Infrax Renewable IPO
Market Sentiment
The overall score is a weighted average of the parts below, so one weak part can sit inside a strong overall reading.
IPO Details
Market Lot Size
IPO Reservation
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| NII | 0.01x | 0.14x | 2.27x |
| bNII > ₹10L | 0.00x | 0.17x | 1.51x |
| sNII 2-10L | 0.03x | 0.07x | 1.41x |
| Retail | 0.16x | 0.40x | 1.93x |
| Total | 0.08x | 0.27x | 2.10x |
Financial Analysis
Financial Data
Financial Performance
| 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 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV |
|---|---|---|---|---|
| Infrax Renewable This IPO | 10.86 | 9.58 | 64.68 | 15.77 |
| 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 |
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.
- 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 Infrax Renewable
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.
Company Contact Information
402-403, R K Prime 2 Mahapuja Dham Chok, 150 Feet Road Malviyanagar Rajkot Gujarat
Objects of the Issue
| 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
Infrax Renewable IPO - Quick Take
Infrax Renewable has fixed the issue price at Rs 104 per share for an issue size of Rs 41 crore. The stock listed flat against its issue price.
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).
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 is trading.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. 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
Infrax Renewable 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 Infrax Renewable before it listed.
See the full Infrax Renewable GMP history and trend, or learn how grey market premium works and how reliable it is.
Related IPO
Same sector or same stage as Infrax Renewable
No comments yet. Be the first to share your opinion!