Infrax Renewable SME IPO Details
SME
Upcoming
Infrax Renewable Limited provides solar EPC services for rooftop and ground-mounted projects, supplies solar modules and inverters, and runs its own 1.2 MW plant in Gujarat under a 25-year power purchase agreement with PGVCL. It is empanelled as a national vendor under the PM Surya Ghar scheme.
Open
09 Sep
2026
Close
11 Sep
2026
Allotment
15 Sep
2026
Listing
17 Sep
2026
IPO Review
Coming Soon
IPO GMP
₹ 0
(--)
IPO Subscription Subscription
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IPO Summary
IPO Dates
9 to 11 Sep, 2026
Price Band
₹104
Face Value
₹10
Lot Size
1200 Shares
Issue Size
₹40.88 Cr
Sale Type
Fresh capital cum OFS
Listing On
BSE SME
Min Investment
₹ 2,49,600
What is the Infrax Renewable IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 09 Sep, 2026 Wed | Wednesday |
| IPO Close Date | 11 Sep, 2026 Fri | Friday |
| Basis of Allotment | 15 Sep, 2026 Tue | Tuesday |
| Refunds Initiated | 16 Sep, 2026 Wed | Wednesday |
| Credit to Demat | 16 Sep, 2026 Wed | Wednesday |
| Listing Date | 17 Sep, 2026 Thu | Thursday |
What is the Infrax Renewable IPO Lot Size?
Bidding in multiples of 1200 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,49,600 |
| Retail (Max) | 2 | 2400 | ₹2,49,600 |
| HNI (Min) | 3 | 3600 | ₹3,74,400 |
About Infrax Renewable
Infrax Renewable Limited is a solar energy company. It works in three ways.
First, it provides engineering, procurement and construction services, known as EPC, for solar power projects. This covers the complete job of design, engineering, buying the equipment, installation, testing, commissioning, running and maintaining the plant, and helping with regulatory work. It does rooftop projects for homes and ground mounted projects for commercial customers.
Second, it works as an Independent Power Producer, which means it owns a solar plant and sells the electricity. In 2026 it commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, in Rajkot district of Gujarat, and sells the power to Paschim Gujarat Vij Company Limited under a 25 year power purchase agreement.
Third, it sells solar products including solar PV modules, both polycrystalline and monocrystalline, solar inverters and other related equipment, sourced from India and abroad. It sells through a dealer network to residential, commercial and industrial customers, and has been empanelled as a national vendor under the Government of India PM Surya Ghar: Muft Bijli Yojana scheme.
First, it provides engineering, procurement and construction services, known as EPC, for solar power projects. This covers the complete job of design, engineering, buying the equipment, installation, testing, commissioning, running and maintaining the plant, and helping with regulatory work. It does rooftop projects for homes and ground mounted projects for commercial customers.
Second, it works as an Independent Power Producer, which means it owns a solar plant and sells the electricity. In 2026 it commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, in Rajkot district of Gujarat, and sells the power to Paschim Gujarat Vij Company Limited under a 25 year power purchase agreement.
Third, it sells solar products including solar PV modules, both polycrystalline and monocrystalline, solar inverters and other related equipment, sourced from India and abroad. It sells through a dealer network to residential, commercial and industrial customers, and has been empanelled as a national vendor under the Government of India PM Surya Ghar: Muft Bijli Yojana scheme.
Infrax Renewable Key Performance Indicators (KPIs)
Pe
14.5
Eps
7.17
Roce
63.89%
Ronw
64.68%
Pat margin
10.94%
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
| Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility | ₹12.29 Cr. |
| Funding working capital requirements of the Company | ₹17.00 Cr. |
| General corporate purposes | ₹2.03 Cr. |
| Issue Expenses | ₹3.00 Cr. |
Issue Object
Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility
Estimate Amount
₹12.29 Cr.
Issue Object
Funding working capital requirements of the Company
Estimate Amount
₹17.00 Cr.
Issue Object
General corporate purposes
Estimate Amount
₹2.03 Cr.
Issue Object
Issue Expenses
Estimate Amount
₹3.00 Cr.
Strengths & Risks
Strengths
- ✓ Sales have grown very fast, from Rs 9.66 crore in FY2024 to Rs 30.48 crore in FY2025 and Rs 93.33 crore in FY2026.
- ✓ Profit has grown alongside, from Rs 0.96 crore in FY2024 to Rs 2.85 crore in FY2025 and Rs 10.20 crore in FY2026.
- ✓ Return ratios are the highest in this batch of issues, with RoCE of 63.89% and RoNW of 64.68%.
- ✓ The issue is priced at about 14.5 times earnings on an EPS of Rs 7.17, which is modest against that growth.
- ✓ The 25 year power purchase agreement with PGVCL for its own 1.2 MW plant gives a long term contracted income stream.
- ✓ The business has three legs, EPC work, its own power generation and the sale of solar products, so it is not dependent on one activity.
- ✓ It is empanelled as a national vendor under the PM Surya Ghar scheme, which is the main government push for rooftop solar.
- ✓ Borrowing is low at Rs 6.99 crore, and EBITDA improved from Rs 1.76 crore in FY2024 to Rs 14.56 crore in FY2026.
Risks
- ⚠ There is a serious inconsistency in the offer document data. The company is stated to have been incorporated in September 2024, yet financial figures are shown for FY2024 and FY2025, which cover periods ending before or around that date. This must be checked in the RHP before relying on the three year record.
- ⚠ The growth is from a very small base. Income went up nearly ten times in two years, from Rs 9.66 crore to Rs 93.33 crore, and that pace cannot be assumed to continue.
- ⚠ The company is small relative to what it is raising. Net worth was Rs 15.77 crore as on 31 March 2026 against an issue of Rs 40.88 crore, which is more than twice its own funds.
- ⚠ Rooftop solar demand depends heavily on the PM Surya Ghar scheme and on state subsidies. Any change in scheme terms or delay in subsidy payment would directly affect orders.
- ⚠ Solar module prices are volatile and a large part of supply is imported, so cost and availability are outside the company's control.
- ⚠ Its own generation is small at 1.2 MW, so the steady IPP income is a minor part of the business at present.
- ⚠ A part of the money goes into a proposed manufacturing facility, which is a new activity compared with its current EPC and trading work and brings execution risk.
- ⚠ This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- ⚠ Promoter holding falls from 70.64% to 49.73% after the issue, leaving the promoters below a half share.
- ⚠ This is a fixed price SME issue at Rs 104 per share, so there is no price discovery through bidding. One lot is 1,200 shares, about Rs 1.25 lakh, and SME shares usually trade in low volume after listing.
Company Financials
The Infrax Renewable company's financial performance (in ₹ Cr.) is summarized below:
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 31.53 | 8.24 | 4.40 |
| Total Income | 93.33 | 30.48 | 9.66 |
| Profit After Tax | 10.20 | 2.85 | 0.96 |
| EBITDA | 14.56 | 4.50 | 1.76 |
| NET Worth | 15.77 | 1.89 | 1.40 |
| Reserves and Surplus | 14.52 | 0.89 | |
| Total Borrowing | 6.99 | 3.02 |
IPO Reservation
| Investor Category | Reservation |
|---|---|
| NII | 18,81,600 shares (50.42% of the Offer) |
| Retail | 18,50,400 shares (49.58% of the Offer) |
Promoters and Shareholding Details
Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar and Khushboo Bhargav Vachhani
| Particular | % Share |
|---|---|
| Promoter Holding Pre Issue | 70.64% |
| Promoter Holding Post Issue | 49.73% |
Frequently Asked Questions
What is the GMP of Infrax Renewable?
The current Grey Market Premium (GMP) of Infrax Renewable is ₹ 0.
What is the Infrax Renewable IPO Price Band?
The price band for Infrax Renewable IPO is ₹104.
When is the Infrax Renewable IPO Allotment?
The allotment date for Infrax Renewable IPO is September 15, 2026.
How to check Infrax Renewable IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (Bigshare Services Private Limited).
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