Himalayan Solar IPO
HIMALAYAN · NSE · SME · Power Generation/Distribution
Overview
Updated 12 days agoHimalayan Solar Limited is an integrated turnkey solar energy solutions provider specializing in the design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. The company has transitioned its manufacturing to a new facility in Karnal, Haryana, to produce advanced Monocrystalline (Mono-PERC) solar modules.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,23,600 |
| bNII (min) | 9 | 10,800 | ₹11,12,400 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | NSE |
| Segment | SME |
| Sector | Power Generation/Distribution |
| Price band | ₹98–103 |
| Final issue price | ₹103.00 |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,23,600 |
| Issue size | ₹68.00 Cr |
| Market cap at upper band | ₹228 Cr |
| P/E at upper band | 8.1x |
| Registrar | MAASHITLA SECURITIES PRIVATE LIMITED |
| Lead managers | Finshore Management Services Limited |
| NSE symbol | HIMALAYAN |
| ISIN | INE1B7I01014 |
Shareholder quota and promoter holding
Company & business
Himalayan Solar Limited, formerly known as Himalayan Solar Private Limited, was incorporated in 2015. The company provides integrated solar energy solutions, including Solar Water Pumping Systems, Solar Inverter Charge Systems, and Solar Rooftop Power Systems. It is empanelled as a Solar Partner with several State Government Departments and has implemented over 85,000 HP capacity of Solar Water Pumping Systems as of March 31, 2026. The company operates through a robust network of manufacturing facilities, branch offices, and warehouses across northern and central India. It is led by a management team with extensive experience in the electrical and solar manufacturing sectors.
Objects of the issue — how the money will be used
- Funding Capital Expenditure for Expansion and Upgradation of existing Manufacturing Facility (₹1,298.3 Cr)
- To meet incremental Working Capital requirements of the Company (₹2,950 Cr)
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings (₹211.99 Cr)
- General Corporate Expenses
Key strengths
- Experienced promoters with deep industry knowledge
- Established and proven track record in solar manufacturing
- Strong presence in government-focused renewable energy projects
- Robust order book providing revenue visibility
- Integrated business model covering design to commissioning
- ISO 9001:2015 certified quality management systems
Key risks
- High dependence on a limited number of customers
- Concentration of revenue in the state of Haryana
- Dependence on a few key suppliers for raw materials
- Potential underutilization of expanded manufacturing facilities
- Regulatory risks related to government policies and subsidies
- Negative cash flows in past periods
- Lack of prior experience of promoters/directors in managing a listed entity
Promoters
Mr. Manjeet Singh, Mrs. Karthyayini M, Mr. Himanshu Dalal, Mr. Mehtab Singh, Mrs. Anita Kumari
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 138.32 | -- | 4.95 | 84.14 | 10.33 | 23.54 |
| FY25 | 142.44 | -- | 16.43 | 93.82 | 26.46 | 26.95 |
| FY26 | 170.34 | -- | 20.67 | 158.22 | 46.93 | 36.12 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Himalayan Solar this issue | 170.3 | 12.74 | 8.1x | 44.04 | 28.93 |
| Ganesh Green Bharat Limited | 1,064.3 | 30.31 | 7.1 | 26.82 | 113.02 |
| Solarium Green Energy Limited | 368.2 | 9.81 | 15.0 | 12.58 | 77.93 |
| Australian Premium Solar (India) Limited | 708.0 | 28.70 | 8.3 | 35.24 | 81.44 |
This issue is priced at 8.1x P/E against a peer median of 8.3x: a discount of 3%. A measurement, not a verdict.
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.