Himalayan Solar SME IPO
Himalayan Solar IPO — date, price band, lot size & details 2026
Himalayan Solar listed on 5 Oct 2026 at ₹85, 17.5% below the ₹103 issue price.
Himalayan Solar Limited provides turnkey solar energy solutions with a primary focus on solar water pumping systems, along with solar inverter charge systems and rooftop power. Its pumps and controllers are made under OEM arrangements and sold under its own brand, and it is an NSDC franchisee partner for solar skill development.
Stock price
Himalayan Solar is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 16 October.
- Open 25 Sep 2026
- Close 29 Sep 2026
- Allotment 30 Sep 2026
- Refund/credit 01 Oct 2026
- Listing 05 Oct 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 25 to 29 Sep, 2026 |
|---|---|
| Price Band | ₹98 – ₹103 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹68.03 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | NSE SME |
| Registrar | Maashitla Securities Private Limited |
| Min Investment | ₹ 2,47,200 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1200 shares at the ₹103 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2,400 | ₹2,47,200 |
| Retail (max) | 2 | 2,400 | ₹2,47,200 |
| HNI (min) | 3 | 3,600 | ₹3,70,800 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Profit has grown more than four times in two years, from Rs 4.95 crore in FY2024 to Rs 16.43 crore in FY2025 and Rs 20.67 crore in FY2026.
- 02EBITDA has grown from Rs 7.83 crore in FY2024 to Rs 29.04 crore in FY2026.
- 03Return ratios are very strong, with RoCE of 35.84% and RoNW of 44.04%, and a PAT margin of 12.13%.
- 04This is one of the cheapest issues in the current batch on earnings, at about 11.02 times on an EPS of Rs 9.35.
- 05Solar water pumping is directly supported by government irrigation and farm power schemes, which underpins demand.
- 06Selling OEM-made pumps under its own Himalayan Solar brand lets it build brand value without owning the factory.
- 07Its exclusive NSDC franchisee arrangement for solar skill development is a position no competitor can simply copy.
- 08Net worth has grown from Rs 10.33 crore in FY2024 to Rs 46.93 crore in FY2026.
Risks · 8
- 01Demand depends heavily on government solar schemes and subsidies. A change in scheme terms or a delay in subsidy payment would directly reduce orders and slow collections.
- 02The pumps and controllers are made by outside manufacturers under OEM arrangements, so the company does not control that production or its quality.
- 03Growth is uneven. Total income rose only about 3% in FY2025, from Rs 138.65 crore to Rs 143.14 crore, before rising 20% in FY2026.
- 04Borrowing rose from Rs 26.95 crore to Rs 36.12 crore against a net worth of Rs 46.93 crore, a debt to equity ratio of 0.77.
- 05The plan to onboard up to 2,00,000 people at panchayat level under the NSDC arrangement is ambitious and unproven, and may absorb money and management time before it earns.
- 06Solar equipment prices have been falling, which compresses margin on turnkey contracts already priced.
- 07This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 70.13%.
- 08This is an SME issue. One lot is 1,200 shares, which is about Rs 1.24 lakh at the upper band of Rs 103, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the Himalayan Solar offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 158.22 | 93.82 | 84.14 |
| Total Income | 171.69 | 143.14 | 138.65 |
| Profit After Tax | 20.67 | 16.43 | 4.95 |
| EBITDA | 29.04 | 23.58 | 7.83 |
| NET Worth | 46.93 | 26.46 | 10.33 |
| Reserves and Surplus | 30.71 | 22.85 | 6.73 |
| Total Borrowing | 36.12 | 26.95 | 23.54 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Himalayan Solar RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Himalayan Solar IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹12.74 | ₹9.35 |
| P/E Ratio (x) | 8.08 | 11.02 |
| Market Cap at Offer Price (₹ Cr) | ₹167.11 | ₹227.73 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹103 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹44.60 Cr of the issue is earmarked to named objects.
About the company
The business has three parts. The first is turnkey solar EPC work, covering the complete design through to commissioning of solar projects. The second is its solar water pumping system business, where the pumps and pump controllers are manufactured through an original equipment manufacturer arrangement and then branded and sold as Himalayan Solar. The third is support services under a skill development programme, for which it has signed a memorandum of understanding with the National Skill Development Corporation as the industry exclusive franchisee partner for solar, to support onboarding up to 2,00,000 people at panchayat level.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
+91 7087117405
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Finshore Management Services Limited
7 issues handledBest listing: Sollfege Smart Electronics (+89.8%). Weakest: Dudani Retail (-13.8%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Himalayan Solar?
The current Grey Market Premium is ₹0.
What is the Himalayan Solar IPO price band?
₹98 to ₹103, on a face value of ₹10.
When is the allotment?
The basis of allotment is 30 September 2026, with listing on 5 October 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Maashitla Securities Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
