Himalayan Solar IPO
ListedSMECapital Goods - Electrical Equipment
1.18×
Subscribed
Price band
₹98 – ₹103
Lot size
1,200
1 lot = ₹1,23,600
Issue size
₹68.03 Cr
Open – close
25 Sept 2026
to 29 Sept 2026
Listing
05 Oct 2026
Listing gain
-17.48%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed3 of 7 dimensions read
A mixed but reasonable offering — 1 positive against 0 negative signals
Strength60/100
- Out-earns its peersReturn on net worth of 44.0% against a peer median of 26.8%
- Steady revenue growthRevenue compounding at 11.0%
- Profit growth outpaces salesPAT up 104.4% a year against revenue at 11.0% — check whether that is operating leverage or a one-off before extrapolating it
- Institutional book coveredQIB portion subscribed 1.66×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens25 Sept 2026
- Closes29 Sept 2026
- Allotment30 Sept 2026
- Listing05 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.66x
Non-institutionalNII / HNI0.94x
Big NIIabove ₹10L1.27x
Small NII₹2L – ₹10L0.29x
Retail individualRII1.26x
1,719 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 29 Sept 2026.
Chance of allotment
Retail1.26× subscribed
~1 in 1.3
Minimum 2 lots · 2,400 shares · ₹2,47,200 blocked
Retail is 1.26× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.3 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.94× subscribed
Full allotment
Minimum 1 lot · 1,200 shares · ₹1,23,600 blocked
The HNI portion is under-subscribed at 0.94×, so applications should be allotted in full.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹98 – ₹103
Face value₹10
Lot size1,200shares
Minimum application₹1,23,600at cut-off
Total issue size₹68.03 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
ROE56.00%
ROCE35.84%
Debt/Equity0.77
RoNW44.04%
PAT Margin12.13%
EBITDA Margin17.05%
NAV28.93
P/B (x)3.56
ISININE1B7I01014
RegistrarMaashitla Securities Private Limited
Lead managersFinshore Management Services Limited
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 12,55,200 | 19.00% |
| Anchor Investor | 7,52,400 | 11.39% |
| QIB (Ex. Anchor) | 5,02,800 | 7.61% |
| NII (HNI) | 18,79,200 | 28.45% |
| bNII > ₹10L | 12,52,800 | 18.97% |
| sNII < ₹10L | 6,26,400 | 9.48% |
| Retail | 31,39,200 | 47.53% |
| Market Maker | 3,31,200 | 5.01% |
Total issue 66,04,800 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,47,2002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,47,2002 lots · 2,400 sh
S-HNI (Min)₹3,70,8003 lots · 3,600 sh
S-HNI (Max)₹9,88,8008 lots · 9,600 sh
B-HNI (Min)₹11,12,4009 lots · 10,800 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted7,52,400
Anchor portion₹7.75 Cr
Bid date24 Sept 2026
Lock-in ends (50%)30 Oct 2026
Lock-in ends (rest)29 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 138.319 | — | 4.946 | — | — |
| 2025 | 142.437 | — | 16.431 | — | — |
| 2026 | 170.343 | — | 20.666 | — | — |
Revenue CAGR 11.0%PAT CAGR 104.4%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Ganesh Green Bharat Limited | — | — | — | 26.82% |
| Solarium Green Energy Limited | — | — | — | 12.58% |
| Australian Premium Solar (India) Limited | — | — | — | 35.24% |
| Himalayan Solar Limitedthis issue | 12.74 | — | 28.93 | 44.04% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Criminal proceedings disclosedmedium
Criminal proceedings against the company: HVR Solar Pvt Ltd Vs. M/S Himalayan Solar Private Limited and Ors. (CT. Cases/14548/2023), Court of Chief Judicial Magistrate, North-West, RHC. The complainant alleges deceitful inducement to supply Solar PV Modules worth over ₹34 lakh, with two cheques amou
Litigation across 1 matters
Criminal proceedings against the company: HVR Solar Pvt Ltd Vs. M/S Himalayan Solar Private Limited and Ors. (CT. Cases/14548/2023), Court of Chief Judicial Magistrate, North-West, RHC. The complainant alleges deceitful inducement to supply Solar PV Modules worth over ₹34 lakh, with two cheques amounting to ₹17.44 Lacs each dishonoured. The complainant seeks judicial intervention for cheating, conspiracy, criminal intimidation, and breach of contract.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+0.0%
Listed up
3 of 8
Best
+90.0%
Maxwell Engineering Solutions Limited
Worst
-5.9%
Eventions Limited
Vedant Poly Fabs Limitedsame segment
1.9× sub+0.0%
Maxwell Engineering Solutions Limitedsame segment
491.4× sub+90.0%
HGS (India) Limitedsame segment
231.2× sub+33.3%
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Himalayan Solar
Himalayan Solar Limited provides integrated turnkey solar energy solutions, including the design, manufacturing, supply, installation, and commissioning of solar products. Its primary business is solar water pumping systems, along with solar rooftop power systems and solar inverter charger systems. The company also supplies solar products and provides support services under skill development training programmes. Its solar water pumping systems include solar PV modules, pumps, controllers, inverters, mounting structures and other components. The company offers AC and DC solar water pumps in surface and submersible categories. Himalayan Solar operates a manufacturing facility in Karnal, Haryana, with an annual capacity of 60 MW for Mono-PERC solar PV modules. The company also operates through its registered office, a branch office, and warehouses across Haryana, Rajasthan, and Madhya Pradesh.
Founded 2015MD Mr Manjeet SinghSector Capital Goods - Electrical Equipment
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Himalayan Solar IPO subscribed?
Himalayan Solar is subscribed 1.18× overall (QIB 1.66×, NII 0.94×, retail 1.26×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Maashitla Securities Private Limited.
What is the minimum investment in the Himalayan Solar IPO?
One lot is 1,200 shares, so a retail application at the ₹103 cut-off price blocks ₹1,23,600. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Himalayan Solar IPO?
The retail portion is subscribed 1.26×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 1. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Himalayan Solar IPO allotment date?
Allotment is scheduled for 2026-09-30, with listing on 2026-10-05. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Maashitla Securities Private Limited.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.