About Himalayan Solar IPO
Himalayan Solar IPO Details
Himalayan Solar IPO is a 100% book-built issue with a total size of 57.76 lakh equity shares, including a fresh issue of 51.78 lakh equity shares and an offer for sale (OFS) of 5.98 lakh equity shares, with a face value of ₹10 each. The company filed its DRHP with SEBI on September 26, 2025.
The price band and dates for listing and subscription will be declared by the company in due course; however, shares will be listed on NSE SME. The book running lead manager (BRLM) for this IPO is Finshore Management Services Ltd., while Maashitla Securities Pvt. Ltd. is the registrar to this issue.
Himalayan Solar IPO Date & Timeline
Himalayan Solar Ltd. filed its DRHP with SEBI on the 26th of September, 2025. The company will disclose the IPO opening date, closing date and allotment date in the future via the lead manager, who will assess the market response to the IPO and then announce these dates. The IPO date of Himalayan Solar will be announced after the company gets the necessary approval from SEBI regarding its RHP.
Himalayan Solar IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Himalayan Solar IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | 57,76,800 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | 2,89,200 shares (agg. up to ₹[.] Cr) |
| Fresh Issue(Ex Market Maker) | 48,88,800 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | 5,98,800 shares of ₹10 (agg. up to ₹[.] Cr) |
| Net Offered to Public | 54,87,600 shares (agg. up to ₹[.] Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,62,18,899 shares |
| Share Holding Post Issue | - |
Himalayan Solar IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Himalayan Solar IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Himalayan Solar Ltd. was incorporated in 2015 as "Himalayan Solar Private Limited." The company transformed into a public limited company in November 2024, located in Panchkula, Haryana. The company started with a vision to "simplify solar across India." After serving for over a decade, the company has transformed into a leading company in the renewable sector, offering integrated turnkey solar solutions. Today, the company's core business includes the entire solar spectrum, right from designing and manufacturing to the commissioning of solar systems.
Operations & Product Range
Himalayan Solar Ltd. operates effectively within the solar environment but also delivers end-to-end energy solutions. This company primarily supplies solar water pumping systems, solar inverter charging systems, and solar rooftop power systems. The identified customers include government initiatives for renewable energy and institutional customers. The company was able to successfully implement solar water pumping systems, which have the capacity to generate over 61,000 HP, by the end of FY25.
Facilities & Capacity
Himalayan Solar Ltd.'s major operations are based on its high-tech manufacturing unit, which is based in Karnal, Haryana. To meet the increasing demand for its products, the company plans to expand its installed capacity by utilizing the funds raised through the IPO issue. The company has planned its capital spending on acquiring more plant and machinery to enhance its existing manufacturing unit. The company plans to achieve this by the end of FY26, increasing its capacity to 1 lakh HP.
Brands & Market Presence
Himalayan Solar Ltd. provides its comprehensive range of services under the trusted umbrella of "Himalayan Solar." It also enjoys good domestic exposure, as it works as an empanelled solar partner to various state government departments. This helps the company in efficiently executing large-scale contracts. Despite having a high domestic focus, the company's increasing execution capabilities have helped it emerge as a trusted name in the industry.
Revenue Streams & Business Model
The business model of Himalayan Solar Ltd. is quite integrated and the major source for generating revenue is from product manufacturing as well as turnkey execution (EPC). Some of the major sources for generating revenue for the company include the sale of solar systems, as well as income from executing government-awarded solar water pumping schemes. This is to ensure that risk is minimized since revenue is being generated from more than one source.
Management & Shareholding
Himalayan Solar Ltd. is guided by an experienced group of promoters, including Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh and Anita Kumari. Before the IPO, the promoter group held 100% of the pre-issue equity share capital. After the IPO, this concentrated shareholding will be diluted as new shareholders will be added and the ownership rights will be diluted, but the existing promoters and shareholders will continue holding the majority of the stake.
Board & Key Management
Himalayan Solar Ltd.’s board comprises individuals with expertise in managing the company. The management team, led by Manjeet Singh as the MD, oversees the overall operations, while the company has Mehtab Singh, who is the whole-time director, overseeing project implementation and Sakshi Sharma, who is the CFO. The company has Navkiran Kaur, who acts as the company secretary and compliance officer, to ensure that the company complies with all regulations as it becomes a listed company.
Himalayan Solar IPO Financial Information
Latest Revenue
143.14
₹ Crore
Profit After Tax
15.85
₹ Crore
Net Worth
25.87
₹ Crore
Total Borrowing
26.95
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 93.83 | 143.14 | 15.85 | 25.87 | 22.27 | 26.95 | |||
| 31 Mar 2024 | 84.14 | 138.65 | 4.94 | 10.33 | 6.72 | 23.54 | |||
| 31 Mar 2023 | 32.54 | 47.62 | 0.58 | 5.39 | 1.78 | 18.99 | |||
| Amount in ₹ Crore | |||||||||
Himalayan Solar Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | 61.28% |
| Debt/Equity | 1.04x |
| RoNW | 44.81% |
| PAT Margin | 11.13% |
| EBITDA Margin | 16.55% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 43.99 | 9.77 |
| P/E (x) | - | - |
Himalayan Solar IPO Objectives
Himalayan Solar Ltd. plans to utilize the IPO proceeds for some strategic purposes:
- • Funding capital expenditures for purchasing additional plant and machinery
- • Repayment/prepayment of debt (in part or in full)
- • Funding the working capital requirements
- • General corporate purposes
Himalayan Solar IPO Review
Himalayan Solar Ltd. can be seen to have a strong market position in the highly growing and developing sector of renewable energy in India, especially with its emphasis on solar water pumping and government orders. The company is leveraging the continuous inflow of orders from the government with its integrated model, in which design, manufacture and installation are handled in-house, thus allowing for better control over quality and, hence, higher margin retention compared to trading and service-based companies.
For FY24-25, the total income has risen to ₹143.14 crore and Profit After Tax (PAT) has increased impressively to ₹15.85 crore. The Return on Capital Employed (ROCE) is at a healthy 61.28%, reflecting efficient utilization of capital. The primary objective of the issue is to upgrade machinery, reduce debt and strengthen the balance sheet.
Conclusion
Himalayan Solar IPO is an opportunity for investors to invest in a growing company that requires capital to expand its manufacturing base and reduce debt. The integrated model of the company and its base in government-led solar pumping projects make it fit in with green energy initiatives in India. The emphasis placed by the management on capacity upgrades indicates that they have a clear implementation strategy.
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Competitive Strengths
Offering integrated execution capabilities across the entire solar value chain.
Proven track record in executing successful government-led solar initiatives.
Existing manufacturing facility with planned technological enhancements in place.
Promoter group with strong technical and industry expertise.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 26/09/2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | — | — | |
| Individual investors (Retail) (Max) | — | — | |
| S-HNI (Min) | — | — | |
| S-HNI (Max) | — | — | |
| B-HNI (Min) | — | — |