Himalayan Solar IPO 2026: Date, Price Band, GMP, Allotment, Lot Size & Listing Details

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Himalayan Solar SME IPO allotment status

Allotment was finalised on 30 September 2026. Check your status on the registrar site.

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Himalayan Solar Limited IPO
HS
Himalayan Solar Limited IPO
Turnkey Solar Solutions · Solar Water Pumping Systems · Solar PV Modules · Panchkula, Haryana
📋 NSE SME IPO Fresh + OFS NSE SME
₹103
Upper Price
₹68.03 Cr
Issue Size
Oct 5, 2026
Listing Date
₹167.05 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative
🟢
IPO Opens
Friday, 25 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Tuesday, 29 September 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Wednesday, 30 September 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Thursday, 1 October 2026
Unallotted funds returned; shares credited to demat
🏷️
Monday, 5 October 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date25 September 2026 (Fri)
IPO Close Date29 September 2026 (Tue)
Listing Date5 October 2026 (Mon)
Face Value₹10 per share
Price Band₹98 to ₹103
Issue Price (Upper Band)₹103 per share
Issue TypeBook Build — Fresh + OFS
Lot Size1,200 shares (Min App: 2 Lots / 2,400 Shares)
Total Issue Size66,04,800 shares (₹68.03 Cr)
Fresh Issue58,90,800 shares (₹60.68 Cr)
Offer for Sale (OFS)7,14,000 shares (₹7.35 Cr)
Market Maker Portion3,31,200 shares
Pre-Issue Shares1,62,18,899
Post-Issue Shares2,21,09,699
Promoter Holding (Pre)100.00%
Market Cap (Pre-IPO)₹167.05 Cr
Listing ExchangeNSE SME
Lead ManagerFinshore Management Services Ltd.
RegistrarMaashitla Securities Pvt.Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹103
Investor TypeLotsSharesAmount
Retail — Minimum22,400₹2,47,200
Retail — Maximum22,400₹2,47,200
S-HNI (sNII) — Min33,600₹3,70,800
S-HNI (sNII) — Max89,600₹9,88,800
B-HNI (bNII) — Min910,800₹11,12,400
⚠️ Note: Investors can bid for a minimum of 2,400 shares (2 lots) and in multiples of 1,200 shares thereafter. Market Maker reservation comprises 3,31,200 shares allotted to Anant Securities.
👥 Investor Reservation
Allocated portion of Net Offer
50.04% (31.39 L Sh)
Retail Portion
29.95% (18.79 L Sh)
NII Portion
20.01% (12.55 L Sh)
QIB Portion
📊 Subscription Status
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📈 Company Financials
Proforma Consolidated · ₹ Crore
Metric31 Mar 202631 Mar 202531 Mar 2024
Total Assets158.2293.8284.14
Total Income171.69143.14138.65
PAT20.6716.434.95
EBITDA29.0423.587.83
Net Worth46.9326.4610.33
Reserves & Surplus30.7122.856.73
Total Borrowing36.1226.9523.54
Income Growth
FY 2023–24₹138.65 Cr
FY 2024–25₹143.14 Cr
FY 2025–26₹171.69 Cr
🎯 Key Performance Indicators
56.00%
ROE
FY 2025–26
0.77
Debt/Equity
FY 2025–26
35.84%
ROCE
FY 2025–26
12.13%
PAT Margin
FY 2025–26
17.05%
EBITDA Margin
FY 2025–26
44.04%
RoNW
FY 2025–26
3.56x
Price/Book
FY 2025–26
28.93
NAV
FY 2025–26
⚖️ Valuation & EPS
Pre-IPO EPS
₹12.74
FY26 earnings + pre-issue shares
P/E: 8.08x
Post-IPO EPS
₹9.35
FY26 earnings + post-issue shares
P/E: 11.02x
Price to Book Value
3.56x
At upper price band ₹103
Market Cap (Pre-IPO)
₹167.05 Cr
At issue price ₹103
ℹ️ Pre-IPO EPS (₹12.74) based on pre-issue shares (1,62,18,899) and FY26 restated PAT (₹20.67 Cr). Post-IPO EPS (₹9.35) accounts for the dilution resulting from the issuance of 58,90,800 fresh equity shares extending the total post-issue equity to 2,21,09,699 shares. Post-IPO Market Cap expands to ₹227.73 Cr at the upper issue price of ₹103.
🎯 Objects of the Issue
Net proceeds utilisation
1
Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility
₹12.98 Cr
2
Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company
₹2.12 Cr
3
To meet working capital requirements
₹29.50 Cr
4
General Corporate Expenses
Balance
Total Fresh Issue Goal ₹60.68 Cr
🏢 About Himalayan Solar Ltd.
Est. 2015 · Panchkula, Haryana · Turnkey Solar Energy Solutions

Himalayan Solar Limited, incorporated in 2015, specializes in delivering integrated turnkey solar energy solutions across India. The company’s capabilities span the design, manufacturing, supply, installation, and commissioning of a wide spectrum of solar equipment, with primary domain leadership in Solar Water Pumping Systems. It additionally engineers complete setups for Solar Inverter Charge Systems and Solar Rooftop Power projects.

The business operates across key verticals: (i) Turnkey EPC Solar Projects; (ii) Solar Water Pumping Systems, deploying specialized pumps and controllers manufactured via OEM partnerships and marketed under the ‘Himalayan Solar’ brand; (iii) Skill Development Support via an exclusive MoU with NSDC under the National Entrepreneurship Drive (NED) to onboard up to 2,00,000 Panchayat-level micro-entrepreneurs; and (iv) Sale of Solar Products including PV Modules, cells, and batteries. As of March 31, 2026, the company had implemented over 85,000 HP capacity of Solar Water Pumping Systems as part of government projects. Its annual manufacturing capacity commands 40 MW of Polycrystalline modules (1,19,000 units) and 60 MW of Mono PERC modules (~1,07,500 units of 555W–560W). As of July 31, 2026, the company employed 87 permanent personnel.

Brand Ecosystem
☀️
Solar Water Pumping
Over 85,000 HP implemented across government-backed agricultural and rural development initiatives.
🔌
Turnkey EPC Solutions
End-to-end design, installation, and commissioning for commercial rooftops and ground-mounted projects.
🏭
PV Module Manufacturing
Combined 100 MW capacity across 40 MW Polycrystalline and 60 MW Mono PERC solar module production lines.
🤝
NSDC Franchisee Partner
Exclusive partnership onboarding up to 2,00,000 Panchayat micro-entrepreneurs under the National Entrepreneurship Drive.
Competitive Strengths
🏆Established presence in government-focused renewable energy tenders across multiple Indian states.
🔄Integrated capabilities pairing captive solar module manufacturing with turnkey project execution.
📋Robust confirmed order book providing revenue visibility across government and commercial projects.
📈Exceptional return metrics logging a 56.00% ROE and a 35.84% ROCE for the year ended March 31, 2026.
Company Promoters
HS
Manjeet Singh, Karthiyani M & Himanshu Dalal
Promoters, Himalayan Solar Ltd.
MS
Mehtab Singh & Anita Kumari
Promoters, Himalayan Solar Ltd.
Key Selling Shareholders (OFS)
Karthayayini M7,14,000 Shares (₹7.35 Cr)
📅 Key Dates
IPO Opens25 Sep 2026
IPO Closes29 Sep 2026
Allotment30 Sep 2026
Refund & Share Credit1 Oct 2026
Listing Day5 Oct 2026
💡 Quick Summary
Price Band₹98 – ₹103
Upper Price₹103 / share
Lot Size1,200 shares
Min. Investment (Retail)₹2,47,200 (2 Lots)
Issue Size₹68.03 Cr
ListingNSE SME
🏦 Registrar & Lead Manager
Registrar
Maashitla Securities Pvt.Ltd.
📞 011-45121795
[email protected]
Lead Manager
Finshore Management Services Ltd.
📍 Registered Address
Himalayan Solar Ltd.
SCO-411 2nd Floor, Sector 20,
Panchkula, Haryana — 134117
📞 +91 7087117405
[email protected]
🛡️ Regulatory Note: SME IPO investments are subject to SEBI regulations and higher lot size restrictions. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️ Disclaimer: This page presents publicly available information from the Himalayan Solar IPO RHP for informational purposes only. This format is generated adhering to the required structure as specified in the IPO NEW FORMAT source file. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
📊
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