IPO Overview
Incorporated in September 2024, Infrax Renewable Limited is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. Its business model spans rooftop solar EPC, ground-mounted solar projects, solar product distribution, and Independent Power Producer (IPP) activities. Its EPC business covers project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance, with installations largely executed through dealers or third-party contractors. Its product portfolio includes solar PV modules, inverters, solar kits, and balance-of-system materials. It operates warehouses in Rajkot, Ahmedabad, and Kanpur, with branch offices across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh. Infrax Renewable is empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana.
The IPO is a Fixed Price Issue on the BSE SME platform, raising approximately ₹40.88 crore. It comprises a fresh issue of ₹33.81 crore and an offer for sale of up to 6,80,400 equity shares. The IPO is priced at ₹104 per share, with a minimum lot size of 2,400 shares. The IPO opens on 9 September 2026 and closes on 11 September 2026, with listing expected on 17 September 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 9 September 2026 |
| IPO Close Date | 11 September 2026 |
| Allotment Date | 15 September 2026 (Expected) |
| Credit to Demat | 16 September 2026 |
| Listing Date | 17 September 2026 (Tentative) |
| Price | ₹104 per share (Fixed Price) |
| Face Value | ₹10 per share |
| Lot Size | 2,400 shares |
| Minimum Investment | ₹2,49,600 (approx) |
| Issue Size | ₹40.88 crore |
| Fresh Issue | 32,50,800 shares (₹33.81 crore) |
| Offer For Sale (OFS) | 6,80,400 shares (₹7.08 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 0% |
| Non-Institutional Investors (NII/HNI) | ~50% |
| Retail Individual Investors (RII) | ~50% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The offer includes an OFS of ₹7.08 crore, from which the company will receive no proceeds. Promoter holding will decline below 50% after the issue. The selling shareholders are the promoters of the company.
Objects of the Issue (Fund Utilization)
The company will not receive any proceeds from the OFS component. The net proceeds from the fresh issue will be utilised as follows:
- Funding capital expenditure towards purchase of machinery and equipment for the proposed manufacturing facility — ₹12.29 crore
- Funding working capital requirements of the company — ₹17.00 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Smart Horizon Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters of Infrax Renewable are Mr. Bhargav Ashvinbhai Vachhani, Mr. Gandhi Bhavik Tarunkumar, and Ms. Khushboo Bhargav Vachhani. The promoters bring more than 17 years of industry experience in the solar energy and EPC space, driving customer relationships and project execution across multiple states.
Company Details
Infrax Renewable is a solar energy solutions provider with operations spanning rooftop solar EPC, ground-mounted solar projects, solar product distribution, and Independent Power Producer (IPP) activities. Its EPC business covers project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance, with installations largely executed through dealers or third-party contractors.
Sectors Served:
- Residential Solar Installations
- Commercial & Industrial Rooftop Solar
- Ground-Mounted Solar Projects
- Government Solar Schemes (PM Surya Ghar)
Key Products & Services:
- EPC Services (Design, Engineering, Procurement, Installation, Testing, Commissioning, O&M)
- Solar PV Modules, Inverters, Solar Kits, Balance-of-System Materials
- Solar Product Distribution through dealer network
- IPP (Independent Power Producer) — own solar plant under Power Purchase Agreement with PGVCL
Geographic Presence:
The business remains concentrated in Gujarat, which contributed 97.41% of FY2025–26 revenue, although operations have expanded into Uttar Pradesh, Madhya Pradesh, Maharashtra, Telangana, and Rajasthan.
Certifications & Empanelments:
- ISO 9001:2015 certified quality management system
- Empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana
Team:
As of March 31, 2026, Infrax Renewable employed 52 permanent personnel across sales & marketing, technical services, liaison, finance, project design, HR, material handling, and management functions.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹30.48 | ₹2.85 |
| FY26 | ₹93.33 | ₹10.20 |
Key Financial Metrics
Total income increased by 206% to ₹93.33 crore in FY26, while profit after tax jumped by 258% to ₹10.20 crore. The company has demonstrated exceptional financial growth in a single year, reflecting strong project execution and expanding market reach. However, the low historical base and short operating track record mean investors should evaluate whether this growth trajectory is sustainable post-expansion.
Company Strengths
- Proven track record in executing solar EPC projects with a diversified business model spanning EPC, solar product distribution, and IPP operations.
- Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana — providing access to a large government-backed residential solar scheme
- Strong customer, supplier, and dealer network across multiple states with strategic warehouse and branch office presence supporting efficient project execution.
- Exceptional revenue and PAT growth in FY26 — revenue up 206% and PAT up 258% year-on-year
- Plans for backward integration through in-house solar component manufacturing and recycling — reducing dependency on external suppliers
- Experienced promoters with more than 17 years of industry experience in the solar energy space
Key Risks & Challenges
- Incorporated only in September 2024 — extremely young company with a very limited operating history under the present corporate structure
- Geographic concentration risk — Gujarat contributed 97.41% of FY26 revenue, making the business highly dependent on a single state
- Rapid historical growth may not remain sustainable given the low base effect and the challenges of scaling operations across new geographies
- Solar EPC revenue can be affected by policy changes and project delays — a shift in government subsidy schemes or regulatory environment could significantly impact order inflows
- Promoter holding will decline below 50% after the issue — a key red flag as lower promoter skin-in-the-game post-IPO warrants caution
- Fixed Price Issue with no QIB participation — lower institutional validation compared to book-built issues
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
