Himalayan SolarIPO Review — Financials, Valuation & Peers
A data-only look at the Himalayan Solar IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 138.65 | 4.95 | 7.83 | 10.33 | 84.14 | 23.54 | — |
| FY 2025 | 143.14 | 16.43 | 23.58 | 26.46 | 93.82 | 26.95 | — |
| FY 2026 | 171.69 | 20.67 | 29.04 | 46.93 | 158.22 | 36.12 | 12.74 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 8.08x
- P/E (post-issue)
- 11.02x
- RoNW
- 44.04%
- RoE
- 56%
- RoCE
- 35.84%
- Debt / Equity
- 0.77
- EPS (pre-issue)
- ₹12.74
- EPS (post-issue)
- ₹9.35
- EBITDA Margin
- 17.05%
- PAT Margin
- 12.13%
- P/BV
- 3.56x
- NAV / share
- ₹28.93
- Market Cap
- ₹227.73 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Himalayan Solar | 12.74 | 28.93 | — | 44.04% | — | Consolidated |
| Australian Premium Solar (india) Ltd. | 28.7 | 81.44 | 8.34x | 35.24% | 2.95x | Consolidated |
| Ganesh Green Bharat Ltd. | 30.31 | 113.02 | 7.11x | 26.82% | 1.9x | Consolidated |
| Solarium Green Energy Ltd. | 9.81 | 77.93 | 14.99x | 12.58% | 1.91x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, Anita Kumari</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 70.13%
- Dilution
- 29.87%
Analysis in brief
Anchor book
4 anchor investors participated in the Himalayan Solar IPO ahead of the public offer, together allocated ₹7.75 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to NAV CAPITAL VCC-NAV CAPITAL EMERGING STAR FUND (₹1.99 crore), MAESTRO EMERGING FUND PCC-VALUE INVESTING (₹1.99 crore) and NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE (₹1.99 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 30 Oct 2026, with the remainder locked until 29 Dec 2026.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Himalayan Solar operates at an EBITDA margin of 17.05% and a net (PAT) margin of 12.13% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 35.84% and a return on equity (RoE) of 56%. At the upper band, the post-issue market capitalisation works out to about ₹227.73 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- What is the reservation split in the Himalayan Solar IPO?
- Of the total shares offered, retail investors get 50.04%, QIBs 8.01% (plus 11.99% anchor), non-institutional investors 29.95%.
- Who are the promoters of Himalayan Solar and what is their holding?
- The promoters are <p>Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, Anita Kumari</p>. Promoter holding is 100% before the issue and 70.13% after listing.
- What is the P/E ratio of the Himalayan Solar IPO?
- At the upper price band, the Himalayan Solar IPO is valued at 8.08× pre-issue earnings and 11.02× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Himalayan Solar IPO?
- The net proceeds go primarily toward to meet working capital requirements, among 5 disclosed objects.