Himalayan Solar(C)SME
Established in 2015, Himalayan Solar Limited provides complete solar energy solutions including design, manufacturing, supply, installation, and commissioning, focusing mainly on Solar Water Pumping Systems.
Price Band
₹103 - ₹103
Lot Size
2400 Shares
Issue Size
₹68.03 Cr
Fresh Issue
₹60.68 Cr
OFS
₹7.35 Cr
Registrar
AI Sentiment Score
Current GMP
₹0
Est. Listing: ₹103 (0%)
📅 IPO Timeline
✓
Open
Sep 25, 2026
✓
Close
Sep 29, 2026
✓
Allotment
Sep 30, 2026
✓
Refund
Oct 1, 2026
5
Demat
Oct 1, 2026
6
Listing
Oct 5, 2026
✨ AI Analysis & Prediction
-2.0%
predicted listing gain
Himalayan Solar SME IPO shows moderate fundamentals with strong revenue and profit growth, backed by high ROE (44.04%) and ROCE (35.84%). However, subscription demand is modest (1.19x overall) with a neutral GMP baseline, pointing toward a modest single-digit listing gain.
💪 Strengths
- Strong revenue and net profit growth trajectory
- High return ratios (ROE of 44.04% and ROCE of 35.84%)
- Extensive experience in government-backed solar water pumping projects
⚠️ Weaknesses
- Modest subscription demand across categories
- Working capital intensive operations tied to government orders
🚀 Opportunities
- Expanding Indian market for renewable energy and government solar initiatives
- Scalability in solar rooftop and inverter charge systems
🛡️ Threats
- Intense competition from listed peers in the green energy sector
- Execution risks related to government-driven project timelines
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility. | ₹12.98 |
| Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company. | ₹2.60 |
| To meet Working Capital Requirements | ₹24.59 |
| General Corporate Expenses | ₹27.86 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 138.65 Cr | Rs 143.14 Cr | Rs 171.69 Cr |
| Net Profit / PAT (₹ Cr) | Rs 4.94 Cr | Rs 16.43 Cr | Rs 20.67 Cr |
| Total Assets (₹ Cr) | Rs 84.14 Cr | Rs 93.82 Cr | Rs 158.22 Cr |
| ROE % | NA | NA | 44.04% |
| ROCE % | NA | NA | 35.84% |
| Debt / Equity | NA | NA | 0.77 |
📋 Live Subscription Status
QIB
1.66x
NII
0.94x
Retail
1.26x
Total
1.19x
Updated: Oct 2, 2026 6:37 PM
💼 Reservation Quota
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- 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.
Himalayan Solar has shown consistent top-line and bottom-line expansion, reporting revenues of ₹171.69 crores and a PAT of ₹20.67 crores for FY2026. Key performance indicators reflect high efficiency with an ROE of 44.04% and ROCE of 35.84%, alongside a manageable debt-to-equity ratio of 0.77.
The company is raising ₹68.03 crores via an SME IPO on NSE, consisting of a fresh issue of ₹60.68 crores and an offer for sale up to 7,14,000 shares within a price band of ₹98 to ₹103. Total subscription stands at 1.19x with QIB at 1.66x, NII at 0.94x, and Retail at 1.26x.