give founders the clearest view of what scale and margins the market pays for in distributed solar. If you operate in solar EPC or BESS, Grace's DRHP is now the benchmark prospectus to study before you plan your own raise or listing.