Himalayan Solar Limited Sets IPO Price Band at ₹98–₹103; Issue to Open on September 25
Bilkul Bazaar
Ahmedabad
Company aims to raise ₹6,802.94 lakh through IPO
Himalayan Solar Limited, a company engaged in the manufacturing of Solar PV Modules and providing integrated solar energy solutions, has announced a price band of ₹98 to ₹103 per equity share for its upcoming Initial Public Offering (IPO).
The IPO will open for subscription on September 25, 2026, and close on September 29, 2026. The bidding for Anchor Investors will open a day earlier on September 24, 2026.
The company plans to raise up to ₹6,802.94 lakh through the issue and proposes to list its shares on the NSE Emerge platform. Finshore Management Services Limited is the Book Running Lead Manager to the issue, while Maashitla Securities Private Limited is the Registrar.
Fresh Issue and Offer for Sale
The IPO will comprise a fresh issue of up to 58,90,800 equity shares along with an offer for sale (OFS) of up to 7,14,000 equity shares. The shares have a face value of ₹10 each and will be offered through the book-building process.
The issue also includes a reservation of up to 3,31,200 equity shares for the Market Maker. Of the net offer to the public, at least 18,79,200 shares will be reserved for Non-Institutional Investors (NIIs), up to 12,55,200 shares for Qualified Institutional Buyers (QIBs), and at least 31,39,200 shares for Individual Investors.
IPO Proceeds to Fund Expansion and Working Capital
Himalayan Solar plans to deploy a substantial portion of the IPO proceeds towards strengthening its manufacturing and financial position.
According to the company, up to ₹1,298.30 lakh will be utilised for capital expenditure, including the purchase of additional plant and machinery for the expansion and upgradation of its existing manufacturing facility.
Another ₹211.99 lakh is proposed to be used towards repayment or pre-payment of outstanding borrowings. The company has earmarked up to ₹2,950 lakh for working capital requirements, while the balance of the proceeds will be used for general corporate purposes.
Focus on Integrated Solar Energy Solutions
Incorporated in 2015, Himalayan Solar operates across various segments of the solar energy value chain. Its activities include the design, manufacturing, supply, installation and commissioning of solar products and systems.
The company has a particular focus on Solar Water Pumping Systems and also undertakes Solar EPC contracts, provides solar support services and sells solar products.
Himalayan Solar said it caters to projects across India and is empanelled as a solar partner with several state governments, including Haryana, Rajasthan, Maharashtra, Punjab and Madhya Pradesh.
The company also holds ISO 9001:2015 certification for its quality management systems covering the design, manufacturing and supply of Solar PV Modules/Panels, Solar Pump Controllers, Solar Charge Controllers and Solar Water Pumping Systems.
Order Book Stands at ₹14,021.69 Lakh
As of July 31, 2026, Himalayan Solar had 10 ongoing projects with an aggregate unexecuted order book valued at ₹14,021.69 lakh.
The company stated that the order book comprises majorly government projects. Its business during fiscal 2026 was largely driven by Solar EPC contracts, which accounted for 97.54% of revenue. Solar Support Services contributed 2.35%, while the sale of solar products accounted for 0.11%.
Revenue and Profit Show Growth in FY2026
Himalayan Solar reported an improvement in both revenue and profit in fiscal 2026.
For FY2026, the company recorded revenue from operations of ₹17,034.32 lakh and a profit after tax (PAT) of ₹2,066.61 lakh, resulting in a PAT margin of 12.13%.
In comparison, the company reported revenue of ₹14,243.73 lakh and PAT of ₹1,643.06 lakh in FY2025, with a PAT margin of 11.54%.
Company Positioned Around Solar EPC and Water Pumping
Himalayan Solar’s business model is predominantly centred on Solar EPC projects, with the company providing solutions covering multiple stages—from design and manufacturing to installation and commissioning.
Its emphasis on Solar Water Pumping Systems also places the company in a segment that combines solar power generation with agricultural and water-management applications. The company’s stated government empanelments and ongoing projects form an important part of its current project portfolio.
IPO at a Glance
| Particular | Details |
| Company | Himalayan Solar Limited |
| IPO Price Band | ₹98–₹103 per share |
| Issue Opens | September 25, 2026 |
| Issue Closes | September 29, 2026 |
| Anchor Investor Bidding | September 24, 2026 |
| Issue Size | Up to ₹6,802.94 lakh |
| Fresh Issue | Up to 58,90,800 equity shares |
| Offer for Sale | Up to 7,14,000 equity shares |
| Proposed Listing | NSE Emerge |
| Lead Manager | Finshore Management Services Limited |
| Registrar | Maashitla Securities Private Limited |
| Order Book as of July 31, 2026 | ₹14,021.69 lakh |
| FY2026 Revenue | ₹17,034.32 lakh |
| FY2026 PAT | ₹2,066.61 lakh |
Disclaimer: This article is for information purpose only and is not investment advice. Please read the IPO documents carefully before investing.
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Himalayan Solar Sets IPO Price Band at ₹98–₹103
Himalayan Solar Limited has announced a ₹6,802.94 lakh IPO, with the issue scheduled to open on September 25 and close on September 29, 2026.
IPO Proceeds to Fund Expansion and Working Capital
The company plans to use the proceeds for plant and machinery, manufacturing facility expansion, repayment of borrowings and working capital requirements.
Himalayan Solar Builds ₹14,021.69 Lakh Order Book
As of July 31, 2026, the company had 10 ongoing projects with an aggregate unexecuted order book of ₹14,021.69 lakh, comprising mainly government projects.
Company Reports Growth in FY2026
Himalayan Solar reported ₹17,034.32 lakh revenue and ₹2,066.61 lakh PAT in FY2026, compared with ₹14,243.73 lakh revenue and ₹1,643.06 lakh PAT in FY2025.
Disclaimer: This report is for information and educational purposes only and should not be construed as investment advice or a recommendation to buy or sell securities; investors should conduct their own research and consult a qualified financial adviser before making investment decisions.
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