Infrax Renewable Limited
Fixed Price IPO · BSE
- Price band
- ₹104 - ₹104
- Lot size
- 1,200 shares
- Issue amount
- ₹40.88 cr
- Total subscription
- 1.7×
- Opens
- 9 Sept 2026
- Closes
- 11 Sept 2026
- Allotment
- 15 Sept 2026
- Listing
- 17 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 39,31,200 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,24,800
- Fresh issue
- ₹33.8 cr
- Offer for sale
- ₹7.08 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,24,800
- Issue type
- Fixed Price IPO
- Shares before issue
- 1,09,85,111
- Shares after issue
- 1,42,35,911
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,49,600 |
| sHNI | 3 | 3,600 | ₹3,74,400 |
Share reservation
Subscription & GMP
Subscription by category
Reported 11 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 784 | 1,486 |
| HNIs (2-10L) | 514 | 264 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| RETAIL | 19.57 | 37.09 |
| NIB | 19.24 | 42.29 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 9.29 | 3.56 | 1.2 |
| ROE | 115.54 | 173.39 | 96.15 |
| ROCE | 63.89 | 91.39 | 125.59 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 11.19 | 0 | 0 |
| POST IPO(PE) | 14.5 | 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) (₹) |
|---|---|---|---|---|---|---|
| Acme Solar Holdings Limited | 49.25 | 401.90 | 2.00 | 83.63 | 9.84 | 8.24 |
| Alpex Solar Limited | 10.90 | 877.75 | 10.00 | 219.94 | 35.87 | 80.52 |
| Infrax Renewable Limited | 9.58 | 104.00 | 10.00 | 15.77 | 64.68 | 10.86 |
| Solarium Green Energy Limited | 15.78 | 154.00 | 10.00 | 77.93 | 12.58 | 9.81 |
Company information
Company profile
Infrax Renewable Limited, incorporated in September 2024, is a solar energy company providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. The Company also supplies solar PV modules, inverters and other related equipment and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL. Its end-to-end services cover project design, engineering, procurement, installation, testing, commissioning and operation & maintenance (O&M). Infrax serves residential, commercial and industrial customers through a wide dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana. The Company operates warehouses in Rajkot, Ahmedabad and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh and Uttar Pradesh, serving customers across multiple states. It is ISO 9001:2015 certified and plans to expand its backward integration through in-house facilities for solar panel recycling and silver extraction, solar mounting structures and solar frame manufacturing. As of March 31, 2026, Infrax Renewable had 52 permanent employees across various functions including sales, technical services, finance, project design, HR, material handling and management.
Strengths
- Established Solar EPC Track Record: The company provides end-to-end solar EPC solutions, covering design, procurement, construction, testing, commissioning and O&M for rooftop and ground-mounted solar projects.
- Strong Customer Relationships: A strong customer base, supported by dealers and third-party partners, helps generate repeat business. Timely delivery and quality services have helped build long-term customer relationships.
- Financial Stability through IPP Model: The IPP model under Power Purchase Agreements (PPAs) provides stable, long-term revenue. Selling electricity directly to the government supports consistent cash flows and financial stability.
Risk factors
- Dependence on Government Policies & Subsidies: The company relies on government policies, subsidies and incentives to support solar adoption. Any reduction, delay or adverse change in these measures could affect demand, profitability and cash flows.
- Dependence on Dealers: Dealers play an important role in generating leads, acquiring customers and driving sales. Any decline in business from key dealers could negatively affect revenue and overall performance.
- Dependence on Rented Premises: The company operates its registered office and warehouses from rented properties. Non-renewal or termination of rental agreements could require relocation and may cause temporary disruption to business operations.
Promoters
Bhargv Ashvinbhai Vachhani
Gandhi Bhavik Tarunkumar
Khushboo Bhargav Vachhani
Registrar & documents
Lead manager
Smart Horizon Capital Advisors Private Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
402-403, R K Prime 2, Mahapuja Dham Chok, 150 Feet Road, Malviyanagar, Rajkot, Gujarat, 360004
+91 7874074000
[email protected]Company website ↗Understanding INFRAX 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.