Himalayan Solar IPO Analysis: Should You Apply? GMP, Review & Details

Himalayan Solar is a SME IPO in the Power Distribution sector. The issue price band is ₹98.0–₹103.0 per share. Issue size is ₹68.03 crore.

Himalayan Solar IPO — Key Details

Company Overview

Himalayan Solar Limited, incorporated in 2015, specializes in providing integrated turnkey solar energy solutions. The company offers a range of services including design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. As of March 31, 2025, they have implemented over 61,000 HP capacity of Solar Water Pumping Systems as part of government projects in India, which is expected to increase to 100,000 HP by the end of FY 2025-26. The company employs 64 individuals as of August 31, 2025.

Financial Performance

Total income was ₹138.65 Cr in the year ending March 31, 2024, increasing to ₹143.14 Cr by March 31, 2025, and further rising to ₹171.69 Cr by March 31, 2026. This shows a consistent upward trend in revenue over the periods. Profit After Tax was ₹4.95 Cr for the year ending March 31, 2024, which rose to ₹16.43 Cr by March 31, 2025, and further increased to ₹20.67 Cr by March 31, 2026. This indicates a strong growth in profitability over the reported periods.

Objects of the Issue

The Company proposes to utilize the Net Proceeds from the Issue towards the following objects: 1. Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility (₹12.98 Cr), 2. Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company (₹2.12 Cr), 3. To meet working capital requirements (₹29.50 Cr), 4. General Corporate Expenses.

Strengths & Weaknesses

Strengths

Himalayan Solar has several competitive strengths including experienced promoters, a strong management team, a robust presence in government-focused renewable energy projects, and strong relationships with customers and suppliers.

Understanding Grey Market Premium (GMP)

The grey market refers to the unofficial market where IPO shares are traded before they are officially listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of the IPO shares compared to the issue price. A higher GMP suggests strong demand for the shares, while a lower or negative GMP indicates weaker demand.

Subscription Status

As of September 25, 2026, the IPO has been subscribed 0.51 times overall. The QIB category has seen 0.85 times subscription, the NII category at 0.42 times, and the retail category at 0.51 times.

Peer Comparison

• Australian Premium Solar (India) Ltd. - P/E: 8.34
• Solarium Green Energy Ltd. - P/E: 14.99
• Ganesh Green Bharat Ltd. - P/E: 7.11

IPO Timeline

The IPO opens for subscription on September 25, 2026, and closes on September 29, 2026. Allotment of shares will be done on September 30, 2026, with the listing date set for October 5, 2026.

Should You Apply for Himalayan Solar IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment strategy and risk tolerance. It's important to consider the company's growth potential and market conditions.

Investors who prefer stable, established companies with a proven track record may want to avoid this IPO, as it operates in a relatively newer and potentially volatile sector.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing-day gains can be unpredictable. While some investors may experience a profit on the first day of trading, others may face losses. Factors influencing listing performance include market sentiment, demand for the shares, and overall market conditions.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.