Infrax Renewable IPO

About Infrax Renewable IPO

The public issue of the Infrax Renewable IPO, an SME IPO, opens on Wednesday, September 9, 2026 and closes on Friday, September 11, 2026. The allotment of shares will take place on Tuesday, September 15, 2026. The credit of shares to the demat account will take place on Wednesday, September 16, 2026. The initiation of refunds will take place on Wednesday, September 16, 2026. The listing of shares will take place on Thursday, September 17, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE SME platform.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 0.32 crore shares aggregating to ₹33.81 crore. The offer for sale portion includes 0.07 crore shares aggregating to ₹7.08 crore. The total number of shares and aggregate amount are 39,31,200 shares aggregating up to ₹41 crore.

Infrax Renewable IPO’s price band is set at ₹104 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by a retail investor is ₹2,49,600 (2,400 shares) based on the upper price. The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,74,400.

Infrax Renewable is engaged in providing solar Engineering, Procurement and Construction (EPC) services, including solar power solutions for Rooftop and Ground Mount solar projects. Their EPC services encompass project design, engineering, procurement, installation, testing, commissioning and comprehensive operation & maintenance services, enabling them to manage all aspects of project execution from site assessment to final commissioning.

Objectives of Infrax Renewable IPO

• Funding of capital expenditure of the company towards purchase of machinery and equipment for the proposed manufacturing facility.
  
• Funding working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

India has set ambitious climate and energy goals, including reducing the carbon intensity of its economy by 45% by 2030, achieving 50% of cumulative installed power capacity from renewables by 2030, and reaching net-zero emissions by 2070. Low-carbon technologies alone could create a market worth up to US$ 8000 crore in the country by 2030. The transformation of India’s power sector is being accelerated by rising population, rural electrification, and growing energy needs. Clean energy adoption is enabling villages to become self-sustainable, reducing pollution and dependence on fossil fuels. With advances in battery storage, solar costs could reduce by as much as 66% from current levels.

About Infrax Renewable

Infrax Renewable is engaged in providing solar Engineering, Procurement and Construction (EPC) services, including solar power solutions for Rooftop and Ground Mount solar projects. Their EPC services encompass project design, engineering, procurement, installation, testing, commissioning and comprehensive operation & maintenance services, enabling them to manage all aspects of project execution from site assessment to final commissioning. Installation is undertaken majorly by their dealers or by third parties hired by the company, as the case may be. They are engaged in the supply and distribution of a wide range of solar products, including Solar PV (Photovoltaic) modules, Solar PV inverters and related solar products. The company is also engaged in Independent Power Producer (IPP) activities through execution of Power Purchase Agreements (PPAs) with Paschim Gujarat Vij Company Limited (PGVCL) by establishing their own solar power plant situated at Bhadla (Jasdan) Gujarat for generation and sale of electricity to PGVCL. The company supplies above its services and products through a diversified sales and distribution network comprising authorised dealers across various regions, enabling wider market reach and efficient customer servicing.

Strengths of Infrax Renewable

• Established track record for execution of solar EPC solutions.
  
• Strong relationship with customers.
  
• Wide range of products.
  
• Financial stability through the IPP model.
  
• Established relationship with suppliers.
  

Risks of Infrax Renewable

• The company has been recently formed by conversion of the erstwhile partnership firm into the company.
• Their business is dependent on the continued availability of government policies, subsidies, incentives and other support mechanisms applicable to the solar sector.
• They depend on their dealers for a significant portion of their revenue, and any decrease in revenues or sales from any one of their dealers may adversely affect their business and results of operations.
• They generate their major portion of turnover from their operations in certain geographical regions and any adverse developments affecting their operations in these regions could have an adverse impact on their revenue and results of operations.
• Their business is dependent on the sale of their products and providing rooftop and ground-mounted solar projects services to certain key customers.

IPO Registrar and Book Running Lead Managers

Registrar Details
Bigshare Services Pvt.Ltd.
Email: ipo@bigshareonline.com
Tel: 8657578989

Book Running Lead Manager
Smart Horizon Capital Advisors Pvt.Ltd.

Infrax Renewable Contact Details
402-403, R K Prime 2, Mahapuja Dham Chok, 150 Feet Road,
Malviyanagar, Rajkot, Gujarat, 360004
Email: investor@infraxrenewable.com
Phone: +91 7874074000

Infrax Renewable Business Model

The company earns its revenue through providing solar Engineering, Procurement and Construction (EPC) services, including solar power solutions for Rooftop and Ground Mount solar projects.

Infrax Renewable Growth Trajectory

Infrax Renewable’s Total Income for FY26 was ₹93.33 crore, whereas in FY25 and FY24 it was ₹30.47 crore and ₹9.66 crore, respectively.

The Profit After Tax for FY26 was ₹10.20 crore, whereas in FY25 and FY24 it was ₹2.85 crore and ₹0.96 crore, respectively.

Their EBITDA for FY26 was ₹14.56 crore, whereas in FY25 and FY24 it was ₹4.50 crore and ₹1.76 crore, respectively.

Infrax Renewable Market Position

The company has been empaneled as a national vendor for implementation of solar power projects under government-sponsored schemes including the PM Surya Ghar: Muft Bijli Yojana Rooftop Solar Programme.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹93.33 crore, ₹10.20 crore, and ₹14.56 crore, respectively.

How to apply for Infrax Renewable IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your 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.