Infrax Renewable IPO
GMP, Subscription, Price, Dates & Financial Details
Power and Energy
Infrax Renewable Ltd is a solar energy company incorporated in September 2024 and engaged in solar Engineering, Procurement and Construction (EPC) services, solar product distribution and Independent Power Producer (IPP) operations. The Company provides end-to-end solar solutions for residential,…
Open Date
Wed, 09 Sep 2026
Close Date
Fri, 11 Sep 2026
Issue Price
₹ 104
Lot Size
1200
Issue Size
₹ 47.96 Cr
Minimum Investment
₹ 249,600 (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
Infrax Renewable IPO is set to open its Initial Public Offering (IPO) for subscription on September 09, 2026. According to the Red Herring Prospectus (RHP), the IPO is a fixed price issue with a total issue size of ₹47.96 Crore, comprising a fresh issue of 45.43 Lakh equity shares aggregating to ₹40.88 Crore and an offer for sale (OFS) of 6.80 Lakh equity shares aggregating to ₹7.08 Crore by the existing shareholders.
The Infrax Renewable IPO will open for subscription on September 09, 2026, and close on September 11, 2026. The basis of allotment is expected to be finalized on September 15, 2026, while the shares are tentatively scheduled to be listed on BSE SME Platform on September 17, 2026.
The company has fixed the price at ₹104 per share, with a lot size of 1200 shares. Retail investors will require a minimum investment of ₹249,600 (based on the upper price band) to apply for one lot.
Bigshare Services Pvt Ltd is the registrar to the issue. Smart Horizon Capital Advisors Private Limited are the Book Running Lead Managers (BRLMs) to the issue.
Before investing in the Infrax Renewable 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 11, 2026.
Infrax Renewable IPO Timeline (Tentative)
- IPO Open Date
- Wed, 09 Sep 26
- IPO Close Date
- Fri, 11 Sep 26
- Basis of Allotment
- Tue, 15 Sep 26
- Initiation of Refunds
- Wed, 16 Sep 26
- Credit of Shares to Demat
- Wed, 16 Sep 26
- Listing Date
- Thu, 17 Sep 26 — BSE
Open Date
09 September 2026
Close Date
11 September 2026
Basis Of Allotment
15 September 2026
Listing Date
17 September 2026
IPO Subscription
Check Live Subscription →The Infrax Renewable IPO subscription Data Unavailable. Subscription data will be available once biddings start. Bidding is open from 10:00 AM to 5:00 PM on 09 September 2026
IPO Reservations
Reservation Details Are not Available until IPO Opens.
Reservation figures are shown once IPO opens.
Financials Details(₹ in Crores)
| Particular | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 31.53 | 8.24 | 4.4 |
| Revenue | 93.33 | 30.48 | 9.66 |
| Profit After Tax | 10.2 | 2.85 | 0.96 |
| Net Worth | 15.77 | 1.89 | 1.4 |
| Reserve & Surplus | 14.52 | 0.89 | 0 |
| Total Borrowings | 6.99 | 3.02 | 0 |
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.
Infrax Renewable Limited KPI Information
| Particular | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 115.54 | 173.39 | 96.15 |
| ROCE % | 63.89 | 91.39 | 125.59 |
| Debt / Equity | 0.44 | 1.6 | 0 |
| RoNW % | 64.68 | 151.2 | 68.24 |
| Pat Margin % | 10.94 | 9.36 | 9.92 |
Peers Comparison
No Peer Comparision Available
About Infrax Renewable Limited
Infrax Renewable Ltd is a solar energy company incorporated in September 2024 and engaged in solar Engineering, Procurement and Construction (EPC) services, solar product distribution and Independent Power Producer (IPP) operations. The Company provides end-to-end solar solutions for residential, commercial and industrial customers, covering project design and engineering, procurement, installation, testing, commissioning and operation & maintenance (O&M).
Its EPC business focuses on rooftop solar projects for residential customers and ground-mounted solar projects for commercial customers. Project execution is supported by an extensive dealer network and third-party contractors. The Company has completed 5,708 rooftop and ground-mounted solar projects over the last three years, while its dealer network expanded from 720 in FY24 to 2,830 dealers in FY26. As of August 20, 2026, its ongoing order book stood at approximately ₹62.44 crore across 3,100 projects.
Infrax Renewable also distributes a range of solar products, including solar PV modules, inverters, cables, electrical protection equipment and mounting-related components. Its solar PV module portfolio includes both polycrystalline and monocrystalline panels sourced from domestic and international suppliers. In FY26, residential solar projects contributed 50.04% of revenue, solar product sales accounted for 41.52%, and ground-mounted projects contributed 8.44%.
The Company has also entered the Independent Power Producer (IPP) segment with a 1.2 MW solar power plant at Bhadla, Jasdan, Rajkot, Gujarat, commissioned in 2026. The project operates under a 25-year Power Purchase Agreement (PPA) with Paschim Gujarat Vij Company Limited (PGVCL), providing the Company with a recurring power-generation revenue stream.
Infrax Renewable has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana, strengthening its presence in the residential rooftop solar segment. Its operations are supported by warehouses in Rajkot, Ahmedabad and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh and Uttar Pradesh, enabling the Company to serve customers across multiple states.
The Company is ISO 9001:2015 certified and plans to pursue backward integration through activities including solar panel recycling and silver extraction, manufacturing of solar mounting structures and production of solar frames. As of March 31, 2026, the Company had 52 permanent employees.
Competitive Strengths
Diversified business model spanning solar EPC, product distribution and IPP operations.
End-to-end solar EPC capabilities covering design, procurement, installation, commissioning and O&M.
Extensive dealer network of 2,830 dealers as of FY26.
Empanelment as a national vendor under the PM Surya Ghar: Muft Bijli Yojana.
Strong presence across multiple Indian states through warehouses and branch offices.
Established track record of 5,708 rooftop and ground-mounted project installations over the last three years.
Growing order book of approximately ₹62.44 crore as of August 20, 2026.
Recurring revenue opportunity through its 1.2 MW IPP solar plant backed by a 25-year PPA with PGVCL.
ISO 9001:2015-certified quality management system.
Experienced promoter team with over 17 years of industry experience.
Infrax Renewable IPO Promoters
- Mr. Bhargv Ashvinbhai Vachhani
- Mr. Gandhi Bhavik Tarunkumar
- Ms. Khushboo Bhargav Vachhani
Promoters Holding
Holding Pre Issue
70.64%
Holding Post Issue
47.46%
Infrax Renewable IPO Objective
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Funding of capital expenditure of our Company towards purchase of machineries and equipments for proposed manufacturing facility
- Funding working capital requirements of our Company
- General corporate purposes
Infrax Renewable Limited Address / Contact Details
Infrax Renewable Ltd.
402-403, R K Prime 2
Mahapuja Dham Chok, 150 Feet Road
Malviyanagar
Rajkot, Gujarat, 360004
Telephone: +91 7874074000
Email: investor@infraxrenewable.com
Website: https://infraxrenewable.com/
IPO Snapshot
Infrax Renewable IPO Lot Size
The Infrax Renewable IPO has a lot size of 1,200 shares. Retail investors require a minimum investment of ₹2,49,600 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 ₹2,49,600.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 249,600.00 |
| Retail (Max) | 2 | 2,400 | 249,600.00 |
| S-HNI (Min) | 3 | 3,600 | 374,400.00 |
Issue Reservation
Book Running Lead Managers
- Smart Horizon Capital Advisors Private Limited
IPO Documents & Links
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Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Infrax Renewable IPO?
Infrax Renewable IPO is a Fixed price IPO with a total issue size of ₹47.96 crore. The Infrax Renewable IPO price band is ₹104 to 104 per share. The Infrax Renewable IPO subscription opens on Wed, Sep 9, 2026, and closes on Fri, Sep 11, 2026. The Infrax Renewable IPO will be listed on the BSE. Bigshare Services Pvt Ltd is the registrar for the Infrax Renewable IPO.
When will the Infrax Renewable IPO open for subscription?
The Infrax Renewable IPO opens on Wed, Sep 9, 2026 and closes on Fri, Sep 11, 2026
What is Infrax Renewable IPO Price Band?
Infrax Renewable IPO Price Band is ₹104 to 104 per share.
What is Infrax Renewable IPO Lot Size?
Infrax Renewable IPO lot size is 1200 shares, Retail investors need a minimum investment of ₹249600 based on the upper price band
What is the minimum investment for Infrax Renewable IPO?
The minimum investment for Infrax Renewable IPO is ₹249600, based on one lot of 1200 shares at the upper price band of ₹104 per share.
How to apply for Infrax Renewable IPO?
Investors can apply for the Infrax Renewable 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 Fri, Sep 11, 2026. The application amount remains blocked until the Infrax Renewable IPO allotment is finalized.
What is Infrax Renewable IPO Issue Size?
Infrax Renewable IPO issue size is ₹47.96 crores.
What is the Infrax Renewable IPO Allotment Date?
Infrax Renewable IPO allotment date is Tue, Sep 15, 2026.
Who is the Infrax Renewable IPO Registrar?
The registrar for Infrax Renewable IPO is Bigshare Services Pvt Ltd. Investors can go to Bigshare Services Pvt Ltd website to check Infrax Renewable IPO allotment status, refund processing, and other IPO-related information.
Who is the Infrax Renewable IPO Lead Manager?
The book-running lead managers (BRLMs) for the Infrax Renewable IPO are Smart Horizon Capital Advisors Private 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 Infrax Renewable IPO Red Herring Prospectus (RHP).