Himalayan Solar IPO

SME • NSE SME • Fresh capital cum OFS

LISTEDSMENSE SME

Himalayan Solar

Price band

₹98 – ₹103

Lot size

1200 shares

Min investment

₹1,23,600

Issue size

₹68.03 Cr

About the company

Himalayan Solar Limited was started in 2015. It provides integrated turnkey solar energy solutions, meaning it handles design, manufacturing, supply, installation and commissioning rather than just selling equipment. Its main focus is solar water pumping systems, which let farmers run irrigation pumps on solar power instead of diesel or grid electricity. It also supplies solar inverter charge systems and rooftop power systems. The business has three parts. The first is turnkey solar EPC work, covering the complete design through to commissioning of solar projects. The second is its solar water pumping system business, where the pumps and pump controllers are manufactured through an original equipment manufacturer arrangement and then branded and sold as Himalayan Solar. The third is support services under a skill development programme, for which it has signed a memorandum of understanding with the National Skill Development Corporation as the industry exclusive franchisee partner for solar, to support onboarding up to 2,00,000 people at panchayat level.

Himalayan Solar Limited provides turnkey solar energy solutions with a primary focus on solar water pumping systems, along with solar inverter charge systems and rooftop power. Its pumps and controllers are made under OEM arrangements and sold under its own brand, and it is an NSDC franchisee partner for solar skill development.

IPO details

Issue price: ₹103
Price band: ₹98 – ₹103
Face value: ₹10
Lot size: 1200
Min investment: ₹1,23,600
Issue size: ₹68.03 Cr
Sale type: Fresh capital cum OFS
Listing on: NSE SME
BSE scrip code: HIMALAYAN
NSE symbol: HIMALAYAN-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,23,600
Retail (Max)	1	1,200	₹1,23,600
HNI (Min)	2	2,400	₹2,47,200

Investor reservation

CATEGORY	RESERVED
QIB	12,55,200 shares (20.01% of the Offer)
NII	18,79,200 shares (29.95% of the Offer)
Retail	31,39,200 shares (50.04% of the Offer)

Objects of the issue

1Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility.12.98

2Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company.2.12

3To meet working capital requirements29.50

4General Corporate Expenses

Financials

Rs. Crore • restated

METRIC	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

Key performance indicators

P/E Ratio

11.02

EPS (₹)

9.35

RoE

56%

RoCE

35.84%

RoNW

44.04%

PAT Margin

12.13%

EBITDA Margin

17.05%

Debt / Equity

0.77

NAV (₹)

28.93

✓ Strengths

• Profit has grown more than four times in two years, from Rs 4.95 crore in FY2024 to Rs 16.43 crore in FY2025 and Rs 20.67 crore in FY2026.

• EBITDA has grown from Rs 7.83 crore in FY2024 to Rs 29.04 crore in FY2026.

• Return ratios are very strong, with RoCE of 35.84% and RoNW of 44.04%, and a PAT margin of 12.13%.

• This is one of the cheapest issues in the current batch on earnings, at about 11.02 times on an EPS of Rs 9.35.

• Solar water pumping is directly supported by government irrigation and farm power schemes, which underpins demand.

• Selling OEM-made pumps under its own Himalayan Solar brand lets it build brand value without owning the factory.

• Its exclusive NSDC franchisee arrangement for solar skill development is a position no competitor can simply copy.

• Net worth has grown from Rs 10.33 crore in FY2024 to Rs 46.93 crore in FY2026.

⚠ Risks

• Demand depends heavily on government solar schemes and subsidies. A change in scheme terms or a delay in subsidy payment would directly reduce orders and slow collections.

• The pumps and controllers are made by outside manufacturers under OEM arrangements, so the company does not control that production or its quality.

• Growth is uneven. Total income rose only about 3% in FY2025, from Rs 138.65 crore to Rs 143.14 crore, before rising 20% in FY2026.

• Borrowing rose from Rs 26.95 crore to Rs 36.12 crore against a net worth of Rs 46.93 crore, a debt to equity ratio of 0.77.

• The plan to onboard up to 2,00,000 people at panchayat level under the NSDC arrangement is ambitious and unproven, and may absorb money and management time before it earns.

• Solar equipment prices have been falling, which compresses margin on turnkey contracts already priced.

• This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 70.13%.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.24 lakh at the upper band of Rs 103, and SME shares usually trade in low volume after listing.

Promoters & holding

Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh and Anita Kumari

Pre-issue promoter holding

100%

Post-issue promoter holding

70.13%

Promoters hold 100% before the issue and will hold 70.13% after it.

Data refreshed 07 Nov 2026, 04:51 pm IST. GMP is unofficial market sentiment, not investment advice.