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.
Infrax Renewable IPO – Details
| IPO Opening Date | 09 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Issue Type | Fixed Price IPO |
| Issue Size | Total Issue: 39,31,200 Shares Worth ₹40.88 Crore Fresh Issue: 32,50,800 Shares Worth ₹33.81 Crore Offer For Sale: 6,80,400 Shares Worth ₹7.07 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹104 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Bigshare Services Pvt. Ltd. |
| NII Shares Offered | 50.42% |
| Retail Shares Offered | 49.58% |
Infrax Renewable IPO – Date Schedule
| IPO Open Date | 09 September 2026 |
| IPO Close Date | 11 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Initiation of Refund | 16 September 2026 |
| Credit of Shares to Demat | 16 September 2026 |
| IPO Listing Date | 17 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 11, 2026 |
Infrax Renewable IPO – Lots Size & Price
| 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 |
Competitive Strength
- Proven track record in executing solar EPC projects.
- Diversified business model with EPC, solar product distribution, and IPP operations.
- Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana.
- Strong customer, supplier, and dealer network across multiple states.
- Strategic warehouse and branch office presence supporting efficient project execution.
- ISO 9001:2015 certified quality management system.
- Plans for backward integration through in-house solar component manufacturing and recycling.
- Experienced promoter team with over 17 years of industry experience.
Company Promoters
- Bhargv Ashvinbhai Vachhani
- Gandhi Bhavik Tarunkumar
- Khushboo Bhargav Vachhani
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹9.66 Cr | ₹8.15 Cr | ₹0.96 Cr | – |
| 31 March 2025 | ₹30.48 Cr | ₹26.20 Cr | ₹2.85 Cr | ₹3.02 Cr |
| 31 March 2026 | ₹93.33 Cr | ₹79.55 Cr | ₹10.20 Cr | ₹6.99 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 115.54% |
| ROCE | 63.89% |
| Debt/Equity | 0.44 |
| RoNW | 64.68% |
| PAT Margin | 10.94% |
| EBITDA Margin | 15.62% |
| NAV | 15.77 |
| Price to Book Value | 6.59 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 9.29 | 7.17 |
| P/E (x) | 11.19 | 14.5 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| 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. | ₹17.00 |
| General Corporate Purpose. | ₹2.03 |
| Issue Expenses. | ₹3.00 |
✅Strengths
- 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.
⚠️Risks
- High Gujarat Dependence with most revenue generated from Gujarat.
- Supplier Dependence due to reliance on a limited number of suppliers.
- Dealer Dependence as dealers play an important role in sales and project execution.
- Working Capital Risk due to inventory and receivables requirements.
- Technology Risk as changes in solar technology may affect competitiveness.
Infrax Renewable IPO Promoter Holding
| Pre-Issue Share Holding | 70.64% |
| Post Issue Share Holding | 49.73% |
Infrax Renewable IPO Prospectus
Company Contact Information
| 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 Website: https://infraxrenewable.com/ |
Infrax Renewable IPO Registrar
| Bigshare Services Pvt. Ltd. Phone: 8657578989/8069219065/8069219060 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Infrax Renewable IPO Lead Manager(s)
| 1. Smart Horizon Capital Advisors Private Limited |
Infrax Renewable IPO FAQ
| What is the Infrax Renewable IPO? Infrax Renewable IPO is an SME IPO. The issue is priced at ₹104 per equity share. The IPO is to be listed on BSE SME. |
| When will Infrax Renewable IPO open? The IPO is to open on 09 September 2026 for NII and Retail Investors. |
| What is Infrax Renewable IPO Investors’ Portion? The Investors portion for NII – 50.42% and Retail – 49.58%. |
| What is the Infrax Renewable IPO Size? Infrax Renewable IPO size is ₹40.88 Crore. |
| What are the Infrax Renewable IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,49,600, while the maximum bid is 2400 Shares for ₹2,49,600. |
| What is the Infrax Renewable IPO Allotment Date? Infrax Renewable IPO allotment date is 15 September 2026. |
| What is the Infrax Renewable IPO Listing Date? Infrax Renewable IPO listing date is 17 September 2026. The IPO is to be listed on the BSE SME. |
