| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 138.32 | 142.44 | 170.34 |
| Expenses | 131.77 | 121.15 | 144.00 |
| Other Income | 0.33 | 0.70 | 1.35 |
| Total Revenue | 138.65 | 143.14 | 171.69 |
| Profit Before Tax | 6.87 | 21.99 | 27.69 |
| Net Profit | 4.95 | 16.43 | 20.67 |
Himalayan Solar
Himalayan Solar IPO
₹2,35,200
0.17 xOver-subscribedBidding Dates 25 Sept, 26 -29 Sept, 26
Min Investment ₹2,35,200
Lot Size1,200
Price Range ₹98 – ₹103
Issue Size ₹68.03 Cr.
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IPO Subscription Details
Retail Subscription Details
0.24 x
Non-Institutional Buyers (sHNI)
0.02 x
Non-Institutional Buyers (bHNI)
0.42 x
Qualified Institutional Buyers (QIB)
0.03 x
Total0.17 x
0.17 x IPO Timeline
IPO Offer Start
25 Sept,26
IPO Offer Ends
29 Sept,26
Allotment Finalisation
30 Sept,26
Refund Initiation
01 Oct,26
Listing of Shares
02 Oct,26
IPO Analysis
Strengths
The company has been ranked in the top 10 Solar PV Module Manufacturers in 2021 by Industry Outlook magazine and recognized as 'Best Industrial and Commercial Solar Company' by Industrial Review Magazine, with over six years of experience operating a 40 MW production line, now transitioning to Mono-PERC and TopCon Bifacial panels.
The company is led by Promoter Mr. Manjeet Singh with ~10 years of experience in electrical and solar manufacturing, and Whole Time Director Mr. Mehtab Singh, a former Indian Naval officer overseeing government solar project operations, supported by a highly qualified senior management team.
The company has established a robust track record in executing government-backed solar projects across Haryana, Rajasthan, Punjab, and Maharashtra, with ~97.19% of FY2026 revenue (₹16,555.91 lakhs) derived from government sector contracts, ensuring steady project inflow and credibility.
Risks
Capacity utilization has been low in recent years, while further expansion is planned. Underutilization could increase fixed costs, reduce operational efficiency and profitability, and weaken returns on investment.
Regulatory changes and the shift from polycrystalline to Mono-PERC modules rendered the earlier 40 MW facility commercially unsuitable. Relocation and commissioning of the new facility may cause technical issues, operational disruptions, cost increases and reduced profitability.
Changes in MNRE standards and other regulations have already affected the company’s manufacturing focus and product viability. Further changes or non-compliance could reduce demand, cause facility underutilization and adversely affect financial performance.
Objectives
The company intends to expand its manufacturing capacity from 60 MW to 160 MW per annum by acquiring additional machinery at its existing facility in Karnal, Haryana, incorporating advanced technologies including Glass-to-Glass (G2G) and up to 25 Busbar Solar PV Panels, at an estimated cost of up to a specified amount in lakhs.
The company proposes to repay/prepay outstanding term loan borrowings availed from ICICI Bank, originally used for upgrading production capacity, to reduce interest burden, improve the debt-equity ratio, and enhance overall financial flexibility.
The company intends to utilize a portion of the net proceeds to fund incremental working capital requirements arising from expansion in manufacturing capacity, product mix upgrade, and anticipated increase in sales volumes in both domestic and export markets.
The balance net proceeds are proposed to be utilized for general corporate purposes including strategic initiatives, brand building, marketing activities, meeting operating expenses, and other business exigencies, subject to a cap of 15% of gross proceeds or Rs. 10 crores, whichever is lower.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 84.14 | 93.82 | 158.22 |
| Current Assets | 79.65 | 86.45 | 150.34 |
| Fixed Assets | 4.49 | 7.37 | 7.88 |
| Total Equity & Liabilities | 84.14 | 93.82 | 158.22 |
| Total Liabilities | 73.81 | 67.37 | 111.29 |
| Current Liabilities | 73.54 | 65.17 | 101.92 |
| Non Current Liabilities | 0.27 | 2.20 | 9.37 |
| Total Equity | 10.33 | 26.46 | 46.93 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -7.61 | 5.59 | 1.81 |
| Investing Activities | -5.59 | 0.21 | -3.00 |
| Operating Activities | -5.52 | 3.90 | -2.07 |
| Financing Activities | 3.50 | 1.42 | 6.91 |
About Himalayan Solar
Himalayan Solar Limited, incorporated in 2015 and headquartered in Panchkula, Haryana, is an integrated turnkey solar energy solutions provider specializing in the design, manufacturing, supply, installation, and commissioning of Solar Water Pumping Systems, Solar Rooftop Power Systems, and Solar Inverter Charge Systems. The company is empanelled with multiple state government...more
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Managing DirectorManjeet Singh
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