Himalayan Solar Limited is launching its IPO from 25 September to 29 September 2026. The company is raising up to ₹68.03 crore through a combination of a fresh issue and an offer for sale (OFS). The shares are proposed to be listed on the NSE Emerge SME platform.
Himalayan Solar provides integrated solar energy solutions, with Solar Water Pumping Systems as its main business. It also manufactures solar PV modules and provides solar EPC and other solar solutions. As of 31 March 2026, the company had implemented more than 85,000 HP of Solar Water Pumping Systems under government projects in India.
Table of Contents
- Himalayan Solar IPO Details
- About Himalayan Solar
- Himalayan Solar Business Model
- Himalayan Solar Manufacturing Capacity
- Himalayan Solar IPO: Fresh Issue vs OFS
- Objects of the IPO
- Himalayan Solar Financial Performance
- Himalayan Solar Revenue Breakdown
- Customer Concentration
- Himalayan Solar Order Book
- Himalayan Solar Cash Flow and Debt
- Himalayan Solar IPO Valuation
- Key Strengths
- Key Risks
- Himalayan Solar IPO: What Investors Should Know
- Conclusion
- FAQs
Himalayan Solar IPO is an SME book-built issue of ₹68.03 crore, comprising a fresh issue and an Offer for Sale.
Below are the key details of the Himalayan Solar IPO:
| Particulars |
Details |
| Company |
Himalayan Solar Limited |
| IPO Type |
Book-built SME IPO |
| IPO Open Date |
25 September 2026 |
| IPO Close Date |
29 September 2026 |
| Price Band |
₹98-₹103 per share |
| Face Value |
₹10 per share |
| Total Issue Size |
₹68.03 crore |
| Fresh Issue |
58,90,800 shares |
| Fresh Issue Value |
Up to ₹60.68 crore |
| Offer for Sale |
7,14,000 shares |
| OFS Value |
Up to ₹7.35 crore |
| Total Shares Offered |
66,04,800 |
| Lot Size |
1,200 shares |
| Minimum Application |
2 lots / 2,400 shares |
| Minimum Investment at Upper Band |
₹2,47,200 |
| Listing |
NSE Emerge |
| Allotment |
30 September 2026 |
| Refund/Share Credit |
1 October 2026 |
| Expected Listing Date |
5 October 2026 |
| Lead Manager |
Finshore Management Services Limited |
| Registrar |
Maashitla Securities Private Limited |
The IPO comprises 58,90,800 fresh shares and 7,14,000 OFS shares. A portion of the issue is reserved for the market maker. The fresh issue proceeds will go to Himalayan Solar, while the OFS proceeds will go to the selling shareholder.
The IPO schedule is based on the current issue timetable and may be revised through subsequent exchange or company disclosures.
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Get the latest details on the Himalayan Solar IPO, including its price band, issue structure, lot size and proposed NSE Emerge listing.
Himalayan Solar Limited was incorporated in September 2015 and is headquartered in Panchkula, Haryana.
The company provides integrated turnkey solar solutions covering the design, manufacturing, supply, installation and commissioning of solar products and systems.
Its key business areas include:
- Solar Water Pumping Systems
- Solar PV Modules
- Solar Inverter Charge Systems
- Solar Rooftop Power Systems
- Solar EPC solutions
- Other solar products
Solar Water Pumping Systems are its primary business. The company states that it had implemented more than 85,000 HP of solar water pumping systems under government projects as of 31 March 2026.
Himalayan Solar operates across different parts of the solar value chain, including system design, supply, installation and commissioning.
Its major business is Solar Water Pumping Systems, particularly for government projects. The company also manufactures solar PV modules and supplies other solar products.
Government projects accounted for approximately 97.19% of FY2026 revenue, making government schemes, tender awards and project execution important to its business.
The company has executed projects under government-supported solar programmes, including solar water pumping projects.
Himalayan Solar has a solar PV module manufacturing facility in Haryana.
As of 31 March 2026, the company had the following disclosed capacity:
| Module Type |
Capacity |
| Polycrystalline Solar PV Modules |
40 MW |
| Mono-PERC Solar PV Modules |
60 MW |
| Total |
100 MW |
The company has commissioned a 60 MW Mono-PERC module manufacturing line and plans to expand the facility to 160 MW by adding further manufacturing capacity. The proposed expansion is partly funded through the IPO.
The Himalayan Solar IPO has both a fresh issue and an OFS.
| Particulars |
Issue Details |
| Fresh Issue |
58,90,800 shares worth up to ₹60.68 Cr |
| OFS |
7,14,000 shares worth up to ₹7.35 Cr |
| Total IPO |
66,04,800 shares worth ₹68.03 Cr |
The OFS is being offered by promoter shareholder Karthyayini M.
The company will receive the proceeds from the fresh issue, while the OFS proceeds will go to the selling shareholder.
The company plans to use the fresh issue proceeds for the following purposes:
| Purpose |
Amount |
| Plant and machinery |
₹12.98 Cr |
| Repayment/prepayment of borrowings |
₹2.12 Cr |
| Working capital requirements |
₹29.50 Cr |
| General corporate purposes |
Balance |
The largest identified allocation is towards working capital, followed by expenditure on plant and machinery for expansion and upgradation of the manufacturing facility.
Himalayan Solar's financial performance improved between FY2024 and FY2026.
FY2024 Financial Performance
| Particulars |
FY2024 |
| Revenue from Operations |
₹138.32 Cr |
| Total Income |
₹138.65 Cr |
| EBITDA |
₹8.48 Cr |
| PAT |
₹4.95 Cr |
FY2025 Financial Performance
| Particulars |
FY2025 |
| Revenue from Operations |
₹142.44 Cr |
| Total Income |
₹143.14 Cr |
| EBITDA |
₹24.77 Cr |
| PAT |
₹16.43 Cr |
FY2026 Financial Performance
| Particulars |
FY2026 |
| Revenue from Operations |
₹170.34 Cr |
| Total Income |
₹171.69 Cr |
| EBITDA |
₹31.14 Cr |
| PAT |
₹20.67 Cr |
Revenue from operations increased from ₹138.32 crore in FY2024 to ₹170.34 crore in FY2026, while PAT increased from ₹4.95 crore to ₹20.67 crore over the same period.
Solar Water Pumping Systems account for most of Himalayan Solar's revenue.
FY2024 Revenue Breakdown
| Particulars |
FY2024 |
| Solar Water Pumping Systems |
₹123.67 Cr |
| Solar Power Plants & Inverter Systems |
₹0.30 Cr |
| Solar Panels, Cells & Other Products |
₹14.35 Cr |
| Skill Development Training |
— |
| Revenue from Operations |
₹138.32 Cr |
FY2025 Revenue Breakdown
| Particulars |
FY2025 |
| Solar Water Pumping Systems |
₹140.49 Cr |
| Solar Power Plants & Inverter Systems |
₹1.71 Cr |
| Solar Panels, Cells & Other Products |
₹0.23 Cr |
| Skill Development Training |
— |
| Revenue from Operations |
₹142.44 Cr |
FY2026 Revenue Breakdown
| Particulars |
FY2026 |
| Solar Water Pumping Systems |
₹166.16 Cr |
| Solar Power Plants & Inverter Systems |
— |
| Solar Panels, Cells & Other Products |
₹0.19 Cr |
| Skill Development Training |
₹4.00 Cr |
| Revenue from Operations |
₹170.34 Cr |
Solar Water Pumping Systems contributed approximately 97.5% of FY2026 revenue from operations, making it the company's dominant revenue source.
Customer concentration is an important factor in the Himalayan Solar IPO analysis.
| Customer Group |
FY2026 Revenue Contribution |
| Largest customer |
50.00% |
| Top 5 customers |
99.54% |
The high contribution from a small number of customers means that a loss, delay or reduction in orders from major customers could materially affect the company's revenue.
As of 31 July 2026, Himalayan Solar had 10 ongoing projects with an aggregate unexecuted order book of approximately ₹140.22 crore.
The order book provides visibility for future project execution. However, the order-book value is not the same as guaranteed revenue or profit, as execution depends on project milestones, contractual conditions and customer payments.
Cash flow is an important consideration because the company's business requires working capital.
FY2024 Cash Flow
| Particulars |
FY2024 |
| Operating Cash Flow |
-₹5.52 Cr |
| Investing Cash Flow |
-₹5.59 Cr |
| Financing Cash Flow |
₹3.50 Cr |
FY2025 Cash Flow
| Particulars |
FY2025 |
| Operating Cash Flow |
₹3.90 Cr |
| Investing Cash Flow |
₹0.21 Cr |
| Financing Cash Flow |
₹1.48 Cr |
FY2026 Cash Flow
| Particulars |
FY2026 |
| Operating Cash Flow |
-₹2.07 Cr |
| Investing Cash Flow |
-₹3.00 Cr |
| Financing Cash Flow |
₹6.91 Cr |
The company reported negative operating cash flow of ₹2.07 crore in FY2026, despite reporting PAT of ₹20.67 crore.
Total borrowings stood at approximately ₹36.12 crore as of 31 March 2026.
The IPO proposes to use ₹2.12 crore towards repayment or prepayment of borrowings.
At the upper price band of ₹103 per share, the company's post-issue market capitalisation is approximately ₹227.73 crore.
Based on FY2026 earnings and the post-issue share capital, the implied P/E is approximately 11.02x.
| Valuation Metric |
FY2026 / IPO |
| Upper Price Band |
₹103 |
| Post-issue Market Cap |
₹227.73 Cr |
| P/E |
~11.02x |
| RoNW |
~44% |
| Debt/Equity |
~0.77x |
The valuation should be considered alongside the company's customer concentration, government-project dependence, working-capital requirements and cash-flow profile.
Himalayan Solar has several operational and financial factors that support its business position and future growth plans.
1. Solar Water Pumping Experience
The company has implemented more than 85,000 HP of Solar Water Pumping Systems under government projects as of 31 March 2026.
2. Manufacturing Expansion
The company plans to expand its solar module manufacturing capacity, with IPO proceeds partly allocated towards plant and machinery.
3. Improvement in Profitability
PAT increased from ₹4.95 crore in FY2024 to ₹20.67 crore in FY2026.
4. Order Book
The company had an unexecuted order book of approximately ₹140.22 crore as of 31 July 2026.
Himalayan Solar faces several business, financial and operational risks that investors should consider before evaluating the IPO.
1. Customer Concentration
The top five customers accounted for approximately 99.54% of FY2026 revenue, creating concentration risk.
2. Dependence on Government Projects
Government projects contributed approximately 97.19% of FY2026 revenue, exposing the company to changes in government schemes, tender activity, project awards and payment cycles.
3. Negative Operating Cash Flow
Operating cash flow was negative in FY2026 despite positive PAT. Investors should monitor whether future profits translate into operating cash flow.
4. Working Capital
The company's business requires substantial working capital. The IPO itself allocates ₹29.50 crore towards working capital requirements.
5. Manufacturing Expansion Risk
The planned capacity expansion requires additional investment and successful execution. Delays or lower-than-expected capacity utilisation could affect the expected benefits.
6. SME Listing
Himalayan Solar is proposed to list on the NSE Emerge SME platform. Investors should consider the trading and liquidity characteristics of SME-listed securities separately from main-board companies.
Himalayan Solar is primarily a Solar Water Pumping Systems and solar solutions company with significant exposure to government projects.
The company has reported growth in revenue and PAT, has an unexecuted order book of ₹140.22 crore as of 31 July 2026 and plans to expand its solar module manufacturing capacity.
At the same time, investors should pay close attention to customer concentration, government-project dependence, working-capital requirements, negative operating cash flow and execution of the planned manufacturing expansion.
These factors are important when assessing the company's financial performance and future growth.
Planning to apply for the Himalayan Solar IPO? Apply online through Zerodha and submit your IPO application with ease.
Himalayan Solar's IPO will provide funds for working capital, manufacturing expansion and partial repayment of borrowings. The company has a strong focus on Solar Water Pumping Systems and has reported improvement in revenue and profitability through FY2026.
However, its high dependence on government projects and concentrated customer base, along with working-capital requirements and negative operating cash flow in FY2026, are important factors for investors to consider.
The company's ability to execute its order book, manage working capital and utilise its expanded manufacturing capacity will be important to monitor after the IPO.
Want to compare Himalayan Solar with other SME offerings on issue size, price band and minimum application requirements? Check recent SME IPOs for their key issue details.
1. What is the Himalayan Solar IPO price band?
The Himalayan Solar IPO price band is ₹98 to ₹103 per share.
2. What is the Himalayan Solar IPO issue size?
The total issue size is ₹68.03 crore, comprising a fresh issue of up to ₹60.68 crore and an OFS of up to ₹7.35 crore.
3. What is the Himalayan Solar IPO lot size?
The lot size is 1,200 shares. The minimum application is 2 lots, or 2,400 shares, under the current issue structure.
4. What is the minimum investment in Himalayan Solar IPO?
At the upper price band of ₹103, the minimum application of 2,400 shares requires ₹2,47,200.
5. What was Himalayan Solar's FY2026 revenue?
Himalayan Solar reported ₹170.34 crore revenue from operations and ₹20.67 crore PAT in FY2026.
6. What is the Himalayan Solar IPO valuation?
At ₹103 per share, the post-issue market capitalisation is approximately ₹227.73 crore, with an implied FY2026 P/E of approximately 11.02x.
7. What are the major risks in the Himalayan Solar IPO?
The major risks include customer concentration, dependence on government projects, working-capital requirements, negative operating cash flow and manufacturing expansion risks.
8. Where will Himalayan Solar list?
Himalayan Solar is proposed to list on the NSE Emerge SME platform.
Source note: IPO terms and offer-related information should be checked against the latest RHP/Prospectus and NSE disclosures before applying. NSE's official offer-document page hosts the company's RHP, Prospectus, price-band advertisement and related filings.