- IPO opens Sept 25 with ₹98–₹103 price band; anchor bidding on Sept 24
- 10 ongoing projects provide ₹140.22-crore unexecuted order-book visibility
- Government projects form the bulk of the order book, company says
- FY26 revenue rises to ₹170.34 crore; PAT climbs to ₹20.67 crore
- Nearly ₹29.50 crore earmarked for working capital
- ₹12.98 crore proposed for plant and machinery expansion and upgradation
R MANICKAVASAGAM
AHMEDABAD, SEPT 22
Himalayan Solar Limited, an integrated solar-energy solutions company with a strong government-project orientation, is stepping into the capital market with a ₹68.03-crore IPO, seeking to convert a sizeable order pipeline and expanding solar opportunity into the next phase of growth.
The company has fixed the IPO price band at ₹98–₹103 per equity share. The issue will open for public subscription on September 25 and close on September 29, 2026, while anchor-investor bidding is scheduled for September 24. The shares are proposed to be listed on the NSE Emerge platform. Current IPO data also confirms the ₹68.03-crore issue size and September 25–29 bidding window.
The IPO comprises a fresh issue of up to 58,90,800 equity shares and an offer for sale of up to 7,14,000 equity shares, aggregating to 66,04,800 shares.
Finshore Management Services Limited is the Book Running Lead Manager, while Maashitla Securities Private Limited is the Registrar to the Issue.
Order book: The sunshine behind the IPO
The company’s most significant growth visibility comes from its project pipeline. As on July 31, 2026, Himalayan Solar had 10 ongoing projects with an aggregate unexecuted order-book value of ₹140.22 crore, comprising majorly government projects, Managing Director Manjeet Singh said.
The company specialises in integrated turnkey solar solutions, spanning the design, manufacturing, supply, installation and commissioning of solar products and systems, with a primary focus on Solar Water Pumping Systems.
It is also empanelled as a solar partner with several State Governments, including Haryana, Rajasthan, Maharashtra, Punjab and Madhya Pradesh, giving it exposure to government-led renewable-energy programmes.
The company has been awarded ISO 9001:2015 certification for its Quality Management System covering the design, manufacturing and supply of Solar PV Modules/Panels, Solar Pump Controllers, Solar Charge Controllers and Solar Water Pumping Systems.
‘Fundamentals are very strong’
Asked a pointed question at the media meet—“Himalayan Solar is entering the capital market amid strong interest in renewable energy. What is the single biggest execution risk to your growth plan—and what evidence can you offer investors that the company is equipped to manage it?”—Manjeet SingH, MD and Mentor Lakshman S Iyengar said the “company’s fundamentals are very strong.”
They pointed to the company’s ISO 9001:2015 quality-management certification and its ongoing project pipeline as evidence of its execution capabilities.
“Our company has been awarded with ISO 9001:2015 for Quality Management System in the design, manufacturing, and supply of Solar PV Modules/Panels, Solar Pump Controllers, Solar Charge Controllers, and Solar Water Pumping Systems,” the management said.
“As on July 31, 2026, our Company has 10 ongoing projects with an aggregate unexecuted Order Book value of ₹140.22 crore comprising majorly government projects.”
EPC drives revenue engine
The company’s business remains overwhelmingly EPC-led.
For FY26, Solar EPC contracts contributed 97.54% of revenue, followed by Solar Support Services at 2.35% and sale of solar products at 0.11%.
This concentration also highlights the importance of successful project execution and timely completion in converting the order book into revenue.
Himalayan Solar reported revenue from operations of ₹170.34 crore in FY26, compared with ₹142.44 crore in FY25. Profit after tax increased to ₹20.67 crore from ₹16.43 crore, while PAT margin improved to 12.13% from 11.54%.
IPO money to power expansion
The company proposes to deploy up to ₹12.98 crore from the IPO proceeds towards capital expenditure for purchasing additional plant and machinery and expansion/upgradation of its existing manufacturing facility.
Another ₹2.12 crore is earmarked for repayment/pre-payment of outstanding borrowings, while ₹29.50 crore is proposed to meet working-capital requirements. The balance will be utilised for general corporate purposes.
The working-capital allocation is significant in the context of the company’s EPC-heavy business model and its plans to scale operations.
From solar modules to turnkey solutions
Incorporated in 2015, Himalayan Solar has built an integrated business spanning manufacturing and project execution rather than operating solely as a solar-product supplier.
Its portfolio includes Solar PV Modules, Solar Water Pumping Systems, Solar Pump Controllers, Solar Charge Controllers, Solar Inverter Charger Systems and Solar Rooftop Power Systems.
Industry and IPO databases currently classify the company’s forthcoming offering as an NSE SME/book-building IPO, with the ₹68.03-crore issue scheduled for September 25–29.
The company’s challenge—and opportunity—will be to translate its sizeable government-led order pipeline into timely execution, sustained margins and stronger manufacturing capacity as it scales after the IPO.
