Himalayan Solar IPO

Himalayan Solar Limited, incorporated in 2015, 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, it had experience implementing more than 61,000 HP of Solar Water Pumping Systems under government projects across India, with the capacity expected to reach 100,000 HP by the end of FY2025-26. Its competitive strengths include experienced promoters and management, government-focused renewable energy projects across multiple states, established customer and supplier relationships, a strong order book and experience in implementing solar products in government-backed projects. The company had 64 employees as of 31 August 2025.

Himalayan Solar IPO Overview

Himalayan Solar IPO is a bookbuilding issue of ₹68.03 crore, comprising a fresh issue and an offer for sale. The IPO opens for subscription on 25 September 2026 and closes on 29 September 2026. The allotment is expected to be finalised on 30 September 2026, followed by refund initiation and credit of shares into demat accounts on 1 October 2026. The shares are proposed to be listed on the NSE SME platform, with a tentative listing date of 5 October 2026. The price band has been fixed at ₹98 to ₹103 per share, with a lot size of 1,200 shares. Retail investors must apply for at least two lots, comprising 2,400 shares, requiring ₹2,47,200 at the upper price band. S-HNI investors can apply for a minimum of three lots, or 3,600 shares, requiring ₹3,70,800. Finshore Management Services Ltd. is the book running lead manager, while Maashitla Securities Pvt. Ltd. is the registrar to the issue.

Himalayan Solar IPO Details

Particulars	Details
IPO Date	25 September 2026 to 29 September 2026
Listing Date	5 October 2026
Face Value	₹10 per share
Issue Price Band	₹98 to ₹103 per share
Lot Size	1,200 Shares
Total Issue Size	66,04,800 shares (aggregating up to ₹68.03 Cr)
Fresh Issue	58,91,600 shares (aggregating up to ₹60.68 Cr)
Offer for Sale	7,14,000 shares (aggregating up to ₹7.35 Cr)
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	1,62,18,899 shares
Share Holding Post Issue	2,21,09,699 shares
Market Maker Portion	3,31,200 shares

Himalayan Solar IPO Reservation

Investor Category	Shares Offered
QIB	12,55,200 shares
NII (HNI)	18,79,200 shares (29.95% of Net Issue)
Retail	31,39,200 shares (50.04% of Net Issue)
Market Maker	3,31,200 shares

Himalayan Solar IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,400	₹2,47,200
Retail (Max)	2	2,400	₹2,47,200
S-HNI (Min)	3	3,600	₹3,70,800
S-HNI (Max)	8	9,600	₹9,88,800
B-HNI (Min)	9	10,800	₹11,12,400

Himalayan Solar IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	100.00%
Post-Issue	70.13%

Himalayan Solar IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹7.17
Price/Earnings (P/E) Ratio	14.37x
Return on Net Worth (RoNW)	44.81%
Net Asset Value (NAV)	₹15.95
Return on Equity	44.81%
Return on Capital Employed (ROCE)	61.28%
EBITDA Margin	16.55%
PAT Margin	11.13%
Debt to Equity Ratio	1.04

Objectives of the Proceeds

• ₹12.98 crore will fund additional plant and machinery purchases to expand and upgrade the existing manufacturing facility.
• ₹2.60 crore will be used for repayment or pre-payment, fully or partly, of outstanding company borrowings.
• ₹24.59 crore will support the company’s working capital requirements for ongoing business operations and expansion.
• Remaining proceeds will be utilised towards general corporate expenses and other permitted business purposes.

Key Financials (in ₹ crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	93.83	84.14	32.54
Revenue	143.14	138.65	47.62
Profit After Tax	15.85	4.94	0.58
Reserves and Surplus	22.27	6.72	1.78
Total Borrowings	26.95	23.54	18.99

 

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)	P/BV
Himalayan Solar Ltd.	9.77	9.77	15.95	—	61.28	—
Peer Group
Ganesh Green Bharat Limited	13.14	13.14	82.71	31.45	14.73	5.04
Solarium Green Energy Ltd	11.65	11.65	67.85	30.88	13.14	5.36
Australian Premium Solar (India) Limited	20.31	20.31	43.88	23.96	45.48	11.30

IPO Strengths

• Experienced Solar PV Module Manufacturer
• Experienced Promoters backed by a strong management team
• Strong Presence in Government-Focused Renewable Energy Projects Across Multiple States
• Strong relationship with customers and suppliers.
• Ability to implement our Solar Products portfolio is Government-backed Solar Projects as supplemental value addition along with their manufacturing business.
• Strong Order Book