Himalayan Solar IPO

About Himalayan Solar IPO

Himalayan Solar IPO opens on Friday, September 25, 2026 and closes on Tuesday, September 29, 2026. The allotment of shares will take place on Wednesday, September 30, 2026. The listing of shares will take place on Monday, October 5, 2026 on the NSE SME platform.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 58,90,800 shares aggregating up to ₹60.68 crore. The offer for sale portion includes 7,14,000 shares of ₹10 aggregating up to ₹7.35 crore. The total number of shares and aggregate amount are 66,04,800 shares aggregating up to ₹68.03 crore. Himalayan Solar IPO's price band is set at ₹98 to ₹103 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor is ₹2,47,200 (2,400 shares) based on the upper price.

Himalayan Solar provides integrated turnkey solar energy solutions covering design, manufacturing, supply, installation, and commissioning. Its primary focus is Solar Water Pumping Systems, and it also offers Solar Inverter Charge Systems and Solar Rooftop Power Systems. The company is empanelled as a solar partner with state agencies including HAREDA in Haryana, PEDA in Punjab, and MEDA in Maharashtra.

Objectives of Himalayan Solar IPO

• Funding capital expenditure towards purchase of additional plant and machinery for expansion and upgradation of the existing manufacturing facility.
  
• Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by the company.
  
• Meeting working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

Under the National Electricity Plan (NEP14), India's solar capacity is expected to grow at a CAGR of 22.7% over 2023–27 to 185.6 GW. NEP14 then projects 364.6 GW by 2032. As of April 2024, India had already installed 81.81 GW of solar power across ground-mounted, rooftop, hybrid, and off-grid systems.

The Government targets 500 GW of non-fossil capacity by 2030, including 280 GW of solar power and 140 GW of wind power. To reach this, it plans to auction about 50 GW of renewable capacity every year for five years.

Agriculture is the segment closest to the Company's business. The PM-KUSUM Scheme aims to add 30.8 GW of solar power by March 2026 by converting diesel pumps to solar and solarising grid-connected agricultural pumps. It mandates locally produced solar PV modules, cells, motor pump sets, and controllers. The company is empanelled with state departments for Solar Water Pumping Systems under this scheme.

About Himalayan Solar Limited

Himalayan Solar was incorporated on September 08, 2015 and converted into a public company on November 22, 2024. Its registered office is in Panchkula, Haryana. Solar Water Pumping Systems contributed 97.54% of its FY 26 revenue from operations of ₹170.34 crore. As of March 31, 2026, it had implemented more than 85,000 HP of solar water pumping capacity under government projects in India.

The 60 MW Mono PERC module line at Karnal, Haryana, has been operational since March 2026. It replaced a 40 MW polycrystalline line at Panchkula, halted in August 2024 after MNRE revised module-efficiency norms for government tenders. The IPO will fund an expansion to 160 MW. Operations run through a registered office, two manufacturing facilities, one branch office, and 16 warehouses across Haryana, Rajasthan, and Madhya Pradesh.

Strengths of Himalayan Solar

• The company has implemented more than 85,000 HP of Solar Water Pumping Systems under government projects in India as of March 31, 2026.
• More than six years of running a 40 MW module line underpins its shift to a 60 MW Mono PERC facility at Karnal, operational since March 2026.
• Its solar pumps and pump controllers are sold under the Company's own "Himalayan Solar" brand, with controllers certified under IEC/IS 60529:2001 for ingress protection.

Risks of Himalayan Solar

• HAREDA accounted for about 50.00% of FY 26 revenue and 85.15% of FY 25 revenue, so losing or delaying work from this single customer would sharply reduce income.
• Government customers generated 97.19% of FY 26 revenue, so any cut or change to schemes such as PM-KUSUM could shrink the Company's order inflow.
• Operating cash flow was negative ₹2.07 crore in FY 26 as trade receivables rose to ₹125.34 crore, which strains working capital and raises reliance on borrowings.
• No firm orders have been placed for the ₹12.98 crore of machinery planned for the 160 MW expansion, so vendor delays or revised quotations could cause time and cost overruns.
• Capacity utilisation has been low in recent years, and expanding to 160 MW could leave the plant underused, raising fixed costs and lowering returns.

Anchor Investor Bidding Date

Thursday, September 24, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Maashitla Securities Private Limited
Email: ipo@maashitla.com
Telephone: 011-47581432

Book Running Lead Manager
Finshore Management Services Limited

Himalayan Solar Contact Details
SCO-411 2nd Floor, Sector 20 Panchkula, Haryana-134117, India.
E-mail: cs@himalayansolar.co.in
Tel No: +91 7087117405

Himalayan Solar Business Model

The company earns its revenue through EPC contracts for Solar Water Pumping Systems, which brought in ₹166.16 crore, or 97.54% of revenue from operations, in FY 26. Under these contracts, it designs, supplies, installs, and commissions complete systems for government agencies. Most components are sourced from external vendors, while solar pumps and pump controllers are made through an OEM arrangement and sold under the "Himalayan Solar" brand.

Support services under a skill development training programme added ₹4.00 crore (2.35%) in FY 26. This segment follows an MoU with NSDC for onboarding up to 2,00,000 Panchayat-level micro-entrepreneurs and a sanction to train 10,000 resources under PMKVY 4.0. Government customers accounted for 97.19% of FY 26 revenue, with private customers making up the remaining 2.81%.

Himalayan Solar Growth Trajectory

Himalayan Solar Limited's Total Income for FY26 was ₹171.69 crore, whereas in FY25 and FY24 it was ₹143.14 crore and ₹138.65 crore, respectively.

The Profit After Tax for FY26 was ₹20.67 crore, whereas in FY25 and FY24 it was ₹16.43 crore and ₹4.95 crore, respectively.

Their EBITDA for FY26 was ₹29.04 crore, whereas in FY25 and FY24 it was ₹23.58 crore and ₹7.83 crore, respectively.

Himalayan Solar Market Position

The Company executes government-backed solar projects in Haryana, Rajasthan, Punjab, Maharashtra, and other states. In FY 26, Haryana contributed 52.81% of revenue from operations and Maharashtra 45.52%, compared with 86.15% and 13.64% in FY 25. Its empanelments include HAREDA, the Department of Horticulture in Rajasthan, PEDA, MPUVN, MSEDCL, MEDA, and Rajasthan Electronics Instruments Limited, a Mini Ratna PSU.

Industry Outlook magazine ranked the Company among the top 10 Solar PV Modules Manufacturers in 2021. Its ISO 9001:2015 certification covers the design, manufacturing, and supply of solar PV modules, solar pump controllers, and solar charge controllers. As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹171.69 crore, ₹20.67 crore, and ₹29.04 crore, respectively.

How to apply for Hexagon Nutrition IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.