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Himalayan Solar IPO
📅 Founded: 2015
📍 Panchkula, Haryana
🌐 himalayansolar.co.in
📋 Face Value: ₹10
🏦 Market Cap: ₹227.73 Cr
Price Band
₹98 – ₹103
Issue Size
₹68.03 Cr
Lot Size
1200 shares
Min. Investment
₹2,47,200
GMP
+₹0 (+0%)
Est. Return
+0%
Listing Date
05 Oct 2026
Registrar
Maashitla Securities
Himalayan Solar IPO at a glance
Himalayan Solar IPO was an SME issue of ₹68.03 Cr at a price band of ₹98 – ₹103 per share, open from 25 Sep 2026 to 29 Sep 2026. The shares listed on NSE SME on 05 Oct 2026.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
GMP Signal
Moderate Interest
GMP: +0% above issue price
⭐ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
0.00x subscribed
Issue Details
Fresh Issue₹60.68 Cr
Offer for Sale (OFS)₹7.35 Cr
Total Issue Size₹68.03 Cr
Face Value₹10
Market Cap (at issue)₹227.73 Cr
Listing ExchangeNSE SME
📅 Open Date25 Sep 2026
🔒 Close Date29 Sep 2026
✂️ Cut-off Price Date29 Sep 2026
🎟️ Allotment Date30 Sep 2026
💸 Refund Initiation01 Oct 2026
📂 Demat Credit01 Oct 2026
📈 Listing Date05 Oct 2026
Objects of the Issue
- 💰 Purchase of additional plant and machinery — ₹12.98 Cr
- 💰 Repayment of borrowings — ₹2.60 Cr
- 💰 Working capital — ₹24.59 Cr
- 💰 General corporate purposes
About the Company
Himalayan Solar, founded in 2015 and based in Panchkula, Haryana, designs, supplies, installs and commissions solar systems — mainly solar water pumps for farmers, plus rooftop power systems and inverter-charger systems. It makes Mono-PERC solar modules at its Karnal plant (about 60 MW a year, with plans to go to 160 MW) and has offices and warehouses in Haryana, Rajasthan and Madhya Pradesh.
Strengths
- ✅ Handles projects end to end, from design to commissioning
- ✅ Strong presence in government solar-pump schemes such as PM-KUSUM
- ✅ Order book of about ₹140 Cr gives near-term revenue visibility
- ✅ PAT rose from ₹4.9 Cr in FY24 to ₹20.7 Cr in FY26
Risk Factors
- ⚠️ Almost all revenue comes from its top 10 customers, largely government-linked schemes
- ⚠️ More than half of revenue is from Haryana
- ⚠️ Past capacity use has been low, so the planned expansion to 160 MW may not be fully used
- ⚠️ Negative operating cash flow as receivables have grown, and bank guarantees keep rising
- ⚠️ Past lapses in RoC, GST and EPF filings and some pending legal cases
Subscription Status
Not yet open
QIB: —
NII: —
RII: —
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for SME IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
99.99%
Pre-IPO
→ -29.9%
70.13%
Post-IPO
Founders & Leadership
MS
Manjeet Singh
Promoter & Managing Director
Leads the company as Managing Director
IPO Timeline
✓
Open Date
25 Sep 2026
✓
Close Date
29 Sep 2026
✓
Allotment Date
30 Sep 2026
✓
Listing Date
05 Oct 2026
Key Financials
Revenue₹172 Cr
PAT₹20.7 Cr
EPS₹12.74
P/E Ratio8.08x
ROE44.04%
Market Cap₹227.73 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 171.69 | 143.14 | 138.65 |
| Profit After Tax | 20.67 | 16.43 | 4.94 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹12.74 | — |
| P/E (x) | 8.08x | — |
| ROE (%) | 44.04% | — |
| Promoter Holding | 99.99% | 70.13% |
| Market Cap | ₹227.73 Cr | |
IPO Registrar
Maashitla Securities
Himalayan Solar IPO FAQs
Himalayan Solar IPO is an SME IPO with an issue size of ₹68.03 Cr at a price band of ₹98 – ₹103. Minimum lot size is 1200 shares and the minimum application is 2 lots (minimum investment ~₹2,47,200). Opened on 25 Sep 2026 and closed on 29 Sep 2026. Listed on NSE SME. Registrar: Maashitla Securities.