Infrax Renewable
Infrax Renewable is an Engineering, Procurement, and Construction (EPC) firm specializing in solar energy solutions, including rooftop and ground-mounted projects. The company operates in the renewable energy sector, offering end-to-end solar installation services and manufacturing solar PV modules and inverters.
Price Band
₹104 - ₹104
Lot Size
2400 Shares
Issue Size
₹40.88 Cr
Fresh Issue
₹33.81 Cr
OFS
₹7.07 Cr
Registrar
AI Sentiment Score
Current GMP
₹0
Est. Listing: ₹104 (0%)
📅 IPO Timeline
✓
Open
Sep 9
2
Close
Sep 11
3
Allotment
Sep 15
4
Refund
Sep 16
5
Demat
Sep 16
6
Listing
Sep 17
✨ AI Analysis & Prediction
+3.0%
predicted listing gain
The listing gain is adjusted upward from a 0% GMP due to a small float size and exceptional ROE/ROCE metrics, but significantly capped by the absolute lack of QIB institutional demand (0.0x). The strong revenue growth trend provides a fundamental floor, but the lack of institutional backing prevents a high-premium pop.
💪 Strengths
- Exceptional ROE of 115.54% and ROCE of 63.89%
- Rapid revenue growth from ₹9.66 Cr to ₹93.33 Cr in 3 years
- Attractive P/E ratio of 9.58 relative to industry peers
⚠️ Weaknesses
- Zero QIB interest/allocation in the IPO quota
- Very short company history (founded Sept 2024)
🚀 Opportunities
- Expansion into manufacturing via new facility funded by IPO proceeds
- Growing demand for rooftop and ground-mounted solar solutions in India
🛡️ Threats
- High competition in the solar EPC and module supply market
- Regulatory changes in solar subsidies or import duties on components
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility | ₹12.29 |
| Funding working capital requirements of the Company | ₹17.00 |
| General corporate purposes | ₹2.03 |
| Issue Expenses | ₹3.00 |
📊 Financial Overview
| Metric | FY25 | FY26 |
|---|---|---|
| Revenue (₹ Cr) | Rs 30.00 Cr | Rs 93.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 3.00 Cr | Rs 10.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 4.00 Cr | Rs 15.00 Cr |
| Borrowings (₹ Cr) | Rs 3.00 Cr | Rs 7.00 Cr |
| Total Assets (₹ Cr) | Rs 8.00 Cr | Rs 32.00 Cr |
| ROCE % | 142.00% | 105.00% |
Company P/E
9.6x
Debt/Equity
0.44
📋 Live Subscription Status
QIB
0.00x
NII
1.39x
Retail
1.90x
Total
2.05x
Updated: Sep 12, 2026 8:07 AM
💼 Reservation Quota
QIB
0.00%
Retail
50.00%
NII
50.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in September 2024, Infrax Renewable has rapidly evolved into a comprehensive solar energy player. The company operates through a diversified three-tier business model: providing full-scale EPC services for solar planning and installation, acting as an Independent Power Producer (IPP) through its own solar power plant in Gujarat, and supplying essential solar products such as PV modules and inverters.
The firm's product portfolio is designed to cater to a wide spectrum of clients, ranging from small-scale residential installations to larger commercial and industrial segments. By integrating manufacturing with installation services, the company maintains control over the quality and delivery of its solar energy solutions.
Operationally, the company leverages its presence in Gujarat to scale its IPP capabilities while expanding its EPC footprint across various sectors. Its business model allows it to capture value at multiple stages of the solar value chain, from component supply to long-term energy generation.
The company is led by its promoters, Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, and Khushboo Bhargav Vachhani, who have steered the company's aggressive growth from its inception in late 2024 to its current operational scale.
The Infrax Renewable IPO is a fixed-price issue priced at ₹104 per share, aiming to raise approximately ₹40.88 Crores. The issue is structured with a fresh issue component of ₹33.81 Crores and an Offer for Sale (OFS) of 6,80,400 shares. The IPO opened on September 9, 2026, and closed on September 11, 2026, with listing scheduled for September 17, 2026, on the BSE SME platform. The minimum lot size for retail investors is 2,400 shares, requiring an application amount of ₹2,49,600.
Proceeds from the fresh issue are earmarked for strategic growth, with ₹12.29 Crores allocated for capital expenditure to purchase machinery and equipment for a proposed manufacturing facility, ₹17.00 Crores for working capital requirements, and ₹2.03 Crores for general corporate purposes.
Financial performance has shown an aggressive upward trajectory. Revenue grew from ₹9.66 Crores in 2024 to ₹30.48 Crores in 2025, and surged to ₹93.33 Crores in 2026. Similarly, the Profit After Tax (PAT) rose from ₹0.96 Crores to ₹10.20 Crores over the same three-year period, demonstrating strong scalability.
From a valuation perspective, the company presents a P/E ratio of 9.58 based on FY2026 earnings, which appears attractive compared to some listed peers like Acme Solar Holdings (P/E 49.25). The company boasts an impressive ROE of 115.54% and a healthy Debt-to-Equity ratio of 0.44.
Key investment strengths include the rapid revenue growth and lean capital structure. However, risks include the company's very short operating history (founded late 2024) and the total absence of QIB reservation in the quota, which may indicate a lack of institutional appetite.
Overall, the IPO offers a combination of high growth and low relative valuation, though the SME listing and specific quota structure suggest it is more suited for investors with a higher risk appetite looking for long-term renewable energy exposure.