Himalayan Solar IPO
Himalayan Solar IPO Listing Day Performance
Himalayan Solar listed on NSE SME on 05 October 2026 at ₹85.00, a 17.48% discount to the issue price of ₹103. A retail investor allotted the minimum application of 2,400 shares (2 lots) lost ₹43,200 at the listing price.
Demand going into listing
| Subscribed overall | 1.25× |
| QIB | 1.66× |
| NII | 1.12× |
| Retail | 1.26× |
Market Sentiment
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 4 | Final |
|---|---|---|---|
| QIB | — | 1.58x | 1.66x |
| NII | — | 0.44x | 1.12x |
| bNII > ₹10L | — | 0.63x | 1.53x |
| sNII 2-10L | — | 0.05x | 0.29x |
| Retail | — | 0.84x | 1.26x |
| Total | 0.48x | 0.72x | 1.25x |
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 |
|---|---|---|---|---|---|
| Himalayan Solar This IPO | 12.74 | - | 44.04 | 28.93 | - |
| 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.
From this issue's live data. Not investment advice — read the RHP.
Company Information
Himalayan Solar at a glance
From the company's description: “Established in 2015, Himalayan Solar Limited provides complete solar energy solutions.”
Himalayan Solar is raising ₹68.03 crore through an IPO on the NSE Emerge (SME). Of that, ₹60.68 crore is a fresh issue — new shares, with the money going to the company — and ₹7.35 crore is an offer for sale by existing shareholders, who keep those proceeds; 89% of the issue therefore reaches the business. Main stated uses of the fresh money: To meet Working Capital Requirements (₹24.59 crore), Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufactu… (₹12.98 crore) and Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company (₹2.6 crore).
Revenue went from ₹139 crore in 2024 to ₹172 crore in 2026, up 24% over 2 years. Profit after tax went from ₹4.94 crore to ₹20.67 crore, a net margin of 12% in the latest year.
Debt stands at 0.77 times equity.
Written from the issue's offer-document figures shown on this page. Not investment advice.
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.
Himalayan Solar IPO: Lead Manager & Registrar Track Record
How the firm running this issue and its registrar have fared on the other IPOs we track. Each firm's figures leave out Himalayan Solar itself, so they describe what came before it.
- Himalayan Solar listed at −17.5% on day one; the median of 193 listings was +1.7% (better than 13% of them).
- Subscribed 1.25x against a median of 4.03x across 192 issues (higher than 9%).
- Average listing-day move across all 194 SME listings we track: +11.6%.
| Firm | Other IPOs | Listed at / above issue | Avg move | Median |
|---|---|---|---|---|
| Finshore Management Services Ltd. Lead manager | 7 0 MB · 7 SME | 57% 4 of 7 | +11.9% | +0.6% |
| Maashitla Securities Pvt.Ltd. Registrar | 32 0 MB · 32 SME | 81% 26 of 32 | Check allotment → | |
Recent listings managed by Finshore Management Services Ltd. (5)
Best: Sollfege Smart Electronics +89.8% · Weakest: Dudani Retail −13.8%
| IPO | Listed | Listing-day move |
|---|---|---|
| Sollfege Smart Electronics | 08 Oct 2026 | +89.8% |
| Dudani Retail | 05 Oct 2026 | −13.8% |
| Skytech Infinite Platform | 21 Aug 2026 | −3.9% |
| Sampark India Logistics | 07 Jul 2026 | +6% |
| Leapfrog Engineering | 24 Jun 2026 | −4.4% |
A SEBI-registered merchant banker that runs the issue: due diligence, drafting the offer document, setting the price band with the company, and marketing the IPO to investors.
Finalises the basis of allotment, credits shares to demat accounts, releases blocked funds for unsuccessful bids and handles investor queries about the issue.
Listing-day move = exchange opening price vs issue price (band ceiling where the final price isn't recorded). Counts cover IPOs we track only. Past listings don't predict this one; this is not investment advice.
Frequently Asked Questions
Himalayan Solar IPO GMP — What It Means
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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