SME
IPO ·
NSE Emerge
Himalayan Solar Ltd
Listed
Solar EPC firm focused on solar water-pumping systems, with in-house PV module manufacturing.
Issue details
Price band
₹98 – ₹103
Face value
₹10
Lot size
1,200 shares
Minimum investment
₹2,47,200
Issue size
₹68.03 Cr
Fresh issue
₹60.68 Cr
Offer for sale
₹7.35 Cr
Issue type
Book Built
Exchange
NSE Emerge
Key dates
Opens
25 Sep 2026
Closes
29 Sep 2026
UPI mandate cut-off
5:00 PM on 29 Sep 2026
Allotment
30 Sep 2026
Refunds
1 Oct 2026
Shares in demat
1 Oct 2026
Listing
5 Oct 2026
Subscription and listing
Subscription
1.19x
Listing price
₹85
Registrar
Maashitla Securities Pvt Ltd
Lead manager
Finshore Management Services Ltd
Subscription by category
QIB (Ex Anchor)
1.66x
NII *
0.94x
bNII (> ₹10L)
1.27x
sNII (< ₹10L)
0.29x
Individual Investor
1.26x
Total
1.19x
Total applications
1,719
Anchor investors
Amount raised
₹7.75 Cr
Bid date
24 Sep 2026
50% lock-in ends
30 Oct 2026
Rest lock-in ends
29 Dec 2026
Listing day
Issue price
₹103
Open
₹85.00
High
₹86.00
Low
₹81.00
Day close
₹84.85
Listing gain at open
-17.48%
Issue structure
Shares reserved per category and share of the total issue
QIB
12,55,200
19.00%
Anchor Investor
7,52,400
11.39%
QIB (Ex. Anchor)
5,02,800
7.61%
NII
18,79,200
28.45%
bNII > ₹10L
12,52,800
18.97%
sNII < ₹10L
6,26,400
9.48%
Retail
31,39,200
47.53%
Market Maker
3,31,200
5.01%
Total
66,04,800
100.00%
Finaccle’s quick read
Apply
Income up about 20% and PAT up about 26% in FY26 with ROE of 56%, D/E of 0.77 and post-issue P/E of 11.02; issue was about 89% fresh. Earlier PAT jump from ₹4.95 Cr in FY24 is a caveat.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Himalayan Solar is a Panchkula, Haryana based solar company that executes turnkey solar projects, with solar water pumping systems as its core line. It mainly serves government-backed renewable schemes across several states and has installed over 85,000 HP of solar pumps. It also makes PV modules, with 40 MW polycrystalline and 60 MW Mono PERC capacity, and employs 87 people.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
56%
ROCE
35.84%
Debt / equity
0.77
PAT margin
12.13%
P/E post issue
11.02
Market cap
₹227.73 Cr
Use of IPO money
Capex for plant and machinery
₹12.98 Cr
Repayment/prepayment of borrowings
₹2.12 Cr
Working capital
₹29.50 Cr
General corporate purposes
₹8.12 Cr
Issue expenses
₹7.95 Cr
Strengths
✓
Integrated module manufacturing plus solar pump project execution
✓
Track record in government-funded solar schemes across states
✓
Healthy order book supports near-term revenue
✓
ROE of 56% and ROCE of 35.84% in FY26
✓
Post-issue P/E of 11.02 is modest
Risks to watch
!
Heavy dependence on government schemes and tenders
!
PAT more than tripled from FY24 to FY25 on a small base
!
Revenue grew only about 3% in FY25
!
Borrowings rose to ₹36.12 Cr in FY26
!
Weak subscription of about 1.19x and listing below issue price
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.