Renfra Energy India IPO

Incorporated in 2017, Renfra Energy India Limited is a renewable energy solutions provider offering integrated solar and wind energy services to commercial and industrial clients. The company delivers turnkey solutions across the entire project lifecycle, including site identification, land acquisition, regulatory approvals, engineering, procurement and construction (EPC), project commissioning, and operations and maintenance (O&M) services. The company operates in two principal business segments: solar energy solutions and wind energy solutions. It has executed multiple renewable energy projects across South India, focusing on regions with favourable solar irradiation, wind resource availability, and grid connectivity. As of May 15, 2026, the company managed approximately 601.40 MW of solar and wind energy assets under O&M contracts and had entered into 217 agreements with 164 customers, representing an aggregate installed capacity of approximately 462.35 MW. The company’s operations are supported by a workforce of 1,140 personnel.

Renfra Energy India Limited IPO Overview

Renfra Energy India Ltd. has filed a Draft Red Herring Prospectus (DRHP) with SEBI on June 30, 2026, to raise funds through an Initial Public Offering. The IPO is a Book Build Issue consisting of a fresh issue of ₹4,300 million (₹430 crore) and an Offer for Sale (OFS) of up to 47,94,800 equity shares by existing shareholders. The equity shares are proposed to be listed on NSE and BSE. Unistone Capital Pvt. Ltd. is the book running lead manager and Bigshare Services Pvt. Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced. The company’s promoters — Muthuraj Periyasamy and Jayendran — currently hold 81.93% of the pre-issue share capital. Pre-issue shareholding stood at 16,95,35,010 shares. The issue will be allocated with 50% reserved for Qualified Institutional Buyers, 35% for Retail Investors, and 15% for Non-Institutional Investors.

Renfra Energy India Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	4,30,47,94,800 shares (agg. up to ₹[.] Cr)
Fresh Issue	₹4,300 million (₹430 Crore)
Offer for Sale (OFS)	47,94,800 shares of ₹10
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	16,95,35,010 shares

Renfra Energy India Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Renfra Energy India Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Offer
Retail Shares Offered	Not less than 35% of the Net Offer
NII (HNI) Shares Offered	Not less than 15% of the Net Offer

Renfra Energy India Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹9.51
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	33.63%
Net Asset Value (NAV)	₹28.29
Return on Equity (RoE)	43.63%
Return on Capital Employed (RoCE)	49.58%
EBITDA Margin	24.26%
PAT Margin	15.47%
Debt to Equity Ratio	0.64x

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (₹ in million)
Redemption of Non Convertible Debentures issued by our Company, in full	1600
Funding the working capital requirements of our Company	1750
General corporate purposes*	[●]
Total	[●]

*Note: To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC.

Renfra Energy India Limited Financials (₹ in million)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	9,962.79	3,934.40	1,341.45
Revenue	10,136.97	5,107.16	4,467.29
Profit After Tax	1,568.20	945.45	368.62
Reserves and Surplus	4,661.82	2,524.74	485.38
Total Borrowings	2,961.14	323.78	84.35
Total Liabilities	5,299.76	1,408.52	855.08

Financial Status of Renfra Energy India Limited

Renfra Energy India IPO Strengths

1. Established Track Record of Timely Project Execution

Renfra Energy India Limited has established itself as a key player in the solar and wind turnkey segment, backed by a proven track record of efficient and timely project delivery. The company has consistently delivered projects ahead of schedule, with solar projects typically completed within 100-110 days against scheduled timelines of 120-150 days, and wind projects within 150-180 days compared to committed 180-220 days.

2. Demonstrated Expertise in Obtaining Grid Connectivity

Renfra Energy India Limited has demonstrated expertise in obtaining grid connectivity in a timely manner, supported by established land acquisition capabilities and proximity of project locations to sub-stations. The company has secured sufficient connectivity for ongoing projects and estimates a surplus connectivity of 465.50 MW for future projects including 316 MW for solar and 149.50 MW for wind projects.

3. Strong Customer Relationships Built on Reliable Delivery

Renfra Energy India Limited has developed long-standing relationships with both commercial and industrial customers due to consistent project execution and adherence to timelines. The company’s repeat customers constitute 278.20 MW of total solar and wind projects capacity orders procured of 601.45 MW as of May 15, 2026, reflecting strong customer trust and satisfaction.

4. Long-Standing Relationships with Suppliers and Quality Assurance

Renfra Energy India Limited has established long-standing relationships with suppliers of key equipment and components for both solar and wind projects. As of May 15, 2026, the company has an extensive supplier network comprising 128 suppliers across solar and 31 suppliers across wind energy components, supported by a rigorous vendor empanelment process.

Other IPO Pages Linking

1. Business Overview

Renfra Energy India Limited is a renewable energy solutions provider offering integrated solar and wind energy services to commercial and industrial clients. The company delivers turnkey solutions across the entire project lifecycle, including site identification, land acquisition, regulatory approvals, engineering, procurement and construction (EPC), project commissioning, and operations and maintenance (O&M) services.

2.Business Segments

The company operates in two principal business segments:

A. Solar Energy Solutions
The company provides comprehensive solar EPC services including design, procurement of modules and inverters, civil works, installation, testing, commissioning, and grid connectivity. As of May 15, 2026, the company has completed solar projects aggregating 455.75 MW.

B. Wind Energy Solutions
Launched in Fiscal 2025, the wind energy segment contributed ₹857.05 million in revenue in its first year of meaningful operations. The company has successfully completed wind projects aggregating 49.50 MW and has 17 ongoing wind projects with a combined capacity of 56.10 MW.

3. Project Execution Capabilities

The company has a proven track record of delivering projects ahead of schedule. Solar projects are typically completed within 100-110 days against scheduled timelines of 120-150 days, while wind projects are completed within 150-180 days compared to committed 180-220 days. During Fiscal 2026, the company completed 32 projects aggregating 120.40 MW.

4. Subsidiaries and Related Parties

The company operates through subsidiaries including Speed Mecotronix Private Limited, Enlink Energies Private Limited, and Derrick Lifters India Private Limited. Speed Boomi Promoters LLP supports land aggregation activities, while Wandse Solutions India Private Limited supplies project-related materials.

5. Management Team

The company is led by Promoters Muthuraj Periyasamy (Chairman and Managing Director) and Jayendran (Executive Director), who collectively possess over 17 years of experience in the renewable energy sector. The company has a dedicated team of 457 permanent employees and 683 contract labourers as of May 15, 2026.

Industry Outlook

1. Indian Renewable Energy Industry

India’s renewable energy sector is experiencing unprecedented growth. Renewable energy installations increased from 18.5 GW in FY24 to 28.7 GW in FY25, before jumping to 51 GW in FY26, supported by aggressive competitive bidding, improved project execution, and expanding state-level renewable energy programmes. The brokerage expects India to add 40-45 GW of solar capacity, 7-8 GW of wind capacity and around 24 GWh of battery energy storage systems in FY27.

2. Growth Projections and Targets

India has set an ambitious target of 500 GW of non-fossil fuel capacity by 2030. As of March 2026, the installed renewable capacity stood at approximately 275 GW. Between fiscals 2026-2030, India is projected to witness the addition of 140-160 GW of solar and 25-27 GW of wind additions. The Indian renewable energy market is projected to reach a revenue of USD 52.58 Billion by 2034, growing at a CAGR of 8.16% from 2026-2034.

3. Solar Energy Market

India added a record 21 GW of solar capacity in FY25 alone, taking installed solar past the 100 GW milestone. The country is projected to add 150-170 GW of solar capacity between FY26 and FY30. Utility-scale solar is expected to account for 70-75% of annual solar additions, equivalent to 25-30 GW per year.

4. Wind Energy Market

FY26 India wind installations crossed 6 GW (highest since 2017), expected to cross 10 GW near-term and reach 15 GW over 5 years. Wind energy segment witnessed 3,086 MW additions in H1 fiscal 2026, accounting for almost 74% of the additions seen in the last fiscal year.

5. Power EPC Market

The India power EPC market is projected to exhibit a CAGR of 6.14% during 2026-2034, reaching a value of USD 41.5 Billion by 2034.

How Will Renfra Energy India Benefit

1. Expanding renewable energy market
India’s renewable energy market growing at 8.16% CAGR to USD 52.58 billion by 2034 provides significant growth opportunities for the company’s solar and wind EPC services.

2. Government’s 500 GW target
The ambitious target of 500 GW non-fossil capacity by 2030 creates a massive pipeline of projects, directly benefiting the company’s project execution capabilities.

3. Solar capacity addition boom
With 150-170 GW of solar capacity expected between FY26 and FY30, the company’s established solar EPC expertise positions it to capture significant market share.

4. Wind energy segment growth
Wind installations expected to cross 10 GW near-term, providing strong tailwinds for the company’s recently launched wind energy business.

5. Power EPC market expansion
The India power EPC market projected to reach USD 41.5 billion by 2034, expanding at 6.14% CAGR, creating sustained demand for EPC services.

6. Policy support and incentives
Government initiatives including production-linked incentive schemes and the ALMM (Approved List of Models and Manufacturers) framework encourage domestic manufacturing and project development.

7. Commercial and industrial demand
Growing C&I demand for renewable energy, driven by sustainability commitments and cost savings, supports the company’s primary customer base.

Renfra Energy India Limited Peer Comparison

Name of the Company	Face Value (₹)	Revenue (₹ in million)	Basic EPS (₹)	Diluted EPS (₹)	P/E	RoNW	NAV (₹)
Renfra Energy India Limited	10.00	10,136.97	9.51	9.51	[●]	33.63%	28.29
Peer Group
KPI Green Energy Limited	5.00	26,959.10	24.13	24.04	16.58	16.78%	143.23
K.P. Energy Limited	5.00	14,970.91	27.07	26.86	12.99	34.66%	77.50
Solarworld Energy Solutions Limited	5.00	13,761.56	14.95	14.95	12.25	14.21%	105.21
Zodiac Energy Limited	10.00	5,435.20	13.88	13.81	19.98	17.96%	76.87

Key Strategies for Renfra Energy India Limited

1. Focus and Accelerate Presence in Wind Energy Segment

Renfra Energy India Limited intends to meaningfully accelerate its presence and execution capabilities in the wind energy segment as a key strategic priority. The company plans to pursue wind project mandates from commercial and industrial customers in Tamil Nadu, one of the most wind resource-rich states in India, leveraging established sub-station relationships and grid connectivity expertise to reduce development timelines.

2. Develop In-House Facility for Manufacturing of Module Mounting Structures

Renfra Energy India Limited is establishing an in-house manufacturing facility for the production of module mounting structures through its subsidiary, Speed Mecotronix Private Limited. The facility is expected to be operational by December 2026 with an initial installed capacity of 2,000 metric tonnes per month, serving as the primary captive source of MMS supply for project requirements.

3. Leverage Captive Heavy-Lifting and Specialised Technical Services

Renfra Energy India Limited intends to leverage the specialised capabilities and heavy-lifting infrastructure of its subsidiary, Derrick Lifters India Private Limited, across solar and wind energy projects. By deploying cranes and technical workforce as captive resources, the company expects to reduce dependence on third-party equipment hirers, resulting in cost efficiencies and improved scheduling flexibility.

4. Execute Secured Award Letters for 465.50 MW Capacity

Renfra Energy India Limited intends to execute secured award letters from Tamil Nadu Green Energy Corporation Limited for 316 MW solar capacity and 149.50 MW wind capacity over the next two financial years. Key development activities including land acquisition, securing statutory approvals, and establishing grid connectivity will be undertaken in parallel to optimize timelines.