About Infrax Renewable IPO
Infrax Renewable IPO Details
Infrax Renewable IPO is a fixed-price issue of ₹41 crore, comprising a fresh issue of ₹32 crore and an offer for sale (OFS) of ₹7 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on June 26, 2026.
The price band of the issue set at ₹104 per share and the lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor is ₹249,600 (2,400 shares). The IPO will be open for subscription from Sep 9 to 11, 2026, on the BSE SME platform, with a tentative lishare,date fixed as Sep 17, 2026.
Smart Horizon Capital Advisors Private Limited is the lead manager, while Bigshare Services Private Limited is the registrar to the issue.
Infrax Renewable IPO Date & Timeline
The Infrax Renewable IPO is officially set to open for subscription on Sep 9, 2026 and will close on Sep 11, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on June 26, 2026 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 15, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 16, 2026. Finally, shares of Infrax Renewable Ltd. are tentatively scheduled to list on the stock exchanges on Sep 17, 2026.
Infrax Renewable IPO Timeline
| IPO Open Date | Wed, Sep 9, 2026 |
| IPO Close Date | Fri, Sep 11, 2026 |
| Basis of Allotment | Tue, Sep 15, 2026 |
| Initiation of Refunds | Wed, Sep 16, 2026 |
| Credit of Shares to Demat | Wed, Sep 16, 2026 |
| Listing Date | Thu, Sep 17, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Infrax Renewable IPO Details
| Detail | Description |
|---|---|
| IPO Date | 9 to 11 Sep, 2026 |
| Listing Date | 17 Sep, 2026 |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price | ₹ 104 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Issue + Offer For Sale |
| Total Issue Size | 46,11,600 shares (agg. up to ₹ 48 Cr) |
| Reserved for Market Maker | 1,99,200 shares (agg. up to ₹ 2 Cr) Shreni Shares Ltd. |
| Fresh Issue(Ex Market Maker) | 37,32,000 shares (agg. up to ₹ 39 Cr) |
| Offer for Sale | 6,80,400 shares of ₹10 (agg. up to ₹ 7 Cr) |
| Net Offered to Public | 44,12,400 shares (agg. up to ₹ 46 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,09,85,111 shares |
| Share Holding Post Issue | 1,49,16,311 shares |
Infrax Renewable 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.
Infrax Renewable IPO GMP is currently trading at ₹0, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹104, which is 0.00% 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.
IPO Estimated Listing Return
Based on the IPO Price of ₹104 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹0 and a lot size of 1200 shares.
Infrax Renewable IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 8 Sep 2026 | ₹104 | ₹0 | 8 Sep, 202610:50 AM |
| 7 Sep 2026 | ₹104 | ₹0 | 8 Sep, 202610:50 AM |
| 6 Sep 2026 | ₹104 | ₹0 | 8 Sep, 202610:50 AM |
| 05 Sep, 2026 | ₹104 | ₹0 | 05 Sep, 202602:30 PM |
Company Background
Infrax Renewable Ltd. traces its origin to Infrax International, a partnership firm established through a partnership deed dated April 27, 2019. The partnership was subsequently converted into the public limited company Infrax Renewable Limited, with a fresh Certificate of Incorporation issued on September 23, 2024. The company is headquartered in Rajkot, Gujarat.
The company operates in the solar energy sector and has developed its business around solar engineering, procurement and construction (EPC) services, solar product supply and, more recently, independent power producer activities. Its EPC operations cover rooftop residential projects and ground-mounted solar projects.
Operations & Product Range
Infrax Renewable Ltd. provides end-to-end solar EPC solutions covering site assessment, feasibility, design and engineering, procurement, installation, testing, commissioning and O&M. Its rooftop business primarily serves residential customers, while its ground-mounted projects include commercial projects. Installation is undertaken mainly through dealers or third-party contractors.
The company also supplies Solar PV modules, Solar PV inverters and other balance-of-system products such as DC and AC cables, DCDBs, ACDBs, earthing cables, lightning arrester cables, PVC pipes, connectors and mounting-related components. Its O&M services include testing, inspection, repair and replacement of damaged components, with the company stating that these services are provided free of charge for up to five years from installation for its customers.
Facilities & Capacity
Infrax Renewable operates three warehouses located in Rajkot, Ahmedabad and Kanpur and has six branch offices across Gujarat, Maharashtra, Madhya Pradesh and Uttar Pradesh. Its offices are equipped with computer systems, connectivity, communication equipment and related IT infrastructure. The proposed capacity is 3,000 metric tonnes per year for solar panel recycling and silver extraction, 1,500 metric tonnes per year for solar roofing and mounting structures, and 96 lakh pieces per year for solar frames. The company expects commercial production to commence within six months of receipt of funds, subject to implementation requirements.
Brands & Market Presence
Infrax Renewable Ltd. operates under the Infrax name and has built its presence primarily through its dealer and sales network. The company had 2,830 dealers in FY26, compared with 2,022 in FY25. It catered to more than 3,134 customers during FY26, compared with 1,981 in FY25. Its revenue remains geographically concentrated in Gujarat. Gujarat contributed ₹90.80 crore, or 97.41% of revenue from operations, in FY26. The company holds ISO 9001:2015 accreditation and has received certificates of appreciation from entities including Paschim Gujarat Vij Company Limited and other solar-sector organisations.
Revenue Streams & Business Model
Infrax Renewable's business model combines solar EPC execution with the sale of solar products and its emerging IPP business. In FY26, residential solar projects accounted for 50.04% of revenue from operations, ground-mounted projects contributed 8.44%, and solar product sales accounted for 41.52%.
The company's customer mix has also evolved. B2C revenue represented 58.48% of FY26 revenue, while B2B revenue accounted for 41.52%. By customer industry, residential customers contributed 50.04%, renewable-energy customers 45.77%, and ceramics/construction customers 4.19%.
The company sources solar components primarily from domestic suppliers and maintains inventory at its warehouses before deployment to project sites. It also provides financing assistance through arrangements with nationalised banks and NBFCs. Its EPC contracts are generally executed on a lump-sum turnkey basis, with payments typically received through milestone-based instalments and advances.
Financial Performance
Infrax Renewable Ltd. has reported strong growth in revenue and PAT over the three-year period. Revenue from operations increased from ₹30.47 crore in FY25 to ₹93.21 crore in FY26, representing a revenue CAGR of 210.76% between FY24 and FY26. Profit after tax increased from ₹2.85 crore in FY25 to ₹10.20 crore in FY26, with PAT rising by approximately 257.7% in FY26 over FY25. EBITDA stood at ₹4.50 crore and ₹14.56 crore, respectively, across FY25 and FY26. The FY26 EBITDA margin was 15.62%, while the PAT margin was 10.94%.
Management & Shareholding
The main promoters of Infrax Renewable Ltd. are Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar and Khushboo Bhargav Vachhani. Before the IPO, the promoters collectively held 70.64% of the pre-offer paid-up capital. But, after the IPO, the shareholding of the promoters will be slightly diluted and will be down to 49.73%.
Board & Key Management
The leadership of Infrax Renewable Ltd. is led by a team of experts with many years of experience. Mr. Bhargv Ashvinbhai Vachhani serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as manages the daily operations, along with Whole-Time Director Mr. Gandhi Bhavik Tarunkumar. To ensure good governance, the board includes Independent Directors Mr. Ankitkumar Nathabhai Chotaliya and Mr. Chetan Chandrakant Shah for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Infrax Renewable IPO Financial Information
Latest Revenue
₹ 93.21 Cr
Profit After Tax
₹ 10.20 Cr
Net Worth
₹ 15.77 Cr
Total Borrowing
₹ 6.99 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026 | 31.53 | 93.21 | 10.20 | 15.77 | 14.52 | 6.99 |
| 31 Mar 2025 | 8.24 | 30.47 | 2.85 | 1.89 | 0.89 | 3.02 |
| 31 Mar 2024 | 4.40 | 9.65 | 0.96 | 1.40 | — | — |
| Amount in ₹ Crore | ||||||
Infrax Renewable Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 115.54 % |
| ROCE | 63.89 % |
| Debt/Equity | 0.44 |
| RoNW | 64.68 % |
| PAT Margin | 10.94 % |
| EBITDA Margin | 15.62 % |
| NAV | 15.77 |
| Price to Book Value | 6.59 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 9.29 | 7.17 |
| P/E (x) | 11.19 | 14.5 |
Infrax Renewable IPO Objectives
The company intended to utilise the proceeds of the Infrax Renewable IPO for the following strategic purposes:
- • Purchase of machinery and equipment for the proposed manufacturing facility.
- • Funding the company's working capital requirements.
- • General corporate purposes.
Infrax Renewable IPO Review
Infrax Renewable's business profile combines three distinct activities: solar EPC, solar product distribution and an emerging IPP business. Its EPC operations have expanded significantly, with the company reporting 5,708 rooftop and ground-mounted projects executed during the last three financial years and an ongoing order book of 3,100 projects worth ₹62.44 crore as of August 20, 2026. The growing dealer network and increasing customer base are additional operating indicators disclosed by the company.
Financially, the company has shown growing and profitable financial statements. As of FY26, the revenue was reported at ₹93.21 crore, profit after tax (PAT) was at ₹10.20 crore, while EBITDA for the fiscal year was at ₹14.56 crore (EBITDA margin) of 15.62%. Notably, the top 10 customers of the company were reported at ₹43.82 crore, which is 47.02% of the total revenue from operations in FY26.
However, the investors must be aware that the proposed manufacturing facility introduces execution risk. The company has not yet placed all machinery orders, and several proposed machines are to be sourced from outside India. Delays in procurement, customs clearance, implementation, cost escalation or commissioning could affect the expected benefits of the expansion. The company also requires substantial working capital, with trade receivables and inventories increasing materially in FY26. Operating cash flow was negative ₹2.70 crore in FY26 despite reported profitability.
The disclosed peer P/E ratios range from 10.90 times for Alpex Solar to 49.25 times for Acme Solar Holdings, with Solarium Green Energy at 15.78 times. These figures provide valuation context, although differences in business scale, operating structure and financial profile need to be considered when comparing companies.
Conclusion
Infrax Renewable IPO is a chance to invest in a growing solar energy company that has built its business around solar EPC services, solar product distribution and a newly established IPP vertical, supported by a growing dealer network and increasing project execution. With this listing, the company aims to purchase its machinery and required equipment for its proposed manufacturing facilities and to meet its daily operational expenses. For the investors or market participants seeking this IPO, they need to consider its high Gujarat revenue concentration, customer and supplier dependence, working-capital requirements, negative FY26 operating cash flow and the execution risks associated with its proposed manufacturing facility.
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Competitive Strengths
Established track record in rooftop and ground-mounted solar EPC projects.
5,708 projects executed during the last three financial years, with aggregate project value exceeding ₹87.44 crore.
Dealer network expanded to 2,830 dealers in FY26, maintained a strong customer relation.
Diversified offerings covering EPC, solar products, O&M and IPP activities.
Proposed backward integration into solar recycling, mounting structures and solar-frame manufacturing.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | 2,49,600 |
| Individual investors (Retail) (Max) | 2 | 2,400 | 2,49,600 |
| HNI (Min) | 3 | 3,600 | 3,74,400 |