Minimum Investment
About Company
Company Name: Himalayan Solar Limited
Industry / Sector: Renewable Energy / Solar Energy Solutions
Founded Year: 2015
Promoters: Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, Anita Kumari
Himalayan Solar Limited specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of a wide range of solar products, with a primary focus on Solar Water Pumping Systems. The company also provides solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. Its business verticals include Turnkey Solar Energy Solutions for Solar Projects (EPC), Design, manufacturing, supply, installation & commissioning of Solar Water Pumping Systems, Support Services under Skill development training programme, and Sale of Solar Products. The company is empanelled as a solar partner with several State Governments including Haryana, Rajasthan, Maharashtra, Punjab and Madhya Pradesh. As on March 31, 2026, the company has implemented more than 85,000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India. Its manufacturing facility in Karnal, Haryana has a Polycrystalline Solar PV Modules manufacturing capacity of 40 MW and Mono PERC solar PV Modules manufacturing capacity of 60 MW. As on July 31, 2026, the Company had 87 employees.
IPO Basic Details
| Company Name | Himalayan Solar Limited |
| IPO Type | SME IPO |
| Price Band | ₹98 – ₹103 |
| Lot Size | 1200 Shares |
| Total Issue Size | 66,04,800 Equity Shares (₹68.03 Cr) |
IPO Strengths & Risks
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 Solar Products portfolio in Government-backed Solar Projects as supplemental value addition along with manufacturing business
- Strong Order Book
Risks
- Revenue heavily depends on a limited number of major government customers
- Significant geographical revenue concentration in Haryana
- Business relies on government schemes, incentives, and direct customer subsidies
- Vulnerable to rapid technological shifts and changing module efficiency regulations
- Past negative cash flows from operating activities
IPO Important Dates
| IPO Open Date | 25 Sep 2026 |
| IPO Close Date | 29 Sep 2026 |
| Basis of Allotment | 30 Sep 2026 |
| Refund Initiation | 01 Oct 2026 |
| Demat Credit Date | 01 Oct 2026 |
| Listing Date | 05 Oct 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | 20.01% of Net Issue (12,55,200 shares) |
| Retail Quota | 50.04% of Net Issue (31,39,200 shares) |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lots | 2400 | ₹2,47,200 |
| Retail Maximum | 2 Lots | 2400 | ₹2,47,200 |
| S-HNI Minimum | 3 Lots | 3600 | ₹3,70,800 |
| S-HNI Maximum | 8 Lots | 9600 | ₹9,88,800 |
| B-HNI Minimum | 9 Lots | 10800 | ₹11,12,400 |
Key Performance Indicators (KPI)
| ROE | 56.00% |
| ROCE | 35.84% |
| RoNW | - |
| PAT Margin | 12.13% |
| EBITDA Margin | 17.05% |
| EPS | ₹12.74 (Pre-IPO), ₹9.35 (Post-IPO) |
| NAV per share | - |
| Debt to Equity | 0.77 |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| FY2026 | ₹158.22 Cr | ₹171.69 Cr | ₹20.67 Cr | ₹29.04 Cr | ₹46.93 Cr | ₹36.12 Cr |
| FY2025 | ₹93.82 Cr | ₹143.14 Cr | ₹16.43 Cr | ₹23.58 Cr | ₹26.46 Cr | ₹26.95 Cr |
| FY2024 | ₹84.14 Cr | ₹138.65 Cr | ₹4.95 Cr | ₹7.83 Cr | ₹10.33 Cr | ₹23.54 Cr |
Grey Market Premium
| GMP Price | Not Available |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | Not Available |
| Estimated Listing Price | TBA |
IPO Subscription Data
| Total Subscription | Pending |
| QIB (Ex Anchor) | Pending |
| HNI Subscription | Pending |
| Retail Subscription | Pending |
| Anchor | - |
IPO Intermediaries
Registrar: Maashitla Securities Pvt. Ltd.
Registrar Website: Not explicitly stated in the source
IPO Lead Manager(s)
Company Information
Address: SCO-411 2nd Floor, Sector 20, Panchkula, Haryana - 134117
Website: https://www.himalayansolar.co.in
Email: cs@himalayansolar.co.in
Phone: +91 7087117405
IPO Documents
Frequently Asked Questions (FAQ)
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