Infrax Renewable Limited IPO
INFRAX · BSE · SME · Power Generation/Distribution
Overview
Updated 12 days agoInfrax Renewable Limited is an ISO 9001:2015 certified company engaged in providing solar Engineering, Procurement, and Construction (EPC) services, including rooftop and ground-mounted solar projects. The company also supplies solar products and has recently commenced operations as an Independent Power Producer (IPP).
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 | ₹1,24,800 |
| bNII (min) | 9 | 10,800 | ₹11,23,200 |
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 | BSE |
| Segment | SME |
| Sector | Power Generation/Distribution |
| Price band | ₹104 |
| Final issue price | ₹104.00 |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,24,800 |
| Issue size | ₹41.00 Cr |
| Fresh issue | ₹33.81 Cr |
| Offer for sale | ₹7.08 Cr |
| Market cap at upper band | ₹148 Cr |
| P/E at upper band | 9.6x |
| Registrar | Bigshare Services Private Limited |
| Lead managers | Smart Horizon Capital Advisors Private Limited |
| NSE symbol | INFRAX |
| ISIN | INE1YC401018 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Infrax Renewable Limited, originally formed as a partnership firm 'Infrax International' in 2019, was converted into a public limited company in 2024. The company provides end-to-end solar EPC solutions, including design, engineering, procurement, installation, testing, commissioning, and operations & maintenance. It also supplies solar products like modules and inverters and has entered the Independent Power Producer (IPP) segment. The company operates through a network of dealers and direct sales, with a significant presence in Gujarat. It is currently expanding its operations and setting up an in-house manufacturing facility for solar panel recycling, mounting structures, and solar frames.
Objects of the issue — how the money will be used
- Funding of capital expenditure towards purchase of machineries and equipments for proposed manufacturing facility (₹12.29 Cr)
- Funding working capital requirements (₹17 Cr)
- General corporate purposes (₹2.03 Cr)
Key strengths
- Established track record for execution of solar EPC solutions
- Strong relationship with customers
- Wide range of products
- Financial stability through the PPA model
- Established relationship with suppliers
- Extensive dealership network across various states
- Strategic location of warehouses and branch offices
Key risks
- Limited operating history as a company
- Dependence on government policies, subsidies, and incentives
- Significant dependence on dealers for revenue
- Geographical concentration of business in certain regions
- Dependence on a limited number of key customers
- Dependence on a limited number of suppliers
- Risks associated with setting up a new manufacturing facility
- Negative cash flows in past years
Promoters
Mr. Bhargv Ashvinbhai Vachhani, Mr. Gandhi Bhavik Tarunkumar, Ms. Khushboo Bhargav Vachhani
Decoded from the DRHP 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 | 9.65 | -- | 0.96 | 4.40 | 1.40 | 0.00 |
| FY25 | 30.47 | -- | 2.85 | 8.24 | 1.89 | 3.02 |
| FY26 | 93.21 | -- | 10.20 | 31.53 | 15.77 | 6.99 |
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 (₹) |
|---|---|---|---|---|---|
| Infrax Renewable Limited this issue | 93.2 | 10.86 | 9.6x | 64.68 | 15.77 |
| Acme Solar Holdings Limited | 202,337.9 | 8.24 | 49.3 | 9.84 | 83.63 |
| Alpex Solar Limited | 222,327.2 | 80.52 | 10.9 | 35.87 | 219.94 |
| Solarium Green Energy Limited | 36,815.1 | 9.81 | 15.8 | 12.58 | 77.93 |
This issue is priced at 9.6x P/E against a peer median of 15.8x: a discount of 39%. A measurement, not a verdict.
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.