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Himalayan Solar Ltd IPO
Himalayan Solar Ltd
₹2,35,200 /2400 sharesMinimum investment
IPO listing details
Listed on
5 Oct '26
Issue price
₹103.00
Listing price
₹85.00
Listing gains
-₹18.00 (17.48%)
Exchange
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IPO details
Minimum investment
₹2,35,200
Price range
₹98 - ₹103
Lot size
1,200
Issue size
68.03 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers1.66x
Non-Institutional Investor0.95x
Retail Individual Investor1.26x
Total1.18x
As of 29 Sep'26, 04:55 PM
Schedule
25 Sep 2026
IPO open date
29 Sep 2026
IPO close date
30 Sep 2026
Allotment date
30 Sep 2026
Funds unblock or debit
5 Oct 2026
Tentative listing date
About
Founded in
2015
MD/CEO
Mr Manjeet Singh
Parent organisation
Himalayan Solar Ltd
Himalayan Solar Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Himalayan Solar has experience in solar PV module manufacturing, having previously operated a 40 MW production line for more than six years. The company has since transitioned to Mono-PERC technology and commenced operations at a 60 MW production line in March 2026.
The company has an established presence in government-backed renewable energy projects across states including Haryana, Rajasthan, Punjab, and Maharashtra. It has experience executing solar water pumping projects under government schemes and tenders, including projects under the MNRE PM-KUSUM Scheme.
As of July 31, 2026, Himalayan Solar had an unexecuted order book of Rs 140.22 crore, comprising mainly government projects. The order book spans multiple states and provides visibility over projects yet to be executed.
The company has received several product and management-system certifications. These include BIS IS 14286 and IS 61730 Part I & II and various IEC certifications for solar PV panels, IEC/IS 60529:2001 for ingress protection ratings of solar pumps and charge controllers, ISO 14001:2025 for environmental management systems, and ISO 9001:2015 for quality management systems covering specified solar products and systems.
Himalayan Solar claims to have experience across the solar project lifecycle, including design, manufacturing, supply, installation, and commissioning. Apart from solar water pumping systems, it has executed rooftop solar power plants, solar lighting systems, and solar inverter charger systems.
The company’s top 10 customers contributed Rs 170.34 crore, Rs 142.52 crore, and Rs 138.30 crore, accounting for 100.00%, 100.06% (as of March 31, 2025, the company had 11 customers; the top 10 customers accounted for 100.06% of total revenue, as the 10th and 11th customers recorded negative contributions of Rs 0.06 crore and Rs 0.08 crore due to credit notes representing (0.04%) and (0.06%), respectively), and 99.99% of its revenue in FY26, FY25, and FY24, respectively. Any loss of, or significant reduction in orders from these customers may adversely affect the company’s revenue, profitability and results of operations.
The company is dependent on a limited number of suppliers and has not entered into long-term agreements with them for the supply of raw materials. Its top 10 suppliers accounted for Rs 123.34 crore, Rs 82.98 crore, and Rs 129.79 crore, representing 98.00%, 98.46%, and 95.12% of its total purchases in FY26, FY25, and FY24, respectively. Any disruption in supplies or inability to procure raw materials at competitive prices may adversely affect the company’s operations, revenue, and profitability.
The company derives a significant portion of its revenue from Haryana. Revenue from Haryana stood at Rs 89.96 crore, Rs 122.71 crore, and Rs 123.01 crore in FY26, FY25, and FY24, respectively, accounting for 52.81%, 86.15% and 88.93% of its revenue, respectively. Though the number has fallen from FY24 to FY26, it is still significant, and any adverse developments affecting its operations in the state could adversely affect the company’s revenue and results of operations.
The company has experienced low capacity utilisation in the past and is undertaking further expansion of its manufacturing capacity from 60 MW to 160 MW by adding machinery with an annual capacity of 100 MW. Failure to achieve adequate utilisation of the expanded capacity may result in higher fixed costs, which could adversely affect its profitability and return on investment.
Changes in government regulations and technical standards have previously affected the company’s manufacturing operations. Changes in MNRE efficiency requirements affected the commercial viability of its 40 MW polycrystalline PV module manufacturing facility, following which manufacturing operations were halted in August 2024 and shifted to Mono-PERC modules. Any future regulatory or technological changes may result in additional expenditure, underutilisation of facilities, or reduced demand for its products.
The company recorded negative cash flows from operating activities amounting to Rs 2.07 crore and Rs 5.52 crore in FY26 and FY24, respectively, primarily due to more than doubling of the trade receivables to Rs 59.02 crore in FY26 from Rs 28.56 crore in FY24. It also recorded negative cash flows from investing activities amounting to Rs 3.00 crore and Rs 5.59 crore in FY26 and FY24, respectively. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company has certain contingent liabilities in the form of bank guarantees issued on its behalf. Such contingent liabilities stood at Rs 29.18 crore, Rs 15.69 crore, and Rs 9.18 crore as of March 31, 2026, March 31, 2025, and March 31, 2024, respectively. If a significant part of these liabilities materialise, they could adversely affect the company’s financial condition and results of operations.
The company has recorded instances of non-compliance with statutory requirements, including delays in RoC filings and filing or depositing GST, EPF, and ESIC dues. It also failed to maintain a separate bank account for subscription money in two private placements, and adjudication proceedings in relation to the matter were pending as of the RHP date. Any penalties or regulatory action arising from such non-compliances may adversely affect the company’s financial position and reputation.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Application details
For Himalayan Solar IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹98 - ₹103 | ₹2 - ₹5 Lakhs | 1200 |
About
Objective of Himalayan Solar IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility |
12.98 |
|
Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company |
2.12 |
|
To meet Working Capital Requirements |
29.50 |
|
General corporate purposes. |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of Himalayan Solar IPO
|
Book Running Lead Managers |
Finshore Management Services Limited |
|
Registrar to the Issue |
Maashitla Securities Private Limited |
|
Market Maker to the Issue |
Anant Securities Private Limited |
Key Performance Indicators (KPIs) of Himalayan Solar Ltd.
|
KPI |
Value (for the year ended March 31, 2026) |
|
ROE (%) |
56.00 |
|
ROCE (%) |
35.84 |
|
EBITDA Margin (%) |
17.05 |
|
PAT Margin (%) |
12.13 |
|
Debt-to-equity Ratio |
0.77 |
|
Return on Net Worth (RoNW) (%) |
44.04 |
|
Price to Book Value |
3.56 |
|
Net Asset Value (NAV) per Equity Share (₹) |
28.93 |
|
EPS (Pre IPO) (₹) |
12.74 |
Himalayan Solar IPO Contact Details
|
Company Name |
Himalayan Solar Limited |
|
Registered Office |
SCO-411 2nd Floor, Sector 20 Panchkula, Haryana-134117, India. |
|
Phone |
+91 7087117405 |
|
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|
|
Website |
Himalayan Solar IPO Registrar Contact Details
|
Company Name |
Maashitla Securities Private Limited |
|
Phone |
+91 11 47581432 |
|
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Website |