Independent Research on Mutual Funds, Stocks & IPOs for Indian Investors

Renfra Energy India Limited, incorporated 2017 and headquartered in Tamil Nadu, is an integrated renewable energy solutions provider focused on commercial and industrial (C&I) customers, delivering end-to-end services across solar and wind energy — EPC, project development, commissioning and operations & maintenance (O&M). As of May 15, 2026: 462.35 MW executed (412.85 MW solar + 49.5 MW wind), 139.10 MW ongoing (83 MW solar + 56.1 MW wind), ~601.40 MW under O&M management. Operations concentrated in Tamil Nadu and Puducherry. Revenue ₹1,013 Cr (FY26, CAGR 54.38% since FY23); PAT ₹156.8 Cr (FY26). Promoters: Muthuraj Periyasamy (CMD) and Jayendran (Executive Director) — neither participating in OFS. DRHP filed June 30, 2026. IPO: Fresh Issue of ₹430 Cr + OFS of 47.94 lakh shares by existing shareholders. Proceeds: ₹160 Cr to redeem NCDs, ₹170 Cr for working capital, remainder for general corporate purposes. May undertake pre-IPO placement of up to ₹50 Cr (would reduce fresh issue). Price band and dates TBA.