Infrax Renewable IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Infrax Renewable

Price band

₹104

Lot size

1200 shares

Min investment

₹1,24,800

Issue size

₹40.88 Cr

About the company

Infrax Renewable Limited is a solar energy company. It works in three ways. First, it provides engineering, procurement and construction services, known as EPC, for solar power projects. This covers the complete job of design, engineering, buying the equipment, installation, testing, commissioning, running and maintaining the plant, and helping with regulatory work. It does rooftop projects for homes and ground mounted projects for commercial customers. Second, it works as an Independent Power Producer, which means it owns a solar plant and sells the electricity. In 2026 it commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, in Rajkot district of Gujarat, and sells the power to Paschim Gujarat Vij Company Limited under a 25 year power purchase agreement. Third, it sells solar products including solar PV modules, both polycrystalline and monocrystalline, solar inverters and other related equipment, sourced from India and abroad. It sells through a dealer network to residential, commercial and industrial customers, and has been empanelled as a national vendor under the Government of India PM Surya Ghar: Muft Bijli Yojana scheme.

Infrax Renewable Limited provides solar EPC services for rooftop and ground-mounted projects, supplies solar modules and inverters, and runs its own 1.2 MW plant in Gujarat under a 25-year power purchase agreement with PGVCL. It is empanelled as a national vendor under the PM Surya Ghar scheme.

IPO details

Issue price: ₹104
Price band: ₹104
Face value: ₹10
Lot size: 1200
Min investment: ₹1,24,800
Issue size: ₹40.88 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 7957
NSE symbol: INFRAX.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,24,800
Retail (Max)	1	1,200	₹1,24,800
HNI (Min)	2	2,400	₹2,49,600

Investor reservation

CATEGORY	RESERVED
NII	18,81,600 shares (50.42% of the Offer)
Retail	18,50,400 shares (49.58% of the Offer)

Objects of the issue

1Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility12.29

2Funding working capital requirements of the Company17.00

3General corporate purposes2.03

4Issue Expenses3.00

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	31.53	8.24	4.40
Total Income	93.33	30.48	9.66
Profit After Tax	10.20	2.85	0.96
EBITDA	14.56	4.50	1.76
NET Worth	15.77	1.89	1.40
Reserves and Surplus	14.52	0.89
Total Borrowing	6.99	3.02

Key performance indicators

P/E Ratio

14.5

EPS (₹)

7.17

RoCE

63.89%

RoNW

64.68%

PAT Margin

10.94%

✓ Strengths

• Sales have grown very fast, from Rs 9.66 crore in FY2024 to Rs 30.48 crore in FY2025 and Rs 93.33 crore in FY2026.

• Profit has grown alongside, from Rs 0.96 crore in FY2024 to Rs 2.85 crore in FY2025 and Rs 10.20 crore in FY2026.

• Return ratios are the highest in this batch of issues, with RoCE of 63.89% and RoNW of 64.68%.

• The issue is priced at about 14.5 times earnings on an EPS of Rs 7.17, which is modest against that growth.

• The 25 year power purchase agreement with PGVCL for its own 1.2 MW plant gives a long term contracted income stream.

• The business has three legs, EPC work, its own power generation and the sale of solar products, so it is not dependent on one activity.

• It is empanelled as a national vendor under the PM Surya Ghar scheme, which is the main government push for rooftop solar.

• Borrowing is low at Rs 6.99 crore, and EBITDA improved from Rs 1.76 crore in FY2024 to Rs 14.56 crore in FY2026.

⚠ Risks

• There is a serious inconsistency in the offer document data. The company is stated to have been incorporated in September 2024, yet financial figures are shown for FY2024 and FY2025, which cover periods ending before or around that date. This must be checked in the RHP before relying on the three year record.

• The growth is from a very small base. Income went up nearly ten times in two years, from Rs 9.66 crore to Rs 93.33 crore, and that pace cannot be assumed to continue.

• The company is small relative to what it is raising. Net worth was Rs 15.77 crore as on 31 March 2026 against an issue of Rs 40.88 crore, which is more than twice its own funds.

• Rooftop solar demand depends heavily on the PM Surya Ghar scheme and on state subsidies. Any change in scheme terms or delay in subsidy payment would directly affect orders.

• Solar module prices are volatile and a large part of supply is imported, so cost and availability are outside the company's control.

• Its own generation is small at 1.2 MW, so the steady IPP income is a minor part of the business at present.

• A part of the money goes into a proposed manufacturing facility, which is a new activity compared with its current EPC and trading work and brings execution risk.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Promoter holding falls from 70.64% to 49.73% after the issue, leaving the promoters at roughly a half share.

• This is a fixed price SME issue at Rs 104 per share, so there is no price discovery through bidding. One lot is 1,200 shares, about Rs 1.25 lakh, and SME shares usually trade in low volume after listing.

Promoters & holding

Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar and Khushboo Bhargav Vachhani

Pre-issue promoter holding

70.64%

Post-issue promoter holding

49.73%

Data refreshed 07 Nov 2026, 04:59 pm IST. GMP is unofficial market sentiment, not investment advice.