SME
IPO ·
BSE SME
Infrax Renewable Ltd
Listed
Rajkot solar EPC firm for rooftop and ground-mount projects that also distributes solar products and runs a 1.2 MW plant.
Issue details
Price band
₹104
Face value
₹10
Lot size
1,200 shares
Minimum investment
₹2,49,600
Issue size
₹40.88 Cr
Fresh issue
₹33.81 Cr
Offer for sale
₹7.08 Cr
Issue type
Fixed Price
Exchange
BSE SME
Key dates
Opens
9 Sep 2026
Closes
11 Sep 2026
UPI mandate cut-off
5:00 PM on 11 Sep 2026
Allotment
15 Sep 2026
Refunds
16 Sep 2026
Shares in demat
16 Sep 2026
Listing
17 Sep 2026
Subscription and listing
Subscription
2.05x
Listing price
₹104
Registrar
Bigshare Services Pvt Ltd
Lead manager
Smart Horizon Capital Advisors Pvt Ltd
Subscription by category
Total
2.05x
Total applications
1,757
Listing day
Issue price
₹104
Open
₹104.00
High
₹107.95
Low
₹99.00
Day close
₹105.50
Listing gain at open
0.00%
Issue structure
Shares reserved per category and share of the total issue
NII
18,50,400
47.07%
Retail
18,81,600
47.86%
Market Maker
1,99,200
5.07%
Total
39,31,200
100.00%
Finaccle’s quick read
Avoid
Income rose 206% and PAT 258% in FY26 to ₹10.20 Cr from ₹0.96 Cr in FY24, a sharp pre-IPO profit spike on a tiny base despite the 14.5x P/E.
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
Infrax Renewable is a Gujarat-based solar company doing EPC for rooftop and ground-mounted solar projects, distributing solar modules and inverters, and running a 1.2 MW plant at Rajkot under a 25-year PPA with PGVCL. It is an empanelled vendor under the PM Surya Ghar scheme and serves residential and commercial customers through dealers across several states. It has warehouses in Rajkot, Ahmedabad and Kanpur, 52 staff and FY26 income of about ₹93 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
115.54%
ROCE
63.89%
Debt / equity
0.44
PAT margin
10.94%
P/E post issue
14.5
Market cap
₹148.05 Cr
Use of IPO money
Capex for machinery for proposed manufacturing facility
₹12.29 Cr
Working capital
₹17.00 Cr
General corporate purposes
₹2.03 Cr
Issue expenses
₹3.00 Cr
Strengths
✓
Rapid growth from rooftop solar demand
✓
PM Surya Ghar empanelment
✓
Mix of EPC, distribution and power generation
✓
Moderate post-issue P/E of 14.5x
Risks to watch
!
PAT jumped from ₹0.96 Cr to ₹10.20 Cr in two years
!
Tiny base and very short operating history
!
Heavy dependence on government solar subsidy scheme
!
Promoter holding below 50% post-issue
!
Small OFS of about ₹7 Cr included
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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.