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Latest GMP
- Lead Manager
- Finshore Management Services Limited
- IPO Registrar
- Maashitla Securities Private Limited
- IPO Open Date
- 25th Sep 2026
- IPO Close Date
- 29th Sep 2026
- Allotment date
- 30th Sep 2026
- Listing date
- 5th Oct 2026
- Issue Size
- ₹ 68 Cr.
- Issue Price Band
- ₹ 98 to 103
- Lot Size
- 1200 Share
- Minimum Investment
- ₹ 247200
Disclaimer: IPO details, GMP, subscription figures, and other related information are for informational purposes only and may not always be accurate or up to date. Please verify the latest details from official sources before investing.
About Himalayan Solar Limited
Incorporated in 2015, Himalayan Solar Limited specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of a wide range of solar products, with a primary focus on Solar Water Pumping Systems.
They also provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems.
Track Record
As on March 31, 2025, they have a qualitative experience in implementation of more than 61,000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India, and this quantity will further increase to 100,000 HP by the end of FY 2025-26.
Workforce
As on August 31, 2025, the Company has employed 64 employees.
Competitive Strengths
- Experienced Solar PV Module Manufacturer
- Experienced Promoters backed by a strong management team
- Strong Presence in Government-Focused Renewable Energy Projects Across Multiple States
- Strong relationship with customers and suppliers
- Ability to implement Solar Products portfolio in Government-backed Solar Projects as supplemental value addition along with their manufacturing business
- Strong Order Book
IPO Subscription Details
| Category | Shares Offered | Shares Applied | Subscription Times (x) |
|---|---|---|---|
| QIB (Ex Anchor) | 5,02,800 (9.11%) | 7,92,000 | 1.58 |
| NII | 18,79,200 (34.04%) | 8,19,600 | 0.44 |
| bNII (> ₹10L) | 12,52,800 (22.69%) | 7,86,000 | 0.63 |
| sNII (< ₹10L) | 6,26,400 (11.35%) | 33,600 | 0.05 |
| Retail | 31,39,200 (56.86%) | 26,23,200 | 0.84 |
| Total | 55,21,200 (100.00%) | 42,34,800 | 0.77 |
Grey Market Premium (GMP)
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 22-09-2026 | ₹103 | ₹0 | ₹103 ( 0.00% ) | ₹0.00 | 22-Sep-2026 03:34 PM |
Financials of Himalayan Solar Limited
A quick overview of the key Financial Performance of Himalayan Solar Limited.
Total Assets (₹ Cr)
Revenue (₹ Cr)
Profit after Tax (₹ Cr)
*All values are in Rs. Cr
Company Financials
Revenue increased by 3%, Profit after Tax (PAT) increased by 221%, Total Assets increased by 12% between FY2024 and FY2025.
| Period Ended | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | 47.59 | 138.32 | 142.44 |
| Assets | 32.54 | 84.14 | 93.83 |
| Total Income | 47.62 | 138.65 | 143.14 |
| Profit After Tax | 0.58 | 4.94 | 15.85 |
| EBITDA | 2.26 | 7.83 | 23.58 |
| Net Worth | 5.39 | 10.33 | 25.87 |
| Reserves & Surplus | 1.78 | 6.72 | 22.27 |
| Total Borrowings | 18.99 | 23.54 | 26.95 |
IPO Lot Size
Application
Lots
Shares
Amount
Individual Investors (IND) (Min)
2
2,400
₹ 2,47,200
Individual Investors (IND) (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
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 2,400 | ₹ 2,47,200 |
| Individual Investors (IND) (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 |
Key Performance Indicators (KPI)
| KPI | Latest |
|---|---|
| ROE (%) | 87.59 |
| ROCE (%) | 61.28 |
| Debt / Equity | 1.04 |
| RoNW (%) | 44.81 |
| PAT Margin (%) | 11.13 |
| EBITDA Margin (%) | 16.55 |
|
Pre IPO
Post IPO
|
|
| EPS (₹) |
9.77
-
|
| P/E (x) |
-
-
|
| Promoter Holding (%) |
99.99
-
|
IPO Lead Manager(s)
Lead Manager Details
- Finshore Management Services Limited
- Contact Person: Mr. S. Ramakrishna Iyengar
- SEBI Registration Number: INM000012185
- Investor Grievance Email: investors@finshoregroup.com
- Website: https://www.finshoregroup.com/
- Email: info@finshoregroup.com
- Phone: 033-2289 5101 / 4603 2561
- Address: Anandlok Building, Block-A, 2nd Floor, Room No. 207, & 3rd Floor, Room No. 307/307A, 227 A.J.C Bose Road, Kolkata - 700020, West Bengal, India
IPO Registrar
- Registrar Name
- Maashitla Securities Private Limited
- ipo@maashitla.com
- Phone
- 011-47581432
- Contact Person
- Mr Mukul Agrawal
- SEBI Registration Number
- INR000004370
- Address
- 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, Delhi - 110034, India
- Website
- https://maashitla.com/
Company Contact Details
- Company Name
- Himalayan Solar Limited
- cs@himalayansolar.co.in
- Phone
- +91 7087117405
- Contact Person
- Navkiran Kaur
- Corporate Identity Number
- U40100HR2015PLC056609
- Address
- SCO-411, 2nd Floor, Sector 20, Panchkula, Haryana-134117, India
- Website
- http://www.himalayansolar.co.in/
Himalayan Solar Limited FAQs
