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Himalayan Solar IPOLISTED
Himalayan Solar Limited provides integrated turnkey solar solutions, specialising in Solar Water Pumping Systems, rooftop solar and solar inverter charger systems.
Listing price
₹85
Listing gain
-17.48%
Current
₹85
Listed
05 Oct 26
Opens
25 Sept 26Closes
29 Sept 26Allotment
30 Sept 26Refund
01 Oct 26Demat
01 Oct 26Listing
05 Oct 26Listed at
₹85
-17.48% on 05 Oct 26
Overview
Price band
₹98-103
Lot size
1200 shares
Min. investment
₹2,47,200
Issue size
₹68.03 Cr
66.05 L shares
Fresh issue
₹60.68 Cr
58.91 L shares
Offer for sale
₹7.35 Cr
7.14 L shares
Face value
₹10 / share
Issue type
Book Built Issue
Listing at
NSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Market Maker | 3,31,200 | 5.01% |
| Anchor Investor | 7,52,400 | 11.39% |
| QIB | 5,02,800 | 7.61% |
| NII (HNI) | 18,79,200 | 28.45% |
| B-HNI | 12,52,800 | 18.97% |
| S-HNI | 6,26,400 | 9.48% |
| Individual | 31,39,200 | 47.53% |
| Total | 66,04,800 | 99.99% |
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,47,200 |
| Retail (Max) | 2 | 2,400 | ₹2,47,200 |
| S-HNI (Min) | 3 | 3,600 | ₹3,70,800 |
| S-HNI (Max) | 8 | 9,600 | ₹9,88,800 |
| B-HNI (Min) | 9 | 10,800 | ₹11,12,400 |
Listing performance
NSE/BSE: HIMALAYANSOLARListing gain
−17.48%
Gain per retail lot
₹-43,200
Latest vs issue
—
GMP was
—
Issue price
Listing price
Latest price appears here during market hours.
Himalayan Solar Live GMP
Not enough GMP history yet to draw a trend.
Subscription
11 Oct, 12:56 pmOversubscribed 1.25 times · 1,719 applications
Total applications
1,719
Total bid amount
₹71.12 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | — | — | 1.66x | ₹8.61 Cr |
| NII (HNI) | — | — | 1.12x | ₹21.67 Cr |
| B-HNI | — | — | 1.53x | ₹19.79 Cr |
| S-HNI | — | — | 0.29x | ₹1.88 Cr |
| Retail | — | — | 1.26x | ₹40.84 Cr |
| Total | — | — | 1.25x | ₹71.12 Cr |
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
56%
PAT Margin
12.13%
ROCE
35.84%
EBITDA Margin
17.05%
Debt to Equity Ratio
0.77
Price to Book Value
3.56
RoNW
44.04%
Valuation vs listed peers
EPS Pre IPO
₹12.74
EPS Post IPO
₹9.35
P/E Pre IPO
8.08
P/E Post IPO
11.02
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+23.8%
Profit growth FY24 → FY26
+317.6%
ROCE
35.84%
- PAT margin 12.1% and ROCE 35.8%.
Strengths & risks
- Strong Government Experience with 85,000+ HP of solar water pumping projects.
- Large Order Book of ₹140.22 crore as of July 2026.
- Government Empanelments across multiple states.
- Diversified Solar Portfolio across multiple solar products.
- Strong Customer & Supplier Relations supporting repeat business.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility. | 12.98 |
| Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company. | 2.12 |
| To meet working capital requirements. | 29.5 |
| General Corporate Purposes. | - |
Company & documents
Himalayan Solar Limited provides integrated turnkey solar solutions, primarily focused on Solar Water Pumping Systems, along with Solar Rooftop and Solar Inverter Charger Systems. As of March 31, 2026, it had implemented over 85,000 HP of Solar Water Pumping Systems under government projects across India.
Business Verticals:
- Turnkey Solar Energy Solutions covering design, supply, installation and commissioning of solar projects.
- Solar Water Pumping Systems with pumps and controllers manufactured through OEM arrangements and marketed under the “Himalayan Solar” brand.
- Skill Development Support Services through its NSDC partnership under the National Entrepreneurship Drive (NED).
- Sale of Solar Products including Solar PV Modules, Solar Cells, Solar Batteries and other solar products.
The Company operates a 60 MW Mono-PERC Solar PV Module facility in Karnal, Haryana, operational since March 2026, with plans to expand capacity to 160 MW and add TOPCon Bifacial module manufacturing capabilities.
As of July 31, 2026, Himalayan Solar had 87 employees, supporting its production, operations, project management, sales, procurement and other functions.
Registrar
Company contact
Himalayan Solar Limited
SCO-411 2nd Floor, Sector 20, Panchkula, Haryana, 134117
Phone: +91 7087117405
Email: cs@himalayansolar.co.in
Book running lead managers
- Finshore Management Services Ltd.
Promoters
- Manjeet Singh
- Karthiyani M
- Himanshu Dalal
- Mehtab Singh
- Anita Kumari