Himalayan Solar IPO

The Himalayan Solar SME IPO runs from 25 Sept 2026 to 29 Sept 2026, offered at a price band of ₹98–103 per share, and is set to list on NSE. The company is looking to raise ₹68.03 crore through the offer. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,47,200.

Issue structure

The offer combines a fresh issue of ₹57.26 crore with an offer for sale (OFS) of ₹7.35 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward to meet working capital requirements (₹29.5 crore), alongside funding capital expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility. (₹12.98 crore). In all, 5 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Himalayan Solar reported revenue of ₹171.69 crore and a net profit of ₹20.67 crore. Revenue grew from ₹138.65 crore in FY2024 to ₹171.69 crore in FY2026 (+24.0%). Net worth stood at ₹46.93 crore at the end of FY2026. At the upper band, that puts the issue at roughly 8.1× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 11.02× post-issue earnings and 3.56× book value, against a return on net worth of 44.04% and a debt-to-equity ratio of 0.77. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Australian Premium Solar (india) Ltd. and Ganesh Green Bharat Ltd., with a median peer P/E of about 8.3×. The issue's own post-issue P/E works out to 11.02×.

Promoters

The promoters of the company are <p>Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, Anita Kumari</p>. Promoter holding stands at 100% before the issue and comes down to 70.13% after listing.

Grey market premium (GMP)

In the unofficial grey market, Himalayan Solar shares are quoted at a premium of ₹0 implying an expected listing around ₹103, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Himalayan Solar IPO was subscribed 1.19 times overall. The strongest demand came from qualified institutional buyers (QIB) at 1.66 times, with non-institutional investors (NII) at 0.94× and retail investors at 1.26×.

Listing performance

Himalayan Solar listed on 5 Oct 2026 at ₹85, a discount of -17.5% over the issue price of ₹103.

What to weigh

When evaluating the Himalayan Solar IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Himalayan Solar

Incorporated in 2015,&nbsp;Himalayan Solar Limited is specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of wide range of solar products, with a primary focus on Solar Water Pumping Systems. They provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As on March 31, 2025, they have a qualitative experience in implementation of more than 61000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India and this quantity will further increase to 100000 HP by end of FY 2025-26. As on August 31, 2025, the Company have employed 64 employees. Competitive 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