Himalayan Solar IPO
- Price band
- ₹98 – ₹103
- Issue size
- ₹68.03 Cr
- Min. investment
- ₹1,23,600
- 1,200 shares
- GMP
- ₹0
- 0.00%
- Subscribed
- 1.18x
- Bidding dates
- 25 – 29 Sep 2026
IPO timeline
- Opens25 SepFri
- Closes29 SepTue
- Allotment30 SepWed
- Refunds · Today1 OctThu
- Demat credit1 OctThu
- Listing5 OctMon
Issue details
- Price band
- ₹98 – ₹103 per share
- Issue size
- ₹68.03 Cr
- Fresh issue
- Not available
- Offer for sale
- Not available
- Issue type
- Fresh capital cum OFS
- Face value
- ₹10 per share
- Lot size
- 1,200 shares
- Minimum investment
- ₹1,23,600
- Listing on
- NSE SME
- Exchange code
- HIMALAYAN
This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹1,23,600 |
| Retail (Max) | 1 | 1,200 | ₹1,23,600 |
| HNI (Min) | 2 | 2,400 | ₹2,47,200 |
Reservation
- QIB
- 12,55,200 shares (20.01% of the Offer)
- NII
- 18,79,200 shares (29.95% of the Offer)
- Retail
- 31,39,200 shares (50.04% of the Offer)
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on Maashitla Securities- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 30 Sep 2026
- Refunds initiated
- 1 Oct 2026
- Shares credited to demat
- 1 Oct 2026
- Listing
- 5 Oct 2026
Grey market premium (GMP)
- Current GMP
- ₹0
- 0.00%
- Estimated listing price
- ₹103
- Issue price ₹103
- Highest
- ₹0
- 21 Sep
- Lowest
- ₹0
- 21 Sep
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 1 Oct 2026 | ₹0 | 0.00% | ₹103 |
| 30 Sep 2026 | ₹0 | 0.00% | ₹103 |
| 29 Sep 2026 | ₹0 | 0.00% | ₹103 |
| 28 Sep 2026 | ₹0 | 0.00% | ₹103 |
| 27 Sep 2026 | ₹0 | 0.00% | ₹103 |
| 26 Sep 2026 | ₹0 | 0.00% | ₹103 |
| 25 Sep 2026 | ₹0 | 0.00% | ₹103 |
| 24 Sep 2026 | ₹0 | 0.00% | ₹103 |
| 23 Sep 2026 | ₹0 | 0.00% | ₹103 |
| 22 Sep 2026 | ₹0 | 0.00% | ₹103 |
| 21 Sep 2026 | ₹0 | 0.00% | ₹103 |
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB1.66x
- NII (HNI)0.95x
- Retail1.26x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 5,02,800 | 8,36,400 | 1.66x |
| Non-Institutional Investors (NII) | 22,10,400 | 21,03,600 | 0.95x |
| bNII — bids above ₹10 Lakh | 14,73,600 | 19,21,200 | 1.3x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 7,36,800 | 1,82,400 | 0.25x |
| Retail Individual Investors (RII) | 31,39,200 | 39,64,800 | 1.26x |
| Total | 58,52,400 | 69,04,800 | 1.18x |
Financials
- P/E Ratio
- 11.02
- EPS (₹)
- 9.35
- RoE
- 56%
- RoCE
- 35.84%
- RoNW
- 44.04%
- PAT Margin
- 12.13%
- EBITDA Margin
- 17.05%
- Debt / Equity
- 0.77
- NAV (₹)
- 28.93
Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 158.22 | 93.82 | 84.14 |
| Total Income | 171.69 | 143.14 | 138.65 |
| Profit After Tax | 20.67 | 16.43 | 4.95 |
| EBITDA | 29.04 | 23.58 | 7.83 |
| NET Worth | 46.93 | 26.46 | 10.33 |
| Reserves and Surplus | 30.71 | 22.85 | 6.73 |
| Total Borrowing | 36.12 | 26.95 | 23.54 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Himalayan Solar This IPO | ₹68.03 Cr | 11.02 | 44.04% | 12.13% | 1.18x | — |
| Infrax Renewable SME · listed 17 Sep 2026 | ₹40.88 Cr | 14.5 | 64.68% | 10.94% | 1.99x | 0.00% |
| Aureate Tradde SME · listed 5 Jun 2026 | ₹27 Cr | 15.64 | 21.88% | 1.48% | 1.49x | 0.00% |
| GRE Renew Enertech SME · listed 21 Jan 2026 | — | 18.75 | 26.89% | 8.39% | 15.43x | -8.57% |
| Om Power Transmission Mainboard · listed 17 Apr 2026 | ₹150 Cr | 21.13 | 19.50% | 8.45% | 3.33x | +6.29% |
| Lumino Industries Mainboard · listed 3 Sep 2026 | ₹700 Cr | 15.62 | 24.62% | 7.66% | 118.12x | +34.15% |
| Fujiyama Power Systems Mainboard · listed 20 Nov 2025 | ₹828 Cr | 25.84 | 39.40% | 10.15% | 2.14x | -3.51% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
About Himalayan Solar
Himalayan Solar Limited was started in 2015. It provides integrated turnkey solar energy solutions, meaning it handles design, manufacturing, supply, installation and commissioning rather than just selling equipment. Its main focus is solar water pumping systems, which let farmers run irrigation pumps on solar power instead of diesel or grid electricity. It also supplies solar inverter charge systems and rooftop power systems. The business has three parts. The first is turnkey solar EPC work, covering the complete design through to commissioning of solar projects. The second is its solar water pumping system business, where the pumps and pump controllers are manufactured through an original equipment manufacturer arrangement and then branded and sold as Himalayan Solar. The third is support services under a skill development programme, for which it has signed a memorandum of understanding with the National Skill Development Corporation as the industry exclusive franchisee partner for solar, to support onboarding up to 2,00,000 people at panchayat level.
Strengths
- Profit has grown more than four times in two years, from Rs 4.95 crore in FY2024 to Rs 16.43 crore in FY2025 and Rs 20.67 crore in FY2026.
- EBITDA has grown from Rs 7.83 crore in FY2024 to Rs 29.04 crore in FY2026.
- Return ratios are very strong, with RoCE of 35.84% and RoNW of 44.04%, and a PAT margin of 12.13%.
- This is one of the cheapest issues in the current batch on earnings, at about 11.02 times on an EPS of Rs 9.35.
- Solar water pumping is directly supported by government irrigation and farm power schemes, which underpins demand.
- Selling OEM-made pumps under its own Himalayan Solar brand lets it build brand value without owning the factory.
- Its exclusive NSDC franchisee arrangement for solar skill development is a position no competitor can simply copy.
- Net worth has grown from Rs 10.33 crore in FY2024 to Rs 46.93 crore in FY2026.
Risks
- Demand depends heavily on government solar schemes and subsidies. A change in scheme terms or a delay in subsidy payment would directly reduce orders and slow collections.
- The pumps and controllers are made by outside manufacturers under OEM arrangements, so the company does not control that production or its quality.
- Growth is uneven. Total income rose only about 3% in FY2025, from Rs 138.65 crore to Rs 143.14 crore, before rising 20% in FY2026.
- Borrowing rose from Rs 26.95 crore to Rs 36.12 crore against a net worth of Rs 46.93 crore, a debt to equity ratio of 0.77.
- The plan to onboard up to 2,00,000 people at panchayat level under the NSDC arrangement is ambitious and unproven, and may absorb money and management time before it earns.
- Solar equipment prices have been falling, which compresses margin on turnkey contracts already priced.
- This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 70.13%.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.24 lakh at the upper band of Rs 103, and SME shares usually trade in low volume after listing.
Objects of the issue
- Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility.₹12.98 Cr
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company.₹2.12 Cr
- To meet working capital requirements₹29.5 Cr
- General Corporate Expenses
Promoters and shareholding
Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh and Anita Kumari
- Promoter holding, pre-issue
- 100%
- Promoter holding, post-issue
- 70.13%
Registrar, lead managers and documents
Lead manager
Company contact
SCO-411 2nd Floor, Sector 20, Panchkula, Haryana, 134117
+91 7087117405
cs@himalayansolar.co.inHimalayan Solar IPO: common questions
When does the Himalayan Solar IPO open and close?
The Himalayan Solar IPO opens on 25 Sep 2026 and closes on 29 Sep 2026.
What is the price band of the Himalayan Solar IPO?
The price band is ₹98 – ₹103 per share, with a lot size of 1,200 shares and a minimum investment of ₹1,23,600.
What is the size of the Himalayan Solar IPO?
The issue size is ₹68.03 Cr (Fresh capital cum OFS).
What is the GMP of the Himalayan Solar IPO?
The last reported grey market premium is ₹0 per share as of 01 Oct 2026, 05:24 PM IST. GMP is unofficial and changes frequently.
When is the Himalayan Solar IPO allotment?
The basis of allotment is expected on 30 Sep 2026. Allotment status can be checked with the registrar, Maashitla Securities Private Limited.
When will the Himalayan Solar IPO list?
The shares are expected to list on 5 Oct 2026 on NSE SME.
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