GRE Renew Enertech IPO Review & Recommendations

Notes:
a. Source: All the information for the listed industry peers mentioned above is on a standalone basis (unless otherwise available only on a standalone basis) and is sourced from their respective investor presentation/
Annual reports are available in the public domain.

1. Revenue from operations means the Revenue from Operations as appearing in the Restated Financial Statements.
2. EBITDA means Earnings before interest, taxes, depreciation and amortisation expense, which has been arrived at by obtaining the profit/ (loss) before exceptional items and tax for the year/period and adding back finance costs, depreciation, and amortisation expense and excluding other income.
3. EBITDA margin is calculated as EBITDA divided by revenue from operations.
4. Net Profit after tax represents the restated profits of the Company after deducting all expenses and taxes.
5. Net Profit margin is calculated as restated net profit after tax for the year/period divided by revenue from operations.
6. Net worth means the aggregate value of the paid-up share capital and other equity (excluding capital reserves) attributable to the shareholders.
7. Return on Net Worth (%) is calculated as Net Profit after tax attributable to the owner of the company, as restated for the end of the year/period, divided by Average Net Worth as at the end of the year/period. Average net worth means the average of the net worth of the current and previous financial year/period. Net worth means the aggregate value of the paid-up share capital and other equity (excluding capital reserves) attributable to the owners.
8. Capital employed is calculated as the total equity, including non-controlling interest, total debt (including borrowings and lease liabilities) and deferred tax liabilities (net of deferred tax assets)
9. Return on capital employed is calculated as Earnings before interest and taxes divided by capital employed (capital employed is calculated as the total equity, including non-controlling interests, total debt (including borrowings and lease liabilities), and deferred tax liabilities (net of deferred tax assets) for the current financial year/period).
10. The debt-equity ratio is calculated by dividing total debt by total equity. Total debt represents long-term and short-term borrowings, including lease liabilities. Total equity includes the aggregate value of paid-up share capital, other equity, and non-controlling interests.
11.  The current ratio is calculated by dividing the current assets by the current liabilities.
12. For peer companies, data have been sourced from the Annual Reports uploaded on the companies' websites for F.Y. 2023-24 and F.Y. 2022-23. Further, for F.Y. 2024-25 peers data have been taken from audited financials submitted to the exchange by the companies. For the half year ended on 30th September, 2025, data for the peer companies is taken from unaudited limited review reports uploaded on the company's website.