Himalayan Solar IPO is a book-built SME IPO of Himalayan Solar Limited, offering investors an opportunity to participate in the company’s public issue. The IPO has a total issue size of approximately ₹68.03 crore and comprises a fresh issue and an offer for sale. The price band has been fixed at ₹98 to ₹103 per equity share with a face value of ₹10 per share.
The Himalayan Solar IPO opens for subscription on September 25, 2026, and closes on September 29, 2026. The basis of allotment is expected on September 30, 2026, followed by refund initiation and credit of shares to demat accounts on October 1, 2026. The shares are proposed to be listed on the NSE SME platform on October 5, 2026.
Himalayan Solar Limited provides integrated turnkey solar energy solutions, with a primary focus on solar water pumping systems. Its activities cover design, manufacturing, supply, installation and commissioning of solar products. The company also operates in solar inverter charging systems, solar rooftop power systems and other solar products. As of March 31, 2026, the company reported experience in implementing more than 85,000 HP of solar water pumping systems under government projects in India.
Table of Contents
Himalayan Solar IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | Himalayan Solar IPO |
| Company Name | Himalayan Solar Limited |
| IPO Type | SME IPO |
| IPO Category | Book Built Issue |
| Face Value | ₹10 per equity share |
| Price Band | ₹98 to ₹103 per share |
| Issue Size | ₹68.03 Crore |
| Fresh Issue | 58,90,800 shares, aggregating up to ₹60.68 Crore |
| Offer for Sale | 7,14,000 shares, aggregating up to ₹7.35 Crore |
| IPO Open Date | September 25, 2026 |
| IPO Close Date | September 29, 2026 |
| Anchor Investor Bidding | September 24, 2026 |
| Basis of Allotment | September 30, 2026 |
| Refund Initiation | October 1, 2026 |
| Shares Credited to Demat Account | October 1, 2026 |
| Listing Date | October 5, 2026 |
| Listing Exchange | NSE SME |
| Lot Size | 1,200 Shares |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Book Running Lead Manager | Finshore Management Services Ltd. |
The Himalayan Solar IPO comprises 66,04,800 shares in total. The detailed issue structure includes the fresh issue, offer for sale and a market-maker reservation portion. The issue is proposed to be listed on the NSE Emerge platform.
The current reported grey market premium is ₹0 as of September 21, 2026. GMP is an unofficial and unregulated indicator and can change before listing, so it should not be treated as a guaranteed indication of the listing price.
Himalayan Solar IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | September 24, 2026 |
| IPO Opening Date | September 25, 2026 |
| IPO Closing Date | September 29, 2026 |
| Basis of Allotment | September 30, 2026 |
| Refund Initiation | October 1, 2026 |
| Shares Credited to Demat Account | October 1, 2026 |
| Listing Date | October 5, 2026 |
The IPO timetable is tentative and may be revised by the company, stock exchange or registrar. Chittorgarh lists September 30 as the expected allotment date, October 1 for refunds and demat credit, and October 5 as the tentative NSE SME listing date.
Himalayan Solar IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | 20.01% of Net Issue |
| NII | 29.95% of Net Issue |
| RII | 50.04% of Net Issue |
The net public offer comprises 62,73,600 shares after excluding the 3,31,200-share market-maker reservation. Of the net offer, 12,55,200 shares are allocated to QIBs, 18,79,200 shares to NIIs and 31,39,200 shares to retail individual investors.
The issue also includes 3,31,200 shares reserved for the market maker, Anant Securities. The anchor investor portion forms part of the QIB allocation.
Himalayan Solar IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 2,400 | ₹2,47,200 |
| Retail Maximum | 2,400 | ₹2,47,200 |
| S-HNI Minimum | 3,600 | ₹3,70,800 |
| S-HNI Maximum | 9,600 | ₹9,88,800 |
| B-HNI Minimum | 10,800 | ₹11,12,400 |
The Himalayan Solar IPO lot size is 1,200 shares. Investors must apply for a minimum of two lots, or 2,400 shares, at the upper price band of ₹103. The minimum retail application therefore amounts to ₹2,47,200. S-HNI investors can apply for a minimum of 3,600 shares, requiring ₹3,70,800 at the upper price band.
About Himalayan Solar Limited
Himalayan Solar Limited was incorporated in 2015 and operates in the solar energy solutions sector. The company provides integrated turnkey solutions covering the design, manufacturing, supply, installation and commissioning of solar products and systems. Its primary business focus is solar water pumping systems.
The company was originally incorporated as Himalayan Solar Private Limited on September 8, 2015, and was subsequently converted into a public limited company in November 2024. Its registered office is located in Panchkula, Haryana.
Business Operations
Himalayan Solar operates across several solar-related business verticals.
The company undertakes turnkey solar EPC contracts covering the design, manufacturing, supply, installation and commissioning of solar products. Its solar water pumping business includes solar pumps and controllers manufactured through an OEM arrangement and marketed under the Himalayan Solar brand.
The company also provides solar inverter charging systems and solar rooftop power systems. In addition, it supplies solar PV modules, solar cells, solar batteries and other solar products.
Himalayan Solar has a strong presence in government-focused renewable energy projects. As of March 31, 2026, the company reported experience in implementing more than 85,000 HP of solar water pumping systems under government projects in India.
The company has also entered into an MoU with the National Skill Development Corporation for a skill-development and entrepreneurship initiative intended to support the onboarding of Panchayat-level micro-entrepreneurs under its National Entrepreneurship Drive.
Industry Overview
India’s renewable energy sector continues to provide opportunities for companies involved in solar power generation, equipment manufacturing, EPC services and solar-powered agricultural applications. Solar water pumping systems are particularly relevant to agricultural and rural applications because they can reduce dependence on conventional electricity and diesel-based pumping.
Himalayan Solar’s business is substantially linked to government-led renewable energy programmes and projects. The company has implemented solar water pumping systems under government projects across multiple states. This provides access to tender-based opportunities but also makes order inflows dependent on government schemes, tender schedules and project execution cycles.
The company’s government-focused business model can therefore provide a visible project pipeline while exposing the business to changes in government policies, tender activity, payment cycles and project implementation requirements.
Business Strategy
Himalayan Solar intends to strengthen its solar manufacturing and execution capabilities by expanding and upgrading its existing manufacturing facility. A portion of the IPO proceeds is specifically earmarked for purchasing additional plant and machinery.
The company also plans to deploy funds toward working capital requirements. This is relevant to its EPC and manufacturing operations because project execution requires funding for materials, inventories, receivables and other operating expenses.
Another component of the company’s strategy is to continue participating in government-backed solar projects while expanding its solar product portfolio. Its competitive strengths identified in the IPO material include government project experience, relationships with customers and suppliers, manufacturing experience and a strong order book.
Himalayan Solar IPO Financial Information
Himalayan Solar has reported growth in revenue and profit between FY2025 and FY2026. According to the financial information provided by Chittorgarh, total income increased from ₹143.14 crore in FY2025 to ₹171.69 crore in FY2026, while PAT increased from ₹16.43 crore to ₹20.67 crore.
Himalayan Solar Financial Summary
| Particular | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | ₹158.22 Cr | ₹93.82 Cr | ₹84.14 Cr |
| Total Income | ₹171.69 Cr | ₹143.14 Cr | ₹138.65 Cr |
| Profit After Tax | ₹20.67 Cr | ₹16.43 Cr | ₹4.95 Cr |
| EBITDA | ₹29.04 Cr | ₹23.58 Cr | ₹7.83 Cr |
| Net Worth | ₹46.93 Cr | ₹26.46 Cr | ₹10.33 Cr |
| Reserves and Surplus | ₹30.71 Cr | ₹22.85 Cr | ₹6.73 Cr |
| Total Borrowings | ₹36.12 Cr | ₹26.95 Cr | ₹23.54 Cr |
Amount in ₹ Crore.
The financial data shows growth in total income, PAT, EBITDA and net worth over the three reported financial years. Total income rose from ₹138.65 crore in FY2024 to ₹171.69 crore in FY2026, while PAT increased from ₹4.95 crore to ₹20.67 crore.
Himalayan Solar IPO Key Performance Indicators (KPIs)
| KPI | March 31, 2026 |
|---|---|
| ROE | 56.00% |
| ROCE | 35.84% |
| Debt/Equity | 0.77 |
| RoNW | 44.04% |
| PAT Margin | 12.13% |
| EBITDA Margin | 17.05% |
| NAV | ₹28.93 |
| Price to Book Value | 3.56 |
The reported FY2026 KPIs indicate a 44.04% RoNW, 35.84% ROCE and 56% ROE. The debt-to-equity ratio was 0.77, while PAT margin and EBITDA margin stood at 12.13% and 17.05%, respectively.
Based on the IPO price band, the reported pre-IPO EPS is ₹12.74 and the post-IPO EPS is ₹9.35. The corresponding P/E range is approximately 8.08x pre-IPO and 11.02x post-IPO at the upper end of the price band.
Objects of the Himalayan Solar IPO
The company proposes to utilise the net proceeds from the IPO for the following purposes:
- Funding capital expenditure for purchasing additional plant and machinery for expansion and upgradation of the existing manufacturing facility – ₹12.98 crore.
- Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings – ₹2.12 crore.
- Meeting working capital requirements – ₹29.50 crore.
- General corporate expenses.
The identified issue objects total approximately ₹44.60 crore before the allocation for general corporate purposes.
The capital expenditure component is intended to strengthen manufacturing capacity and capabilities. The working capital component is intended to support the company’s operating requirements, while repayment of borrowings can reduce outstanding debt obligations.
Himalayan Solar IPO Listing Performance
| Particular | Value |
|---|---|
| Listing Exchange | NSE SME |
| Listing Date | October 5, 2026 |
| Issue Price | To Be Updated |
| Listing Price | To Be Updated |
| Listing Gain | To Be Updated |
| Listing Gain (%) | To Be Updated |
The Himalayan Solar IPO is scheduled to list on NSE SME on October 5, 2026. Since the IPO has not yet listed as of September 21, 2026, the actual listing price and listing gain are not available.
Himalayan Solar IPO Subscription Status
The Himalayan Solar IPO has not yet opened for public subscription as of September 21, 2026. Subscription figures will be available after bidding begins on September 25, 2026.
Himalayan Solar IPO Subscription
| Investor Category | Subscription |
|---|---|
| QIB | To Be Updated |
| NII | To Be Updated |
| RII | To Be Updated |
| Employee Category | To Be Updated |
| Total Subscription | To Be Updated |
Subscription data will be updated during the IPO bidding period. The issue is scheduled to remain open from September 25 to September 29, 2026.
Himalayan Solar IPO Review
Himalayan Solar Limited operates in the solar energy solutions segment with a particular focus on solar water pumping systems. The company has experience in implementing large-scale solar water pumping projects and has developed a business model focused substantially on government-backed renewable energy programmes.
The company’s financial performance has improved over the reported period. Total income increased from ₹138.65 crore in FY2024 to ₹171.69 crore in FY2026, while PAT increased from ₹4.95 crore to ₹20.67 crore. Net worth also increased from ₹10.33 crore to ₹46.93 crore during the same period.
The IPO proceeds are primarily intended for manufacturing expansion, working capital, debt repayment and general corporate purposes. The proposed capital expenditure can support the company’s manufacturing capabilities, while working capital funding can help support project execution and operating requirements.
At the upper price band of ₹103, the IPO is valued at approximately 11.02x post-issue P/E based on the reported post-issue EPS. The company also reports a FY2026 RoNW of 44.04% and ROCE of 35.84%.
The company has identified several competitive strengths, including its experience as a solar PV module manufacturer, experienced promoters and management, presence in government-focused renewable energy projects, customer and supplier relationships, ability to supply solar products into government-backed projects and a strong order book.
Investors should also consider the company’s dependence on government-focused projects, the execution requirements associated with its order book, working capital requirements and the risks associated with the SME segment. The RHP specifically cautions that an order book is not necessarily indicative of future revenue or earnings and that expected margins or project revenues may not be achieved.
The current GMP is reported at ₹0 on September 21, 2026. Since GMP is an unofficial grey-market indicator, it can change significantly and should be considered separately from the company’s fundamentals and official IPO disclosures.
Himalayan Solar IPO Strengths
- Established business in integrated solar energy solutions.
- Primary focus on solar water pumping systems.
- Experience in implementing more than 85,000 HP of solar water pumping systems as of March 31, 2026.
- Presence in government-focused renewable energy projects across multiple states.
- Experience in solar PV module manufacturing.
- Strong relationships with customers and suppliers.
- Ability to provide solar products as part of government-backed solar projects.
- Reported growth in revenue, EBITDA, PAT and net worth.
- IPO proceeds include capital expenditure for manufacturing expansion and upgradation.
- Reported FY2026 RoNW of 44.04% and ROCE of 35.84%.
Himalayan Solar IPO Risk Factors
- The business has significant exposure to government-focused renewable energy projects, making order inflows sensitive to government schemes, tenders and project schedules.
- The company may face risks associated with delays in project execution and government payment cycles.
- The company’s order book is not audited and may not necessarily translate into the projected future revenue or profitability.
- Actual project margins may differ from estimates, and the company may not realise the expected revenue from its order book.
- The company operates in a competitive solar energy and renewable energy market.
- Manufacturing expansion requires successful deployment of the proposed capital expenditure.
- Working capital requirements can increase as the company undertakes additional projects.
- The company has outstanding borrowings and has allocated part of the IPO proceeds toward repayment or pre-payment.
- SME-listed shares can experience lower liquidity and higher price volatility than securities listed on the main board.
Himalayan Solar IPO Promoters
Himalayan Solar Limited is promoted by Manjeet Singh, Karthyayini M, Himanshu Dalal, Mehtab Singh and Anita Kumari. The promoters collectively held virtually the entire pre-issue share capital according to the offer documents.
Himalayan Solar IPO Promoters Details
| Promoter | Designation |
|---|---|
| Manjeet Singh | Managing Director |
| Karthyayini M | Promoter |
| Himanshu Dalal | Executive Director |
| Mehtab Singh | Whole-time Director |
| Anita Kumari | Non-Executive Director |
Manjeet Singh is identified as the Managing Director, while Himanshu Dalal, Mehtab Singh and Anita Kumari hold executive or non-executive board positions as disclosed in the offer documents.
Himalayan Solar IPO Management Team
| Name | Designation |
|---|---|
| Manjeet Singh | Managing Director |
| Himanshu Dalal | Executive Director |
| Mehtab Singh | Whole-time Director |
| Anita Kumari | Non-Executive Director |
| Sakshi Sharma | Chief Financial Officer |
| Navkiran Kaur | Company Secretary & Compliance Officer |
Sakshi Sharma has served as Chief Financial Officer since December 20, 2024 and has experience in finance, budgeting, financial planning and project-related financial management. Navkiran Kaur is identified as the Company Secretary and Compliance Officer in the offer documents.
Himalayan Solar IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar Name | Maashitla Securities Pvt. Ltd. |
| Website | Maashitla Securities IPO Allotment Status |
| IPO Allotment Status | Available through the registrar’s IPO allotment portal after allotment |
| Email ID | [email protected] |
| Contact Number | 011-45121795 |
Maashitla Securities Private Limited is the registrar to the Himalayan Solar IPO. The Chittorgarh source provides its contact details and allotment website.
Himalayan Solar IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Manager | Finshore Management Services Ltd. |
Finshore Management Services Limited is the book running lead manager to the issue. The RHP also identifies Finshore Management Services Limited as the BRLM.
Himalayan Solar Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Himalayan Solar Limited |
| Registered Office | SCO-411, 2nd Floor, Sector 20, Panchkula, Haryana – 134117 |
| Website | Himalayan Solar Limited Official Website |
| Email ID | [email protected] |
| Contact Number | +91 7087117405 |
The registered office and company contact information are disclosed in the offer documents and the Chittorgarh IPO page.
How to Check Himalayan Solar IPO Allotment Status
Through Maashitla Securities
- Visit the official Maashitla Securities IPO allotment portal.
- Select Himalayan Solar IPO from the available issue list after allotment is finalised.
- Select the relevant search option, such as PAN or application details.
- Enter the required information.
- Submit the details to check the Himalayan Solar IPO allotment status.
Through NSE
- Visit the official NSE website.
- Navigate to the IPO/issue-related section.
- Select Himalayan Solar IPO where available.
- Enter the required application or PAN details.
- Submit the information and check the allotment-related status.
The expected basis of allotment date is September 30, 2026. Refunds and demat credit are expected on October 1, 2026.
Himalayan Solar IPO Conclusion
Himalayan Solar Limited is a solar energy solutions company with a primary focus on solar water pumping systems and significant experience in government-backed renewable energy projects. The company has reported growth in revenue and profitability, while its IPO proceeds are intended to support manufacturing expansion, working capital, debt repayment and general corporate requirements.
The IPO has a price band of ₹98 to ₹103 per share and a minimum retail application requirement of 2,400 shares, resulting in an investment of ₹2,47,200 at the upper price band. The issue is scheduled to open on September 25 and close on September 29, 2026, with a proposed NSE SME listing on October 5, 2026.
Investors evaluating the issue should consider the company’s financial performance, valuation, government-project exposure, order-book execution, working-capital requirements, debt position and SME-market risks. The current GMP is ₹0 as of September 21, 2026, but GMP is unofficial and can change before listing.
Himalayan Solar IPO FAQs
What is the Himalayan Solar IPO?
Himalayan Solar IPO is a book-built SME IPO of Himalayan Solar Limited. The issue size is approximately ₹68.03 crore and comprises a fresh issue and an offer for sale.
When will the Himalayan Solar IPO open?
The Himalayan Solar IPO will open for subscription on September 25, 2026.
When will the Himalayan Solar IPO close?
The IPO will close on September 29, 2026.
What is the Himalayan Solar IPO price band?
The Himalayan Solar IPO price band is ₹98 to ₹103 per equity share.
What is the Himalayan Solar IPO lot size?
The IPO lot size is 1,200 shares. Retail investors must apply for a minimum of two lots, or 2,400 shares.
What is the minimum investment required for the Himalayan Solar IPO?
The minimum retail investment is ₹2,47,200 at the upper price band of ₹103 per share.
What is the current Himalayan Solar IPO GMP?
The latest reported GMP is ₹0 as of September 21, 2026. GMP is an unofficial grey-market indicator and can change before listing.
Who is the registrar of the Himalayan Solar IPO?
Maashitla Securities Pvt. Ltd. is the registrar of the Himalayan Solar IPO.
On which exchange will Himalayan Solar IPO list?
Himalayan Solar is proposed to list on the NSE SME platform.
When will the Himalayan Solar IPO be listed?
The tentative listing date is October 5, 2026, subject to completion of the IPO process and applicable approvals.
