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Latest GMP
- Lead Manager
- Smart Horizon Capital Advisors Private Limited
- IPO Registrar
- Bigshare Services Private Limited
- IPO Open Date
- 9th Sep 2026
- IPO Close Date
- 11th Sep 2026
- Allotment date
- 15th Sep 2026
- Listing date
- 17th Sep 2026
- Issue Size
- ₹ 41 Cr.
- Issue Price Band
- ₹ 104
- Lot Size
- 1200 Share
- Minimum Investment
- ₹ 249600
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 Infrax Renewable Limited
Incorporated in September 2024, Infrax Renewable Limited is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects.
The company also supplies a wide range of solar products, including solar PV modules, inverters, and related equipment, and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL.
Business Operations
EPC Services
Provides end-to-end solar EPC services, including project design, engineering, procurement, installation, testing, commissioning, O&M, and regulatory assistance. Projects include rooftop solar projects for residential customers and ground-mounted projects for commercial customers.
Independent Power Producer (IPP)
Operates as an Independent Power Producer by generating and selling electricity to Paschim Gujarat Vij Company Limited (PGVCL) under a 25-year Power Purchase Agreement. In 2026, the company commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, Rajkot, Gujarat.
Sale of Solar Products
Supplies various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. PV modules include both polycrystalline and monocrystalline panels, sourced domestically and internationally.
Network & Reach
The company offers end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance (O&M) services. It serves customers across residential, commercial, and industrial segments through an extensive dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana.
Infrax currently operates warehouses in Rajkot, Ahmedabad, and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh, with services supplied across multiple Indian states.
Workforce
As of March 31, 2026, the team comprised 52 permanent employees.
Competitive Strengths
- Proven track record in executing solar EPC projects
- Diversified business model with EPC, solar product distribution, and IPP operations
- Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana
- Strong customer, supplier, and dealer network across multiple states
- Strategic warehouse and branch office presence supporting efficient project execution
- ISO 9001:2015 certified quality management system
- Plans for backward integration through in-house solar component manufacturing and recycling
- Experienced promoter team with over 17 years of industry experience
IPO Subscription Details
| Category | Shares Offered | Shares Applied | Subscription Times (x) |
|---|---|---|---|
| QIB (Ex Anchor) | 0 | 14,89,200 | 0.00 |
| NII | 18,50,400 (49.58%) | 27,76,800 | 1.50 |
| Retail | 18,81,600 (50.42%) | 35,66,400 | 1.90 |
| Total | 37,32,000 (100.00%) | 78,32,400 | 2.10 |
Grey Market Premium (GMP)
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 11-09-2026 | ₹104 | ₹0 | ₹104 ( 0.00% ) | ₹0.00 | 11-Sep-2026 12:02 PM |
Financials of Infrax Renewable Limited
A quick overview of the key financial performance of Infrax Renewable Limited.
Total Assets (₹ Cr)
Revenue (₹ Cr)
Profit after Tax (₹ Cr)
*All values are in Rs. Cr
Company Financials
Revenue increased by 206%, Profit after Tax (PAT) increased by 258%, Total Assets increased by 283% between FY2025 and FY2026.
| Period Ended | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 9.65 | 30.47 | 93.21 |
| Assets | 4.40 | 8.24 | 31.53 |
| Total Income | 9.66 | 30.48 | 93.33 |
| Profit After Tax | 0.96 | 2.85 | 10.20 |
| EBITDA | 1.76 | 4.50 | 14.56 |
| Net Worth | 1.40 | 1.89 | 15.77 |
| Reserves & Surplus | 0.00 | 0.89 | 14.52 |
| Total Borrowings | 0.00 | 3.02 | 6.99 |
IPO Lot Size
Application
Lots
Shares
Amount
Individual Investors (IND) (Min)
2
2,400
₹ 2,49,600
Individual Investors (IND) (Max)
2
2,400
₹ 2,49,600
S-HNI (Min)
3
3,600
₹ 3,74,400
S-HNI (Max)
8
9,600
₹ 9,98,400
B-HNI (Min)
9
10,800
₹ 11,23,200
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 2,400 | ₹ 2,49,600 |
| Individual Investors (IND) (Max) | 2 | 2,400 | ₹ 2,49,600 |
| S-HNI (Min) | 3 | 3,600 | ₹ 3,74,400 |
| S-HNI (Max) | 8 | 9,600 | ₹ 9,98,400 |
| B-HNI (Min) | 9 | 10,800 | ₹ 11,23,200 |
Key Performance Indicators (KPI)
| KPI | Latest |
|---|---|
| ROE (%) | 115.54 |
| ROCE (%) | 63.89 |
| Debt / Equity | 0.44 |
| RoNW (%) | 64.68 |
| PAT Margin (%) | 10.94 |
| EBITDA Margin (%) | 15.62 |
|
Pre IPO
Post IPO
|
|
| EPS (₹) |
10.86
-
|
| P/E (x) |
9.58
-
|
| Promoter Holding (%) |
67.73
47.48
|
IPO Lead Manager(s)
Lead Manager Details
- Smart Horizon Capital Advisors Private Limited
- Contact Person: Mr. Parth Shah
- SEBI Registration Number: INM000013183
- Investor Grievance Email: investor@shcapl.com
- Website: https://www.shcapl.com
- Email: director@shcapl.com
- Phone: 022-28706822
- Address: B/908, Western Edge II, Kanakia Space, Behind Metro Mall, Off Western Express Highway, Magathane, Borivali East, Mumbai - 400066, Maharashtra, India
IPO Registrar
- Registrar Name
- Bigshare Services Private Limited
- ipo@bigshareonline.com
- Phone
- 022-62638200
- Contact Person
- Mr. Babu Rapheal C.
- SEBI Registration Number
- INR000001385
- Address
- Office No S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra, India
- Website
- https://www.bigshareonline.com/
Company Contact Details
- Company Name
- Infrax Renewable Limited
- Phone
- +91 7874074000
- Contact Person
- Ms. Shreya Siddhartha Mehta
- Corporate Identity Number
- U43222GJ2024PLC155272
- Address
- 402-403, R K Prime 2, Mahapuja Dham Chok, 150 Feet Road, Malviyanagar, Rajkot, Gujarat, India - 360004
- Website
- https://infraxrenewable.com/
Infrax Renewable Limited FAQs
