Summary
The Himalayan Solar IPO is an SME book-built IPO, scheduled to open on 25 September 2026 and close on 29 September 2026.
The shares have a price band between ₹ 98 and ₹ 103 per share, along with a minimum application of 2 lots (2,400 shares).
The tentative listing of the IPO shares is fixed on 5 October 2026 on the NSE SME platform.
The Himalayan Solar IPO is a book-built SME public issue of up to 66,04,800 equity shares with a face value of ₹10 each. The issue comprises a fresh issue of up to 58,90,800 shares and an offer for sale of up to 7,14,000 shares. The IPO is scheduled to open on 25 September 2026 and close on 29 September 2026, with the shares proposed to be listed on the NSE Emerge platform. The IPO has a price band of ₹98 to ₹103 per share, and investors need to apply for at least 2 lots of 1,200 shares each, taking the minimum application size to 2,400 shares. At the upper price band, the total issue size works out to approximately ₹68 crore.
Himalayan Solar IPO Key Details
The table below presents the essential details investors should know before applying for the Himalayan Solar IPO.
| IPO Open Date | 25 September 2026 |
| Close Date | 29 September 2026 |
| Face value | ₹10 per share |
| Issue Price | ₹98-₹103 per share |
| IPO Lot Size | 1,200 shares |
| Fresh issue | 58,90,800 shares |
| Offer for Sale | 7,14,000 shares |
| Type of issue | Book-building SME |
| Listing at | NSE SME |
| Total Issue Size (₹ Crore) | ₹68 crore approx |
| Minimum Investment | 2 lots (2,400 shares) |
Himalayan Solar IPO Timeline
Below is the complete schedule of events for the Himalayan Solar IPO.
| Bid Opening | 25 September 2026 |
| Bid Closing | 29 September 2026 |
| Tentative Allotment | 30 September 2026 |
| Initiation of Refunds | 1 October 2026 |
| Credit of Shares to Demat | 1 October 2026 |
| Tentative Listing Date | 5 October 2026 |
| UPI mandate closing date | 29 September 2026 |
Key Performance Indicators of Himalayan Solar IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | 56 | 89 | 63 |
| ROCE (%) | 35.84 | 44.32 | 23.37 |
| Debt Equity (in times) | 0.77 | 1.02 | 2.28 |
| RoNW (%) | 44.04 | 62.11 | 47.86 |
| PAT Margin (%) | 12.13 | 11.54 | 3.58 |
| EBITDA margin (%) | 17.05 | 16.55 | 5.66 |
| Price to book | 3.56 |
Himalayan Solar IPO Financial Details
The Financial information of the Himalayan Solar IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 170.34 | 142.44 | 138.32 |
| Total Asset | 158.22 | 93.82 | 84.14 |
| Profit | 20.67 | 16.43 | 4.95 |
(Amount in ₹ Crores)
Himalayan Solar IPO Subscription Status
The subscription data will be available once bidding begins.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Himalayan Solar IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the Himalayan Solar IPO shows a GMP of ₹0.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Gain | Last updated |
| 22-09-2026 | ₹103 | ₹0 | ₹103 | 0.00% | 22-09-2026, 10:59 |
GMP is the premium value of the IPO share in the unofficial market before it opens for subscription.
Himalayan Solar IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | No. of Shares | % of Net Issue | % of Total Issue |
| Market Maker | 3,31,200 | 5.01 | |
| QIBs | 12,55,200 | 20.01 | 19.00 |
| NIIs | 18,79,200 | 29.95 | 28.45 |
| Retails | 31,39,200 | 50.04 | 47.53 |
| Total | 66,04,800 | 100% | 100% |
Himalayan Solar IPO Lot Sizes
Refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount in ₹ |
| Retail(Min) | 2 | 2,400 | 2,47,200 |
| Retail (Max) | 2 | 2,400 | 2,47,200 |
| S-HNI (Min) | 3 | 3,600 | 3,70,800 |
| S-HNI (Max) | 8 | 9,600 | 9,88,800 |
| B-HNI (Min) | 9 | 10,800 | 11,12,400 |
Himalayan Solar IPO Prospectus
Investors can access the offered prospectus for the Himalayan Solar IPO mentioned below.
About Himalayan Solar Ltd.
Himalayan Solar Limited, formerly known as Himalayan Solar Private Limited, was incorporated in September 2015 and is headquartered in Panchkula, Haryana. The company operates in the renewable energy sector and is engaged in the manufacturing of solar PV modules and execution of solar energy projects. Its business includes the design, manufacturing, supply, installation and commissioning of solar PV modules, solar water pumping systems, rooftop solar plants, solar lighting systems, solar inverter and charger systems and other solar products.
Himalayan Solar currently operates a 60 MW annual manufacturing facility for Mono-PERC 16 Busbar solar PV modules in Karnal, Haryana, which became operational in March 2026.
Promoters:
- Manjeet Singh
- Karthyayini M
- Himanshu Dalal
- Mehtab Singh
- Anita Kumari
| Book Runner | Finshore Management Services Ltd. |
| Issue Registrar | Maashitla Securities Pvt. Ltd. |
Purpose of Himalayan Solar IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Est. Amount in ₹ Crores |
| For purchase of plant and machinery for expansion of manufacturing facilities | Up to 12.98 |
| Repayment or prepayment of outstanding borrowings | Up to 2.12 |
| Working capital requirements | Up to 29.50 |
| General Corporate Purposes | – |
| Total | – |
Himalayan Solar Ltd.- Strengths and benefits
- Large order book: The company reported an unexecuted order book of ₹140.22 crore as of 31 July 2026, consisting mainly of government projects. This provides visibility for future project execution and revenue.
- Certifications and approvals: Himalayan Solar holds various product and quality certifications covering solar PV modules, batteries, solar pump controllers and related products. It was also enlisted under the Approved List of Models and Manufacturers (ALMM) in September 2026.
- Government projects: Himalayan Solar has experience executing government-backed solar projects, particularly solar water pumping systems under government schemes. It has been empanelled with several government departments and has executed projects across multiple Indian states.
Himalayan Solar Ltd- Risks and limitations
- Capacity utilisation risk: The company has reported low capacity utilisation in recent years, even as it has expanded its manufacturing capacity. If demand does not increase as expected, the expanded facility could remain underutilised, thereby increasing fixed costs.
- Technology and regulatory changes: Changes in MNRE requirements and solar module standards have affected the company in the past, including the shift from polycrystalline to Mono-PERC modules. Further changes could require additional investment or affect demand for its products.
- Legal compliance: The company, its directors, promoters and group companies are involved in certain legal proceedings. Any unfavourable outcome in these matters could adversely affect the Company’s business, financial performance and overall financial condition.
Himalayan Solar IPO Review
Himalayan Solar IPO is an SME book-building IPO, which consists of 66,04,800 total public shares, including a fresh issue of 58,90,800 shares and an offer for sale of 7,14,000 shares. The shares are proposed for listing on the NSE platform. The IPO will open for subscription on September 25, 2026 and close on September 29, 2026. It has set a price band of ₹98 to ₹103 per share, with a lot size of 1,200 shares. Retail investors need to apply for a minimum of 2 lots, or 2,400 shares, requiring an investment of ₹2,47,200 at the upper price band. The total issue size is approximately ₹68 crore. The shares are proposed to be listed on 5 October 2026.
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Himalayan Solar IPO FAQs
Himalayan Solar IPO is a book-built SME IPO of up to 66,04,800 equity shares. The issue comprises a fresh issue of up to 58,90,800 shares and an offer for sale of up to 7,14,000 shares. The shares are proposed to be listed on the NSE platform.
Investors can apply for the Himalayan Solar IPO through their broker using the ASBA facility or UPI-based application process. Investors should check their eligibility, application category and required investment amount before submitting the IPO application.
The Himalayan Solar IPO should be assessed based on factors such as the company’s financial performance, order book, manufacturing capacity, use of IPO proceeds, valuation and the risks mentioned in its Red Herring Prospectus. Investors should review these factors before making an investment decision.
The Himalayan Solar IPO will open for subscription on 25 September 2026 and close on 29 September 2026.
The lot size is 1,200 shares. Retail investors need to apply for at least 2 lots, or 2,400 shares. At the upper price band of ₹103 per share, the minimum retail investment is ₹2,47,200.
The tentative allotment date for the Himalayan Solar IPO is 30 September 2026. Refunds and credit of shares to demat accounts are expected on 1 October 2026.
Himalayan Solar shares are expected to be listed on the NSE Emerge platform on 5 October 2026.
