Himalayan Solar
What they do: The company operates in the solar industry, focusing on manufacturing and selling solar products. It generates revenue primarily from operations, with a significant portion of its expenses attributed to material costs.
By IPO Milega Research · Published
Himalayan Solar Limited shows strong revenue growth and profitability, with a significant increase in net profit and revenue over the past three years.
- GMP (unofficial)
- +0%
- ₹0 a share
- Subscribed
- 1.19x
- Total
- Retail odds
- 79%
- 1 in 1.3
GMP is an unofficial grey market indication.
- Price band
- ₹98-103
- Lot size
- 2400 shares
- Min. investment
- ₹2,47,200
- Issue size
- 68.03 Cr.
- Open25 Sept 2026
- Close29 Sept 2026
- Allotment30 Sept 2026
- Listing5 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 1.66x
- NII
- 0.94x
- Retail
- 1.26x
₹103 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The Grey Market Premium (GMP) is neutral at 0.00%, indicating no expected premium on listing. Despite strong fundamentals and growth potential, the lack of GMP suggests limited immediate gains.
Strengths3
- Implemented over 85,000 HP capacity in Solar Water Pumping Systems for government projects.
- Transitioned from Polycrystalline to Mono PERC Solar PV Modules.
- Secured significant government contracts under the PM KUSUM Yojna.
Concerns5
- Pending litigations totaling ₹59.99 lakhs could impact financial stability.
- Low capacity utilization and transition to new facility may cause operational inefficiencies.
- Heavy reliance on a single customer contributing 50% of revenue increases financial risk.
- Changes in government policies affecting the solar industry could impact profitability.
- Potential declines in share prices below the issue price pose financial risks.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,47,2002 lots, 2400 shares
- Retail Maximum2,47,2002 lots, 2400 shares
- S-HNI Minimum3,70,8003 lots, 3600 shares
- S-HNI Maximum9,88,8008 lots, 9600 shares
- B-HNI Minimum11,12,4009 lots, 10800 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,47,200 |
| Retail Maximum | 2 | 2400 | 2,47,200 |
| S-HNI Minimum | 3 | 3600 | 3,70,800 |
| S-HNI Maximum | 8 | 9600 | 9,88,800 |
| B-HNI Minimum | 9 | 10800 | 11,12,400 |
Timing
7.0/10The IPO is well-timed given the increasing focus on renewable energy in India, which could attract investors looking for sustainable investment opportunities. The company's plans for expansion and debt reduction are likely to be viewed positively in the current market environment.
- Time to market
- The timing aligns with favorable market conditions for renewable energy investments, enhancing the attractiveness of the IPO.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- NSE SME
Key milestones
- 25 Sept 2026IPO Opens
- 29 Sept 2026IPO Closes
- 30 Sept 2026Basis of Allotment
- 1 Oct 2026Refunds Initiated
- 1 Oct 2026Credit to Demat Account
- 5 Oct 2026Listing Date
Financials
7.0/10- Revenue
- ₹172 Cr
- +19.9%
- Profit after tax
- ₹20.67 Cr
- +25.8%
- Net margin
- 12.0%
- +0.6 pts
- Assets
- ₹158 Cr
- +68.6%
- Return on equity
- 44.06
- Debt to equity
- 0.77
- Current ratio
- 1.29
- Revenue CAGR
- 7.14%
- ROCE
- 35.84%
- Return on net worth
- 44.04%
- NAV per share (₹)
- 28.93
Financial performance trend
Amount ₹ in croresHimalayan Solar Limited shows strong revenue growth and profitability, with a significant increase in net profit and revenue over the past three years. The company has a healthy net profit margin and a robust revenue CAGR. However, the high debt levels and contingent liabilities pose some financial risks.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks2
- Operational risks1
- Regulatory risks1
Himalayan Solar Limited faces significant operational, financial, and regulatory risks, including litigation, customer concentration, and policy changes.
How the company offsets these
Diversifying customer base and improving operational efficiency can mitigate key risks.
Financial risks4
- Pending litigations totaling ₹59.99 lakhs could impact financial stability.
- Heavy reliance on a single customer contributing 50% of revenue increases financial risk.
- Potential declines in share prices below the issue price pose financial risks.
- Exposure to currency fluctuation risks due to shares being quoted in INR.
Market risks2
- Changes in government policies affecting the solar industry could impact profitability.
- Economic slowdowns and geopolitical instability could adversely impact financial performance.
Operational risks1
- Low capacity utilization and transition to new facility may cause operational inefficiencies.
Regulatory risks1
- Changes in government policies affecting the solar industry could impact profitability.
Performance
8.0/10Himalayan Solar Limited, established in 2015, specializes in turnkey solar energy solutions, primarily focusing on Solar Water Pumping Systems. The company has shown consistent growth in revenue and profitability, driven by strategic expansion and government contracts. It has transitioned to advanced Mono PERC Solar PV Modules, with plans to expand production capacity significantly. The management team, led by experienced professionals, has effectively navigated regulatory frameworks and market challenges, positioning the company well in the renewable energy sector.
- Historical growth
- The company has demonstrated a strong growth trajectory, with revenue increasing from ₹13,864.69 lakhs in FY 2023-24 to ₹17,034.32 lakhs in FY 2025-26, marking a 23.15% increase over the period., 23.15% over two years
- Market comparison
- Himalayan Solar Limited is well-positioned in the renewable energy sector, benefiting from government incentives and a strong focus on solar energy solutions. The company's growth and profitability metrics compare favorably against industry peers.
- Future potential
- The company is poised for continued growth, supported by government incentives and expansion plans in production capacity.
- Operational consistency
- Consistent revenue growth driven by strategic government contracts and expansion into new regions.
- Experience
- The management team is led by Mr. Manjeet Singh, a technopreneur with 10 years of experience, and Mr. Mehtab Singh, a former Indian Naval officer, supported by an experienced senior management team.
- Track record
- The management has successfully expanded operations and improved profitability through strategic initiatives and effective execution of government contracts.
Key achievements
- 01Implemented over 85,000 HP capacity in Solar Water Pumping Systems for government projects.
- 02Transitioned from Polycrystalline to Mono PERC Solar PV Modules.
- 03Secured significant government contracts under the PM KUSUM Yojna.
Flexibility
8.0/10Himalayan Solar Limited has effectively adapted to market changes by transitioning from polycrystalline to more efficient Mono PERC and TopCon Bifacial Solar PV Modules in response to revised government efficiency criteria. The company's strong presence in government-backed projects across multiple states indicates its ability to navigate and capitalize on public sector opportunities.
The company exhibits strong financial stability with consistent revenue growth, improving EBITDA and PAT margins, and a decreasing debt-equity ratio. Its ability to secure large government contracts and maintain a robust order book further supports its financial resilience.
Himalayan Solar Limited has demonstrated high operational agility by quickly upgrading its manufacturing facility to produce advanced solar modules and relocating its operations to a new site. This swift adaptation to regulatory changes and technological advancements highlights its operational flexibility.
Himalayan Solar Limited demonstrates significant flexibility and adaptability through its strategic initiatives and operational adjustments. The company has shown resilience by upgrading its manufacturing capabilities to meet new government efficiency standards and expanding its product offerings. Its strong financial performance, experienced leadership, and focus on government projects further enhance its adaptability in the renewable energy sector.
- Product diversification
- The company offers a diverse range of solar products, including Solar Water Pumping Systems, Solar Inverter Charge Systems, and Solar Rooftop Power Systems. It also provides support services under skill development programs, enhancing its product and service portfolio.
- Future adaptability
- Himalayan Solar Limited is well-positioned for future adaptability with plans to expand its manufacturing capacity and enhance its technological capabilities. Its focus on government projects and strategic partnerships in the renewable energy sector provide a solid foundation for sustained growth and adaptability.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.