Infrax Renewable

ListedListed 17 Sep 2026BSE SMENSE: INFRAXCheck allotment

Current price₹ 119.4+14.81% since issue

Listing day0%

Issue price: ₹ 104
Issue size: ₹ 40.88 Cr.
Min. investment: ₹ 1,24,800
Listing price: ₹ 104
Subscribed: 1.99x
Lot size: 1,200 shares
P/E: 14.5
RoNW: 64.68%
RoCE: 63.89%
PAT margin: 10.94%
EPS: ₹ 7.17
Promoter stake: 49.73%

About

Infrax Renewable Limited is a solar energy company. It works in three ways. First, it provides engineering, procurement and construction services, known as EPC, for solar power projects. This covers the complete job of design, engineering, buying the equipment, installation, testing, commissioning, running and maintaining the plant, and helping with regulatory work. It does rooftop projects for homes and ground mounted projects for commercial customers. Second, it works as an Independent Power Producer, which means it owns a solar plant and sells the electricity. In 2026 it commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, in Rajkot district of Gujarat, and sells the power to Paschim Gujarat Vij Company Limited under a 25 year power purchase agreement. Third, it sells solar products including solar PV modules, both polycrystalline and monocrystalline, solar inverters and other related equipment, sourced from India and abroad. It sells through a dealer network to residential, commercial and industrial customers, and has been empanelled as a national vendor under the Government of India PM Surya Ghar: Muft Bijli Yojana scheme.

Timeline

Opens
9 Sep
done
Closes
11 Sep
done
Allotment
15 Sep
done
Refunds
16 Sep
done
Demat credit
16 Sep
done
Listing
17 Sep
done

Subscription

How many times each investor group bid for its share, as of 17 Sep 2026, 06:31 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)	1	1,200	₹ 1,24,800
Retail (Max)	1	1,200	₹ 1,24,800
HNI (Min)	2	2,400	₹ 2,49,600

Company overview

Financials

Financials by year

Assets	31.53	8.24	4.4
Total Income	93.33	30.48	9.66
Profit After Tax	10.2	2.85	0.96
EBITDA	14.56	4.5	1.76
NET Worth	15.77	1.89	1.4
Reserves and Surplus	14.52	0.89	—
Total Borrowing	6.99	3.02	—

Strengths

Sales have grown very fast, from Rs 9.66 crore in FY2024 to Rs 30.48 crore in FY2025 and Rs 93.33 crore in FY2026.
Profit has grown alongside, from Rs 0.96 crore in FY2024 to Rs 2.85 crore in FY2025 and Rs 10.20 crore in FY2026.
Return ratios are the highest in this batch of issues, with RoCE of 63.89% and RoNW of 64.68%.
The issue is priced at about 14.5 times earnings on an EPS of Rs 7.17, which is modest against that growth.
The 25 year power purchase agreement with PGVCL for its own 1.2 MW plant gives a long term contracted income stream.
The business has three legs, EPC work, its own power generation and the sale of solar products, so it is not dependent on one activity.
It is empanelled as a national vendor under the PM Surya Ghar scheme, which is the main government push for rooftop solar.
Borrowing is low at Rs 6.99 crore, and EBITDA improved from Rs 1.76 crore in FY2024 to Rs 14.56 crore in FY2026.

Risks

There is a serious inconsistency in the offer document data. The company is stated to have been incorporated in September 2024, yet financial figures are shown for FY2024 and FY2025, which cover periods ending before or around that date. This must be checked in the RHP before relying on the three year record.
The growth is from a very small base. Income went up nearly ten times in two years, from Rs 9.66 crore to Rs 93.33 crore, and that pace cannot be assumed to continue.
The company is small relative to what it is raising. Net worth was Rs 15.77 crore as on 31 March 2026 against an issue of Rs 40.88 crore, which is more than twice its own funds.
Rooftop solar demand depends heavily on the PM Surya Ghar scheme and on state subsidies. Any change in scheme terms or delay in subsidy payment would directly affect orders.
Solar module prices are volatile and a large part of supply is imported, so cost and availability are outside the company's control.
Its own generation is small at 1.2 MW, so the steady IPP income is a minor part of the business at present.
A part of the money goes into a proposed manufacturing facility, which is a new activity compared with its current EPC and trading work and brings execution risk.
This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
Promoter holding falls from 70.64% to 49.73% after the issue, leaving the promoters at roughly a half share.
This is a fixed price SME issue at Rs 104 per share, so there is no price discovery through bidding. One lot is 1,200 shares, about Rs 1.25 lakh, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue

Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility	12.29
Funding working capital requirements of the Company	17
General corporate purposes	2.03
Issue Expenses	3

Promoters

Bhargv Ashvinbhai Vachhani
Gandhi Bhavik Tarunkumar
Khushboo Bhargav Vachhani

Promoter holding70.64%→49.73%before → after the issue · down 20.91 points

Registrar, lead managers and documents

Listing on: BSE SME
Face value: ₹ 10 a share
Registrar: Bigshare Services Private Limited
Lead managers: Smart Horizon Capital Advisors
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.