Himalayan Solar IPO
Himalayan Solar IPO Details
-
Open Date
25 Sep 2026
-
Close Date
29 Sep 2026
- IPO Price Range
₹ 98 to ₹103
- IPO Size
₹ 68.03 Cr
Himalayan Solar IPO Timeline
Last Updated: 25 September 2026 5:43 AM by 5paisa
Himalayan Solar Limited is an integrated solar energy solutions company engaged in the design, manufacturing, supply, installation and commissioning of solar products. Its operations primarily focus on Solar Water Pumping Systems, alongside Solar PV Modules, Solar Inverter Charger Systems and Solar Rooftop Power Systems.
The company undertakes solar EPC projects and has experience implementing more than 85,000 HP capacity of Solar Water Pumping Systems under government projects in India as of 31 March 2026. It is empanelled with multiple state government departments and participates in projects including those under the PM-KUSUM scheme.
Himalayan Solar has established a manufacturing facility in Karnal, Haryana, with an annual capacity of 60 MW for Mono-PERC Solar PV Modules. Commercial operations of this production line commenced in March 2026. The company proposes to expand the facility to 160 MW by adding machinery with 100 MW of annual capacity.
Established in: 2015
Managing Director: Manjeet Singh
Peers:
Ganesh Green Bharat Limited
Solarium Green Energy Limited
Australian Premium Solar (India) Limited
Himalayan Solar Objectives
Funding capital expenditure for the purchase of additional plant and machinery to expand and upgrade the existing manufacturing facility
1. Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings
2. Funding working capital requirements
3. General corporate purposes
Himalayan Solar proposes to deploy up to ₹12.98 crore towards expansion and upgradation of its manufacturing facility, up to ₹2.12 crore towards repayment/pre-payment of borrowings and up to ₹29.50 crore towards working capital requirements.
The Company will not receive any proceeds from the Offer for Sale.
Himalayan Solar IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹68.03 Cr |
| Offer For Sale | ₹7.35 Cr |
| Fresh Issue | ₹60.68 Cr |
Himalayan Solar IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 2400 | ₹235200 |
| Individual Investors (IND) (Max) | 2 | 2400 | ₹247200 |
| HNI (Min) | 3 | 3600 | ₹352800 |
| S-HNI (Max) | 8 | 9600 | ₹988800 |
| B-HNI (Min) | 9 | 10800 | ₹1058400 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 138.32 | 142.44 | 170.34 |
| EBITDA (Operating Profit) | 7.83 | 23.58 | 29.04 |
| PAT | 4.95 | 16.43 | 20.67 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 84.14 | 93.82 | 158.22 |
| Share Capital | 3.60 | 3.60 | 16.22 |
| Total Liabilities | 84.14 | 93.82 | 158.22 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (Used In) Operating Activities | -5.52 | 3.90 | -2.07 |
| Net Cash Generated From / (Used In) Investing Activities | -5.59 | 0.21 | -3.00 |
| Net Cash Generated From / (Used In) Financing Activities | 3.50 | 1.42 | 6.91 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | -7.61 | 5.59 | 1.81 |
Strengths
1. Himalayan Solar has an integrated business model spanning solar-product manufacturing and the design, supply, installation and commissioning of solar energy systems.
2. The company had implemented more than 85,000 HP capacity of Solar Water Pumping Systems under government projects in India as of 31 March 2026.
3. Its new Karnal facility has a 60 MW Mono-PERC Solar PV Module production line, with plans to expand manufacturing capacity to 160 MW.
4. The unexecuted order book stood at approximately ₹140.22 crore as of 31 July 2026 and comprised projects across multiple states.
5. Revenue increased to ₹170.34 crore in FY26, while EBITDA (Operating Profit) and PAT rose to ₹29.04 crore and ₹20.67 crore, respectively.
Weaknesses
1. Customer concentration is significant. The largest customer contributed 50.00% of FY26 revenue, while the top five customers accounted for 99.54%.
2. Supplier concentration is also high, with the top five suppliers accounting for 90.20% of FY26 purchases and the top ten accounting for 98.00%.
3. The business is working-capital intensive. Trade receivables increased to ₹125.34 crore in FY26, while operating cash flow was negative at ₹2.07 crore.
4. A substantial portion of operations is linked to government projects and their tendering, project-monitoring and payment processes.
5. Changes in technical requirements can affect manufacturing assets. The company halted production at its earlier Panchkula facility after government tenders shifted towards higher-efficiency Monocrystalline modules.
Opportunities
1. The proposed capacity expansion from 60 MW to 160 MW could increase Himalayan Solar's ability to manufacture advanced Mono-PERC and other higher-efficiency Solar PV Modules.
2. India's renewable-energy capacity expansion and long-term solar installation targets provide a larger addressable market for solar manufacturers and EPC providers.
3. Government programmes such as PM-KUSUM can support demand for Solar Water Pumping Systems, an established operating segment for Himalayan Solar.
4. Expansion into additional states and higher-value solar projects could diversify the company's project portfolio.
5. The company's manufacturing expansion can increase the use of internally manufactured Solar PV Modules within its EPC projects.
Threats
1. Changes to government renewable-energy schemes, subsidies, tender conditions or technical standards could affect project demand and product requirements.
2. Outstanding orders may be delayed, modified or cancelled, and the reported order book may therefore not translate fully into revenue.
3. High dependence on a small number of customers and suppliers exposes operations to contract, payment and supply disruptions.
4. Solar technology is evolving rapidly, creating a requirement for continued investment in higher-efficiency manufacturing equipment.
5. Competitive bidding for government solar projects may put pressure on pricing and project margins.
1. Revenue from operations increased from ₹138.32 crore in FY24 to ₹170.34 crore in FY26, while PAT increased from ₹4.95 crore to ₹20.67 crore.
2. The company has experience implementing more than 85,000 HP of Solar Water Pumping Systems under government projects across India.
3. Himalayan Solar had an unexecuted order book of approximately ₹140.22 crore as of 31 July 2026, although actual execution and revenue realisation remain dependent on project progress.
4. Fresh issue proceeds include ₹12.98 crore earmarked for manufacturing expansion and upgradation, with the facility proposed to scale from 60 MW to 160 MW annual capacity.
India's renewable-energy market provides a sizeable operating backdrop for solar manufacturers and EPC companies. The industry information used in the offer document notes that India's installed solar capacity had reached 73.32 GW as of December 2023, after increasing around 26-fold over nine years. The country's renewable-energy target for 2030 envisages a significant contribution from solar capacity.
The National Electricity Plan cited in the industry section projects India's solar capacity rising from 66.78 GW in 2023 to around 185.6 GW by 2027 and approximately 364.6 GW by 2032. Solar capacity is projected to grow at a CAGR of about 22.7% during 2023–27.
Himalayan Solar participates in this market through both manufacturing and project execution. Its focus on Solar Water Pumping Systems links the business to government-supported agricultural solarisation, while its manufacturing expansion from 60 MW to a proposed 160 MW is intended to increase its capacity for newer-generation Solar PV Modules.
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FAQs
Himalayan Solar IPO opens from 25 September 2026 to 29 September 2026.
The size of the Himalayan Solar IPO is approximately ₹68.03 crore. It comprises a fresh issue of approximately ₹60.68 crore and an Offer for Sale of approximately ₹7.35 crore.
The price band of Himalayan Solar IPO is fixed at ₹98 to ₹103 per share.
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Himalayan Solar IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum application is 2400 shares, equivalent to two lots of 1,200 shares each. At the floor price of ₹98, the minimum application requires ₹2,35,200.
The basis of allotment for the Himalayan Solar IPO is expected to be finalised on 30 September 2026.
The Himalayan Solar IPO is tentatively scheduled to list on NSE Emerge on 5 October 2026.
Finshore Management Services Limited is the book-running lead manager for the Himalayan Solar IPO.
The fresh issue proceeds are proposed to be used for:
1. Funding capital expenditure for additional plant and machinery to expand and upgrade the existing manufacturing facility
2. Repayment and/or pre-payment of certain outstanding borrowings
3. Funding working capital requirements
4. General corporate purposes
The Company will not receive any proceeds from the Offer for Sale.