Himalayan Solar IPO
Himalayan Solar IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹98-103 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹68.03 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | NSE SME |
| BSE Scrip Code | HIMALAYAN |
| Min Investment | ₹123,600 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹123,600 |
| Retail (Max) | 1 | 1,200 | ₹123,600 |
| HNI (Min) | 2 | 2,400 | ₹247,200 |
Strengths & Risks
Strengths
- Profit has grown more than four times in two years, from Rs 4.95 crore in FY2024 to Rs 16.43 crore in FY2025 and Rs 20.67 crore in FY2026.
- EBITDA has grown from Rs 7.83 crore in FY2024 to Rs 29.04 crore in FY2026.
- Return ratios are very strong, with RoCE of 35.84% and RoNW of 44.04%, and a PAT margin of 12.13%.
- This is one of the cheapest issues in the current batch on earnings, at about 11.02 times on an EPS of Rs 9.35.
- Solar water pumping is directly supported by government irrigation and farm power schemes, which underpins demand.
- Selling OEM-made pumps under its own Himalayan Solar brand lets it build brand value without owning the factory.
- Its exclusive NSDC franchisee arrangement for solar skill development is a position no competitor can simply copy.
- Net worth has grown from Rs 10.33 crore in FY2024 to Rs 46.93 crore in FY2026.
Risks
- Demand depends heavily on government solar schemes and subsidies. A change in scheme terms or a delay in subsidy payment would directly reduce orders and slow collections.
- The pumps and controllers are made by outside manufacturers under OEM arrangements, so the company does not control that production or its quality.
- Growth is uneven. Total income rose only about 3% in FY2025, from Rs 138.65 crore to Rs 143.14 crore, before rising 20% in FY2026.
- Borrowing rose from Rs 26.95 crore to Rs 36.12 crore against a net worth of Rs 46.93 crore, a debt to equity ratio of 0.77.
- The plan to onboard up to 2,00,000 people at panchayat level under the NSDC arrangement is ambitious and unproven, and may absorb money and management time before it earns.
- Solar equipment prices have been falling, which compresses margin on turnkey contracts already priced.
- This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 70.13%.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.24 lakh at the upper band of Rs 103, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 158.22 | 93.82 | 84.14 |
| Total Income | 171.69 | 143.14 | 138.65 |
| Profit After Tax | 20.67 | 16.43 | 4.95 |
| EBITDA | 29.04 | 23.58 | 7.83 |
| NET Worth | 46.93 | 26.46 | 10.33 |
| Reserves and Surplus | 30.71 | 22.85 | 6.73 |
| Total Borrowing | 36.12 | 26.95 | 23.54 |
About The Company
Himalayan Solar Limited was started in 2015. It provides integrated turnkey solar energy solutions, meaning it handles design, manufacturing, supply, installation and commissioning rather than just selling equipment. Its main focus is solar water pumping systems, which let farmers run irrigation pumps on solar power instead of diesel or grid electricity. It also supplies solar inverter charge systems and rooftop power systems.
The business has three parts. The first is turnkey solar EPC work, covering the complete design through to commissioning of solar projects. The second is its solar water pumping system business, where the pumps and pump controllers are manufactured through an original equipment manufacturer arrangement and then branded and sold as Himalayan Solar. The third is support services under a skill development programme, for which it has signed a memorandum of understanding with the National Skill Development Corporation as the industry exclusive franchisee partner for solar, to support onboarding up to 2,00,000 people at panchayat level.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 1.58× | 502,800 | — |
| Non-Institutional Investors (NII) | 0.37× | 2,210,400 | — |
| Retail Individual Investors (RII) | 0.84× | 3,139,200 | — |
| Employee | 0× | — | — |
| Total | 0.72× | 5,852,400 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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