Himalayan Solar IPO
GMP, Subscription, Price, Dates & Financial Details
Miscellaneous
Himalayan Solar Limited, founded in 2015, is an integrated turnkey solar energy solutions provider specializing in design, manufacturing, supply, installation, and commissioning across four core business verticals:Solar Water Pumping Systems: The company's core focus area, utilizing solar pumps and…
Open Date
Fri, 25 Sep 2026
Close Date
Tue, 29 Sep 2026
Price Band
₹ 98 – 103
Lot Size
1200
Issue Size
₹ 68.03 Cr
Minimum Investment
₹ 247,200 (2400 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Himalayan Solar IPO is set to open its Initial Public Offering (IPO) for subscription on September 25, 2026. According to the Red Herring Prospectus (RHP), the IPO is a book-built issue with a total issue size of ₹68.03 Crore, comprising a fresh issue of 55.60 Lakh equity shares aggregating to ₹60.68 Crore and an offer for sale (OFS) of 7.14 Lakh equity shares aggregating to ₹7.35 Crore by the existing shareholders.
The Himalayan Solar IPO will open for subscription on September 25, 2026, and close on September 29, 2026. The basis of allotment is expected to be finalized on September 30, 2026, while the shares are tentatively scheduled to be listed on NSE SME Platform on October 05, 2026.
The company has fixed the price band at ₹98 to ₹103 per share, with a lot size of 1200 shares. Retail investors will require a minimum investment of ₹247,200 (based on the upper price band) to apply for one lot.
Maashitla Securities Pvt. Limited is the registrar to the issue. Finshore Management Services Limited are the Book Running Lead Managers (BRLMs) to the issue.
Before investing in the Himalayan Solar IPO, investors should carefully review the company's financial performance, business model, IPO objectives, and risk factors disclosed in the offer documents. Investors should also ensure that they submit their applications before the subscription window closes on September 29, 2026.
Himalayan Solar IPO Timeline (Tentative)
- IPO Open Date
- Fri, 25 Sep 26
- IPO Close Date
- Tue, 29 Sep 26
- Basis of Allotment
- Wed, 30 Sep 26
- Initiation of Refunds
- Thu, 01 Oct 26
- Credit of Shares to Demat
- Thu, 01 Oct 26
- Listing Date
- Mon, 05 Oct 26 — NSE
Open Date
25 September 2026
Close Date
29 September 2026
Basis Of Allotment
30 September 2026
Listing Date
05 October 2026
IPO Subscription
Check Live Subscription →The Himalayan Solar IPO subscription Data Unavailable. Subscription data will be available once biddings start. Bidding is open from 10:00 AM to 5:00 PM on 25 September 2026
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 31,39,200 shares, representing 50.04% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 5,02,800 shares (8.01%), while Non-Institutional Investors (NIIs) receive 18,79,200 shares (29.95%).
| Category | Shares Offered | Shares Offered |
|---|---|---|
| Anchor Investors | 752,400 | 11.99% |
| Qualified Institutions | 502,800 | 8.01% |
| Non-Institutional | 1,879,200 | 29.95% |
| BNII | 1,252,800 | 19.97% |
| SNII | 626,400 | 9.98% |
| Retail Investors | 3,139,200 | 50.04% |
| Total | 6,273,600 | 100% |
Financials Details(₹ in Crores)
| Particular | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 158.22 | 93.82 | 84.14 |
| Revenue | 171.69 | 143.14 | 138.65 |
| Profit After Tax | 20.67 | 16.43 | 4.95 |
| Net Worth | 46.93 | 26.46 | 10.33 |
| Reserve & Surplus | 30.71 | 22.85 | 6.73 |
| Total Borrowings | 36.12 | 26.95 | 23.54 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Himalayan Solar Limited KPI Information
| Particular | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 56 | 0 | 0 |
| ROCE % | 35.84 | 44.32 | 23.37 |
| Debt / Equity | 0.77 | 1.02 | 2.28 |
| RoNW % | 44.04 | 44.81 | 23.38 |
| Pat Margin % | 12.13 | 11.54 | 3.58 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Himalayan Solar Ltd | 10 | 0 | 12.74 | 12.74 | 44.04 | 28.93 |
| Ganesh Green Bharat Ltd | 10 | 7.11 | 30.31 | 30.31 | 26.82 | 113.02 |
| Solarium Green Energy Ltd | 10 | 14.99 | 9.81 | 9.81 | 12.58 | 77.93 |
| Australian Premium Solar (India) Ltd | 10 | 8.34 | 28.7 | 28.7 | 35.24 | 81.44 |
About Himalayan Solar Limited
Himalayan Solar Limited, founded in 2015, is an integrated turnkey solar energy solutions provider specializing in design, manufacturing, supply, installation, and commissioning across four core business verticals:
Solar Water Pumping Systems: The company's core focus area, utilizing solar pumps and controllers produced via OEM partnerships and marketed under the proprietary Himalayan Solar brand. As of March 31, 2026, the company has deployed over 85,000 HP of capacity across government projects in India.
Turnkey Solar EPC Solutions: Comprehensive EPC services covering design through commissioning for Solar Inverter Charge Systems, Solar Rooftop Power Systems, and broader utility-scale projects.
Skill Development & Training: Partnered with the National Skill Development Corporation (NSDC) as an exclusive industry franchisee for the "National Entrepreneurship Drive (NED)," aiming to train and onboard up to 200,000 Panchayat-level micro-entrepreneurs.
Solar Product Distribution: Direct supply and commercialization of solar PV modules, solar cells, solar batteries, and related components.
As of August 31, 2025, the company employed a full-time team of 87 personnel.
Himalayan Solar IPO Promoters
- Mr. Manjeet Singh
- Mrs. Karthiyani M
- Mr. Himanshu Dalal
- Mr. Mehtab Singh
- Mrs. Anita Kumari
Promoters Holding
Holding Pre Issue
100.00%
Holding Post Issue
70.13%
Himalayan Solar IPO Objective
The Company Himalayan Solar IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Funding Capital Expenditure for Expansion and Upgradation of existing Manufacturing Facility
- To meet incremental Working Capital requirements of the Company
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by our Company
- General Corporate Expenses
Himalayan Solar Limited Address / Contact Details
Himalayan Solar Ltd.
SCO-411 2nd Floor,
Sector 20,
Panchkula, Haryana, 134117
Phone: +91 7087117405
Email: cs@himalayansolar.co.in
Website: http://www.himalayansolar.co.in/
IPO Snapshot
Himalayan Solar IPO Lot Size
The Himalayan Solar IPO has a lot size of 1,200 shares. Retail investors require a minimum investment of ₹2,47,200 by applying for 2 lot (2,400 shares). The maximum application allowed for the retail category is 2 lots (2,400 shares), requiring an investment of ₹2,47,200.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 247,200.00 |
| Retail (Max) | 2 | 2,400 | 247,200.00 |
| S-HNI (Min) | 3 | 3,600 | 370,800.00 |
| S-HNI (Max) | 8 | 9,600 | 988,800.00 |
| B-HNI (Min) | 9 | 10,800 | 1,112,400.00 |
Issue Reservation
- Anchor Investors — 11.99%
- QIB — 8.01%
- NII — 29.95%
- RII — 50.04%
Book Running Lead Managers
- Finshore Management Services Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Himalayan Solar IPO?
Himalayan Solar IPO is a Book-building IPO with a total issue size of ₹68.03 crore. The Himalayan Solar IPO price band is ₹98 to 103 per share. The Himalayan Solar IPO subscription opens on Fri, Sep 25, 2026, and closes on Tue, Sep 29, 2026. The Himalayan Solar IPO will be listed on the NSE. Maashitla Securities Pvt. Limited is the registrar for the Himalayan Solar IPO.
When will the Himalayan Solar IPO open for subscription?
The Himalayan Solar IPO opens on Fri, Sep 25, 2026 and closes on Tue, Sep 29, 2026
What is Himalayan Solar IPO Price Band?
Himalayan Solar IPO Price Band is ₹98 to 103 per share.
What is Himalayan Solar IPO Lot Size?
Himalayan Solar IPO lot size is 1200 shares, Retail investors need a minimum investment of ₹247200 based on the upper price band
What is the minimum investment for Himalayan Solar IPO?
The minimum investment for Himalayan Solar IPO is ₹247200, based on one lot of 1200 shares at the upper price band of ₹103 per share.
How to apply for Himalayan Solar IPO?
Investors can apply for the Himalayan Solar IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Tue, Sep 29, 2026. The application amount remains blocked until the Himalayan Solar IPO allotment is finalized.
What is Himalayan Solar IPO Issue Size?
Himalayan Solar IPO issue size is ₹68.03 crores.
What is the Himalayan Solar IPO Allotment Date?
Himalayan Solar IPO allotment date is Wed, Sep 30, 2026.
Who is the Himalayan Solar IPO Registrar?
The registrar for Himalayan Solar IPO is Maashitla Securities Pvt. Limited. Investors can go to Maashitla Securities Pvt. Limited website to check Himalayan Solar IPO allotment status, refund processing, and other IPO-related information.
Who is the Himalayan Solar IPO Lead Manager?
The book-running lead managers (BRLMs) for the Himalayan Solar IPO are Finshore Management Services Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Himalayan Solar IPO Red Herring Prospectus (RHP).