Himalayan Solar Limited
ListedSolar Energy · SME IPO · INE1B7I01014
Price band
₹98 – ₹103
Lot size
1200 shares
Min. investment
₹2,47,200
Issue size
₹68 Cr
Face value
₹10
Registrar
Maashitla Securities Pvt.Ltd.
Issue timeline
Bidding opens
25 Sept 2026
Bidding closes
29 Sept 2026
Allotment
30 Sept 2026
Listing
05 Oct 2026
Final subscription
1,719
applications
₹71 Cr
bid value
| Category | Bid for | ₹ Cr* |
|---|---|---|
| Qualified Institutional (QIB) | 8,36,400 | 9 |
| Non-Institutional >₹10L (bNII) | 19,21,200 | 20 |
| Non-Institutional ₹2–10L (sNII) | 1,82,400 | 2 |
| Individual (SME) | 39,64,800 | 41 |
| Total | 69,04,800 | 71 |
Live category-wise demand from NSE only. Add each category's offered shares (from the RHP) in IPO Master to show the subscription (x) multiple.
About the company
Himalayan Solar Limited specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of a wide range of solar products, with a primary focus on Solar Water Pumping Systems.
Issue details
Issue size
₹68 Cr
Fresh issue
₹61 Cr
Offer for sale
₹7 Cr
Industry
Solar Energy
Promoter holding (pre)
100%
Promoter holding (post)
70.13%
Financials (₹ Cr)
| Metric | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Total income | 138.65 | 143.14 | 171.69 |
| EBITDA | 7.83 | 23.58 | 29.04 |
| Profit after tax | 4.95 | 16.43 | 20.67 |
| Net worth | 10.33 | 26.46 | 46.93 |
| Total assets | 84.14 | 93.82 | 158.22 |
| Total borrowing | 23.54 | 26.95 | 36.12 |
Objects of the issue
- Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility.
- Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company.
- To meet working capital requirements
- General Corporate Expenses
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
Risks
- Dependence on government policies and incentives for solar energy projects.
- Competition from other solar energy providers.
- Fluctuations in raw material prices affecting production costs.
- Potential delays in project execution due to regulatory approvals.
Documents
Calculate your bid
At cut-off price ₹103
Lots
2
- Shares
- 2,400
- Amount
- ₹2,47,200
Above ₹2,00,000 — this falls under the HNI / NII category, not Retail.
UPI mandate — funds are blocked, not debited.
- SEBI-registered broker — NSE member 90113
- Funds stay blocked in your own bank — debited only on allotment
- Apply for your whole family from one login