Infrax Renewable IPO: Price Band, Lot Size, Financials & Review
Infrax Renewable IPO listed on BSE on Thu, 17 Sep 2026. The issue was subscribed 2.10x overall.
- Open Date
- 9 Sep 2026
- Close Date
- 11 Sep 2026
Last updated
- Issue price
- ₹104
- Lot size
- 1,200 shares
- Min. investment
- ₹2,49,600
- Issue size
- ₹47.96 Cr
- Last GMP
- 0
- Subscribed
- 🔥 2.10x
Infrax Renewable IPO details
Infrax Renewable IPO is a ₹47.96 Cr fixed price IPO on the SME segment, listing on BSE. It combines a fresh issue of ₹40.88 Cr (85.24%) with an offer for sale of ₹7.08 Cr (14.76%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 9 Sep 2026 to Fri, 11 Sep 2026. Allotment was finalised on Tue, 15 Sep 2026, and the shares listed on BSE on Thu, 17 Sep 2026.
The issue price is ₹104 per share and the lot size is 1200 shares, so the minimum retail application is ₹2,49,600. Retail investors can apply for up to 2 lots (2,400 shares, ₹2,49,600).
Bigshare Services Pvt Ltd is the registrar, and Smart Horizon Capital Advisors Private Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Infrax Renewable IPO GMP before listing was 0 (0.00% against the upper price band of ₹104), implying an estimated listing price of ₹104. Across 10 days of tracking, GMP ranged from 0 (07 Sep) to 0 (07 Sep).
| Last GMP | 0 |
|---|---|
| GMP vs upper band | 0.00% |
| Estimated listing price | ₹104 |
| Highest (07 Sep) | 0 |
| Lowest (07 Sep) | 0 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Infrax Renewable IPO day-wise GMP.
Subscription
Day-wise subscription →Infrax Renewable IPO was subscribed 2.10x overall: QIB 0.00x, NII 1.48x and retail 1.93x.
| Category | Subscribed |
|---|---|
| QIB | 0.00x |
| NII | 1.48x |
| Retail | 1.93x |
| Total | 2.10x |
Final figures at the close of bidding on 11 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Infrax Renewable IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Non-Institutional | 18,81,600 | 50.42% |
| Retail Investors | 18,50,400 | 49.58% |
| Total | 37,32,000 | 100.00% |
Infrax Renewable IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,49,600 |
| Retail (Max) | 2 | 2,400 | ₹2,49,600 |
| S-HNI (Min) | 3 | 3,600 | ₹3,74,400 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹40.88 Cr (85.24%) with an offer for sale of ₹7.08 Cr (14.76%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹104, the issue is priced at 11.19x pre-issue earnings and 14.50x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Promoter holding falls from 70.64% before the issue to 47.46% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹9.29 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 11.19x |
| EPS (post-issue) EPS on the enlarged share capital | ₹7.17 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 14.50x |
| Promoter holding (pre-issue) | 70.64% |
| Promoter holding (post-issue) | 47.46% |
Infrax Renewable Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹30.48 Cr to ₹93.33 Cr, and profit after tax rose from ₹2.85 Cr to ₹10.2 Cr. The PAT margin for 31 Mar 2026 was 10.93%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 31.53 | 8.24 | 4.40 |
| Total Income | 93.33 | 30.48 | 9.66 |
| Profit After Tax | 10.20 | 2.85 | 0.96 |
| EBITDA | 14.56 | 4.50 | 1.76 |
| Net Worth | 15.77 | 1.89 | 1.40 |
| Reserve & Surplus | 14.52 | 0.89 | 0.00 |
| Total Borrowings | 6.99 | 3.02 | 0.00 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 115.54 | 173.39 | 96.15 |
| ROCE % | 63.89 | 91.39 | 125.59 |
| Debt / Equity | 0.44 | 1.60 | 0.00 |
| RoNW % | 64.68 | 151.20 | 68.24 |
| Pat Margin % | 10.94 | 9.36 | 9.92 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding of capital expenditure of our Company towards purchase of machineries and equipments for proposed manufacturing facility |
| 2 | Funding working capital requirements of our Company |
| 3 | General corporate purposes |
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.
Promoters
- Mr. Bhargv Ashvinbhai Vachhani
- Mr. Gandhi Bhavik Tarunkumar
- Ms. Khushboo Bhargav Vachhani
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/
Infrax Renewable IPO FAQs
- What is the Infrax Renewable IPO price band?
- Infrax Renewable IPO is a fixed price issue at ₹104 per share.
- What is the Infrax Renewable IPO lot size and minimum investment?
- The Infrax Renewable IPO lot size is 1200 shares. The minimum retail investment is ₹2,49,600 for one lot at the upper price band. Retail investors can apply for up to 2 lots (2,400 shares), costing ₹2,49,600.
- When was Infrax Renewable IPO open for subscription?
- Infrax Renewable IPO was open for subscription from Wed, 9 Sep 2026 to Fri, 11 Sep 2026.
- What is the Infrax Renewable IPO subscription status?
- Infrax Renewable IPO was subscribed 2.10x overall: QIB 0.00x, NII 1.48x and retail 1.93x. Day-wise and category-wise figures are on the subscription page.
- What was the Infrax Renewable IPO GMP before listing?
- The last Infrax Renewable IPO GMP before listing was 0 (0.00% against the upper price band of ₹104), implying an estimated listing price of ₹104. Across 10 days of tracking, GMP ranged from 0 (07 Sep) to 0 (07 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Infrax Renewable IPO allotment date?
- The Infrax Renewable IPO basis of allotment was finalised on Tue, 15 Sep 2026. You can check your allotment status on the Bigshare Services Pvt Ltd website.
- What is the Infrax Renewable IPO listing date?
- Infrax Renewable IPO listed on BSE on Thu, 17 Sep 2026.
- Is the Infrax Renewable IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹40.88 Cr (85.24%) with an offer for sale of ₹7.08 Cr (14.76%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Infrax Renewable IPO?
- The registrar for the Infrax Renewable IPO is Bigshare Services Pvt Ltd, and the book running lead manager is Smart Horizon Capital Advisors Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.