- Price band
- ₹104
- Issue size
- ₹40.88 Cr
- Lot size
- 1200 sh
- Bidding
- 9 – 11 Sep
- Grey market
- —
Face value ₹10.00
83% fresh capital
Lists 17 Sep 2026
No quote recorded
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
Infrax Renewable is a Rajkot-based solar EPC contractor and hardware distributor that reported revenue of Rs 9.65 Cr in FY24, Rs 30.47 Cr in FY25 and Rs 93.21 Cr in FY26, with profit after tax of Rs 0.96 Cr, Rs 2.85 Cr and Rs 10.20 Cr across the same three years. Its Rs 40.88 Cr BSE SME issue was priced at a fixed Rs 104 and split into a fresh issue of Rs 33.81 Cr and an offer for sale of Rs 7.08 Cr; the book closed 2.05 times subscribed overall on 11 September 2026. It listed on 17 September 2026 at Rs 104, level with the issue price, closed the first day at Rs 105.50 and last traded at Rs 146.90 on 23 October 2026, 41.25% above the issue price.
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.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Infrax Renewable, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow 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 2019 · Rajkot, Gujarat · 52 employees
Infrax Renewable installs solar power systems in Gujarat and sells the hardware that goes into them. Its main business is engineering, procurement and construction: it designs, supplies, installs, tests and commissions rooftop systems for individual houses and residential societies, and larger ground-mounted systems for commercial customers, then provides operations and maintenance and helps buyers claim Central Financial Assistance and state subsidies. The customer owns the system. It separately distributes solar panels, inverters, DC and AC cables, earthing kits and other balance-of-system material. In 2026 it added a third line, selling electricity from its own 1.2 MW plant at Bhadla, Jasdan to Paschim Gujarat Vij Company Limited under a 25-year power purchase agreement. Installation itself is largely subcontracted to dealers and third parties. It had 52 permanent employees at 31 March 2026.
FY26 revenue splits three ways: residential rooftop EPC ₹4,664.89 lakh (50.04%), sale of solar products ₹3,870.03 lakh (41.52%) and ground-mounted/plant work ₹786.60 lakh (8.44%). EPC contracts are lump-sum turnkey at a fixed price, billed in milestone instalments with an advance at signing. Bought-in material dominates the cost base: cost of service ₹3,962.04 lakh plus purchases of traded stock ₹3,806.30 lakh absorbed 83% of FY26 total income, against payroll of only ₹140.92 lakh, leaving a 15.62% EBITDA margin and PAT of ₹1,020.14 lakh. The structural constraints are a fixed contract price against moving panel costs, installation it does not perform itself, and concentration — the top ten customers were 47.02% of FY26 revenue.
The company on paper
- Legal name
- Infrax Renewable Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 23 Sep 2024trading as Infrax Renewable since 2019
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U43222GJ2024PLC155272
- Sector
- Industrials · Rooftop and ground-mounted solar EPC, with solar panel and inverter distribution
- Employees
- 52
- Registered office
- Rajkot, Gujarat
- Promoters
- Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani
- Promoter holding, pre-issue
- 67.7%
- Promoter holding, post-issue
- 47.5%
- Website
- infraxrenewable.com
The numbers
Financial performance
Revenue has compounded at 210.8% 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
83% 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
- ₹33.81 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹7.08 Cr
- Total issue size
- ₹40.88 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
- 1,99,200
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 20.3% 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.
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
- ₹104.00
- Listed at
- ₹104.00
- Listing gain
- unchanged 0.0%
- Since listing
- up 24.7%
- Against the issue price
- up 24.7%
Trading at ₹129.70 on 30 Oct 2026
What an allotment is worth now, before costs
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.
- Shares applied for
- 2,400
- At cut-off price
- ₹104.00
- Amount blocked
- ₹2,49,600
One lot is 1200 shares at ₹1,24,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,49,600. 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.
The retail subscription figure for this issue is not in this record, so there is nothing to estimate from.
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.
₹104.00
listed at, 0.0% against the issue price
- Issue price
- ₹104.00
- Premium said
- —
- If allotted 1200 shares
- ₹0
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
- Revenue rose in both comparable periods on record: Rs 9.65 Cr in FY24, Rs 30.47 Cr in FY25 (a rise of 215.75%) and Rs 93.21 Cr in FY26 (a rise of 205.91%).
- Profit after tax rose in both comparable periods, from Rs 0.96 Cr in FY24 to Rs 2.85 Cr in FY25 (up 196.88%) and Rs 10.20 Cr in FY26 (up 257.89%). On FY26 revenue of Rs 93.21 Cr that Rs 10.20 Cr is a PAT margin of 10.94%.
- EBITDA was Rs 1.76 Cr in FY24, Rs 4.50 Cr in FY25 and Rs 14.56 Cr in FY26, which against each year's revenue of Rs 9.65 Cr, Rs 30.47 Cr and Rs 93.21 Cr is a margin of 18.24%, 14.77% and 15.62% respectively.
- Net worth was Rs 1.40 Cr at 31 March 2024, Rs 1.89 Cr at 31 March 2025 and Rs 15.77 Cr at 31 March 2026. The FY26 figure is Rs 13.88 Cr above the FY25 one, which is Rs 3.68 Cr more than the Rs 10.20 Cr of FY26 profit after tax.
What to weigh against it
- Bought-in material is the bulk of the recorded cost base. Cost of service of Rs 3,962.04 lakh plus purchases of traded stock of Rs 3,806.30 lakh comes to Rs 7,768.34 lakh, or 83.34% of FY26 revenue of Rs 93.21 Cr (the record itself puts the figure at 83% of total income), against payroll of Rs 140.92 lakh, 1.51% of the same revenue. The record describes the EPC contracts as lump-sum turnkey at a fixed price, billed in milestone instalments with an advance at signing, and says installation is largely subcontracted to dealers and third parties.
- Concentration as recorded: the top ten customers were 47.02% of FY26 revenue. The FY26 revenue split is residential rooftop EPC Rs 4,664.89 lakh (50.04%), sale of solar products Rs 3,870.03 lakh (41.52%) and ground-mounted/plant work Rs 786.60 lakh (8.44%).
- Total borrowings rose in both comparable periods, from nil at 31 March 2024 to Rs 3.02 Cr at 31 March 2025 and Rs 6.99 Cr at 31 March 2026. Measured against net worth of Rs 1.40 Cr, Rs 1.89 Cr and Rs 15.77 Cr, that is 0.00x, 1.60x and 0.44x respectively.
- The record is thin in places that would normally be checked. It carries no cash flow from operations and no total assets figure for any of the three years, no valuation multiples, no stated objects of the issue, no allocation split, and no category-wise subscription: the only subscription datum is a final-day total of 2.05 times on 11 September 2026. None of those can be tested from what is here.
Easy to miss in the prospectus
- Customer concentration: the recorded benchmark to hold later disclosures against is 47.02% of FY26 revenue from the top ten customers.
- Segment mix: FY26 was Rs 4,664.89 lakh residential rooftop EPC (50.04%), Rs 3,870.03 lakh sale of solar products (41.52%) and Rs 786.60 lakh ground-mounted/plant work (8.44%). The record also describes a third line added in 2026, a 1.2 MW plant at Bhadla, Jasdan selling to Paschim Gujarat Vij Company Limited under a 25-year power purchase agreement, which is not broken out separately in that FY26 split.
- The record's own dating does not line up and is worth reconciling against the prospectus dated 3 September 2026: incorporation is given as 23 September 2024 with CIN U43222GJ2024PLC155272 and the founding year as 2019, while the annual financials begin with the year ended 31 March 2024.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
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
- Smart Horizon Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Infrax Renewable's own prospectus and to exchange disclosures, then cross-checked against 8 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.
- Infrax Renewable Limited — Prospectus dated 3 September 2026 (company website, primary source for ISIN, CIN, issue structure, promoter holdings, restated financials) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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