Infrax Renewable IPO
Day 1 of 3 of bidding · Sept 09, 2026
Infrax Renewable IPO is on Day 1 of 3 of its subscription window. Total subscription stands at 0.05x (NII 0.01x, Retail 0.09x). Bidding closes on Sept 11, 2026 (in 2 days).
Last updated:Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Return Estimator (GMP*)
Allotment Chances
Financial Analysis
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 9.66 | 30.48 | 93.33 |
| Expense | 8.15 | 26.20 | 79.55 |
| Profit (PAT) | 0.96 | 2.85 | 10.20 |
| Total Assets | 4.40 | 8.24 | 31.53 |
| Company | EPS | P/E | RoNW % | NAV |
|---|---|---|---|---|
| Acme Solar Holdings Limited | 8.24 | 49.25 | 9.84 | 83.63 |
| Alpex Solar Limited | 80.52 | 10.90 | 35.87 | 219.94 |
| Solarium Green Energy Limited | 9.81 | 15.78 | 12.58 | 77.93 |
Promoters: Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani
Strengths & Risks
- Revenue grew 206% in the latest reported year.
- Solid profit margin — 10.9%.
- Strong return on equity — 116%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
Risk signals for Infrax Renewable will appear here as subscription, valuation and GMP data arrive. Always read the company-specific risk factors in the RHP before you apply.
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
Infrax Renewable, founded in September 2024, is an Engineering, Procurement, and Construction (EPC) firm focused on providing solar energy solutions, including rooftop and Ground-mounted solar projects. Its product range includes the manufacturing of a wide range of solar products, including solar PV modules, inverters, and related equipment. The firm operates its business via 3 different models: EPC services, offering end-to-end solar solutions, from planning and designing to installation; Independent Power Producer (IPP), selling solar electricity through its own solar power plant in Gujarat; and supplying various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. Infrax Renewable products cater to customers across residential, commercial, and industrial segments.
| Purpose | Amount (Cr) |
|---|---|
| Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility | 12.29 |
| Funding working capital requirements of the Company | 17.00 |
| General corporate purposes | 2.03 |
| Issue Expenses | 3.00 |
Resources & Documents
402-403, R K Prime 2 Mahapuja Dham Chok, 150 Feet Road Malviyanagar Rajkot Gujarat
Infrax Renewable has fixed the issue price at Rs 104 per share for an issue size of Rs 41 crore. The SME issue is currently open for subscription and closes in 2 days on September 11, 2026.
Infrax Renewable, founded in September 2024, is an Engineering, Procurement, and Construction (EPC) firm focused on providing solar energy solutions, including rooftop and Ground-mounted solar projects. Its product range includes the manufacturing of a wide range of solar products, including solar PV modules, inverters, and related equipment.
The issue is promoted by Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani with Smart Horizon Capital Advisors Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing… (Rs 12 crore) and Funding working capital requirements of the Company (Rs 17 crore).
Live demand data shows overall subscription at 0.05x, retail at 0.09x, NII at 0.01x.
At the upper end of the price band, the issue is priced at a post-issue P/E of 9.58x. On fundamentals, the company is posting revenue growth of 206.2%, a profit margin of 10.9%, return on equity of 115.5% in its most recent reported period. Listed peers in this segment include Acme Solar Holdings Limited (P/E 49.25x) and Alpex Solar Limited (P/E 10.90x) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as a Neutral stance — the data is mixed and the risk-reward is balanced rather than one-sided. All figures below — GMP history, subscription tiers, financials and peers — are aggregated from public disclosures. Always apply through your own broker after reading the RHP.
Infrax Renewable IPO GMP — What It Means
No active grey market premium has been recorded for Infrax Renewable IPO yet. GMP is an unofficial, dealer-quoted indicator of expected listing-day demand — not a guaranteed listing price — and it can change quickly once bidding opens.
See the full Infrax Renewable GMP history and trend, or learn how grey market premium works and how reliable it is.
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