Himalayan Solar IPO
Market Sentiment
IPO Details
Day-wise Subscription (times subscribed)
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 138.65 | 143.14 | 171.69 |
| Expense | 131.77 | 121.15 | 144.00 |
| Profit (PAT) | 4.94 | 16.43 | 20.67 |
| Total Assets | 84.14 | 93.82 | 158.22 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Ganesh Green Bharat Limited | 30.31 | 7.11 | 26.82 | 113.02 | 1,064.27 Cr |
| Solarium Green Energy Limited | 9.81 | 14.99 | 12.58 | 77.93 | 368.15 Cr |
| Australian Premium Solar (India) Limited | 28.70 | 8.34 | 35.24 | 81.44 | 707.96 Cr |
Strengths & Risks
- Revenue grew 20% in the latest reported year.
- Solid profit margin — 12.0%.
- Strong return on equity — 44%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Himalayan Solar
Established in 2015, Himalayan Solar Limited provides complete solar energy solutions. The company handles the design, manufacturing, supply, installation, and commissioning of various solar products, mainly focusing on Solar Water Pumping Systems. It also offers solutions such as Solar Inverter Charge Systems and Solar Rooftop Power Systems. The company supplies a range of solar products, including solar PV modules, solar cells, solar batteries, and other solar equipment. Moreover, as of 2026, the firm has implemented more than 85000 HP of Solar Water Pumping Systems as part of Government Projects in India. Himalayan Solar’s main mission is to make solar power accessible, affordable, and reliable for everyone.
Company Contact Information
Himalayan Solar Ltd., SCO-411 2nd Floor,, Sector 20,, Panchkula, Haryana, 134117
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| 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. | 2.60 |
| To meet Working Capital Requirements | 24.59 |
| General Corporate Expenses | - |
Resources & Documents
Anchor Investors
Himalayan Solar IPO - Quick Take
Himalayan Solar has set a price band of Rs 98–Rs 103 per share for an issue size of Rs 68 crore. The stock listed with a 17.48% discount versus its issue price on October 05, 2026.
The issue is promoted by Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh and Anita Kumari with Finshore Management Services Ltd. acting as lead manager. Net proceeds will primarily be used towards funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing… (Rs 13 crore) and repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company (Rs 3 crore).
On fundamentals, the company is posting revenue growth of 20.0%, a profit margin of 12.0%, return on equity of 44.0% in its most recent reported period. Listed peers in this segment include Ganesh Green Bharat Limited (P/E 7.11x) and Solarium Green Energy Limited (P/E 14.99x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read mixed — some indicators read positively and others do not. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Himalayan Solar IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. No grey market premium was recorded for Himalayan Solar before it listed.
See the full Himalayan Solar GMP history and trend, or learn how grey market premium works and how reliable it is.
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