Renfra Energy India IPO
Renfra Energy India Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹430.00 crore and an offer for sale of up to 47,94,800 shares by other selling shareholders, with no promoter selling. In FY26 the company made a profit of ₹156.82 crore on revenue of ₹1,013.70 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 1 Jul 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Unistone Capital Limited
- Last SEBI contact
- 30 Oct 2026
- Price band and dates
- Not announced
Where it stands
Renfra Energy India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI1 Jul 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 1 July 2026, 128 days ago, and its last communication on the draft was on 30 October 2026 (day count is our calculation).
DRHP at a glance
Renfra Energy India DRHP at a glance
Draft red herring prospectus, 30 Jun 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 212 to 213) and Basis for the Offer Price, KPIs (p. 132)ReNfra EnerGy India provides turnkey solar and wind energy solutions to commercial and industrial customers. Engineering, procurement and construction is part of what it does, but the draft describes its focus as turnkey work spanning the whole project life: site identification, land acquisition, regulatory approvals, structuring, commissioning, and operations and maintenance afterwards. It works in two segments, solar energy solutions and wind energy solutions, and manages a cumulative grid capacity of about 601.40 MW of solar and wind assets under operations and maintenance.
Projects have been executed across south India, in regions the draft describes as having favourable solar irradiation, wind resources and grid connectivity, with the business concentrated in Tamil Nadu and Puducherry. Total capacity commissioned was 173.80 MW in FY26, against 103.75 MW in FY24, with 204.75 MW under execution at the end of FY26. The company completed 32 projects in FY26 and executed 21 solar and 11 wind projects that year, against 37 solar and no wind projects in FY24. The workforce is 1,140 people, of whom 457 are permanent employees and 683 contract labourers. As of 15 May 2026, repeat customers accounted for 278.20 MW of the 601.45 MW of solar and wind capacity orders procured.
Revenue from operations by segment, FY26
- Solar projects: 63.80%
- Wind projects: 34.57%
- Other revenue: 1.63%
The offer
DRHP cover pages, The Offer (p. 56) and Capital Structure (p. 78)| Fresh issue | Up to ₹430.00 croreMoney goes to the company |
| Offer for sale | Up to 47,94,800 sharesAll by other selling shareholders, with no promoter selling. The largest named on the cover page are Arumuga Raja, up to 12,60,900 shares at a negligible weighted average cost; Mangal Keshav Capital Limited, up to 4,34,310 shares; and Deep Ashokbhai Sanghvi, up to 4,00,000 shares, the last two at ₹71.38 a share, as are the other named sellers. The company receives no proceeds from the offer for sale |
| Shares before the IPO | 16,95,35,010Face value ₹10 each. The offer for sale is about 2.8% of them (ours) |
| Pre-IPO placement | Up to ₹50.00 croreOptional; would reduce the fresh issue, and will not exceed 20% of its size |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Unistone Capital Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Muthuraj Periyasamy and Jayendran |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 105 to 106)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Redemption of non-convertible debentures issued by the company, in full | 160.00 | 37.2% |
| Working capital | 175.00 | 40.7% |
| General corporate purposes (set later, within 25% of the gross proceeds) |
The total shown is the fresh issue size of ₹430.00 crore. Offer expenses are deducted before these amounts. Any pre-IPO placement proceeds would reduce the fresh issue. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Restated Consolidated Financial Information (p. 60 to 62) and Basis for the Offer Price, KPIs (p. 130 to 132), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 446.73 | 510.72 | 1,013.70 |
| Total income | 446.73 | 511.43 | 1,018.22 |
| Gross margin | 17.12% | 34.46% | 35.17% |
| EBITDA | 55.41 | 131.08 | 245.94 |
| EBITDA margin | 12.40% | 25.67% | 24.26% |
| Profit after tax | 36.86 | 94.55 | 156.82 |
| Profit after tax margin | 8.25% | 18.51% | 15.47% |
| Diluted EPS (₹) | 2.63 | 6.59 | 9.51 |
| Net worth | 48.64 | 252.59 | 466.30 |
| Cash from operations | 6.15 | -24.31 | -119.01 |
| Return on net worth | 75.79% | 37.43% | 33.63% |
| Return on equity | 122.03% | 62.77% | 43.63% |
| Return on capital employed | 153.85% | 81.53% | 49.58% |
| Capacity commissioned (MW) | 103.75 | 83.20 | 173.80 |
| Capacity under execution (MW) | 103.75 | 136.60 | 204.75 |
| Projects completed | 37 | 21 | 32 |
Restated consolidated figures. Revenue nearly doubled in FY26 and profit rose in both years, while returns on net worth, equity and capital employed all fell from a high base and cash from operations turned negative and then more negative. Net worth is total equity, which is equity share capital plus other equity. Return on equity is worked out on average total equity, return on net worth on year-end equity. Basic and diluted earnings per share are the same in all three years as printed. Net asset value a share was ₹28.29 for FY26.
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 130 to 131). Peer prices as of 25 June 2026 on NSE, and peer figures for the year ended 31 March 2026 on a consolidated basis.The document puts the peer group P/E high at 19.98 times for Zodiac Energy, the low at 12.25 times for Solarworld Energy Solutions and the average at 15.45 times. The P/E for ReNfra EnerGy India is not given until the offer price is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| ReNfra EnerGy India (FY26) | 9.51 | Set with the offer price | 33.63% |
| KPI Green Energy | 24.04 | 16.58x | 16.78% |
| K.P. Energy | 26.86 | 12.99x | 34.66% |
| Solarworld Energy Solutions | 14.95 | 12.25x | 14.21% |
| Zodiac Energy | 13.81 | 19.98x | 17.96% |
Risks the draft lists first
DRHP, Risk Factors (p. 21 to 31)- WeatherOperations are vulnerable to climate and weather disruption from seasonal variation, which affects both construction and generation. (Risk factor 1, p. 21)
- Modules and turbinesProfitability depends on the availability and cost of solar modules, solar cells and wind equipment. (Risk factor 2, p. 22)
- Tamil Nadu and PuducherryThe business is concentrated in Tamil Nadu and Puducherry, so adverse developments there would affect results. (Risk factor 3, p. 24)
- Grid connectivityProjects depend on timely grid connectivity from central and state public sector undertakings and other agencies. (Risk factor 4, p. 25)
- Wind segmentThe wind energy segment is recent compared with solar, and the company may not scale wind projects successfully. (Risk factor 6, p. 27)
- LandOperations carry significant land acquisition risk, and the company may be unable to procure or retain land parcels in time. (Risk factor 7, p. 28)
Documents
Renfra Energy India DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Renfra Energy India IPO FAQs
When will the Renfra Energy India IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 128 days ago (our calculation).
Has SEBI approved the Renfra Energy India IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Renfra Energy India IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Renfra Energy India IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Renfra Energy India IPO?
Unistone Capital Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Renfra Energy India do with the IPO money?
According to the DRHP, the fresh issue money goes to redemption of non-convertible debentures issued by the company, in full (₹160.00 crore), working capital (₹175.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Renfra Energy India do?
ReNfra EnerGy India provides turnkey solar and wind energy solutions to commercial and industrial customers. Engineering, procurement and construction is part of what it does, but the draft describes its focus as turnkey work spanning the whole project life: site identification, land acquisition, regulatory approvals, structuring, commissioning, and operations and maintenance afterwards. It works in two segments, solar energy solutions and wind energy solutions, and manages a cumulative grid capacity of about 601.40 MW of solar and wind assets under operations and maintenance.
Where can I read the Renfra Energy India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 1 July 2026. The draft is dated 30 June 2026 and runs to 519 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 30 June 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.