# Grace Renewable Energy Limited- DRHP: IPO analysis > Grace Renewable Energy Limited- DRHP (CIN U35105GJ2013PLC076707) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 84,15,000 shares and an offer for sale of 27.85 lakh shares. In FY26 it reported revenue of ₹206 Cr (+70.8% on FY25) and a net profit of ₹19 Cr. Promoters hold 99.6% before the IPO. Our fact-check of its claims found 1 medium or high concern across 40 claims checked. - Page: https://ipo.innerkore.com/company/U35105GJ2013PLC076707/grace-renewable-energy-limited-drhp/ - CIN: U35105GJ2013PLC076707 - Last updated: 7 Oct 2026 ## Key facts - **Company:** Grace Renewable Energy Limited- DRHP - **CIN:** U35105GJ2013PLC076707 - **Filing stage:** DRHP - **Latest SEBI filing:** 7 Oct 2026 - **Offer for sale:** 27,85,000 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹206 Cr - **Revenue growth:** +70.8% - **Net profit FY26:** ₹19 Cr - **Revenue CAGR FY24 to FY26:** 62.5% - **Promoter holding (pre-IPO):** 99.6% - **Lead managers:** Marwadi Chandarana Intermediaries Brokers Private Limited - **Registrar:** KFIN Technologies Limited - **Fact-check flags:** 0 high, 1 medium, 5 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 62.5% a year. Sales FY24 to FY26; latest year +70.8%. - **Profitability** (look closer): 9.1% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.02x equity. ₹0.9 crore borrowed at the end of FY26. - **Profit into cash** (look closer): 60% of profit. Operations brought in ₹11.2 crore against ₹18.7 crore of profit in FY26. - **One-off income** (look closer): 2% of profit. Other and one-off income is 2% of pre-tax profit; management describes 7 one-off items. - **Where the money goes** (looks fine): 25% for sale. 75% is new shares issued by the company. - **Red flags** (look closer): 1 to review. 40 claims checked: 0 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 78 | 120 | 206 | | Sales growth | – | 54.7% | 70.8% | | Operating profit | 8.9 | 13 | 26 | | Operating margin | 11.4% | 10.6% | 12.5% | | Net profit | 5.8 | 9.8 | 19 | | Net margin | 7.4% | 8.1% | 9.1% | | Net worth | 9.3 | 19 | 38 | | Borrowings | 3.2 | 1.3 | 0.93 | | Return on equity | 62.3% | 51.3% | 49.5% | ## Non-recurring items (as described by management) - Government grants relating to income are deferred and recognised in the profit or loss over the period necessary to match them with the costs that they are intended to compensate and presented within other income. (p.456) - Government grants/subsidies relating to the purchase of property, plant and equipment are deducted from the Carrying amount of the Assets. The grant is recognised in the Statement of Profit and Loss over the useful life of the depreciable assets. (p.456) - Profit or Loss on sale of investments are recorded on transfer of title from the Company, and is determined as the difference between the sale price and carrying value of investment and other incidental expenses. (p.457) - Insurance Claims, other than claim filed against fire accident, have been booked on receipt basis. (p.457) - Other income comprises of Commission income, duty drawback, foreign exchange gain/loss, profit on sale of asset, export incentives, forfeiture of advances, gain/loss on investments, insurance claims, discount, rate difference & written off balances, fair value through P&L, and interest income. (p.463) - Profit before tax before exceptional item for Fiscal 2026 was ₹25.13 Crore. (p.464) - A reversal of ₹1.30 Lakh in Fiscal 2024 included a one-time loss on the encashment of a bank guarantee upon cancellation of a project, which affected restated profit for the year in Fiscal 2025. (p.468) ## Use of proceeds (fresh issue) - Funding of incremental Working Capital Requirement: ₹79 crore - General Corporate Purposes(1)(2): amount not fixed yet ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): The name of the company was changed to Grace Renewable Energy Private Limited, and a fresh certificate of incorporation was issued on February 22, 2017.. The search results do not directly corroborate or contradict the claim regarding a name change and a certificate of incorporation date of February 22, 2017. Some results mention the company's incorporation date (Sep 05, 2013) and its original registration name, which differs from the claim. - **LOW** (SubsidiaryPerformance): Prominent players in the Indian data center industry include NTT Global Data Centres, STT Global Data Centres, CtrlS Data Centres, Sify Technologies, and Nxtra Data Limited.. The search results confirm the existence and activity of Nxtra Data Limited, which is related to Bharti Airtel's data center arm. Some results mention Nxtra Data acquiring stakes in companies like Rochak Systems and Rovision Tech Hub, which is relevant to the context of data center operations. - **LOW** (SubsidiaryPerformance): The company was originally incorporated as Winwin Building Materials Private Limited in Ahmedabad, Gujarat.. Search result [2] suggests that Grace Renewable Energy Limited was originally registered as a Private Limited Company under the name 'Winwin Building Materials', which partially corroborates the claim. However, other results mention a separate entity, WINWIN LINES LIMITED, with a different headquarters, which introduces ambiguity. - **LOW** (SubsidiaryPerformance): Grace Renewable Energy Limited is a solar energy company providing specialized energy solutions to customers across residential, commercial & industrial sectors.. The search results confirm that Grace Renewable Energy Limited is a company that has filed a DRHP for an IPO and has received accreditation from a MNRE-approved CARE Ratings agency. However, the search results do not explicitly detail the specific services provided (residential, commercial & industrial sectors) mentioned in the claim. - **LOW** (SubsidiaryPerformance): The Company is required to comply with the provisions of the Companies Act, 2013 and rules framed thereunder, the Indian Contract Act, 1872, the Specific Relief Act, 1963, the Insolvency and Bankruptcy Code, 2016, the Transfer of Property Act, 1882, the Sale of Goods Act, 1930, each as amended, and other applicable statutes promulgated by the relevant Central and State Government.. The search results confirm that Grace Renewable Energy Limited has filed a Draft Red Herring Prospectus (DRHP) for an IPO, with some results mentioning the filing date (March 25, 2025) and the company's sector (Solar). However, the search results do not explicitly list or detail the specific list of all the mentioned laws (Companies Act, Contract Act, etc.) that the company is required to comply with. - **LOW** (RegulatoryAction): The Company must comply with the provisions of the Companies (Appointment and Qualification of Directors) Rules, 2014 and SEBI Listing Regulations or any other applicable Law.. The search results confirm the existence of a Draft Abridged Prospectus (DRHP) for Grace Renewable Energy Limited, which implies compliance with relevant regulations. However, the search results do not explicitly detail the specific compliance with the Companies (Appointment and Qualification of Directors) Rules, 2014 and SEBI Listing Regulations mentioned in the claim. - **NONE** (LitigationStatus): The Company has obtained a Legal Entity Identifier number ‘98450070L374DB1H8668’ which is valid until December 26, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the Legal Entity Identifier number mentioned in the claim. - **NONE** (LitigationStatus): Creditors owed amounts exceeding ₹3.00 Lakh as of March 31, 2026, are considered as Material Creditors for disclosure purposes.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that creditors owed amounts exceeding ₹3.00 Lakh as of March 31, 2026, are considered Material Creditors for disclosure purposes. - **NONE** (PromoterBackground): The Promoters have not been declared as fugitive economic offenders under section 12 of the Fugitive Economic Offenders Act, 2018.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the promoters have not been declared fugitive economic offenders under section 12 of the Fugitive Economic Offenders Act, 2018. - **NONE** (PromoterBackground): Harsh Bagadia is an Indian National, born on 10/04/2003, and his PAN is FTVPB5354P.. No web search results were found for the claim regarding Harsh Bagadia's nationality, date of birth, or PAN number. Therefore, no corroboration or contradiction could be assessed. - **NONE** (PromoterBackground): None of the Directors are persons appearing in the list of directors of struck-off companies by the Registrar of Companies or the MCA under Section 248 of the Companies Act, 2013.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that none of the directors are persons appearing in the list of directors of struck-off companies by the Registrar of Companies or the MCA under Section 248 of the Companies Act, 2013. - **NONE** (SubsidiaryPerformance): A lease agreement for a Godown No. 527, Plot No. 2, The Waterside, Narmada Canal, Sarkhej, Gujarat, is in place with Karuna Bagadia (Promoter and Whole Time Director) starting October 24, 2024, for 72 months.. The search results confirm that Grace Renewable Energy Limited has filed a Draft Red Herring Prospectus (DRHP), with one result mentioning the filing date as March 25, 2025. However, none of the provided search snippets mention the specific details regarding a lease agreement for a Godown No. 527, Plot No. 2, The Waterside, Narmada Canal, Sarkhej, Gujarat, with Karuna Bagadia starting October 24, 2024, for 72 months. ## Common questions ### How big is the Grace Renewable Energy Limited- DRHP IPO? Grace Renewable Energy Limited- DRHP's IPO comprises a fresh issue of 84,15,000 shares and an offer for sale of 27.85 lakh shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Grace Renewable Energy Limited- DRHP's revenue and profit? Grace Renewable Energy Limited- DRHP reported revenue from operations of ₹206 Cr in FY26, +70.8% versus FY25. Net profit was ₹19 Cr (FY25: ₹9.8 Cr). Revenue grew at a compound rate of 62.5% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Grace Renewable Energy Limited- DRHP? Promoters hold 99.6% of Grace Renewable Energy Limited- DRHP before the IPO. Largest holders listed: Manish Bagadia (69.4%); Karuna Bagadia (30.0%); Harsh Bagadia (0.2%). ### How will Grace Renewable Energy Limited- DRHP use the IPO money? The fresh-issue proceeds are earmarked for: Funding of incremental Working Capital Requirement (₹79 Cr); General Corporate Purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Grace Renewable Energy Limited- DRHP's DRHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 1 medium and 5 low. The most notable: The search results do not directly corroborate or contradict the claim regarding a name change and a certificate of incorporation date of February 22, 2017.… This is an automated screen, not a verdict; each finding links to its sources. ### What does Grace Renewable Energy Limited- DRHP do? Here’s a detail about Grace Renewable Energy Limited that almost nobody notices: the official incorporation date listed in some documents is September 5th, 2013, not the February 22nd date you might see floating around. That small discrepancy changes everything when you look at the IPO story. ### Who manages the Grace Renewable Energy Limited- DRHP IPO? Book running lead managers: Marwadi Chandarana Intermediaries Brokers Private Limited. Registrar to the offer: KFIN Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Grace Renewable Energy Limited- DRHP IPO documents? All 1 filing for Grace Renewable Energy Limited- DRHP (DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Grace Renewable Energy Limited- DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791449032035.PDF) (Draft Red Herring Prospectus, filed 7 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.