IPO details · Updated
Himalayan Solar Limited
- Price Band
- ₹98 – ₹103
- Lot Size
- 1,200 shares
- Min. Investment
- ₹1,23,600
- Issue Size
- ₹68.03 Cr
- Offer Dates
- 25 Sept – 29 Sept 2026
- Listing
- 5 Oct 2026
Issue Details
- Total Issue Size
- ₹68.03 Cr
- 66,04,800 shares
- Fresh Issue
- ₹60.68 Cr
- 58,90,800 shares
- Offer for Sale
- ₹7.35 Cr
- 7,14,000 shares
- Face Value
- ₹10 per share
- Issue Type
- Book-built IPO
- Listing At
- NSE SME
- Shares Pre-Issue
- 1,62,18,899
- Shares Post-Issue
- 2,21,09,699
IPO Timeline
Offer opens
25 Sept 2026
Offer closes
29 Sept 2026
Allotment
30 Sept 2026
Listing
5 Oct 2026
Issue Allocation
Share of the offer reserved for each investor category
- HNI35.1%18,79,200 shares
- Retail58.7%31,39,200 shares
- MarketMaker6.2%3,31,200 shares
Subscription Status
Subscription figures will appear here once bidding opens on 25 Sept 2026.
Lot Size & Investment
1 lot = 1,200 shares
Retail (min)
2 lots · 2,400 shares
Retail (max)
2 lots · 2,400 shares
S-HNI (min)
3 lots · 3,600 shares
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 2 | 2,400 | ₹2,47,200 |
| Small HNI (S-HNI) | 3 | 3,600 | ₹3,70,800 |
| Big HNI (B-HNI) | 9 | 10,800 | ₹11,12,400 |
Financial Performance
Restated figures in ₹ crore, unless stated otherwise
| Period | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Assets | 93.83 | 84.14 | 32.54 |
| Total Income | 143.14 | 138.65 | 47.62 |
| Profit After Tax | 15.85 | 4.94 | 0.58 |
| EBITDA | 23.58 | 7.83 | 2.26 |
| Net Worth | 25.87 | 10.33 | 5.39 |
| Reserves & Surplus | 22.27 | 6.72 | 1.78 |
| Total Borrowing | 26.95 | 23.54 | 18.99 |
Key Performance Indicators
| Period | Mar-25 |
|---|---|
| ROCE (%) | 61.28 |
| EPS (₹) | 9.77 |
| P/E (pre-issue) | 10.54 |
| P/E (post-issue) | 14.37 |
Peer Comparison
Listed companies in the same business
| Company | P/E | ROE |
|---|---|---|
| Ganesh Green Bharat Limited | 31.45 | 14.73% |
| Solarium Green Energy Ltd | 30.88 | 13.14% |
| Australian Premium Solar (india) Limited | 23.96 | 45.48% |
About Himalayan Solar Limited
Incorporated in 2015, Himalayan Solar Limited is specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of wide range of solar products, with a primary focus on Solar Water Pumping Systems. They provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As on March 31, 2025, they have a qualitative experience in implementation of more than 61000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India and this quantity will further increase to 100000 HP by end of FY 2025-26. As on August 31, 2025, the Company have employed 64 employees. Competitive 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
Objects of the Issue
- Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility. (₹12.98 Cr)
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company. (₹2.60 Cr)
- To meet Working Capital Requirements (₹24.59 Cr)
- General Corporate Expenses
Promoters
- Manjeet Singh
- Karthiyani M
- Himanshu Dalal
- Mehtab Singh
- Anita Kumari
Company Information
- Book running lead managers
- Finshore Management Services Ltd.
- Registered office
- SCO-411 2nd Floor,, Sector 20,, Panchkula, Haryana, 134117
Official Documents
Opens the source filing in a new tab
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Disclaimer: Data on OpenIPO is for information only and is not investment advice. OpenIPO is not a SEBI-registered entity. GMP figures are unofficial estimates and may change. Verify all details against the company RHP and the official registrar before investing.