Himalayan Solar Limited
Bookbuilding IPO · NSE
- Price band
- ₹98 - ₹103
- Lot size
- 1,200 shares
- Issue amount
- ₹68.02 cr
- Total subscription
- 1.19×
- Opens
- 25 Sept 2026
- Closes
- 29 Sept 2026
- Allotment
- 30 Sept 2026
- Listing
- 5 Oct 2026
Offer at a glance
Issue overview
- Issue size
- 66,04,800 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,17,600
- Fresh issue
- ₹60.67 cr
- Offer for sale
- ₹7.35 cr
- Registrar
- Maashitla Securities Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,23,600
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,62,18,899
- Shares after issue
- 2,21,09,699
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,47,200 |
| sHNI | 3 | 3,600 | ₹3,70,800 |
| bHNI | 9 | 10,800 | ₹11,12,400 |
Share reservation
Subscription & GMP
Subscription by category
Reported 29 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,308 | 1,652 |
| HNIs(10L +) | 348 | 16 |
| HNIs (2-10L) | 174 | 46 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 5.18 | 8.61 |
| RETAIL | 32.33 | 40.84 |
| NIB | 19.36 | 18.26 |
| HNIs 2+ | 6.45 | 1.88 |
| HNIs 10+ | 12.9 | 16.38 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 12.74 | 10.13 | 3.05 |
| ROE | 44.04 | 62.11 | 47.86 |
| ROCE | 35.84 | 44.32 | 23.37 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 8.08 | 0 | 0 |
| POST IPO(PE) | 11.02 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Himalayan Solar Limited | 8.08 | 103.00 | 10.00 | 28.93 | 44.04 | 12.74 |
| Ganesh Green Bharat Limited | 7.11 | 215.50 | 10.00 | 113.02 | 26.82 | 30.31 |
| Solarium Green Energy Limited | 14.99 | 147.05 | 10.00 | 77.93 | 12.58 | 9.81 |
| Australian Premium Solar (India) Limited | 8.34 | 239.30 | 10.00 | 81.44 | 35.24 | 28.70 |
Company information
Company profile
Himalayan Solar Limited, incorporated in 2015, provides integrated turnkey solar energy solutions covering the design, manufacturing, supply, installation and commissioning of various solar products, with a primary focus on Solar Water Pumping Systems. The Company also offers solar solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As of March 31, 2025, Himalayan Solar had experience in implementing more than 61,000 HP of Solar Water Pumping Systems under government projects across India, with this capacity expected to increase to around 1,00,000 HP by the end of FY 2025-26. As of August 31, 2025, the Company had 64 employees.
Strengths
- Integrated Solar Solutions: Himalayan Solar Limited provides end-to-end solar solutions covering design, manufacturing, supply, installation, and commissioning, with a primary focus on solar water pumping systems.
- Government Project Experience: The company has experience executing solar water pumping projects for government bodies across multiple states, with more than 61,000 HP of implemented capacity as of March 2025.
- Diversified Solar Portfolio: Along with solar water pumping systems, the company offers solar rooftop systems, inverter charger systems, and other solar products, providing multiple avenues for business growth.
Risk factors
- Government Project Dependence: A significant part of the company's business is linked to government-focused renewable-energy projects, making revenue potentially sensitive to government policies, tenders, approvals, and project timelines.
- Raw Material & Manufacturing Costs: Fluctuations in the prices and availability of solar modules, electrical components, metals, and other inputs may increase costs and put pressure on margins.
- Competition in Solar Industry: The renewable-energy market is highly competitive, and competition from established solar manufacturers and EPC companies may create pricing pressure and affect market share.
Promoters
Manjeet Singh
Karthiyani M
Himanshu Dalal
Mehtab Singh
Anita Kumari
Registrar & documents
Lead manager
Finshore Management Services Limited
Registrar & contacts
Maashitla Securities Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
SCO-411 2nd Floor, Sector 20, Panchkula, Haryana, 134117
+91 7087117405
[email protected]Company website ↗Understanding HIMALAYAN IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.