Himalayan Solar IPO

Himalayan Solar Limitedhimalayansolar.co.in

ListedSMEIndustrialsNSE Emerge

Price band: ₹98 – ₹103
Issue size: ₹68.03 Cr
Lot size: 1200 sh
Bidding: 25 – 29 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Himalayan Solar assembles, installs and commissions solar water pumping systems, and the company describes its customers as overwhelmingly state government agencies running subsidised irrigation and drinking-water pump schemes. Revenue was Rs 138.32 crore in FY24, Rs 142.44 crore in FY25 and Rs 170.34 crore in FY26 — growth of 2.98% and then 19.59% — while EBITDA was Rs 7.83 crore, Rs 23.58 crore and Rs 29.04 crore, margins of 5.66%, 16.55% and 17.05% on those revenues. The Rs 68.03 crore issue, Rs 60.68 crore of it fresh and Rs 7.35 crore an offer for sale, was priced at Rs 98 to Rs 103 and was subscribed 1.19 times overall on 29 September 2026, its closing day. It listed on NSE Emerge at Rs 85 against the band top of Rs 103 and last traded at Rs 83.75 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

67Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Himalayan Solar, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2015 · Panchkula, Haryana · 87 employees

Himalayan Solar Limited designs, assembles, installs and commissions solar water pumping systems — a solar panel array, a surface or submersible pump, a mounting structure and a pump controller, delivered and installed as one working unit. Its customers are overwhelmingly state government agencies running subsidised irrigation and drinking-water pump schemes; the company is empanelled with HAREDA in Haryana, PEDA in Punjab, MSEDCL and MEDA in Maharashtra, Rajasthan's horticulture department and the Mini Ratna PSU REIL. The prospectus records more than 85,000 HP of solar pumping capacity installed under government projects as of 31 March 2026. Smaller lines are a skill-development training contract and sales of solar PV modules made at its Panchkula plant. It employed 87 people as of 31 July 2026.

Revenue is almost entirely turnkey EPC contract value won through state government tenders: solar water pumping EPC was ₹166.16 crore of ₹170.34 crore revenue from operations in FY26 (97.54%), with skill-development services at ₹4.00 crore and module sales ₹0.19 crore. All sales were domestic; Haryana and Maharashtra were 52.81% and 45.52% of FY26 revenue. Pumps and controllers are built by contract manufacturers under the company's own brand and most other components are bought in, so margin turns on procurement — EBITDA margin was 17.05% in FY26 against 5.66% in FY24. The model is working-capital heavy: the unexecuted order book was ₹140.22 crore at 31 July 2026.

The company on paper

Legal name: Himalayan Solar Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 8 Sep 2015
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U40100HR2015PLC056609
Sector: Industrials · Solar water pumping systems and turnkey solar EPC for state government schemes
Employees: 87
Registered office: Panchkula, Haryana
Promoters: Manjeet Singh, Karthyayini M, Himanshu Dalal, Mehtab Singh, Anita Kumari
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 70.1%
Website: himalayansolar.co.in

The numbers

Financial performance

Revenue has compounded at 11.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

89% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹60.68 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹7.35 Cr
Total issue size: ₹68.03 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,31,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 29.9% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.19×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹103.00
Listed at: ₹85.00
Listing gain: down 17.5%
Since listing: down 1.3%
Against the issue price: down 18.5%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹103.00
Amount blocked: ₹2,47,200

One lot is 1200 shares at ₹1,23,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,47,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~79%

chance of one lot, per application

Retail subscription: 1.26×
Applicants per share available: 1.3× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹85.00

listed at, −17.5% against the issue price

Issue price: ₹103.00
Premium said: —
If allotted 1200 shares: −₹21,600

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profit after tax was Rs 4.95 crore in FY24, Rs 16.43 crore in FY25 and Rs 20.67 crore in FY26, which against revenue of Rs 138.32 crore, Rs 142.44 crore and Rs 170.34 crore is a net margin of 3.58%, 11.53% and 12.13%. The FY25-to-FY26 increase of 25.81% came on revenue 19.59% higher.
Net worth was Rs 10.33 crore in FY24, Rs 26.46 crore in FY25 and Rs 46.93 crore in FY26, against borrowings of Rs 23.54 crore, Rs 26.95 crore and Rs 36.12 crore — borrowings of 2.28x, 1.02x and 0.77x net worth across the three years the record carries.
The business description puts the unexecuted order book at Rs 140.22 crore as at 31 July 2026, equal to 82.32% of the Rs 170.34 crore of FY26 revenue from operations.
The company states it is empanelled with HAREDA in Haryana, PEDA in Punjab, MSEDCL and MEDA in Maharashtra, Rajasthan's horticulture department and the Mini Ratna PSU REIL, and the record reports the prospectus as showing more than 85,000 HP of solar pumping capacity installed under government projects as at 31 March 2026.

What to weigh against it

Revenue is narrow by line and by geography. The business description puts solar water pumping EPC at Rs 166.16 crore of the Rs 170.34 crore of FY26 revenue from operations (97.54%), skill-development services at Rs 4.00 crore and module sales at Rs 0.19 crore, with all sales domestic and Haryana and Maharashtra at 52.81% and 45.52% — 98.33% of FY26 revenue between two states.
Borrowings were Rs 23.54 crore in FY24 and stood higher in each year after: Rs 26.95 crore in FY25 and Rs 36.12 crore in FY26. The FY26 step was 34.03%, against revenue growth of 19.59% in the same year.
The record carries no cash flow from operations for any period — cashFlowOpsCr is null in FY24, FY25 and FY26 — while the business description itself calls the model working-capital heavy and puts the unexecuted order book at Rs 140.22 crore.
The business description states that pumps and controllers are built by contract manufacturers under the company's own brand and that most other components are bought in.

Easy to miss in the prospectus

The financials carry no expense breakdown — expensesCr is null for FY24, FY25 and FY26 — so the move in EBITDA margin from 5.66% (Rs 7.83 crore on Rs 138.32 crore) to 16.55% (Rs 23.58 crore on Rs 142.44 crore) and 17.05% (Rs 29.04 crore on Rs 170.34 crore) cannot be decomposed from this record.
The record holds no valuation, allocation, anchor, peer or offer-object data, so the Rs 98 to Rs 103 band cannot be set against earnings or against peers from here.
The only subscription snapshot on record is day three, 29 September 2026: 1.19 times overall, QIB 1.66 times, retail 1.26 times and the non-institutional portion 0.94 times. There is no day-one or day-two data and no grey-market series.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Red Herring Prospectus dated 19 September 2026The document the issue was bid on. Carries the price band and the dates.Opens on himalayansolar.co.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Finshore Management Services Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Reconciled to Himalayan Solar's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Red Herring Prospectus dated 19 September 2026 (company website, filed with RoC) · read 16 Oct 2026
NSE issue detail API - HIMALAYAN (issue terms, lot size, bid/demand data, ISIN, listing date) · read 16 Oct 2026
NSE cash market bhavcopy 05-Oct-2026 (listing day OHLC, series ST, ISIN, board lot) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 25 Sep 2026
Closes: 29 Sep 2026
Allotment: 30 Sep 2026
Lists: 5 Oct 2026
Revenue (FY26): ₹170 Cr
Profit (FY26): ₹20.67 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.