| Price | 98 to 103 |
|---|---|
| GMP Rumors | ₹0 |
| Lot size | 1200 |
| Issue size | ₹68.02 Cr |
| Allotment | 30-09-2026 |
| Refund | 01-10-2026 |
| Listing | 05-10-2026 |
| Stars |
★☆☆☆☆ |
| ISIN | INE1B7I01014 |
| Allotment Status | Maashitla |
| Video |  |
NSE List Price : ₹85.00
| Category | Times |
|---|---|
| QIBs | 1.66x |
| HNIs | 1.12x |
| Retail | 1.26x |
| Total : 1.25x | |
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹247,200 |
| Retail Maximum | 2 | 2,400 | ₹247,200 |
| S - HNI Minimum | 3 | 3,600 | ₹370,800 |
| S - HNI Maximum | 8 | 9,600 | ₹988,800 |
| B - HNI Minimum | 9 | 10,800 | ₹1,112,400 |
Himalayan Solar Limited was incorporated in 2015 and is engaged in providing integrated turnkey solar energy solutions covering the design, manufacturing, supply, installation and commissioning of solar products. Its primary business is Solar Water Pumping Systems, mainly implemented under government-backed renewable-energy programmes.
Solar Water Pumping Expertise: As of 31 March 2026, the company had implemented more than 85,000 HP capacity of Solar Water Pumping Systems under government projects in India.
Manufacturing Facility: The company operates its solar manufacturing facility in Karnal, Haryana, including a 60 MW Mono-PERC Solar PV Module production line, with plans to expand the manufacturing capacity to 160 MW.
Government-Focused Business: Government entities and agencies form a major part of its customer base. Government revenue represented 97.19% of FY26 revenue, according to the offer-document analysis.
Order Book: The company's unexecuted order book stood at approximately 140.22 crore as of 31 July 2026, providing visibility for future project execution.
Solar Water Pumping Systems: Design, supply, installation and commissioning of solar-powered water pumping systems for agricultural and government projects.
Solar PV Modules: Manufacturing and supply of solar photovoltaic modules, including the company's Mono-PERC module production capabilities.
Solar Inverter Charge Systems: Solar-based inverter charging solutions for different energy requirements.
Solar Rooftop Power Systems: Rooftop solar power solutions for commercial and institutional applications.
Turnkey Solar Solutions: End-to-end solar solutions covering design, manufacturing, supply, installation and commissioning.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹138.65 | ₹131.77 | ₹4.94 | ₹84.14 |
| 2025 | ₹143.14 | ₹121.15 | ₹16.43 | ₹93.82 |
| 2026 | ₹171.69 | ₹144.00 | ₹20.67 | ₹158.22 |
Manjeet Singh
Karthiyani M
Himanshu Dalal
Mehtab Singh
Anita Kumari
Experienced Solar Manufacturer: The company has experience in solar PV module manufacturing and integrated solar solutions.
Strong Government Project Presence: The company has established experience in government-focused renewable-energy projects across states including Haryana, Rajasthan, Punjab and Maharashtra.
Large Solar Pumping Track Record: More than 85,000 HP of Solar Water Pumping Systems had been implemented under government projects as of 31 March 2026.
Manufacturing Capacity Expansion: The Karnal facility has a 60 MW Mono-PERC module line, with planned expansion to 160 MW.
Strong Order Book: The company had an unexecuted order book of approximately 140.22 crore as of 31 July 2026.
Financial Growth: Total income increased from 138.65 crore in FY24 to 171.69 crore in FY26, while PAT increased from 4.95 crore to 20.67 crore over the same period.
Very High Customer Concentration: The largest customer contributed 50.00% of FY26 revenue, while the top five customers contributed 99.54%.
Government Dependence: Government entities accounted for 97.19% of FY26 revenue, making the company highly dependent on government schemes, tenders, budgets and payment cycles.
Supplier Concentration: The top five suppliers accounted for 90.20% of FY26 purchases, while the top ten accounted for 98.00%. The company also does not have long-term agreements with key suppliers.
Geographical Concentration: Haryana contributed 52.81% of FY26 revenue, while Maharashtra contributed 45.52%, creating significant state-level concentration.
Working Capital Risk: Trade receivables stood at approximately 125.3 crore as of March 2026, equivalent to around 269 days of revenue, which can put pressure on cash flows.
Negative Operating Cash Flow: The company reported operating cash flow of approximately -2.1 crore in FY26, despite reporting a profit.
Expansion Execution Risk: The proposed expansion from 60 MW to 160 MW involves significant capital expenditure, and the offer-document disclosures identify risks relating to machinery procurement, cost escalation and delays in implementation.
Regulatory & Scheme Risk: A change in government solar schemes, subsidy structures, tender conditions or technical requirements can affect demand and project opportunities. The company has previously disclosed that a change in module-efficiency requirements affected its earlier module-production operations.
The IPO is a fresh issue plus Offer for Sale. The total issue size is approximately 68.03 crore at the upper price band. The fresh issue is approximately 60.68 crore, while the OFS is approximately 7.35 crore.
Capital Expenditure – 12.98 crore: Purchase of additional plant and machinery for expansion and upgradation of the existing manufacturing facility.
Repayment / Pre-payment of Borrowings – 2.12 crore: Repayment or pre-payment, in full or part, of certain outstanding borrowings of the company.
Working Capital Requirements – 29.50 crore: Funding the company's incremental working-capital requirements.
General Corporate Purposes & Issue Expenses: The remaining amount from the fresh issue is proposed to be utilised for general corporate purposes and issue-related expenses, subject to the limits specified in the offer document.
Offer for Sale – 7.35 crore: The OFS is being undertaken by promoter selling shareholder Karthyayini M. The proceeds from the OFS will go to the selling shareholder and will not be received by the company.
Himalayan Solar Ltd.
SCO-411 2nd Floor,
Sector 20,
Panchkula, Haryana, 134117
Phone: +91 7087117405
Email: cs@himalayansolar.co.in
Website: http://www.himalayansolar.co.in/
Maashitla Securities Pvt.Ltd.
Phone: 011-45121795
Email: ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues