Infrax Renewable IPO is an upcoming SME public issue of Infrax Renewable Limited. The company operates in the renewable energy sector and is engaged in solar Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar projects. Its business activities also include solar product distribution, operation and maintenance services and power generation through its own solar power plant.
The IPO is a Fixed Price Issue priced at ₹104 per equity share with a face value of ₹10 per share. The issue is proposed to be listed on BSE SME. The IPO is scheduled to open on 9 September 2026 and close on 11 September 2026, with the tentative allotment on 15 September 2026 and listing on 17 September 2026.
The total issue comprises 39,31,200 equity shares aggregating up to approximately ₹40.88 crore. This includes a fresh issue of 32,51,600 shares and an offer for sale of 6,80,400 shares.
Table of Contents
Infrax Renewable IPO Details Information
| Particulars | Details |
|---|---|
| IPO Name | Infrax Renewable IPO |
| Company Name | Infrax Renewable Limited |
| IPO Type | SME IPO |
| Issue Type | Fixed Price Issue |
| IPO Category | SME |
| Face Value | ₹10 per Equity Share |
| Issue Price | ₹104 per Equity Share |
| Issue Size | Approx. ₹40.88 Crore |
| Total Shares Offered | 39,31,200 Equity Shares |
| Fresh Issue | 32,51,600 Shares |
| Offer for Sale | 6,80,400 Shares |
| Market Maker Portion | 1,99,200 Shares |
| Net Public Issue | 37,32,000 Shares |
| IPO Opening Date | 9 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Listing Exchange | BSE SME |
| Listing Date | 17 September 2026 |
| Lot Size | 1,200 Shares |
| Minimum Application | 2 Lots / 2,400 Shares |
| Minimum Investment | ₹2,49,600 |
| Registrar | Bigshare Services Private Limited |
| Lead Manager | Smart Horizon Capital Advisors Private Limited |
| Market Maker | Shreni Shares Limited |
Bigshare Services has listed Infrax Renewable Limited among its upcoming SME issues, confirming the 9 September to 11 September 2026 bidding period, ₹104 issue price and 39,31,200 shares offered.
IPO Dates & Timeline
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 8 September 2026 |
| IPO Opening Date | 9 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Initiation of Refunds | 16 September 2026 |
| Credit of Shares to Demat Account | 16 September 2026 |
| IPO Listing Date | 17 September 2026 |
The issue is expected to follow the above timetable, subject to the finalization of the basis of allotment and applicable market procedures.
IPO Reservation
| Investor Category | Shares Offered | Reservation |
|---|---|---|
| Qualified Institutional Buyers | To be updated | To be updated |
| Non-Institutional Investors | 18,50,400 | 47.07% |
| Retail Individual Investors | 18,81,600 | 47.86% |
| Market Maker | 1,99,200 | 5.07% |
| Total | 39,31,200 | 100% |
The currently available issue data shows 1,99,200 shares reserved for the market maker, 18,50,400 shares for NII investors and 18,81,600 shares for retail investors.
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,49,600 |
| Retail Maximum | 13 | 15,600 | ₹16,22,400 |
| S-HNI Minimum | 3 | 3,600 | ₹3,74,400 |
| B-HNI Minimum | 9 | 10,800 | ₹11,23,200 |
The minimum retail application consists of 2 lots or 2,400 shares, requiring ₹2,49,600 at the issue price of ₹104 per share.
About Infrax Renewable Limited
Infrax Renewable Limited is a Rajkot-based renewable-energy company operating primarily in the solar-energy sector. Its activities include solar EPC services for rooftop and ground-mounted projects, solar-product distribution and operation and maintenance services.
The company also operates a solar power generation business through its own 1.2 MW solar plant under a long-term Power Purchase Agreement with Paschim Gujarat Vij Company Limited (PGVCL). Its business model therefore combines project execution, product distribution and renewable power generation.
The company has developed its operations across several Indian states. As of 31 March 2026, it operated warehouses in Rajkot, Ahmedabad and Kanpur and had branch-office presence across Gujarat, Maharashtra, Madhya Pradesh and Uttar Pradesh.
Business Operations
- Solar EPC services for rooftop solar projects.
- Solar EPC services for ground-mounted solar projects.
- Procurement and supply of solar products.
- Solar project designing and engineering.
- Operation and maintenance services for solar installations.
- Power generation through its own solar plant.
- Project execution and supply-chain management.
- Storage of project-related materials through strategically located warehouses.
- Distribution of solar products through its customer and dealer network.
- Participation in government-supported rooftop solar opportunities.
The company has also been described as an empanelled national vendor under the PM Surya Ghar: Muft Bijli Yojana, providing exposure to India’s expanding residential rooftop-solar market.
Industry Overview
India’s renewable-energy sector has been expanding rapidly, supported by increasing electricity demand, government initiatives, declining solar technology costs and greater adoption of clean-energy solutions.
Solar energy has become an important part of India’s renewable-energy capacity, with opportunities across utility-scale projects, commercial installations, industrial rooftops and residential solar systems.
The rooftop solar segment is also receiving policy support through programmes such as PM Surya Ghar. Companies involved in EPC, distribution, installation and maintenance can benefit from increasing solar adoption.
However, the industry is competitive and sensitive to government policies, subsidy structures, module prices, foreign exchange movements, project execution and availability of financing.
Business Strategy
Expansion of Solar EPC Operations
The company intends to strengthen its solar EPC operations and participate in additional rooftop and ground-mounted solar projects.
Backward Integration
A key strategic objective is to establish a proposed manufacturing facility for solar-related machinery and equipment. The IPO proceeds are partly intended to finance this capital expenditure.
Geographic Expansion
The company has established warehouses and branch offices across multiple states to support procurement, storage and project execution. Expansion into additional markets could help broaden its customer base.
Solar Product Distribution
Alongside EPC services, the company distributes solar products, allowing it to participate in the wider solar-equipment supply chain.
Renewable Power Generation
Its own solar generation facility provides an additional business vertical and a contracted revenue stream under its power purchase arrangement.
Financial Information
The company’s reported financial performance has expanded significantly during the three financial years ended 31 March 2024, 31 March 2025 and 31 March 2026.
| Financial Year | Total Income (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | Net Worth (₹ Cr) | Total Assets (₹ Cr) | Borrowings (₹ Cr) |
|---|---|---|---|---|---|---|
| FY2024 | 9.66 | 1.76 | 0.96 | 1.40 | 4.40 | — |
| FY2025 | 30.48 | 4.50 | 2.85 | 1.89 | 8.24 | 3.02 |
| FY2026 | 93.33 | 14.56 | 10.20 | 15.77 | 31.53 | 6.99 |
The reported figures show a sharp increase in total income from ₹9.66 crore in FY2024 to ₹93.33 crore in FY2026. PAT increased from ₹0.96 crore to ₹10.20 crore during the same period.
Financial Summary
Infrax Renewable recorded strong year-on-year growth in FY2026. Total income increased from ₹30.48 crore in FY2025 to ₹93.33 crore in FY2026, while PAT increased from ₹2.85 crore to ₹10.20 crore. EBITDA also increased from ₹4.50 crore to ₹14.56 crore.
The growth rate is impressive, although investors should recognize that the company is growing from a relatively small historical base. The substantial increase in borrowings from ₹3.02 crore in FY2025 to ₹6.99 crore in FY2026 should also be monitored alongside the company’s expansion plans.
Key Performance Indicators (KPIs)
| KPI | FY2026 |
|---|---|
| ROE | 115.54% |
| ROCE | 63.89% |
| RoNW | 64.68% |
| EBITDA Margin | 15.62% |
| PAT Margin | 10.94% |
| Debt/Equity | 0.44 |
| EPS | ₹9.29 |
| NAV | ₹15.77 |
| P/E | 11.19x |
The reported FY2026 return ratios are strong, while the debt-to-equity ratio of approximately 0.44 indicates that borrowings are below the company’s net worth.
At the issue price of ₹104, some IPO databases report a post-issue P/E of approximately 14.5x based on diluted/post-issue earnings. Investors should use the final offer document for the definitive valuation calculation.
Objects of the IPO
The company proposes to use the IPO proceeds for the following purposes:
| Object of Issue | Amount |
|---|---|
| Capital expenditure for purchase of machinery and equipment for proposed manufacturing facility | ₹12.29 Crore |
| Funding working capital requirements | ₹17.00 Crore |
| General corporate purposes | ₹2.03 Crore |
| Issue Expenses | ₹3.00 Crore |
| Total identified amount | ₹34.33 Crore |
The IPO documentation-derived data identifies machinery and equipment, working capital, general corporate purposes and issue expenses as the principal uses of the proceeds.
The difference between the gross issue size and these identified uses reflects the issue structure and associated offer-for-sale component. The offer for sale proceeds are received by the selling shareholders rather than the company.
Listing Performance
| Particulars | Details |
|---|---|
| IPO Issue Price | ₹104 |
| Expected Listing Date | 17 September 2026 |
| Proposed Exchange | BSE SME |
| Listing Price | To be updated |
| Listing Gain/Loss | To be updated |
Infrax Renewable IPO is scheduled to list on 17 September 2026. Since the issue has not yet listed as of 5 September 2026, the actual listing price and listing-day return are not available.
Infrax Renewable IPO GMP
GMP Today
No reliable grey-market premium has been established for Infrax Renewable IPO as of the latest available information. Some tracking portals report GMP as NIL or no recorded GMP.
GMP is an unofficial and unregulated market indicator. It can change before listing and should not be treated as a guaranteed listing price or an official company figure.
Subscription Status
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers | To be updated |
| Non-Institutional Investors | To be updated |
| Retail Individual Investors | To be updated |
| Total | To be updated |
Infrax Renewable IPO is scheduled to open on 9 September 2026. Therefore, subscription figures are not available as of 5 September 2026.
Infrax Renewable IPO Review
Infrax Renewable operates in the renewable-energy industry, with activities spanning solar EPC, product distribution, operation and maintenance and power generation. This diversified structure gives the company exposure to several parts of the solar value chain rather than relying exclusively on EPC contracts.
The financial performance is one of the major positive aspects of the issue. Total income increased from ₹9.66 crore in FY2024 to ₹93.33 crore in FY2026, while PAT increased from ₹0.96 crore to ₹10.20 crore. EBITDA also expanded substantially during the same period.
The company’s return ratios are also strong. FY2026 ROE was reported at 115.54%, ROCE at 63.89% and RoNW at 64.68%. The reported debt-to-equity ratio of 0.44 indicates moderate leverage compared with the company’s net worth.
Another positive factor is the company’s planned investment in a manufacturing facility. The proposed capital expenditure could increase the company’s capabilities and support backward integration. However, establishing a new manufacturing operation also creates execution, capital expenditure and utilization risks.
The company is relatively small, and its rapid FY2026 growth follows a comparatively low historical revenue base. Investors should therefore avoid simply extrapolating the FY2026 growth rate into future years.
The renewable-energy sector has attractive long-term growth prospects, but it is also dependent on government policies, incentives, subsidy mechanisms, module prices and competition. Investors should consider these factors together with the company’s SME listing status and the relatively large minimum application amount.
Overall, Infrax Renewable IPO presents a combination of strong recent financial growth, renewable-energy exposure, diversified solar activities and planned capacity expansion. However, the short operating history, rapid growth from a low base, policy dependence, execution risks and SME-market volatility require careful consideration.
IPO Strengths
- Strong growth in total income over FY2024-FY2026.
- Significant improvement in PAT and EBITDA.
- Exposure to India’s expanding solar-energy sector.
- Diversified business model covering EPC, product distribution, O&M and power generation.
- Presence in rooftop and ground-mounted solar projects.
- Own 1.2 MW solar power generation facility.
- Long-term power purchase arrangement provides contracted power-generation revenue.
- Presence across multiple Indian states.
- Warehouses in Rajkot, Ahmedabad and Kanpur.
- Proposed investment in a manufacturing facility.
- Strong reported ROE, ROCE and RoNW.
- Debt-to-equity ratio below 1 based on FY2026 reported figures.
- Empanelment under the PM Surya Ghar programme provides exposure to the rooftop-solar opportunity.
IPO Risk Factors
- The company operates in a highly competitive renewable-energy market.
- Solar EPC businesses are dependent on project orders and execution capabilities.
- Changes in government solar policies, subsidies or incentives could affect demand.
- Solar-module and equipment prices can fluctuate.
- Imported components can expose the business to currency and supply-chain risks.
- Rapid historical growth may not be sustainable at the same pace.
- The company is relatively small compared with larger renewable-energy companies.
- The proposed manufacturing facility involves execution and capital expenditure risks.
- Delays in setting up the facility could affect expected benefits.
- Working capital requirements may increase as the business expands.
- Customer and project concentration can affect revenue stability.
- Solar EPC projects can face delays in approvals, procurement and execution.
- Competition may put pressure on pricing and margins.
- The company’s own power-generation capacity is currently relatively small.
- SME-listed shares may experience lower liquidity and higher price volatility.
- Promoter holding is expected to reduce following the IPO.
- The offer includes an OFS component, meaning a portion of the issue proceeds goes to selling shareholders rather than the company.
IPO Promoters
The principal promoters of Infrax Renewable Limited are:
| Promoter | Pre-Issue Holding | Post-Issue Holding |
|---|---|---|
| Bhargv Ashvinbhai Vachhani | Included in promoter group | Included in promoter group |
| Gandhi Bhavik Tarunkumar | Included in promoter group | Included in promoter group |
| Khushboo Bhargav Vachhani | Included in promoter group | Included in promoter group |
The promoter and promoter-group holding is reported at approximately 70.64% before the issue and approximately 49.73% after the issue.
Management Team
The available IPO information identifies the promoter group and management as being led by individuals with experience in the renewable-energy and solar business.
| Name | Role |
|---|---|
| Bhargv Ashvinbhai Vachhani | Promoter |
| Gandhi Bhavik Tarunkumar | Promoter |
| Khushboo Bhargav Vachhani | Promoter / Management |
| Other Key Managerial Personnel | As disclosed in the offer documents |
For the final published version, management designations should be cross-checked against the latest RHP because different secondary databases do not consistently reproduce the complete management table.
Registrar Details
| Particulars | Details |
|---|---|
| Registrar | Bigshare Services Private Limited |
| IPO Status Website | Bigshare IPO Status |
| [email protected] | |
| Phone | 8657578989 / 8069219065 / 8069219060 |
| Role | IPO Registrar and Transfer Agent |
Bigshare Services Private Limited is identified as the registrar for Infrax Renewable IPO and is also listed as the registrar in Bigshare’s own upcoming-issues information.
Lead Manager Details
| Particulars | Details |
|---|---|
| Lead Manager | Smart Horizon Capital Advisors Private Limited |
| Role | Book Running Lead Manager |
| Company | Infrax Renewable Limited |
| Website | Smart Horizon Capital Advisors |
Smart Horizon Capital Advisors Private Limited is identified as the book-running lead manager for the issue.
Company Contact Details
| Particulars | Details |
|---|---|
| Company | Infrax Renewable Limited |
| Registered Office | 402-403, R K Prime 2, Mahapuja Dham Chok, 150 Feet Road, Malviyanagar, Rajkot, Gujarat – 360004 |
| Phone | +91 7874074000 |
| [email protected] | |
| Website | Infrax Renewable Official Website |
The above company contact details are reported across the available IPO and company-information sources.
How to Check Infrax Renewable IPO Allotment Status
Check Through Bigshare Services
- Visit the Bigshare IPO Status Portal.
- Select Infrax Renewable Limited after the allotment process is completed.
- Enter your PAN, application number or DP/Client ID as applicable.
- Submit the requested details.
- Your allotment status will be displayed on the screen.
The expected basis-of-allotment date is 15 September 2026. Refunds and demat credit are expected on 16 September 2026, followed by listing on 17 September 2026.
Infrax Renewable IPO Conclusion
Infrax Renewable IPO offers exposure to a renewable-energy company involved in solar EPC, solar-product distribution, operation and maintenance and power generation.
The company has reported strong financial growth, with total income increasing from ₹9.66 crore in FY2024 to ₹93.33 crore in FY2026 and PAT increasing from ₹0.96 crore to ₹10.20 crore. FY2026 return ratios were also strong, including ROE of 115.54%, ROCE of 63.89% and RoNW of 64.68%.
The planned manufacturing facility and expansion of working capital provide potential avenues for future growth. Its presence across multiple states, diversified solar activities and participation in the rooftop-solar ecosystem are additional positives.
However, investors should not overlook the risks. The company has a relatively short operating history under its current structure, its recent growth has come from a low base, and the renewable-energy business remains sensitive to government policy, subsidies, equipment prices, competition and project execution.
The IPO is scheduled to open on 9 September 2026 at a fixed price of ₹104 per share and close on 11 September 2026. It is proposed to list on BSE SME on 17 September 2026. GMP remains unofficial and should not be treated as a reliable guarantee of listing performance.
Investors should read the final offer document carefully and assess the company’s financial performance, valuation, business risks and SME-market liquidity before making an investment decision.
IPO FAQs
What is Infrax Renewable IPO?
Infrax Renewable IPO is an upcoming SME public issue of Infrax Renewable Limited. The issue is a Fixed Price IPO priced at ₹104 per equity share and is proposed to be listed on BSE SME.
When will Infrax Renewable IPO open?
Infrax Renewable IPO is scheduled to open on 9 September 2026 and close on 11 September 2026.
What is the price of Infrax Renewable IPO?
The fixed issue price is ₹104 per equity share, while the face value is ₹10 per share.
What is the lot size of Infrax Renewable IPO?
The lot size is 1,200 shares. Based on the reported retail application requirement of 2 lots, the minimum application is 2,400 shares costing ₹2,49,600.
What is the Infrax Renewable IPO issue size?
The total IPO comprises 39,31,200 shares and aggregates to approximately ₹40.88 crore. It includes a fresh issue of 32,51,600 shares and an offer for sale of 6,80,400 shares.
What is the Infrax Renewable IPO GMP today?
No reliable GMP has been recorded in the available grey-market tracking sources as of the latest update. GMP is unofficial and can change significantly before listing.
When is Infrax Renewable IPO allotment?
The tentative basis-of-allotment date is 15 September 2026.
When will Infrax Renewable IPO list?
Infrax Renewable shares are scheduled to list on BSE SME on 17 September 2026.
Who is the registrar of Infrax Renewable IPO?
Bigshare Services Private Limited is the registrar of Infrax Renewable IPO. Investors can check allotment through the Bigshare IPO Status Portal after allotment is finalized.
What does Infrax Renewable Limited do?
Infrax Renewable Limited provides solar EPC services for rooftop and ground-mounted projects and is also involved in solar-product distribution, operation and maintenance and solar power generation.
Who are the promoters of Infrax Renewable?
The principal promoters are Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar and Khushboo Bhargav Vachhani.
Is Infrax Renewable IPO a Mainboard or SME IPO?
Infrax Renewable IPO is an SME IPO proposed to be listed on BSE SME.
