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Updated Sep 29 · 6:16 PM IST

Himalayan Solar IPO

Closed · lists Oct 5 SMEBook BuiltNSE SMESep 25 – 29, 2026

Himalayan Solar, incorporated in 2015 and based in Panchkula, Haryana, provides turnkey solar solutions (design, manufacture, supply, installation and commissioning), mainly solar water-pumping systems, plus solar inverter charge systems and rooftop solar power systems.

Price Band
₹98 – 103
per share
Min. Investment
₹2,47,200
2 lots · 2,400 shares
Issue Size
₹68.03 Cr
₹60.7 Cr fresh + ₹7.4 Cr OFS
Lot Size
1,200 shares
₹1,23,600 per lot
Subscription
1.25×
final
Listing
Oct 5
Allotment Sep 30
62/100
Proceed with Caution
Why? →
IPO Dates

Himalayan Solar IPO Date & Timeline

Tentative schedule from the RHP.

Sep 25
Opens
Sep 29
Closes
Sep 30
Allotment
Oct 1
Refunds
Oct 1
Demat credit
Oct 5
Listing
Demand

Himalayan Solar IPO Subscription Status

Final · Day 3 · Sep 29 · 5:00 PM IST

From NSE + BSE bid data, excluding the anchor portion.

QIB
1.66×
bHNI (>₹10L)
1.53×
sHNI (₹2–10L)
0.29×
NII total
1.12×
Individual
1.26×
Overall
1.25×
dashed line = 1× (fully subscribed)
Final: the issue closed 1.25× subscribed on Day 3 (5 PM, Sep 29; IPOji end-of-day figures updated 5:57 PM). QIBs 1.66×, NIIs 1.12× (big HNIs 1.53×, small HNIs 0.29×), individual investors 1.26×.

Day-wise subscription

DayQIBbHNIsHNINII totalIndividualTotal
Shares offered5,02,80012,52,8006,26,40018,79,20031,39,20055,21,200
Day 1 · Sep 250.85×0.62×0.04×0.42×0.51×0.51×
Day 2 · Sep 281.58×0.63×0.05×0.44×0.84×0.77×
Day 3 · Sep 291.66×1.53×0.29×1.12×1.26×1.25×
Issue Details

Himalayan Solar IPO Details

Checked against the RHP and cross-checked on NSE and BSE.

IPO dateSep 25 – 29, 2026
Price band₹98 – 103 per share
Face value₹10 per share
Lot size1,200 shares
Total issue size66,04,800 shares
₹68.03 Cr
Fresh issue58,90,800 shares
₹60.68 Cr
Offer for sale7,14,000 shares
₹7.35 Cr
Issue typeBook Built · SME
Listing atNSE SME
Promoter holding100% → 70.13%
Lead managerFinshore Management Services Ltd.
RegistrarMaashitla Securities Pvt. Ltd.

Offer documents

ZIPRHPRed herring prospectusZIPAnchor listExchange filing
How much to invest

Himalayan Solar IPO Lot Size

Minimum and maximum bids by investor type at the upper band of ₹103.

ApplicationLotsSharesAmount
Individual (min)22,400₹2,47,200
Individual (max)22,400₹2,47,200
sHNI (min)33,600₹3,70,800
sHNI (max)89,600₹9,88,800
bHNI (min)910,800₹11,12,400
Who gets what

Himalayan Solar IPO Reservation

Shares set aside for each category, and the maximum number of applicants who can get an allotment.

CategoryShares offered% of issueMax. allottees
Market maker3,31,2005%—
Anchor investors7,52,40011.4%—
QIB (ex-anchor)5,02,8007.6%—
NII (HNI)18,79,20028.5%—
↳ bHNI (>₹10L)12,52,80019%348
↳ sHNI (₹2–10L)6,26,4009.5%174
Individual investors31,39,20047.5%1,308
Total66,04,800100%
Retail is 1.26× subscribed. With 1,308 retail slots, allotment is by lottery: roughly 1 in 1 retail applicants may get a lot (indicative only).
Company Financials

Himalayan Solar Financials (FY24 – FY26)

Restated consolidated figures from the RHP, ₹ crore. Years end March 31.

Revenue vs Profit ₹ Cr
RevenueProfit after tax (not to scale)
Revenue FY24: ₹138.65 Cr139PAT FY24: ₹4.94 Cr4.9FY24Revenue FY25: ₹143.14 Cr143PAT FY25: ₹16.43 Cr16.4FY25Revenue FY26: ₹171.69 Cr172PAT FY26: ₹20.67 Cr20.7FY26

Financial statement

₹ CrFY24FY25FY26YoY
Revenue138.65143.14171.69+19.9%
Profit after tax4.9416.4320.67+25.8%
Total assets84.1493.82158.22+68.6%
Reserves & surplus6.7222.27——
Total borrowing23.5426.95——
Revenue grew ~20% in FY26 to ₹172 Cr and profit ~26% to ₹20.7 Cr, after profit more than tripled in FY25 as margins widened. Total assets rose sharply in FY26.
Valuation

Himalayan Solar IPO Valuation & Peer Comparison

At the upper band of ₹103. Peers from the RHP "Basis for Offer Price".

Earnings
EPS pre-IPO
₹12.74
P/E pre-IPO
8.1×
Returns & margins
ROE
56.00%
ROCE
35.84%
RoNW
44.04%
PAT margin
12.13%
Price / Book
3.56×
Debt / Equity
0.77×

Peer comparison

CompanyP/EP/BRoNW
Himalayan Solar8.1×3.56×44.04%
Ganesh Green Bharat7.1×—26.82%
Solarium Green Energy15.0×—12.58%
Australian Premium Solar8.3×—35.24%
At ₹103 the price is ~8× FY26 EPS (pre-issue) and ~3.6× book, in line with SME solar peers Ganesh Green (~7×) and Australian Premium Solar (~8×) and below Solarium (~15×). Low multiples reflect dependence on government solar-pump schemes.
Company & Offer

About Himalayan Solar

Business profile from the RHP.

  • 2015Incorporated · Panchkula, Haryana
  • Solar pumpsMain product line
  • ~44%RoNW, FY26

Promoters & holding

Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, Anita Kumari

Pre-issue100.00%
Post-issue70.13%

Objects of the issue

Plant & machinery for expansion (capex)₹12.98 Cr
Repay borrowings₹2.60 Cr
Working capital₹24.59 Cr
General corporate purposesBalance
OFS: goes to selling shareholders, not the company₹7.35 Cr
IPOSignal Review

Himalayan Solar IPO Review: Should You Apply?

Our 100-point score, and both sides of the case.

62out of 100
Proceed with Caution · Scheme-Dependent
Confidence: 60% (Medium)
Score breakdown
Financial health18/25
Valuation14/20
Business quality7/15
Industry growth8/10
Management6/10
Governance5/10
Subscription2/7
Sentiment2/3
GMP is not part of the score.

Our view: Growing revenue, strong returns (~44% RoNW) and a low ~8× P/E in line with solar peers are positives. Concerns are reliance on government solar-pump schemes, a working-capital-heavy model and small scale.

Strengths
  • Revenue up ~20% and profit up ~26% in FY26 (₹20.7 Cr), with ~12% net margin.
  • High returns: RoNW ~44% and RoCE ~36%.
  • Priced at ~8× FY26 EPS, in line with listed SME solar peers.
  • Part of the money funds capacity expansion for a growing solar-pump market.
Risks
  • Solar-pump demand depends heavily on government subsidy schemes, which can be delayed or changed.
  • Working-capital heavy: ₹24.6 Cr of the IPO funds working capital, and assets jumped in FY26.
  • Sources differ slightly on FY25 profit (₹16.4 Cr vs ₹15.9 Cr); check the RHP.
  • SME listing: lower liquidity and a minimum application of 2 lots (₹2.47 lakh).
  • Competitive market with many small solar EPC players.
Post-Listing Check

Himalayan Solar Listing Performance Updates after Oct 5

We close the loop: issue vs listing price, and whether our call was right.

Issue price
₹103
Listing price
—
Listing gain
—
Our call
Proceed with Caution
Allotment & Contacts

Himalayan Solar IPO Allotment Status & Contact Details

Allotment was finalised on Sep 30. Check it with your PAN or application number.

Maashitla Securities Pvt. Ltd.

Registrar
Phone
011-45121795
Email
ipo@maashitla.com
Check allotment status →

Himalayan Solar Ltd.

Company
Address
SCO-411, 2nd Floor, Sector 20, Panchkula, Haryana 134117
Phone
+91 7087117405
Email
cs@himalayansolar.co.in
Website
himalayansolar.co.in
FAQs

Himalayan Solar IPO FAQs

GMP, price, lot size, dates, allotment and how to apply.

What is Himalayan Solar IPO?

Himalayan Solar IPO is a ₹68.03 Cr SME book built issue made up of a fresh issue of ₹60.68 Cr and an offer for sale of ₹7.35 Cr. The shares will list on NSE SME.

What is the price band of Himalayan Solar IPO?

The price band is ₹98 – ₹103 per equity share of face value ₹10.

What is the lot size of Himalayan Solar IPO?

The minimum lot is 1,200 shares. Individual investors must apply for exactly 2 lots (2,400 shares).

What is the minimum investment for Himalayan Solar IPO?

The minimum individual investment is ₹2,47,200 (2,400 shares at ₹103).

When does Himalayan Solar IPO open and close?

The IPO opens on Sep 25, 2026 and closes on Sep 29, 2026.

What is the allotment date of Himalayan Solar IPO?

The basis of allotment is finalised on Sep 30, 2026. Refunds and demat credit were on Oct 1, 2026.

When will Himalayan Solar IPO be listed?

The tentative listing date is Oct 5, 2026 on NSE SME.

What is Himalayan Solar IPO subscription status?

At close (Sep 29 · 5:00 PM IST), the issue was subscribed 1.25× overall — QIB 1.66×, bHNI 1.53×, sHNI 0.29×, Individual 1.26×.

What is the P/E ratio and valuation of Himalayan Solar IPO?

At the upper band, the P/E is 8.1× pre-issue. Listed peers include Ganesh Green Bharat (7.1×) and Solarium Green Energy (15.0×).

Should I apply for Himalayan Solar IPO?

IPOSignal's view is Proceed with Caution · Scheme-Dependent (62/100). Growing revenue, strong returns (~44% RoNW) and a low ~8× P/E in line with solar peers are positives. Concerns are reliance on government solar-pump schemes, a working-capital-heavy model and small scale. This is research, not investment advice.

How to check Himalayan Solar IPO allotment status?

Check on the registrar Maashitla Securities Pvt. Ltd.'s site (maashitla.com/allotment-status/public-issues), or on the BSE / NSE allotment pages, using your PAN or application number.

Who is the registrar and lead manager of Himalayan Solar IPO?

The registrar is Maashitla Securities Pvt. Ltd.. The book-running lead manager is Finshore Management Services Ltd..

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