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Infrax Renewable IPO
Price Band
₹
Issue Size
₹40.88 Cr
Lot Size
1,200 shares
Min Investment
₹249,600
2 LOTS MIN
GMP
—
Issue Price
₹104.0
Infrax Renewable IPO AI Summary
- Infrax Renewable IPO is listed on BSE SME in the Civil Construction sector.
- Subscription window: 09 Sep–11 Sep 2026, listing on 17 Sep 2026.
Infrax Renewable Limited is a solar energy company focusing on EPC services and solar product distribution. With a strong growth trajectory in revenue and profit, the company is positioned to leverage its expertise in the growing renewable energy sector. The IPO opens on 9th September 2026, with a minimum investment of ₹249,600.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Overall Subscription
2.05x
| Category | Subscription | Status |
|---|---|---|
| NII (HNI) |
1.39x
|
1.39x |
| Retail (RII) |
1.90x
|
1.90x |
| Total | 2.05x | 2.05x |
Auto-updated every 5 min · As of 11th Sep 2026 18:54
Infrax Renewable IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in September 2024, Infrax Renewable Limited is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. The company also supplies a wide range of solar products, including solar PV modules, inverters, and related equipment, and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL. Business Operations: EPC Services: They provide end-to-end solar EPC services, including project design, engineering, procurement, installation, testing, commissioning, O&M, and regulatory assistance. Our projects include rooftop solar projects for residential customers and ground-mounted projects for commercial customers. Independent Power Producer (IPP) They operate as an Independent Power Producer by generating and selling electricity to Paschim Gujarat Vij Company Limited (PGVCL) under a 25-year Power Purchase Agreement. In 2026, we commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, Rajkot, Gujarat. Sale of Solar Products They also supply various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. Our PV modules include both polycrystalline and monocrystalline panels, sourced domestically and internationally. The company offers end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance (O&M) services. It serves customers across residential, commercial, and industrial segments through an extensive dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana. Infrax currently operates warehouses in Rajkot, Ahmedabad, and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh, with services supplied across multiple Indian states. As of March 31, 2026, the team comprised 52 permanent employees. Competitive Strengths: Proven track record in executing solar EPC projects. Diversified business model with EPC, solar product distribution, and IPP operations. Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana. Strong customer, supplier, and dealer network across multiple states. Strategic warehouse and branch office presence supporting efficient project execution. ISO 9001:2015 certified quality management system. Plans for backward integration through in-house solar component manufacturing and recycling. Experienced promoter team with over 17 years of industry experience.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 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 |
Key Ratios
EPS
₹9.29
NAV
₹15.77
ROE
115.54%
ROCE
63.89%
RoNW
64.68%
P/B Value
6.59
P/E Ratio
11.19
Market Cap
₹148.05 Cr
PAT Margin
10.94%
Debt/Equity
0.44
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Solarium Green Energy Ltd | 77.93 | 12.58% | 15.78 | 9.81 | 9.76 |
| Alpex Solar Limited | 219.94 | 35.87% | 10.9 | 80.52 | 80.52 |
| Acme Solar Holdings Ltd | 83.63 | 9.84% | 49.25 | 8.24 | 8.16 |
| Infrax Renewable Ltd. This IPO | 15.77 | 64.68% | 9.58 | 10.86 | 10.86 |
Promoters
Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani
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 of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility 12.29 2 Funding working capital requirements of the Company 17.00 3 General corporate purposes 2.03 4 Issue Expenses 3.00 Total 34.33
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹9.66 Cr in the year ending 31 Mar 2024, increasing to ₹30.48 Cr by 31 Mar 2025, and further rising to ₹93.33 Cr by 31 Mar 2026. This indicates a significant growth trajectory in revenue over the periods.
Profit Trend
Profit After Tax was ₹0.96 Cr for the year ending 31 Mar 2024, which grew to ₹2.85 Cr by 31 Mar 2025, and reached ₹10.20 Cr by 31 Mar 2026. This shows a strong upward trend in profitability across the reported periods.
Valuation
Infrax Renewable's implied P/E at the issue price is 9.58, compared to peer group P/E ratios ranging from 10.9 to 49.25. This suggests that Infrax is priced at a lower multiple of earnings compared to some of its peers.
Grey Market Premium, Explained
The grey market refers to the unofficial market where shares are traded before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on demand and supply in this unofficial market. A high GMP suggests strong demand for the shares, while a low or negative GMP indicates weaker demand.
Subscription Demand
As of 11th September 2026, the IPO was subscribed 2.05 times overall. The retail category saw a subscription of 1.9 times with 3,566,400 shares bid against 1,881,600 shares offered. The non-institutional investors (HNI) category was subscribed 1.39 times with 2,577,600 shares bid against 1,850,400 shares offered.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their financial goals and risk tolerance. It's essential to consider the company's growth potential and market conditions before making an investment decision.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid this IPO. Additionally, those not familiar with the solar energy sector or the specific risks associated with EPC and IPP operations should proceed with caution.
IPO Timeline, Explained
The IPO opens on 9th September 2026 and closes on 11th September 2026. Allotment of shares will be done on 15th September 2026, with the listing date set for 17th September 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make if they sell their shares on the listing day at a price higher than the issue price. However, these gains are not guaranteed and can be affected by market conditions, investor sentiment, and the company's performance post-listing.
This evaluation is generated from Infrax Renewable'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
When does Infrax Renewable IPO open and close?
Infrax Renewable IPO opens on 09 September 2026 and closes on 11 September 2026.
When does Infrax Renewable IPO list on the stock exchange?
Infrax Renewable IPO listed on 17 September 2026 at ₹104.0.
What is the lot size for Infrax Renewable IPO?
The lot size for Infrax Renewable IPO is 1200 shares, requiring a minimum investment of ₹249,600 (2 lots).
What is the lot size for the Infrax Renewable IPO?
The lot size for the Infrax Renewable IPO is 1200 shares.
What is the minimum investment required for this IPO?
The minimum investment required is ₹249,600.
What is the issue price of the Infrax Renewable IPO?
The issue price is set at ₹104.0 per share.
When is the listing date for the Infrax Renewable IPO?
The listing date is 17th September 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on demand in the unofficial market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
09 Sep 2026
Close
11 Sep 2026
Allotment
15 Sep 2026
Listing
17 Sep 2026
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