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Himalayan Solar IPO
1.10xsubscribed

Himalayan Solar IPO

Power Generation/Distribution
listed
₹2.35LMin. investment

Himalayan Solar Limited IPO Details

SectorPower Generation/Distribution
Price range₹98.00 – ₹103
IPO type
SME
Lot size1200 shares
Issue size₹68Cr
Red Herring Prospectus
Read
Market cap
₹227.73CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹170.34CrLower than sector avg
Growth rate3Y CAGR
10.97%Higher than sector avg

Himalayan Solar IPO Subscription Status

Date
QIB
NII
Retail
Total
25-Sep-26
0.34 times (X)
0.42 times (X)
0.51 times (X)
0.45 times (X)
28-Sep-26
0.63X
0.44X
0.84X
0.68X
29-Sep-26
0.67X
1.12X
1.26X
1.1X

As on 25-Sep-26, 5:30 PM

Himalayan Solar IPO Timeline

  1. Pre-apply
    24 Sep 2026
  2. Bid start
    25 Sep 2026
  3. Bid end
    29 Sep 2026
  4. Allotment
    30 Sep 2026
  5. Release of funds
    1 Oct 2026
  6. Demat transfer
    1 Oct 2026
  7. Listing
    5 Oct 2026

About Himalayan Solar Limited

Himalayan Solar provides integrated turnkey solar energy solutions covering design, manufacturing, supply, installation and commissioning, with solar water pumping systems as its principal offering and solar inverter charger and rooftop systems as additional offerings.
As at March 31, 2026, the company had implemented more than 85,000 HP of solar water pumping capacity under government projects in India and was empanelled with multiple state government departments and public-sector agencies.
The business operates across turnkey/EPC solar projects, solar water pumping systems, support services under skill-development programmes and sale of solar products. Solar water pumps and pump controllers are manufactured under OEM arrangements and branded as Himalayan Solar; the remaining system components are sourced from external vendors. Government customers contributed 97.1% of FY26 revenue, and private customers 2.8%.
Solar water pumping EPC contracts generated 97.5% of FY26 revenue. Skill-development support services contributed 2.3%, and solar PV module sales contributed 0.1%. Revenue was entirely domestic. Haryana contributed 52.8% of FY26 revenue, Maharashtra 45.5% and Punjab 1.6%.
The earlier Panchkula plant had 40 MW annual polycrystalline module capacity and produced 9.02 MW, or 27,342 panels, at 22.9% utilisation in FY24; production was halted from August 2024. The replacement Karnal facility, operational from March 2026, has 60 MW annual capacity for approximately 107,500 Mono-PERC modules.

Checklist

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Objectives of Himalayan Solar Limited IPO

Working capital
48.60%
The company will utilise ₹29.50 crore to fund working capital requirements.
General corporate purposes
26.50%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Capital expenditure
21.30%
The company will utilise ₹12.98 crore to purchase of additional plant and machinery for expansion
Repayment of loan
3.40%
The company will utilise ₹2.11 crore to repay certain outstanding borrowings.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹170.34Cr10.97%₹20.66Cr₹227.73Cr8.080.77
This sector (avg.)₹7,783.3Cr0.01%₹1,281.2Cr₹38,103.65Cr45.352.10
₹1,88,138.06Cr---₹20,251.23Cr₹3,45,201.3Cr14.281.36
₹45,792.32Cr---₹15,245.13Cr₹2,38,560.5Cr15.691.41
₹11,212Cr---₹1,557Cr₹1,40,388.8Cr98.956.59

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Himalayan Solar IPO Contact Details

Company NameHimalayan Solar Limited

How to apply for Himalayan Solar IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Himalayan Solar Limited IPO FAQs

Investors can apply for the Himalayan Solar IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Himalayan Solar IPO is 68 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Himalayan Solar IPO will be open between 2026-09-25 and 2026-09-29.
Himalayan Solar IPO allotment date is 2026-10-01. For Himalayan Solar IPO allotment status check, you can visit the website of the registrar of the IPO.
For Himalayan Solar IPO, the IPO registrar is MAASHITLA SECURITIES PRIVATE LIMITED. You can check Himalayan Solar IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Himalayan Solar IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Himalayan Solar IPO lot size is 1200 and minimum order quantity is 2400.
Himalayan Solar IPO has set the price band for its IPO at 103 per equity share with a face value of 10.