Himalayan Solar Limited provides integrated turnkey solar solutions, primarily focused on Solar Water Pumping Systems, along with Solar Rooftop and Solar Inverter Charger Systems. As of March 31, 2026, it had implemented over 85,000 HP of Solar Water Pumping Systems under government projects across India.
Business Verticals:
- Turnkey Solar Energy Solutions covering design, supply, installation and commissioning of solar projects.
- Solar Water Pumping Systems with pumps and controllers manufactured through OEM arrangements and marketed under the “Himalayan Solar” brand.
- Skill Development Support Services through its NSDC partnership under the National Entrepreneurship Drive (NED).
- Sale of Solar Products including Solar PV Modules, Solar Cells, Solar Batteries and other solar products.
The Company operates a 60 MW Mono-PERC Solar PV Module facility in Karnal, Haryana, operational since March 2026, with plans to expand capacity to 160 MW and add TOPCon Bifacial module manufacturing capabilities.
As of July 31, 2026, Himalayan Solar had 87 employees, supporting its production, operations, project management, sales, procurement and other functions.
Himalayan Solar IPO – Details
| IPO Opening Date | 25 September 2026 |
| IPO Closing Date | 29 September 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 66,04,800 Shares Worth ₹68.03 Crore Fresh Issue: 58,90,800 Shares Worth ₹60.68 Crore Offer For Sale: 7,14,000 Shares Worth ₹7.35 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹98 – ₹103 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Maashitla Securities Pvt. Ltd. |
| QIB Shares Offered | 20% |
| NII Shares Offered | 30% |
| Retail Shares Offered | 50% |
Himalayan Solar IPO – Date Schedule
| IPO Open Date | 25 September 2026 |
| IPO Close Date | 29 September 2026 |
| Basis of Allotment | 30 September 2026 |
| Initiation of Refund | 01 October 2026 |
| Credit of Shares to Demat | 01 October 2026 |
| IPO Listing Date | 05 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 29, 2026 |
Himalayan Solar IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,47,200 |
| Retail (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 |
Competitive Strength
- 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 Promoters
- Manjeet Singh
- Karthiyani M
- Himanshu Dalal
- Mehtab Singh
- Anita Kumari
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹138.65 Cr | ₹131.77 Cr | ₹4.95 Cr | ₹23.54 Cr |
| 31 March 2025 | ₹143.14 Cr | ₹121.15 Cr | ₹16.43 Cr | ₹26.95 Cr |
| 31 March 2026 | ₹171.69 Cr | ₹144.00 Cr | ₹20.67 Cr | ₹36.12 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 56.00% |
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 12.74 | 9.35 |
| P/E (x) | 8.08 | 11.02 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility. | ₹12.98 |
| Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company. | ₹2.12 |
| To meet working capital requirements. | ₹29.50 |
| General Corporate Purposes. |
✅Strengths
- Strong Government Experience with 85,000+ HP of solar water pumping projects.
- Large Order Book of ₹140.22 crore as of July 2026.
- Government Empanelments across multiple states.
- Diversified Solar Portfolio across multiple solar products.
- Strong Customer & Supplier Relations supporting repeat business.
⚠️Risks
- High Working Capital due to rising receivable days.
- Government Dependence exposes demand to subsidy changes.
- Raw Material Volatility can impact margins.
- Customer Concentration with dependence on limited customers.
- Loan Repayment Risk due to unsecured loans repayable on demand.
Himalayan Solar IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 70.13% |
Himalayan Solar IPO Prospectus
Company Contact Information
| Himalayan Solar Limited SCO-411 2nd Floor, Sector 20, Panchkula, Haryana, 134117 Phone: +91 7087117405 Email: cs@himalayansolar.co.in Website: https://www.himalayansolar.co.in/ |
Himalayan Solar IPO Registrar
| Maashitla Securities Pvt. Ltd. Phone: 011-45121795 Email: ipo@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
Himalayan Solar IPO Lead Manager(s)
| 1. Finshore Management Services Ltd. |
Himalayan Solar IPO FAQ
| What is the Himalayan Solar IPO? Himalayan Solar IPO is an SME IPO. The issue is priced at ₹98 – ₹103 per equity share. The IPO is to be listed on NSE SME. |
| When will Himalayan Solar IPO open? The IPO is to open on 25 September 2026 for QIB, NII and Retail Investors. |
| What is Himalayan Solar IPO Investors’ Portion? The Investors portion for QIB – 20%, NII – 30%, and Retail – 50%. |
| What is the Himalayan Solar IPO Size? Himalayan Solar IPO size is ₹68.03 Crore. |
| What are the Himalayan Solar IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,47,200, while the maximum bid is 2400 Shares for ₹2,47,200. |
| What is the Himalayan Solar IPO Allotment Date? Himalayan Solar IPO allotment date is 30 September 2026. |
| What is the Himalayan Solar IPO Listing Date? Himalayan Solar IPO listing date is 05 October 2026. The IPO is to be listed on the NSE SME. |
