Himalayan Solar IPO Details

Bookbuilding IPO | ₹68 Cr | Listing at NSE SME | Fri, Sep 25, 2026 - Tue, Sep 29, 2026

Himalayan Solar IPO is a book build issue of ₹68.03 crores. The issue is a combination of fresh issue of 58.91 lakh shares aggregating to ₹60.68 crores and offer for sale of 7.14 lakh shares aggregating to ₹7.35 crores.

Himalayan Solar IPO opens for subscription on Sep 25, 2026 and closes on Sep 29, 2026. The allotment for the Himalayan Solar IPO is expected to be finalized on Sep 30, 2026. Himalayan Solar IPO will list on the NSE SME with a tentative listing date fixed as Oct 5, 2026.

Himalayan Solar IPO is set issue price band at ₹98 to ₹103 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,47,200 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,70,800.

Finshore Management Services Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Anant Securities

Refer to Himalayan Solar IPO RHP for detailed Information.

IPO Open

Fri, Sep 25, 2026

IPO Close

Tue, Sep 29, 2026

Price Band

₹98 to ₹103

Market Cap*

₹227.73 Cr * on Upper Price

IPO Details

IPO Date

25 to 29 Sep, 2026
Listing Date

Mon, Oct 5, 2026
Face Value

₹10 per share
Price Band

₹98 to ₹103
Lot Size

1,200 Shares
Sale Type

Fresh capital cum OFS
Issue Type

Bookbuilding IPO
Listing At

NSE SME

Total Issue Size

66,04,800 shares (agg. up to ₹68 Cr)
Reserved for Market Maker

3,31,200 shares (agg. up to ₹3 Cr) Anant Securities
Fresh Issue (Ex Market Maker)

55,59,600 shares (agg. up to ₹57 Cr)
Offer for Sale

7,14,000 shares of ₹10 (agg. up to ₹7 Cr)
Net Offered to Public

62,73,600 shares (agg. up to ₹65 Cr)
Share Holding Pre Issue

1,62,18,899 shares
Share Holding Post Issue

2,21,09,699 shares

IPO Timetable (Tentative)

IPO Open

Fri, Sep 25, 2026
Allotment

Wed, Sep 30, 2026
Credit of Shares

Thu, Oct 1, 2026

IPO Close

Tue, Sep 29, 2026
Refund

Thu, Oct 1, 2026
Listing

Mon, Oct 5, 2026

Issue Reservation

Himalayan Solar IPO comprises a total issue size of 66,04,800 shares. The net offer to the public is 62,73,600 shares, after excluding 3,31,200 shares allotted on a firm basis. Of the Net offer 12,55,200 (20.01%) are allocated to QIB, 18,79,200 (29.95%) allocated to NII 31,39,200 (50.04%) allocated to RII.

Investor Category	Shares	% of Net Issue	% of Total Issue
QIB	12,55,200	20.01%	19.00%
− Anchor Investor	7,52,400		11.39%
− QIB (Ex. Anchor)	5,02,800		7.61%
NII (HNI)	18,79,200	29.95%	28.45%
− bNII > ₹10L	12,52,800		18.97%
− sNII < ₹10L	6,26,400		9.48%
Retail	31,39,200	50.04%	47.53%
Firm Reservations
Market Maker	3,31,200		5.01%
Total	66,04,800	100.00%	100.00%

IPO Lot Size

Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.

Application	Lots	Shares	Amount
Individual investors (IND) (Min)	2	2400	₹2,47,200
Individual investors (IND) (Max)	2	2400	₹2,47,200
S-HNI (Min)	3	3600	₹3,70,800
S-HNI (Max)	8	9600	₹9,88,800
B-HNI (Min)	9	10800	₹11,12,400

About Himalayan Solar Ltd.

Incorporated in 2015, Himalayan Solar Limited is specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of wide range of solar products, with a primary focus on Solar Water Pumping Systems. They provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems.

Business Verticals:

Turnkey Solar Energy Solutions for Solar Projects: The EPC Contract offers comprehensive turnkey solar energy solutions which includes design, manufacturing, supply, installation & commissioning services of wide range of solar products
Design, manufacturing, supply, installation & commissioning of Solar Water Pumping System: The Solar water pumps and Solar Pump Controllers used in the system are manufactured through an Original Equipment Manufacturer (OEM) arrangement and are exclusively branded and marketed under the ‘Himalayan Solar’.
Support Services under Skill development training programme: The company has signed an MoU with NSDC as the Industry exclusive Franchisee Partner for the Solar to support the development and onboarding of up to 2,00,000 Panchayat-level micro-entrepreneurs with its brand under “National Entrepreneurship Drive (NED)”.
Sale of Solar Products: The company engaged in the supply of various solar products, including Solar PV (Photovoltaic) Modules, Solar cell, Solar Battery and other solar products.

As on March 31, 2026, we have a qualitative experience in implementation of more than 85000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India.

As on August 31, 2025, the Company have employed 87 employees.

Competitive Strengths:

Experienced Solar PV Module Manufacturer
Experienced Promoters backed by a strong management team
Strong Presence in Government-Focused Renewable Energy Projects Across Multiple States
Strong relationship with customers and suppliers.
Ability to implement our Solar Products portfolio is Government-backed Solar Projects as supplemental value addition along with their manufacturing business.
Strong Order Book

Company Financials (Proforma Consolidated)

Himalayan Solar Ltd.’s revenue increased by 20% and profit after tax (PAT) rose by 26% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore)

Period Ended	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

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects

Est Amt (₹ Cr.)
1 Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility.

12.98
2 Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company.

2.12
3 To meet working capital requirements

29.50
4 General Corporate Expenses
Total

44.60

Key Performance Indicator (KPI)

KPI	Mar 31, 2026
ROE	56%
ROCE	35.84%
Debt/Equity	0.77
RoNW	44.04%
PAT Margin	12.13%
EBITDA Margin	17.05%
NAV	28.93
Price to Book Value	3.56

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	12.74	9.35
P/E (x)	8.08	11.02
Market Cap at Offer Price	₹167.05 Cr.	₹227.73 Cr

The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category	Pre IPO	Post IPO
Promoter and Promoter Group	100%	70.13%
Public		29.87%
Total	100%	100%

Company Promoters: Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh and Anita Kumari.

Offer For Sale – Selling Shareholder

Name	Category	No. of Shares Offered	Amount (₹ cr.)
Karthayayini M	Promoter	7,14,000	7.35
Total		7,14,000	7.35

Himalayan Solar IPO Recommendations

Review By	Subscribe	May Apply	Neutral	Avoid
Brokers	0	0	0	0
Members	0	0	0	0

IPO Registrar

Maashitla Securities Pvt.Ltd.

011-45121795
ipo@maashitla.com
Visit Website

IPO Lead Manager(s)

Finshore Management Services Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Himalayan Solar Ltd. Address

SCO-411 2nd Floor,

Sector 20,

Panchkula, Haryana, 134117

+91 7087117405
cs@himalayansolar.co.in
Visit Website

IPO FAQs

What is the Himalayan Solar IPO?

Himalayan Solar IPO is a SME IPO of 66,04,800 equity shares of the face value of ₹10 aggregating up to ₹68 Crores. The issue is priced at ₹98 to ₹103. The minimum order quantity is 1200.

The IPO opens on Fri, Sep 25, 2026, and closes on Tue, Sep 29, 2026.

Maashitla Securities Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.

How to apply in Himalayan Solar IPO through Angel One?

Angel One customers can apply online in Himalayan Solar IPO using UPI as a payment gateway. Angel One customers can apply in Himalayan Solar IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Himalayan Solar IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Himalayan Solar IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

When Himalayan Solar IPO will open?

The Himalayan Solar IPO opens on Fri, Sep 25, 2026 and closes on Tue, Sep 29, 2026.

What is the lot size of Himalayan Solar IPO?

Himalayan Solar IPO lot size is 1200, and the minimum amount required for application is ₹2,47,200, with 2 lots being the minimum application size.

How to apply for Himalayan Solar IPO?

You can apply in Himalayan Solar IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Himalayan Solar IPO allotment?

The finalization of Basis of Allotment for Himalayan Solar IPO will be done on Wednesday, September 30, 2026, and the allotted shares will be credited to your demat account by Thu, Oct 1, 2026. Check the Himalayan Solar IPO allotment status.

When is Himalayan Solar IPO listing date ?

The Himalayan Solar IPO listing date is not yet announced. The tentative date of listing is Mon, Oct 5, 2026.