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Infrax Renewable IPOLISTED
Infrax Renewable Limited provides solar EPC services for rooftop and ground-mounted projects and also operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat.
Listing price
₹104
Listing gain
+0.00%
Current
₹104
Listed
17 Sept 26
Opens
09 Sept 26Closes
11 Sept 26Allotment
15 Sept 26Refund
16 Sept 26Demat
16 Sept 26Listing
17 Sept 26Listed at
₹104
+0.00% on 17 Sept 26
Overview
Price band
₹104
Lot size
1200 shares
Min. investment
₹2,49,600
Issue size
₹40.88 Cr
39.31 L shares
Fresh issue
₹33.81 Cr
32.51 L shares
Offer for sale
₹7.07 Cr
6.80 L shares
Face value
₹10 / share
Issue type
Fixed Price Issue
Listing at
BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Market Maker | 1,99,200 | 5.07% |
| NII (HNI) | 5,92,800 | 47.86% |
| Individual | 18,81,600 | 47.07% |
| Total | 26,73,600 | 100% |
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,49,600 |
| Retail (Max) | 2 | 2,400 | ₹2,49,600 |
| S-HNI (Min) | 3 | 3,600 | ₹3,74,400 |
Listing performance
NSE/BSE: INFRAXRENEWABLEListing gain
0.00%
Gain per retail lot
₹0
Latest vs issue
—
GMP was
—
Issue price
Listing price
Latest price appears here during market hours.
Infrax Renewable Live GMP
Not enough GMP history yet to draw a trend.
Subscription
12 Sept, 12:00 amOversubscribed 1.70 times · 1,790 applications
Total applications
1,790
Total bid amount
₹65.97 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| Retail | 18,81,600 | 35,66,400 | 1.90x | ₹37.09 Cr |
| Total | 37,32,000 | 63,43,200 | 1.70x | ₹65.97 Cr |
| NII (Including QIB) | 18,50,400 | 27,76,800 | 1.50x | ₹28.88 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| Retail | 784 | 1,486 | 1.90x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
115.54%
PAT Margin
10.94%
ROCE
63.89%
EBITDA Margin
15.62%
Debt to Equity Ratio
0.44
Price to Book Value
6.59
RoNW
64.68%
Valuation vs listed peers
EPS Pre IPO
₹9.29
EPS Post IPO
₹7.17
P/E Pre IPO
11.19
P/E Post IPO
14.5
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+866.1%
Profit growth FY24 → FY26
+962.5%
ROCE
63.89%
- PAT margin 10.9% and ROCE 63.9%.
Strengths & risks
- Strong Solar EPC Experience with a track record of executing rooftop and ground-mounted projects.
- Diversified Business Model across EPC services, solar product sales and IPP operations.
- Wide Dealer Network supporting project execution and market reach.
- Strong Distribution Infrastructure with warehouses and branch offices across multiple locations.
- Government Scheme Presence through empanelment under PM Surya Ghar.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility. | 12.29 |
| Funding working capital requirements of the Company. | 17 |
| General Corporate Purpose. | 2.03 |
| Issue Expenses. | 3 |
Company & documents
Infrax Renewable Limited is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects.
The company also supplies Solar PV modules, Solar PV inverters and other related solar products. Infrax Renewable has also entered the Independent Power Producer (IPP) segment through its solar power plant at Bhadla (Jasdan), Gujarat, generating and selling electricity to PGVCL.
Business Operations:
- EPC Services: The company provides end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning and operations & maintenance services.
- Solar Projects: It undertakes rooftop solar projects primarily for residential customers and ground-mounted solar projects for commercial customers. Installation activities are largely carried out through dealers or third-party contractors.
- IPP Business: The company generates electricity through its own solar power plant and sells it to PGVCL under a Power Purchase Agreement. It commenced operations in the IPP segment in 2026.
- Solar Products: Its product portfolio includes Solar PV modules, Solar PV inverters and other solar products, including polycrystalline and monocrystalline solar panels.
The company sells its services and products through authorised dealers and direct sales to customers. It has also been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana Rooftop Solar Programme.
As of March 31, 2026, the company had 52 full-time employees supporting its sales, marketing, liaison and technical operations.
Registrar
Company contact
Infrax Renewable Limited
402-403, R K Prime 2 Mahapuja Dham Chok, 150 Feet Road Malviyanagar, Rajkot, Gujarat, 360004
Phone: +91 7874074000
Email: investor@infraxrenewable.com
Book running lead managers
- Smart Horizon Capital Advisors Pvt. Ltd.
Promoters
- Bhargv Ashvinbhai Vachhani
- Gandhi Bhavik Tarunkumar
- Khushboo Bhargav Vachhani