- POSITIVE
Annual Revenue Himalayan Solar Mar-2026 Annual Revenue is Rs 172 Cr which is growth of 19.9% YoY.
- POSITIVE
Annual Net Profit Himalayan Solar Mar-2026 Annual Net Profit is Rs 21 Cr which is growth of 25.8% YoY.
Himalayan Solar was incorporated on September 08, 2015. The company provides integrated turnkey solar energy solutions covering the design, manufacturing, supply, installation and commissioning of solar products, primarily Solar Water Pumping Systems. It also offers Solar Inverter Charge Systems and Solar Rooftop Power Systems to cater to diverse solar energy requirements
| Bidding Dates |
|---|
| 25 Sep 2026 - 29 Sep 2026 |
| Subscription |
|---|
| 1.18x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹235,200 | 2 | 2 | 1200 | 6.6 M | ₹98 - ₹103 | 70.13 % | ₹647.3 M - ₹680.3 M | RHP DOC |
Himalayan Solar IPO SUBSCRIPTION STATUS
29 Sep '26Total1.18x
Retail Individual Investor1.94x
HNI (NII) Investors2.4x
Qualified Institutional Buyers0.29x
Himalayan Solar IPO overall subscription rate was 1.18 times the total available shares
Himalayan Solar IPO retail subscription rate was 1.94 times in the retail segment
Himalayan Solar IPO non-institutional investor subscription rate was 2.4 times in the non-institutional investor category
Himalayan Solar IPO Qualified Institutional Bidder subscription rate was 0.29 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
29 Sep 2026 (Day 3) | 1.94x | 2.4x | 0.29x |
28 Sep 2026 (Day 2) | 1.28x | 0.93x | 0.27x |
25 Sep 2026 (Day 1) | 0.78x | 0.91x | 0.15x |
Himalayan Solar FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 170.3 | 20.7 | -2.1 | -4.0 | 17.1% |
| FY25 | 142.4 | 16.4 | 3.9 | -0.5 | 16.6% |
| FY24 | 138.3 | 4.9 | -5.5 | -5.9 | 5.7% |
Himalayan Solar IPO SUBSCRIPTION STATUS DETAILS
Himalayan Solar had 6.6 M shares on offer
Himalayan Solar IPO offer price was in the range ₹98 - ₹103
Himalayan Solar IPO minimum Investment was ₹235200
Himalayan Solar IPO issue size was ₹ 647.3 M - ₹ 680.3 M
Himalayan Solar had a minimum lot size of 1200 Shares per application
Himalayan Solar NUMBER OF SHARES ON OFFER
Total6.6 M
Fresh Issue5.9 M
Offer for Sale714.0 K
Post Issue Promoter Holding %70.13 %
Himalayan Solar IPO IMPORTANT DATES
| Issue Open Date | 25 Sep 2026 |
| Issue close Date | 29 Sep 2026 |
| Allotment Date | 30 Sep 2026 |
| Refund Date | 01 Oct 2026 |
| Demat Account Credit Date | 01 Oct 2026 |
| Listing Date | 05 Oct 2026 |
| Listing on Exchange(s) | NSE |
| Himalayan Solar Allotment Status | Exchange/ Registrar |
Himalayan Solar IPO subscription opened on 25 Sep 2026, and closed on 29 Sep 2026
IPO allotment for Himalayan Solar was finalized on Wednesday, 30 Sep 2026
IPO listing for Himalayan Solar was on NSE on Monday, 05 Oct 2026
Himalayan Solar IPO LISTING GAINS
| Issue Price (adjusted) | 103.0 |
| Listing Open Price | 85.0 |
| Listing Close Price | 84.8 |
| Listing Gain% | -17.5% |
| Current Gain% | -21.8% |
Himalayan Solar Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Himalayan Solar Ltd. | 80.5 | 178 | 8.6 | 0.3 | 1 | 44 | 13.1 | 171.7 | 19.9 | 20.7 | 25.8 | 9.3 | 25.8 |
| Adani Power Ltd. | 189 | 364480.7 | 25.6 | 1.7 | 6.2 | 19.8 | 9 | 57865.3 | -1.8 | 12834.3 | -0.8 | 7.4 | 14.9 |
| NTPC Ltd. | 312 | 302536 | 10.9 | 0.7 | 1.6 | 13.3 | 4.8 | 189798.6 | -0.6 | 27052.5 | 15.5 | 28.6 | 15.9 |
| Power Grid Corporation of India Ltd. | 249.2 | 231724.5 | 14.6 | 4.8 | 4.9 | 15.8 | 5.4 | 47684.4 | 0.5 | 15928 | 2.6 | 17.1 | 3 |
| Adani Energy Solutions Ltd. | 1262 | 154336.9 | 52.9 | 2.4 | 5.1 | 9 | 2.4 | 28325.2 | 15.9 | 2282.5 | 115.3 | 23.9 | 21.8 |
| Tata Power Company Ltd. | 342.2 | 109328.5 | 28.3 | -5.8 | 1.7 | 9.5 | 2.1 | 64171.7 | -4.2 | 3747.2 | -5.6 | 12.1 | -4.8 |
Annual
Balance Sheet
Ratios
Cash Flow
Himalayan Solar annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | Mar '26 | Mar '25 | Mar '24 |
|---|---|---|---|---|
| 171.7 | 143.1 | 138.7 | ||
Operating Exp. Ann. | 140.6 | 118.4 | 130.2 | |
Operating Profit Ann. | 29.8 | 24.1 | 8.2 | |
OPM Ann. % | 17.35% | 16.82% | 5.88% | |
| 144 | 121.2 | 131.8 | ||
EBITDA Ann. | 31.1 | 24.8 | 8.5 | |
EBITDA Ann. margin % | 18.14% | 17.31% | 6.11% | |
Interest Ann. | 2.8 | 2.2 | 1.4 | |
Depr. | 0.6 | 0.6 | 0.2 | |
PBT Ann. | 27.7 | 22 | 6.9 | |
Tax Ann. | 7 | 5.6 | 1.9 | |
| 20.7 | 16.4 | 5 | ||
Net Profit Ann. | 20.7 | 16.4 | 5 | |
NPM Ann. % | 12.13% | 11.53% | 3.57% | |
EPS Adj. latest Ann. | 9.4 | 7.4 | 2.2 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
20%
2Y CAGR
11.3%
Net Profit Ann.
1Y CHG
26.2%
2Y CAGR
103.5%
Operating Exp. Ann.
1Y CHG
18.8%
2Y CAGR
3.9%
Himalayan Solar INFORMATION ON IPO ISSUE
About Himalayan Solar
Himalayan Solar was incorporated on September 08, 2015. The company provides integrated turnkey solar energy solutions covering the design, manufacturing, supply, installation and commissioning of solar products, primarily Solar Water Pumping Systems. It also offers Solar Inverter Charge Systems and Solar Rooftop Power Systems to cater to diverse solar energy requirements
Object of the Issue
- Funding capital expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company
- To meet the working capital requirements
- General corporate purposes
Himalayan Solar - PROMOTERS
| Name |
|---|
| Manjeet Singh |
| Karthyayini M |
| Himanshu Dalal |
| Mehtab Singh |
| Anita Kumari |
Himalayan Solar - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Manjeet Singh | Managing Director |
| Mehtab Singh | Whole Time Director |
| Himanshu Dalal | Executive Director |
| Anita Kumari | Non-Executive Director |
| Ramesh Chander Hooda | Independent Director |
| Sankara Sastry Oruganti | Independent Director |
Himalayan Solar Book Running Lead Manager
Finshore Management Services Limited
info@finshoregroup.com
Himalayan Solar Registrar to the Offer
Maashitla Securities Private Limited
ipo@maashitla.com
Himalayan Solar Strengths
Solar manufacturing experience
The company has over six years of solar manufacturing experience, including operation of a 40 MW Solar PV panel production line, providing technical expertise and operational knowledge of industry quality standards. Its experience supports the transition to advanced Mono-PERC and TOPCon bifacial technologies, enabling efficient production of high-efficiency Solar PV modules
Strength
Government project expertise
The company has an established track record in executing government-backed renewable energy projects across states including Haryana, Rajasthan, Punjab and Maharashtra, primarily involving solar water pump projects. Its experience with government tenders and compliance requirements has strengthened public-sector relationships, supported project inflows and contributed to its growth in the renewable energy sector
Strength
Customer relationship
The company has built long-term relationships with customers and suppliers, supporting repeat business, customer retention and new client acquisition. Strong supplier relationships help ensure timely availability of quality raw materials, efficient inventory management and timely delivery of quality products
Strength
Himalayan Solar Risks
Operational risks
The company’s Solar PV Module sales may be affected by unfavourable weather conditions, which could lead customers to postpone or reduce their purchases. Lower demand during periods of poor solar conditions could adversely affect its sales, business, financial condition and results of operations
Risk
Competition
The company operates in a highly competitive industry and faces competition from domestic players on pricing and other factors. Intense competition could result in pricing pressure, lower profit margins, loss of market share and adversely affect its business, financial condition and results of operations
Risk
Approvals & licenses
The company requires various statutory and regulatory licences, registrations, permits and approvals to operate and expand its business, which must be obtained and renewed within prescribed timelines. Delays, non-renewal or failure to comply with applicable conditions could result in penalties, cancellation of approvals, operational disruptions and adversely affect its business and financial performance
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 7.4 crore, of 714,000 shares. It also consists of a fresh issue of Rs 60.7 crore.
The promoters of the company are Manjeet Singh, Karthyayini M, Himanshu Dalal, Mehtab Singh and Anita Kumari.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 98.0 - 103.0.
The IPO application opens on Sep 25, 2026 and closes on Sep 29, 2026.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 235,200.0, the maximum value for this IPO is Rs 247,200.0.
This IPO will be allotted on Sep 30, 2026.
The refund will be credited to your account on Oct 01, 2026.
The allotted shares will be credited to your demat on Oct 01, 2026.
Himalayan Solar Ltd.’s shares listed on the stock exchanges on Oct 05, 2026.