IPO Overview
Incorporated in 2015, Himalayan Solar Limited provides integrated turnkey solar energy solutions, covering the design, manufacturing, supply, installation, and commissioning of solar products. The company primarily focuses on Solar Water Pumping Systems and also offers Solar Inverter Charge Systems and Solar Rooftop Power Systems. As of 31 March 2025, the company had implemented more than 61,000 HP of Solar Water Pumping Systems under government projects across India, with capacity expected to reach 1,00,000 HP by the end of FY 2025–26. The company is headquartered at Panchkula, Haryana, and operates across multiple states through government-backed solar projects.
The Himalayan Solar IPO is a 100% book-built issue with a total size of ₹68.03 crore, including a fresh issue of ₹60.68 crore and an OFS of ₹7.35 crore, with a face value of ₹10 per share. The price band is set between ₹98 and ₹103 per share, and the lot size is 1,200 shares. The IPO will be open for subscription from 25 to 29 September 2026 on the NSE SME platform, with a tentative listing date of 5 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 25 September 2026 |
| IPO Close Date | 29 September 2026 |
| Allotment Date | 30 September 2026 (Expected) |
| Refund Initiation | 01 October 2026 |
| Credit to Demat | 01 October 2026 |
| Listing Date | 05 October 2026 (Tentative) |
| Price Band | ₹98 – ₹103 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,47,200 (2 lots = 2,400 shares) |
| Issue Size | ₹68.03 crore |
| Fresh Issue | ₹60.68 crore |
| Offer For Sale (OFS) | ₹7.35 crore (7,14,000 shares) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The Himalayan Solar IPO includes a ₹60.68 crore fresh issue and a ₹7.35 crore OFS component. The OFS portion represents a partial exit by existing promoter/early shareholders. The majority of the issue — nearly 89% — is a fresh issue, meaning most of the capital raised goes directly to the company.
Objects of the Issue (Fund Utilization)
The company plans to use ₹12.98 crore for plant and machinery, ₹2.60 crore towards repayment or pre-payment of borrowings, and ₹24.59 crore for working capital requirements. The remaining proceeds will be used for general corporate purposes.
- Purchase of plant and machinery — ₹12.98 crore
- Repayment / prepayment of borrowings — ₹2.60 crore
- Working capital requirements — ₹24.59 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Finshore Management Services Ltd.
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
Promoters & Management
The company’s promoters are Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, and Anita Kumari. The promoter group brings operational and engineering expertise in renewable energy project execution, particularly in government-backed solar water pumping schemes.
Company Details
Himalayan Solar Limited is a turnkey solar energy solutions company engaged in the design, manufacture, supply, installation, and commissioning of solar energy systems. The company covers the full project lifecycle — from design and procurement to execution and commissioning — for government and institutional clients across India.
Sectors Served:
- Agricultural Solar (Solar Water Pumping Systems)
- Residential & Commercial Solar (Rooftop Power Systems)
- Government Infrastructure Projects (PM-KUSUM and similar schemes)
Key Products & Solutions:
- Solar Water Pumping Systems (primary focus)
- Solar Inverter Charge Systems
- Solar Rooftop Power Systems
Key Capabilities:
- Integrated turnkey delivery — design, manufacturing, supply, installation, and commissioning under one roof
- Experience implementing more than 61,000 HP of Solar Water Pumping Systems under government projects across India
- Multi-state project execution capabilities
Registered Office:
- SCO-411, 2nd Floor, Sector 20, Panchkula, Haryana – 134117
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹143.14 | ₹16.43 |
| FY26 | ₹171.69 | ₹20.67 |
Key Financial Metrics
- Revenue grew from ₹143.14 crore in FY25 to ₹171.69 crore in FY26 — a growth of ~20% YoY. PAT grew from ₹16.43 crore to ₹20.67 crore — a growth of ~26% YoY.
- EBITDA margin reached 16.55%, and debt-to-equity stood at 1.04.
- Post-issue P/E: 14.37x — which appears acceptable relative to sector peers.
Company Strengths
- Operates in India’s high-growth renewable energy sector, backed by strong government push for solar adoption under PM-KUSUM and related schemes
- Integrated turnkey capabilities covering the full project lifecycle — design, manufacturing, supply, installation, and commissioning
- Proven execution track record with more than 61,000 HP of solar water pumping systems implemented under government projects
- Consistent revenue and PAT growth with improving profitability — ~20% revenue growth and ~26% PAT growth in FY26
- Majority fresh issue — large portion of capital raised goes directly into manufacturing expansion and working capital
- Attractive post-issue valuation at ~14.37x P/E compared to broader renewable energy sector peers
Key Risks & Challenges
- Heavy dependence on government tenders — tender dependence, policy changes, payment delays, and pricing competition may affect cash flow
- Debt-to-equity of 1.04 indicates moderate leverage; any increase in borrowing costs or delays in project execution could strain financials
- Revenue is concentrated in government-backed solar pump schemes — any policy rollback or budget cuts in agricultural solar programs would directly impact the business
- SME IPO liquidity risk — limited secondary market trading volumes on NSE SME platform
- Growth requires timely execution, working-capital discipline, and stable margins — all of which are susceptible to project delays and supply chain disruptions
- Competition from larger, well-funded EPC players and established solar manufacturers in the government tender space
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.
