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Himalayan Solar IPO
Price Band
₹98.0–103.0
Issue Size
₹68.03 Cr
Lot Size
1,200 shares
Min Investment
₹247,200
2 LOTS MIN
GMP
—
Issue Price
₹103.0
Himalayan Solar IPO AI Summary
- Himalayan Solar IPO is open now on NSE SME in the Power Distribution sector.
- Price band: ₹98.0–₹103.0 per share, lot size 1,200 shares (min. investment ₹247,200, 2 lots minimum).
- Subscription window: 25 Sep–29 Sep 2026, listing on 05 Oct 2026.
Himalayan Solar Limited is an emerging player in the solar energy sector, focusing on turnkey solar solutions. With a strong order book and government backing, the company shows promising growth in revenue and profitability. The IPO aims to raise funds for expansion and operational needs, making it a noteworthy consideration for investors interested in renewable energy.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
LIVE · updates every 5 minOverall Subscription
0.51x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
0.85x
|
0.85x |
| NII (HNI) |
0.42x
|
0.42x |
| ↳ bNII (>₹10L) |
0.62x
|
0.62x |
| ↳ sNII (<₹10L) |
0.04x
|
0.04x |
| Retail (RII) |
0.51x
|
0.51x |
| Total | 0.51x | 0.51x |
Auto-updated every 5 min · As of 25th Sep 2026 18:56
Himalayan Solar IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
TopFund Score — Listing Data Indicator
GMP is 0.0% above issue price
QIB subscribed 0.85x
No anchor allocation for this IPO
Similar IPOs (same IPO type) averaged 30.9% listing gain
A rules-based composite of GMP, subscription demand, anchor participation and comparable-IPO history — each weighted as shown above. Not a statistically validated probability, a guarantee of listing performance, or personalized investment advice.
Limitations: weights are fixed by TopFund, not backtested against outcomes; the "Historical Similar-IPO Performance" factor needs at least 3 comparable past listings and falls back to a broader, less specific cohort when this sector/type doesn't have enough; GMP and subscription data can change daily right up to listing day, so scores shown may already be stale — check the "as of" date above.
About the Company
Incorporated in 2015, Himalayan Solar Limited is specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of wide range of solar products, with a primary focus on Solar Water Pumping Systems. They provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As on March 31, 2025, they have a qualitative experience in implementation of more than 61000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India and this quantity will further increase to 100000 HP by end of FY 2025-26. As on August 31, 2025, the Company have employed 64 employees. Competitive Strengths: Experienced Solar PV Module Manufacturer Experienced Promoters backed by a strong management team Strong Presence in Government-Focused Renewable Energy Projects Across Multiple States Strong relationship with customers and suppliers. Ability to implement our Solar Products portfolio is Government-backed Solar Projects as supplemental value addition along with their manufacturing business. Strong Order Book
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 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 |
Key Ratios
EPS
₹12.74
NAV
₹28.93
ROE
56%
ROCE
35.84%
RoNW
44.04%
P/B Value
3.56
P/E Ratio
8.08
Market Cap
₹227.73 Cr
PAT Margin
12.13%
Debt/Equity
0.77
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| Australian Premium Solar (india) Ltd. | 81.44 | 35.24% | 8.34 | 28.7 |
| Solarium Green Energy Ltd. | 77.93 | 12.58% | 14.99 | 9.81 |
| Ganesh Green Bharat Ltd. | 113.02 | 26.82% | 7.11 | 30.31 |
| Himalayan Solar Ltd. This IPO | 28.93 | 44.04% | — | 12.74 |
Promoters
Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, Anita Kumari
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility. 12.98 2 Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company. 2.12 3 To meet working capital requirements 29.50 4 General Corporate Expenses Total 44.60
IPO Evaluation
Generated 27 Sep 2026Revenue Trend
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 Trend
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.
Valuation
The company's implied P/E at the issue price of ₹103.0 is approximately 8.08 times its earnings, compared to peers trading at P/E ratios ranging from 7.11 to 14.99.
Grey Market Premium, Explained
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 Demand
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.
Who This IPO Suits
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.
Who May Want to Wait
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.
IPO Timeline, Explained
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.
Listing Gains — The Risk
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.
This evaluation is generated from Himalayan Solar's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Himalayan Solar IPO?
The price band of Himalayan Solar IPO is ₹98.0–₹103.0 per share.
When does Himalayan Solar IPO open and close?
Himalayan Solar IPO opens on 25 September 2026 and closes on 29 September 2026.
When does Himalayan Solar IPO list on the stock exchange?
Himalayan Solar IPO is scheduled to list on 05 October 2026, with an estimated listing price of ₹103.0 based on current GMP.
What is the lot size for Himalayan Solar IPO?
The lot size for Himalayan Solar IPO is 1200 shares, requiring a minimum investment of ₹247,200 (2 lots).
What is the TopFund Listing Data Indicator for Himalayan Solar?
Himalayan Solar's Listing Data Indicator score is 36/100 (Moderate signal), a weighted composite of GMP strength, subscription demand, anchor investor interest and how similar past IPOs performed on listing. It's a rules-based summary of public market data, not a statistically validated probability, a guarantee, or personalized investment advice.
What is the lot size for this IPO?
The lot size for Himalayan Solar's IPO is 1200 shares.
What is the minimum investment required?
The minimum investment required is ₹247,200.
What is the price band for this IPO?
The price band for the IPO is between ₹98.0 and ₹103.0.
When does the IPO open and close?
The IPO opens on September 25, 2026, and closes on September 29, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO shares compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
25 Sep 2026
Close
29 Sep 2026
Allotment
30 Sep 2026
Listing
05 Oct 2026
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