Minerva Capital Research Solutions

Himalayan Solar

ListedListed 5 Oct 2026NSE SMENSE: HIMALAYAN-SMCheck allotment
Current price₹ 80−22.33% since issue
Listing day−17.48%
Issue price
₹ 103
Issue size
₹ 68.03 Cr.
Min. investment
₹ 1,23,600
Listing price
₹ 85
Subscribed
1.18x
Lot size
1,200 shares
P/E
11.02
RoNW
44.04%
RoCE
35.84%
Debt / Equity
0.77
PAT margin
12.13%
EBITDA margin
17.05%
RoE
56%
EPS
₹ 9.35
NAV
₹ 28.93
Promoter stake
70.13%

About

Himalayan Solar Limited was started in 2015. It provides integrated turnkey solar energy solutions, meaning it handles design, manufacturing, supply, installation and commissioning rather than just selling equipment. Its main focus is solar water pumping systems, which let farmers run irrigation pumps on solar power instead of diesel or grid electricity. It also supplies solar inverter charge systems and rooftop power systems. The business has three parts. The first is turnkey solar EPC work, covering the complete design through to commissioning of solar projects. The second is its solar water pumping system business, where the pumps and pump controllers are manufactured through an original equipment manufacturer arrangement and then branded and sold as Himalayan Solar. The third is support services under a skill development programme, for which it has signed a memorandum of understanding with the National Skill Development Corporation as the industry exclusive franchisee partner for solar, to support onboarding up to 2,00,000 people at panchayat level.

Timeline

  1. Opens
    25 Sep
    done
  2. Closes
    29 Sep
    done
  3. Allotment
    30 Sep
    done
  4. Refunds
    1 Oct
    done
  5. Demat credit
    1 Oct
    done
  6. Listing
    5 Oct
    done

Subscription

How many times each investor group bid for its share, as of 05 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,23,600
Retail (Max)11,200₹ 1,23,600
HNI (Min)22,400₹ 2,47,200

Company overview

Financials

Financials by year
Assets158.2293.8284.14
Total Income171.69143.14138.65
Profit After Tax20.6716.434.95
EBITDA29.0423.587.83
NET Worth46.9326.4610.33
Reserves and Surplus30.7122.856.73
Total Borrowing36.1226.9523.54

Strengths

  • Profit has grown more than four times in two years, from Rs 4.95 crore in FY2024 to Rs 16.43 crore in FY2025 and Rs 20.67 crore in FY2026.
  • EBITDA has grown from Rs 7.83 crore in FY2024 to Rs 29.04 crore in FY2026.
  • Return ratios are very strong, with RoCE of 35.84% and RoNW of 44.04%, and a PAT margin of 12.13%.
  • This is one of the cheapest issues in the current batch on earnings, at about 11.02 times on an EPS of Rs 9.35.
  • Solar water pumping is directly supported by government irrigation and farm power schemes, which underpins demand.
  • Selling OEM-made pumps under its own Himalayan Solar brand lets it build brand value without owning the factory.
  • Its exclusive NSDC franchisee arrangement for solar skill development is a position no competitor can simply copy.
  • Net worth has grown from Rs 10.33 crore in FY2024 to Rs 46.93 crore in FY2026.

Risks

  • Demand depends heavily on government solar schemes and subsidies. A change in scheme terms or a delay in subsidy payment would directly reduce orders and slow collections.
  • The pumps and controllers are made by outside manufacturers under OEM arrangements, so the company does not control that production or its quality.
  • Growth is uneven. Total income rose only about 3% in FY2025, from Rs 138.65 crore to Rs 143.14 crore, before rising 20% in FY2026.
  • Borrowing rose from Rs 26.95 crore to Rs 36.12 crore against a net worth of Rs 46.93 crore, a debt to equity ratio of 0.77.
  • The plan to onboard up to 2,00,000 people at panchayat level under the NSDC arrangement is ambitious and unproven, and may absorb money and management time before it earns.
  • Solar equipment prices have been falling, which compresses margin on turnkey contracts already priced.
  • This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 70.13%.
  • This is an SME issue. One lot is 1,200 shares, which is about Rs 1.24 lakh at the upper band of Rs 103, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility.12.98
Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company.2.12
To meet working capital requirements29.5
General Corporate Expenses—

Promoters

  • Manjeet Singh
  • Karthiyani M
  • Himanshu Dalal
  • Mehtab Singh
  • Anita Kumari
Promoter holding100%→70.13%before → after the issue · down 29.87 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Lead managers
Finshore Management Services Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.