Renfra Energy India Limited, a Chennai-based renewable energy solutions provider established in 2017, has formally filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 30, 2026. The proposed Initial Public Offering (IPO) is structured as a fresh issue of equity shares aggregating up to ₹430.00 crore and an Offer for Sale (OFS) of up to 4,794,800 equity shares by a group of existing shareholders.
The company, which transitioned from a private to a public limited entity in late 2025, has proposed to list its shares on both the BSE and the National Stock Exchange of India (NSE). The equity shares carry a face value of ₹10 each.
Proposed Utilization of Net Proceeds
The capital raised through the fresh issue is slated to strengthen the company’s capital structure and fuel its expansion in the Southern Indian renewable energy market. The net proceeds are earmarked for the following primary allocations:
- Redemption of Non-Convertible Debentures (NCDs): ₹160.00 crore for the full redemption of outstanding NCDs.
- Working Capital Requirements: Allocation of between ₹170.00 crore and ₹175.00 crore to support ongoing operational liquidity.
- General Corporate Purposes: The remaining balance, estimated at approximately ₹95.00 crore (subject to final issue expenses), will be utilized for various corporate initiatives.
Renfra Energy may also consider a Pre-IPO placement of equity shares aggregating up to ₹50.00 crore at its discretion. Should this placement be undertaken, the size of the fresh issue component will be reduced proportionately.
Offer Details and Selling Shareholders
A significant aspect of the filing is the non-participation of the company promoters—Muthuraj Periyasamy (Chairman and Managing Director) and Jayendran (Executive Director)—in the Offer for Sale. The OFS segment is composed entirely of “Other Selling Shareholders.”
The following table details the shareholders participating in the OFS:
| Name of Selling Shareholder | Number of Equity Shares Offered |
| Arumuga Raja | Up to 1,260,900 |
| Mangal Keshav Capital Limited | Up to 434,310 |
| Deep Ashokbhai Sanghvi | Up to 400,000 |
| Ami Niraj Shah | Up to 280,200 |
| Anant Wealth Consultants Private Limited | Up to 280,200 |
| Cork Products Private Limited | Up to 280,200 |
| Saumik Ketankumar Doshi | Up to 280,200 |
| Krupa Prashant Mehta | Up to 210,000 |
| Dhrumal Pradip Shah | Up to 140,100 |
| Trevadiya Kumar Chandrakant | Up to 140,100 |
| Nilamben Kiritbhai Shah | Up to 140,000 |
| Bhadrik Pramodbhai Sanghavi | Up to 70,050 |
| Chandrakant Swaroopchand Sanghvi | Up to 70,050 |
| Darshan Abhay Mehta | Up to 70,050 |
| Krishna Bhavya Morabia | Up to 70,050 |
| Megha Bhavin Mehta | Up to 70,050 |
| Niketa Piyush Shah | Up to 70,050 |
| Rameshbhai Vaghajibhai Shah | Up to 70,050 |
| Rameshbhai Vaghajibhai Shah HUF | Up to 70,050 |
| Shreyans C Sanghvi HUF | Up to 70,050 |
| Shreyans Chandrakant Sanghvi | Up to 70,050 |
| Uravasiben Chandrakanthbhai Sangavi | Up to 70,050 |
| Shah Anand Arvind | Up to 50,000 |
| Nisarg Jayesh Sheth | Up to 36,000 |
| Soham Fincare India LLP | Up to 36,000 |
| Karan Ajaykumar Sheth HUF | Up to 28,020 |
| Sanghavi Varsha Vaibhav | Up to 28,020 |
Operational Profile and Geographic Focus
Renfra Energy provides integrated Engineering, Procurement, and Construction (EPC) and project execution services for solar and wind energy, catering to utility-scale and Commercial & Industrial (C&I) clients. Its primary operational footprint is concentrated in Tamil Nadu and Puducherry.
On the operational front, as of May 15, 2026, the firm maintains a workforce of 1,140 personnel and has secured 217 total agreements (164 EPC and 53 O&M) with 164 distinct customers. The company’s execution metrics are as follows:
- Cumulative Executed Capacity: 462.35 MW
- Solar Segment: 412.85 MW
- Wind Segment: 49.50 MW
- Ongoing Project Pipeline: 139.10 MW (comprising 83.00 MW solar and 56.10 MW wind)
- Operations & Maintenance (O&M) Portfolio: 601.40 MW of assets under management as of May 15, 2026.
Financial Performance and Growth Metrics
The company’s financial trajectory indicates substantial scaling. For the fiscal year ending March 31, 2026 (FY26), Renfra Energy reported a 99% revenue increase compared to the previous fiscal year. Key financial indicators for FY26 include:
- Revenue from Operations: ₹1,013.00 crore
- Total Income: ₹1,018.22 crore
- Profit After Tax (PAT): ₹156.82 crore
- EBITDA: ₹245.94 crore
- Compounded Annual Growth Rate (CAGR): 54%
In its regulatory filing, the company identified several listed entities as its industry peers, including KPI Green Energy Limited, KP Energy Limited, Solarworld Energy Solutions Limited, and Zodiac Energy Limited.
Regulatory Management and Intermediaries
The issue is being managed by Unistone Capital Private Limited, acting as the sole Book Running Lead Manager (BRLM). Bigshare Services Private Limited has been appointed as the Registrar to the Offer.
The filing of the DRHP represents the initial stage of the public listing process. The IPO remains subject to SEBI’s regulatory observations, and final details regarding the price band and subscription dates will be announced following the receipt of necessary approvals.
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