Infrax Renewable IPO

Infrax Renewable Limited, incorporated in September 2024, is a solar energy company engaged in Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. The company also supplies solar products, including photovoltaic modules, inverters and related equipment. In addition, it operates as an Independent Power Producer (IPP) through its 1.2 MW solar power plant in Gujarat under a long-term Power Purchase Agreement with Paschim Gujarat Vij Company Limited. Infrax Renewable provides end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning and operations and maintenance. The company has a dealer network, warehouses in Rajkot, Ahmedabad and Kanpur, and branch offices across multiple states.

Infrax Renewable Limited IPO Overview

Infrax Renewable Limited is launching a fixed-price SME IPO comprising 39,31,200 equity shares aggregating up to ₹40.88 crore. The issue consists of a fresh issue of 32,50,800 shares aggregating up to ₹33.81 crore and an offer for sale of 6,80,400 shares aggregating up to ₹7.08 crore. The IPO will open for subscription on 9 September 2026 and close on 11 September 2026. The allotment is expected to be finalised on 15 September 2026, while refunds and credit of shares to demat accounts are scheduled for 16 September 2026. The shares are proposed to be listed on BSE SME on 17 September 2026. Smart Horizon Capital Advisors Private Limited is the book-running lead manager, Bigshare Services Private Limited is the registrar, and Shreni Shares Limited is the market maker. The fixed issue price is ₹104 per share, with a lot size of 1,200 shares. Retail investors must apply for two lots, or 2,400 shares.

Infrax Renewable Limited IPO Details

Particulars	Details
IPO Date	9 September 2026 to 11 September 2026
Listing Date	17 September 2026
Face Value	₹10 per share
Issue Price	₹104 per share
Lot Size	1,200 Shares
Total Issue Size	39,31,200 shares (aggregating up to ₹40.88 Cr)
Fresh Issue	32,50,800 shares (aggregating up to ₹33.81 Cr)
Offer for Sale	6,80,400 shares (aggregating up to ₹7.08 Cr)
Issue Type	Fixed Price IPO
Listing At	BSE SME
Share Holding Pre Issue	1,09,85,111 shares
Share Holding Post Issue	1,42,35,911 shares
Market Maker Portion	1,99,200 shares

Infrax Renewable Limited IPO Reservation

Investor Category	Shares Offered
NII (HNI)	18,81,600 shares (50.42% of Net Issue)
Retail	18,50,400 shares (49.58% of Net Issue)
Market Maker	1,99,200 shares on a firm basis

Infrax Renewable Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,400	₹2,49,600
Retail (Max)	2	2,400	₹2,49,600
HNI (Min)	3	3,600	₹3,74,400

Infrax Renewable Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	70.64%
Post-Issue	49.73%

Infrax Renewable Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹7.17
Price/Earnings (P/E) Ratio	14.50x
Return on Net Worth (RoNW)	64.68%
Net Asset Value (NAV)	₹15.77
Return on Equity	115.54%
Return on Capital Employed (ROCE)	63.89%
EBITDA Margin	15.62%
PAT Margin	10.94%
Debt to Equity Ratio	0.44x

Objectives of the Proceeds

1. Manufacturing Facility:

₹12.29 crore will be utilised for purchasing machinery and equipment for the proposed manufacturing facility.

2. Working Capital Requirements:

₹17.00 crore will be used to fund the company’s working capital requirements and support business operations.

3. General Corporate Purposes:

₹2.03 crore will be utilised for general corporate purposes, subject to applicable regulations and approvals.

4. Issue Expenses:

₹3.00 crore is estimated to be utilised towards expenses associated with the public issue.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	31.53	8.24	4.40
Revenue	93.33	30.48	9.66
Profit After Tax	10.20	2.85	0.96
Reserves and Surplus	14.52	0.89	—
Total Borrowings	6.99	3.02	—

IPO Strengths

1. Proven track record in executing solar EPC projects.

2. Diversified business model with EPC, solar product distribution, and IPP operations.

3. Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana.

4. Strong customer, supplier, and dealer network across multiple states.

5. Strategic warehouse and branch office presence supporting efficient project execution.

6. ISO 9001:2015 certified quality management system.

7. Plans for backward integration through in-house solar component manufacturing and recycling.

8. Experienced promoter team with over 17 years of industry experience.

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)	P/BV Ratio
Infrax Renewable Ltd.	10.86	10.86	15.77	9.58	64.68	6.93
Peer Group
Acme Solar Holdings Ltd.	8.24	8.16	83.63	49.25	9.84	4.83
Alpex Solar Limited	80.52	80.52	219.94	10.90	35.87	4.00
Solarium Green Energy Ltd.	9.81	9.76	77.93	15.78	12.58	2.00