Infrax RenewableIPO Review — Financials, Valuation & Peers
A data-only look at the Infrax Renewable 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 | 9.66 | 0.96 | 1.76 | 1.4 | 4.4 | — | — |
| FY 2025 | 30.48 | 2.85 | 4.5 | 1.89 | 8.24 | 3.02 | — |
| FY 2026 | 93.33 | 10.2 | 14.56 | 15.77 | 31.53 | 6.99 | 9.29 |
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)
- 11.19x
- P/E (post-issue)
- 14.5x
- RoNW
- 64.68%
- RoE
- 115.54%
- RoCE
- 63.89%
- Debt / Equity
- 0.44
- EPS (pre-issue)
- ₹9.29
- EPS (post-issue)
- ₹7.17
- EBITDA Margin
- 15.62%
- PAT Margin
- 10.94%
- P/BV
- 6.59x
- NAV / share
- ₹15.77
- Market Cap
- ₹148.05 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 |
|---|---|---|---|---|---|---|
| Infrax Renewable | 10.86 | 15.77 | 9.58x | 64.68% | 6.93x | Restated |
| Acme Solar Holdings Ltd | 8.24 | 83.63 | 49.25x | 9.84% | 4.83x | — |
| Alpex Solar Limited | 80.52 | 219.94 | 10.9x | 35.87% | 4x | — |
| Solarium Green Energy Ltd | 9.81 | 77.93 | 15.78x | 12.58% | 2x | — |
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>Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani</p>
- Holding (pre-issue)
- 70.64%
- Holding (post-issue)
- 49.73%
- Dilution
- 20.91%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Infrax Renewable operates at an EBITDA margin of 15.62% and a net (PAT) margin of 10.94% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 63.89% and a return on equity (RoE) of 115.54%. At the upper band, the post-issue market capitalisation works out to about ₹148.05 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 funding working capital requirements of the company (₹17 crore), alongside funding of capital expenditure of the company towards purchase of machineries and equipments for proposed manufacturing facility (₹12.29 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Infrax Renewable reported revenue of ₹93.33 crore and a net profit of ₹10.2 crore. Revenue grew from ₹9.66 crore in FY2024 to ₹93.33 crore in FY2026 (+866.0%). Net worth stood at ₹15.77 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.5× post-issue earnings and 6.59× book value, against a return on net worth of 64.68% and a debt-to-equity ratio of 0.44. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Acme Solar Holdings Ltd and Alpex Solar Limited, with a median peer P/E of about 15.8×. The issue's own post-issue P/E works out to 14.5×.
Promoters
The promoters of the company are <p>Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani</p>. Promoter holding stands at 70.64% before the issue and comes down to 49.73% after listing.
Frequently asked questions
- What is the reservation split in the Infrax Renewable IPO?
- Of the total shares offered, retail investors get 50.42%, non-institutional investors 49.58%.
- Who are the promoters of Infrax Renewable and what is their holding?
- The promoters are <p>Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani</p>. Promoter holding is 70.64% before the issue and 49.73% after listing.
- What is the P/E ratio of the Infrax Renewable IPO?
- At the upper price band, the Infrax Renewable IPO is valued at 11.19× pre-issue earnings and 14.5× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Infrax Renewable IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 4 disclosed objects.