Himalayan Solar IPO
Himalayan Solar IPO is a Book Built SME issue of ₹68.03 crore, comprising a Fresh Issue of 58,90,800 equity shares aggregating up to ₹60.68 crore and an Offer for Sale of 7,14,000 equity shares aggregating up to ₹7.35 crore. The price band is ₹98 to ₹103
Himalayan Solar IPO Details
Himalayan Solar IPO bidding is scheduled to start on September 25, 2026 and end on September 29, 2026. The allotment is expected to be finalized on September 30, refunds are expected to be initiated on October 1, and shares are expected to be credited to successful applicants' Demat accounts on the same day. The shares are scheduled to list on October 5, 2026.
Himalayan Solar IPO GMP
Himalayan Solar IPO GMP is currently reported at ₹0, with grey-market trackers monitored as of September 22, 2026 not quoting a premium yet. At a GMP of ₹0 against the upper IPO price of ₹103, the simple indicative grey-market price would be ₹103. GMP is an unofficial and unregulated market indicator and does not guarantee the actual listing price.
Himalayan Solar IPO Timeline (Tentative)
Himalayan Solar IPO is scheduled to open for subscription on September 25, 2026 and close on September 29, 2026. The basis of allotment is expected to be finalized on September 30, refunds are expected to be initiated on October 1, and shares are expected to be credited to successful applicants' Demat accounts on the same day. The shares are scheduled to list on NSE SME on October 5, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Sep 25, 2026 |
| IPO Close Date | Tue, Sep 29, 2026 |
| Basis of Allotment | Wed, Sep 30, 2026 |
| Initiation of Refunds | Thu, Oct 1, 2026 |
| Credit of Shares to Demat | Thu, Oct 1, 2026 |
| Listing Date | Mon, Oct 5, 2026 |
| IPO Opens | September 25, 2026 |
| IPO Closes | September 29, 2026 |
| Basis of Allotment | September 30, 2026 |
| Refund Initiation | October 1, 2026 |
| Credit of Shares to Demat | October 1, 2026 |
| Listing Date | October 5, 2026 |
Himalayan Solar IPO Lot Size
The Himalayan Solar IPO lot size is 1,200 shares. At the upper price band of ₹103 per share, one lot represents ₹1,23,600. Under the reported SME application structure, Retail investors can apply for 2 lots, or 2,400 shares, requiring ₹2,47,200 at the upper price band. Small HNI applications start from 3 lots, while Big HNI applications start from 9 lots.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 2,47,200 |
| Retail (Max) | 2 | 2,400 | 2,47,200 |
| S-HNI (Min) | 3 | 3,600 | 3,70,800 |
| S-HNI (Max) | 8 | 9,600 | 9,88,800 |
| B-HNI (Min) | 9 | 10,800 | 11,12,400 |
Himalayan Solar IPO Reservation
Himalayan Solar IPO provides for allocation among Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors, along with an Anchor Investor and Market Maker portion. Current issue data reports 5,02,080 shares for QIBs, 18,79,200 shares for NIIs and 31,39,200 shares for Retail Individual Investors.
Himalayan Solar IPO Subscription
Himalayan Solar IPO subscription has not started yet. The issue is scheduled to open on September 25, 2026. Category-wise QIB, NII and Retail subscription figures will be updated after bidding begins.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Himalayan Solar
Himalayan Solar Limited was incorporated in 2015 and operates in the solar energy solutions sector. The company provides integrated turnkey solar solutions covering design, manufacturing, supply, installation and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. It also offers Solar Inverter Charge Systems and Solar Rooftop Power Systems.
The company has experience in implementing government-focused renewable-energy projects across multiple states. As of March 31, 2025, Himalayan Solar had implemented more than 61,000 HP of Solar Water Pumping Systems as part of government projects in India. The company has stated that this capacity was expected to increase further during FY2025-26.
Himalayan Solar also operates as a solar PV module manufacturer and has a manufacturing facility in Haryana. Its business combines manufacturing with project implementation and the supply of solar products for government and other customers.
The company has highlighted its experience in government-backed solar projects, relationships with customers and suppliers, manufacturing capabilities and order book as important aspects of its business. As of August 31, 2025, the company reportedly had 64 employees.
Strengths
- The company has an established presence in the solar energy solutions industry since 2015.
- Himalayan Solar has experience in Solar Water Pumping Systems and government-focused renewable-energy projects.
- The company provides integrated solar solutions covering design, manufacturing, supply, installation and commissioning.
- The company has manufacturing capabilities for solar PV modules and related solar products.
- Himalayan Solar has reported experience in implementing more than 61,000 HP of Solar Water Pumping Systems as part of government projects in India as of March 31, 2025.
- The company has identified strong relationships with customers and suppliers and a strong order book as competitive strengths.
Risks to Consider
- The company's business is significantly dependent on government-backed renewable-energy projects and related policies, schemes and tender opportunities.
- Changes in government policies, subsidies, regulations or procurement programmes could affect demand for its products and services.
- The company operates in a competitive solar-energy market where pricing, technology, product quality and execution capabilities can affect business performance.
- The business requires working capital for procurement, manufacturing, inventory and execution of projects.
- Solar-module manufacturing and project execution are exposed to fluctuations in raw-material prices, supply-chain conditions and changes in technology.
- Delays in government projects, customer payments or project execution could affect the company's revenue, profitability and cash flows.
Himalayan Solar Financials (₹ Cr)
Himalayan Solar reported strong growth in total income and profit over the last three financial years. Total income increased from ₹47.62 crore in FY2023 to ₹138.65 crore in FY2024 and ₹143.14 crore in FY2025. Profit after tax increased from ₹0.58 crore in FY2023 to ₹4.94 crore in FY2024 and ₹15.85 crore in FY2025. Total assets increased from ₹32.54 crore in FY2023 to ₹84.14 crore in FY2024 and ₹93.83 crore in FY2025, while net worth increased from ₹5.39 crore to ₹10.33 crore and ₹25.87 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | ₹47.62 Cr | ₹0.58 Cr | ₹32.54 Cr | ₹5.39 Cr |
| FY2024 | ₹138.65 Cr | ₹4.94 Cr | ₹84.14 Cr | ₹10.33 Cr |
| FY2025 | ₹143.14 Cr | ₹15.85 Cr | ₹93.83 Cr | ₹25.87 Cr |
KPIs & Valuation
At the upper IPO price band of ₹103, Himalayan Solar has reported FY2025 EPS of ₹9.77, resulting in a pre-IPO P/E of approximately 10.54x. The reported post-IPO P/E is approximately 14.37x. The company reported ROCE of 61.28% and RONW of approximately 44.8%.
Objects of the Issue
The Himalayan Solar IPO comprises a Fresh Issue and an Offer for Sale. The company proposes to use the net proceeds from the Fresh Issue primarily for capital expenditure toward purchase of additional plant and machinery, repayment or prepayment of certain borrowings, working-capital requirements and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Funding capital expenditure towards purchase of additional plant and machinery for expansion and upgradation of the existing manufacturing facility — approximately ₹12.98 crore.
- Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by the company — approximately ₹2.60 crore.
- Meeting the working-capital requirements of the company — approximately ₹24.59 crore.
- General corporate expenses.
Promoters, Lead Managers & Registrar
Himalayan Solar Limited is promoted by Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh and Anita Kumari. Finshore Management Services Limited is the Book Running Lead Manager to the IPO, while Maashitla Securities Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Maashitla Securities Private Limited |
|---|---|
| Phone | 011-47581432 |
| ipo@maashitla.com | |
| Website | https://maashitla.com/ |
Himalayan Solar IPO Review
Himalayan Solar operates in the renewable-energy sector and provides integrated solar solutions, with Solar Water Pumping Systems forming a key part of its business. Its activities span manufacturing, supply, installation and commissioning, while its project experience includes government-backed renewable-energy programmes.
The company's financial performance improved significantly over the three reported financial years. Total income increased from ₹47.62 crore in FY2023 to ₹138.65 crore in FY2024 and ₹143.14 crore in FY2025. Profit after tax increased from ₹0.58 crore in FY2023 to ₹4.94 crore in FY2024 and ₹15.85 crore in FY2025.
The IPO proceeds are primarily intended for expansion of the manufacturing facility, working-capital requirements and repayment or prepayment of borrowings. The largest proposed allocation is for working capital, followed by capital expenditure for additional plant and machinery.
At the upper IPO price of ₹103, the reported FY2025 EPS of ₹9.77 results in a pre-IPO P/E of approximately 10.54x. The reported post-issue P/E is approximately 14.37x. The company reported ROCE of 61.28% and RONW of approximately 44.8% based on the available IPO data.
Investors should also consider the company's exposure to government projects, competition in the solar sector, working-capital requirements, manufacturing expansion, raw-material availability and project execution risks. The company's DRHP and final offer documents should be reviewed for the complete set of risk factors and issue disclosures.
How to Apply
Himalayan Solar IPO applications can be made through ASBA or UPI during the IPO bidding period. The IPO is scheduled to open on September 25, 2026 and close on September 29, 2026. The reported minimum application for Retail investors is 2 lots of 1,200 shares each, or 2,400 shares, requiring ₹2,47,200 at the upper price band of ₹103.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Himalayan Solar IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP, RHP and Prospectus for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The DRHP of Himalayan Solar was filed with NSE and contains detailed disclosures regarding the proposed public issue, business operations, financial information and risk factors.
Last updated Sep 23, 2026.