In Progress
Valuation
Market Cap
₹227.73 Cr
P/E Ratio
8.08x
P/B Ratio
3.56x
Himalayan Solar IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
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Business Overview
Himalayan Solar Limited, incorporated in 2015 and headquartered at Panchkula, Haryana, is an integrated turnkey solar energy solutions provider offering design, manufacturing, supply, installation and commissioning of solar products, focused on Solar Water Pumping Systems, Solar Inverter Charge Systems and Solar Rooftop Power Systems. Its Karnal facility has an annual capacity of 60 MW of Mono-PERC Solar PV Modules, proposed to expand to 160 MW using IPO proceeds. Key customers include government entities such as HAREDA. For FY2025-26, revenue from operations was Rs 170.34 crore and PAT was Rs 20.67 crore.
Lots & IPO Size
Himalayan Solar IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,400 | ₹2,47,200 |
| Ind (Max) | 2 | 2,400 | ₹2,47,200 |
| S-HNI (Min) | 3 | 3,600 | ₹3,70,800 |
| S-HNI (Max) | 8 | 9,600 | ₹9,88,800 |
| B-HNI (Min) | 9 | 10,800 | ₹11,12,400 |
Market Maker
₹3.31 L
Employee
₹0.00
Shareholder
₹0.00
Himalayan Solar IPO Size
Total
₹68 Cr
Fresh Issue
₹61 Cr
(0.59 Cr
Shares)
Offer For Sale
₹7 Cr
(0.07 Cr
Shares)
Promoters₹7 Cr
Objects of the Issue
Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility
Repayment and/or pre-payment of certain outstanding borrowings availed by the Company
To meet Working Capital Requirements
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The Company, its Promoters, Directors and Group Companies are parties to certain pending legal proceedings; any adverse decision could materially affect the business and financial condition.
Key Risk Factors
The Company, its Promoters, Directors and Group Companies are parties to certain pending legal proceedings; any adverse decision could materially affect the business and financial condition.
The Company's capacity utilization has historically been low, and expanding manufacturing capacity amid this trend risks underutilization, higher fixed costs and reduced profitability.
The Company relocated manufacturing from an obsolete Polycrystalline-module facility in Barwala to a new Mono-PERC facility in Karnal, exposing it to commissioning and stabilization risks.
Changes in MNRE regulations, ALMM norms or other government policies governing solar PV modules could adversely affect the Company's product offerings and financial performance.
The Company's Restated Financial Statements were prepared and signed by Peer-Reviewed Chartered Accountant Himanshu Mohta & Associates, who is not the Company's Statutory Auditor.
The Company has not placed firm orders for machinery required to expand capacity to 160 MW using Rs 1,298.30 lakhs of Issue proceeds, risking delays and cost overruns.
The Company is dependent on a few customers, with its top customer contributing 50.00% and top five 99.54% of FY2026 revenue; loss of key customers such as HAREDA could hurt revenue.
The Company depends on a few key raw-material suppliers without long-term agreements; its top supplier accounted for 29.02% of FY2026 purchases, risking disruption to operations.
The Company's revenue is concentrated in Haryana, contributing 52.81% of FY2026 revenue; adverse regulatory or economic developments in the state could hurt its operations.
The Company's sales depend on favourable solar weather conditions; unfavourable weather can reduce customer demand for its Solar PV Modules and adversely affect financial performance.
Himalayan Solar IPO Details Live GMP
GMP
₹0
Est. Price
₹103
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 23 Sep | ₹0 (0%) | ₹103 |
Himalayan Solar IPO Peer Comparison
(Rs. in crores)
| Particulars | Himalayan Solar | Ganesh Green | Solarium Green | Australian Premium Solar |
|---|---|---|---|---|
| Revenue | 170.34 | 1,064.27 | 368.15 | 707.96 |
| PAT | 20.67 | 75.18 | 20.46 | 57.87 |
| EPS (₹) | 12.74 | 30.31 | 9.81 | 28.70 |
| NAV (₹) | 28.93 | 113.02 | 77.93 | 81.44 |
| RONW | 44.04% | 26.82% | 12.58% | 35.24% |
| EBITDA | 17.05% | 10.36% | 8.26% | 13.39% |
| PAT Mrgn | 12.13% | 7.06% | 5.56% | 8.17% |
| PE Ratio | 8.08 | 7.11 | 14.99 | 8.34 |
| Debt to Equity | 0.77 | 0.19 | 0.96 | 0.28 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of September 11, 2026 for Peers
Himalayan Solar IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 170.34 | 142.44 | 138.32 |
| Profit | 20.67 | 16.43 | 4.95 |
| Net Worth | 46.93 | 26.46 | 10.33 |
| Borrowings | 36.12 | 26.95 | 23.54 |
| Assets | 158.22 | 93.82 | 84.14 |
| NAV (₹) | 28.93 | 73.40 | 28.67 |
| EPS (₹) | 12.74 | 10.13 | 3.05 |
Key Performance Indicators (KPIs)
Debt to Equity
0.77
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Himalayan Solar IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 170.34 | 142.44 | 138.32 |
| Other Income | 1.35 | 0.70 | 0.33 |
| Total Income | 171.69 | 143.14 | 138.65 |
| Cost of Revenue | 132.67 | 112.32 | 127.05 |
| Changes in Inventories | 0.45 | -0.38 | 0.06 |
| Employee Expense | 2.59 | 1.72 | 1.10 |
| Finance Costs | 2.82 | 2.18 | 1.37 |
| Depreciation | 0.63 | 0.61 | 0.24 |
| Other Expenses | 4.85 | 4.70 | 1.96 |
| Total Expenses | 144.00 | 121.15 | 131.77 |
| Profit Before Tax | 27.69 | 21.99 | 6.87 |
| Tax Expense | 7.02 | 5.56 | 1.93 |
| Profit After Tax | 20.67 | 16.43 | 4.95 |
| EPS — Basic (₹) | 12.74 | 45.59 | 13.72 |
| EPS — Diluted (₹) | 12.74 | 45.59 | 13.72 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 16.22 | 3.60 | 3.60 |
| Reserves & Surplus | 30.71 | 22.85 | 6.73 |
| Total Equity | 46.93 | 26.46 | 10.33 |
| Total Borrowings | 36.12 | 26.95 | 23.54 |
| Trade Payables | 66.07 | 32.23 | 47.75 |
| Short Term Provisions | 8.22 | 7.07 | 2.03 |
| Other Liabilities | 0.88 | 1.12 | 0.49 |
| Total Equity & Liab | 158.22 | 93.82 | 84.14 |
| Fixed Assets | 6.05 | 5.21 | 1.37 |
| Short Term Loans & Adv | 8.04 | 3.30 | 2.09 |
| Trade Receivables | 125.34 | 66.32 | 40.45 |
| Cash & Bank Balances | 10.32 | 6.84 | 4.61 |
| Other Assets | 8.47 | 12.15 | 35.63 |
| Total Assets | 158.22 | 93.82 | 84.14 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | -2.07 | 3.90 | -5.52 |
| Cash Flow from Investing Activities | -3.00 | 0.21 | -5.59 |
| Cash Flow from Financing Activities | 6.88 | 1.48 | 3.50 |
| Net Change in Cash & Equivalents | 1.81 | 5.59 | -7.61 |
| Cash & Equivalents at End of Period | 7.97 | 6.16 | 0.56 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Karthyayini M
50.22%
Manjeet Singh
22.00%
Himanshu Dalal
9.75%
Mehtab Singh
9.02%
Anita Kumari
9.01%
Management
Manjeet Singh
Age: 44
MD
Remuneration
₹Rs 25.92 lakhs p.a. (FY2025-26 paid; approved up to Rs 25,92,000 p.a. by way of salary, perquisites, commissions and allowances)
Education
B.A. (Panjab University, 2006); M.S.W. (Eastern Institute for Integrated Learning in Management, Sikkim, 2013)
Prior Experience
17+ years in electrical and solar product manufacturing; formerly VP-Operations at Omen Industries (gas water heaters and heating appliances).
Mehtab Singh
Age: 57
WTD
Remuneration
₹Rs 10.50 lakhs p.a. (FY2025-26 paid; approved up to Rs 10,50,000 p.a. by way of salary, perquisites, commissions and allowances)
Education
Graduation in Electrical, Indian Navy (2001)
Prior Experience
15+ years in operation and maintenance of marine electrical equipment; formerly Petty Officer Electrician (Power), Indian Navy.
Sakshi Sharma
Age: 32
CFO
Remuneration
₹Rs 18.00 lakhs (FY2025-26 remuneration paid)
Education
B.Com (Kurukshetra University, 2014); M.Com (Kurukshetra University, 2016); Executive Program in Business Finance, IIM Ahmedabad
Prior Experience
10+ years in accounts and finance; joined the Company in Aug 2016 as Finance Manager - Accounts & Finance before becoming CFO in Dec 2024.
Himanshu Dalal
Age: 28
ED
Remuneration
₹Rs 4.88 lakhs p.a. (FY2025-26 paid; approved up to Rs 4,87,500 p.a. by way of salary, perquisites, commissions and allowances)
Education
B.A. (Prog) (Delhi University, 2018); PGDM (Financial Management), FORE School of Management, New Delhi (2024)
Prior Experience
4+ years as Business Operations Manager, managing multiple branches of Mannat Leisure Private Limited.
Registrar & Lead Managers
Registrar
Maashitla Securities
Lead Managers (1)
Company Details
Name: Himalayan Solar Limited
Address: SCO-411 2nd Floor, Sector 20 Panchkula, Haryana-134117, India
Number: +91 7087117405
Email: cs@himalayansolar.co.in
Website: https://www.himalayansolar.co.in
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Frequently Asked Questions (FAQs)
What is Himalayan Solar IPO?
Himalayan Solar IPO is a SME IPO having an issue size of
₹68 Crs.
Himalayan Solar IPO is priced at
₹98 - ₹103 per
share.
The
issue opens on 25 Sep 26
and
closes on 29 Sep 26.
When will Himalayan Solar IPO open?
Himalayan Solar IPO opens on
25 Sep 26 and closes on
29 Sep 26.
What is the GMP of Himalayan Solar IPO?
The estimated Grey Market Premium of Himalayan Solar IPO is
₹0 per share (0.00%).
What is the lot size of Himalayan Solar IPO?
The minimum lot size of Himalayan Solar IPO is
1200 shares & the minimum application amount
is
Rs.
123600.
When is the allotment of Himalayan Solar IPO?
The allotment date of Himalayan Solar IPO is
30 Sep 26.
What is the listing date of Himalayan Solar IPO?
The listing date of Himalayan Solar IPO is
05 Oct 26.
What is the subscription of Himalayan Solar IPO?
Himalayan Solar IPO is subscribed
-.
What is the price band of Himalayan Solar IPO?
Himalayan Solar IPO is priced at
₹98 - ₹103 per
share.
How to check allotment status of Himalayan Solar IPO?
Click the allotment link on Himalayan Solar IPO page of IPO360.
How to apply Himalayan Solar IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Himalayan Solar IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Himalayan Solar IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Himalayan Solar IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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