Infrax Renewable IPO IPO
Infrax Renewable IPO is a fixed-price SME issue of ₹38.81 crore comprising a fresh issue and an offer for sale. The IPO is proposed to be listed on the BSE SME platform.
Infrax Renewable IPO IPO Details
Infrax Renewable IPO is scheduled to open for subscription on September 9, 2026 and close on September 11, 2026. The basis of allotment is scheduled for September 15, refunds and share credit are expected on September 16, and the shares are scheduled to list on September 17, 2026. The issue price is ₹104 per share and the lot size is 1,200 shares.
Infrax Renewable IPO IPO Timeline (Tentative)
Infrax Renewable IPO is scheduled to open on September 9 and close on September 11, 2026. The basis of allotment is expected on September 15, followed by refund initiation and Demat credit on September 16. Listing on the BSE SME platform is scheduled for September 17, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Sep 9, 2026 |
| IPO Close Date | Fri, Sep 11, 2026 |
| Basis of Allotment | Tue, Sep 15, 2026 |
| Initiation of Refunds | Wed, Sep 16, 2026 |
| Credit of Shares to Demat | Wed, Sep 16, 2026 |
| Listing Date | Thu, Sep 17, 2026 |
| IPO Opens | September 9, 2026 |
| IPO Closes | September 11, 2026 |
| Basis of Allotment | September 15, 2026 |
| Refund Initiation | September 16, 2026 |
| Credit of Shares to Demat | September 16, 2026 |
| Listing Date | September 17, 2026 |
Infrax Renewable IPO IPO Lot Size
The Infrax Renewable IPO market lot is 1,200 shares. Current IPO data shows the minimum investment at ₹2,49,600 for 2 lots at the issue price of ₹104.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 2,49,600 |
| Retail (Max) | 2 | 2,400 | 2,49,600 |
| S-HNI (Min) | 3 | 3,600 | 3,74,400 |
| S-HNI (Max) | |||
| B-HNI (Min) |
Infrax Renewable IPO IPO Reservation
Infrax Renewable IPO follows the SME IPO allocation structure, with 50% of the net offer allocated to Qualified Institutional Buyers, 15% to Non-Institutional Investors and 35% to Retail Individual Investors. A separate market maker reservation is included in the issue.
Infrax Renewable IPO IPO Subscription
Infrax Renewable IPO has not opened for public subscription as of September 4, 2026. Therefore, category-wise and overall subscription figures are not yet available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Infrax Renewable IPO
Infrax Renewable Limited is a renewable-energy company headquartered in Rajkot, Gujarat. The company provides engineering, procurement and construction services for rooftop and ground-mounted solar power projects.
Its EPC activities cover project design, engineering, procurement, installation, testing, commissioning and operation and maintenance services. The company also supplies solar PV modules, inverters and related solar equipment through authorised dealers.
Infrax Renewable also operates as an Independent Power Producer through its own solar power plant in Gujarat under a power purchase agreement with Paschim Gujarat Vij Company Limited. Its solar-product distribution network covers Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra, Rajasthan and Telangana.
Gujarat is the company's largest market, accounting for approximately 97.41% of FY2026 revenue. The company operates warehouses in Rajkot, Ahmedabad and Kanpur and has branch offices across multiple states. It is also empanelled as a national vendor for the PM Surya Ghar scheme.
The business originated as the partnership firm Infrax International in April 2019 and was converted into Infrax Renewable Limited in September 2024. As of March 31, 2026, the company had 48 employees. Its promoters are Bhargv Ashvinbhai Vachhani, Bhavik Tarunkumar Gandhi and Khushboo Bhargav Vachhani.
The company intends to develop manufacturing capabilities for activities including solar panel recycling, silver extraction, solar roofing structures and solar frame production, which can support backward integration and business expansion.
Strengths
- Operates in the growing solar and renewable-energy sector.
- Provides integrated solar EPC services for rooftop and ground-mounted projects.
- Supplies solar PV modules, inverters and related products.
- Has an Independent Power Producer business.
- Presence across several Indian states.
- Empanelled as a national vendor for the PM Surya Ghar scheme.
- Operates warehouses in Rajkot, Ahmedabad and Kanpur.
- Plans manufacturing and backward-integration initiatives.
- Strong revenue growth between FY2024 and FY2026.
- FY2026 revenue of approximately ₹93.33 crore.
- FY2026 PAT of approximately ₹10.20 crore.
- FY2026 EBITDA of approximately ₹14.56 crore.
- FY2026 net worth of approximately ₹15.77 crore.
- Promoters have significant experience in the solar industry.
Risks to Consider
- A substantial portion of revenue is concentrated in Gujarat.
- The company operates in a competitive solar EPC and distribution market.
- Solar businesses are affected by changes in government policies and renewable-energy regulations.
- The company has a relatively short history as a public limited company.
- Working-capital requirements may increase as EPC and distribution operations expand.
- Solar equipment prices and supply-chain conditions can affect margins.
- The business depends on successful execution of solar projects.
- Project delays can affect revenue recognition and cash flows.
- The proposed manufacturing expansion involves execution and capital-deployment risks.
- The company has exposure to technology changes in the solar industry.
- Dependence on third-party dealers or contractors for certain installation activities may create execution risks.
- Gujarat accounted for approximately 97.41% of FY2026 revenue, indicating geographic concentration.
- The company had total borrowings of approximately ₹6.99 crore as of March 31, 2026.
Infrax Renewable IPO Financials (₹ Cr)
Infrax Renewable reported strong growth in revenue and profitability between FY2024 and FY2026. Revenue increased from ₹9.66 crore in FY2024 to ₹93.33 crore in FY2026, while PAT increased from ₹0.96 crore to ₹10.20 crore. Total assets and net worth also increased substantially during the period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 9.66 | 0.96 | 4.40 | 1.40 |
| FY2025 | 30.48 | 2.85 | 8.24 | 1.89 |
| FY2026 | 93.33 | 10.20 | 31.53 | 15.77 |
KPIs & Valuation
At the issue price of ₹104, Infrax Renewable's FY2026 EPS of ₹9.29 implies a pre-IPO P/E of approximately 11.20x. The company reported FY2026 RoNW of 64.68%, ROCE of 63.89%, NAV of ₹15.77 and debt-to-equity of 0.44x.
Objects of the Issue
The proposed manufacturing investment is intended to support the company's expansion and backward-integration plans, while the working-capital allocation is intended to support its growing operating requirements.
- The company proposes to use the IPO proceeds for the following purposes:
- Funding capital expenditure towards the purchase of machinery and equipment for the proposed manufacturing facility – ₹12.29 crore.
- Funding working-capital requirements – ₹17.00 crore.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Infrax Renewable Limited is promoted by Bhargv Ashvinbhai Vachhani, Bhavik Tarunkumar Gandhi and Khushboo Bhargav Vachhani. Smart Horizon Capital Advisors Private Limited is the Book Running Lead Manager, while Bigshare Services Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Bigshare Services Private Limited |
|---|---|
| Phone | +91 22 6263 8200 |
| investor@bigshareonline.com | |
| Website | https://www.bigshareonline.com/ |
Infrax Renewable IPO IPO Review
Infrax Renewable operates across solar EPC services, solar-product distribution and Independent Power Producer activities. Its exposure to multiple parts of the solar value chain provides diversification within the renewable-energy sector.
The company has reported rapid growth in revenue. Revenue increased from approximately ₹9.66 crore in FY2024 to ₹30.48 crore in FY2025 and ₹93.33 crore in FY2026. PAT increased from approximately ₹0.96 crore to ₹2.85 crore and then ₹10.20 crore during the same period.
Total assets increased from approximately ₹4.40 crore in FY2024 to ₹31.53 crore in FY2026, while net worth increased from approximately ₹1.40 crore to ₹15.77 crore. EBITDA increased from ₹1.76 crore in FY2024 to ₹14.56 crore in FY2026.
At the issue price of ₹104, FY2026 EPS of ₹9.29 implies a pre-IPO P/E of approximately 11.20x. The post-issue EPS is estimated at ₹7.17 based on the increased equity base after the fresh issue.
The company operates in a sector supported by India's continuing expansion of renewable-energy capacity. Its solar EPC capabilities, product-distribution network and proposed manufacturing initiatives provide potential avenues for future growth.
However, investors should pay attention to the high concentration of revenue in Gujarat, the competitive nature of the solar industry, project-execution risks, working-capital requirements and the relatively short corporate history. The proposed manufacturing expansion will also require effective execution and utilisation.
Overall, Infrax Renewable offers exposure to the solar EPC, solar-product distribution and renewable-power generation segments. Investors should assess the company's growth rate, profitability, geographic concentration, debt levels, valuation and ability to execute its expansion plans before considering the IPO.
How to Apply
Infrax Renewable IPO applications can be made through the applicable ASBA and UPI-supported IPO application process. Current IPO data shows a lot size of 1,200 shares and a minimum application amount of ₹2,49,600 for 2 lots at ₹104 per share.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Infrax Renewable IPO.
- Enter the required number of lots.
- Enter the issue price of ₹104.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Investors can refer to Infrax Renewable Limited's official disclosures and IPO documents for information relating to the issue, business operations, financial statements, risk factors and proposed use of IPO proceeds. The company filed its DRHP with BSE SME on June 26, 2026.
Last updated Sep 4, 2026.