| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 9.65 | 30.47 | 93.21 |
| Expenses | 8.15 | 26.20 | 79.55 |
| Other Income | 0.01 | 0.01 | 0.12 |
| Total Revenue | 9.66 | 30.48 | 93.33 |
| Profit Before Tax | 1.51 | 4.27 | 13.79 |
| Net Profit | 0.96 | 2.85 | 10.20 |
Infrax Renewable
Infrax Renewable IPO
₹2,49,600
0.16 xOver-subscribedBidding Dates 09 Sept, 26 -11 Sept, 26
Min Investment ₹2,49,600
Lot Size1,200
Price Range ₹104 – ₹104
Issue Size ₹40.88 Cr.
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IPO Subscription Details
Retail Subscription Details
0.31 x
Non-Institutional Buyers (bHNI)
0.01 x
Total0.16 x
0.16 x IPO Timeline
IPO Offer Start
09 Sept,26
IPO Offer Ends
11 Sept,26
Allotment Finalisation
15 Sept,26
Refund Initiation
16 Sept,26
Listing of Shares
17 Sept,26
IPO Analysis
Strengths
The company has successfully developed, executed and commissioned 5,708 rooftop residential solar projects and ground mounted solar projects with an aggregate total project value exceeding ₹ 8,743.95 lakhs in the last three financial years.
The company generates recurring business through its network of dealers and third-party partners, with strong customer relationships contributing to robust growth and repeat orders from many customers.
The company is engaged in supply and distribution of a wide range of solar products, including Solar PV modules, Solar PV inverters and related solar products, maintaining a diversified portfolio to cater to evolving energy requirements.
Risks
The company's business is significantly dependent on continued availability of government policies, subsidies, incentives and support mechanisms for the solar sector. Any withdrawal, reduction, delay or unfavorable modification of such policies may adversely affect demand for products and services, impact profitability, and have a material adverse effect on business operations and financial condition.
The company depends on dealers for a significant portion of revenue, with 2,830 dealers as of FY 2025-26. Any decrease in revenues from dealers, inability to retain existing dealers, or difficulties in recruiting new dealers may cause loss of customers and adversely affect business operations and results of operations.
The company generates 97.41% of revenue from Gujarat in FY 2025-26, creating significant geographic concentration risk. Any adverse developments affecting operations in Gujarat, including competition, economic changes, or regulatory issues, could have a material adverse impact on revenue and results of operations.
Objectives
The company proposes to establish in-house manufacturing facility for solar panel recycling and silver extraction production line, manufacturing of structures for solar roofing and mounting applications, and solar frame production line to achieve backward integration and reduce dependency on third-party vendors.
The company intends to fund incremental working capital requirements to support geographical expansion, commencement of manufacturing facility operations, and increased revenue from B2B customers requiring extended credit periods.
The company will deploy funds towards strategic initiatives, partnerships, joint ventures, acquisitions, meeting business exigencies, brand promotion activities, and other purposes as approved by the Board subject to regulatory compliance.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 4.40 | 8.24 | 31.53 |
| Current Assets | 3.98 | 7.67 | 26.22 |
| Fixed Assets | 0.42 | 0.57 | 5.30 |
| Total Equity & Liabilities | 4.40 | 8.24 | 31.53 |
| Total Liabilities | 3.00 | 6.35 | 15.76 |
| Current Liabilities | 2.99 | 6.32 | 12.85 |
| Non Current Liabilities | 0.01 | 0.03 | 2.91 |
| Total Equity | 1.40 | 1.89 | 15.77 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.42 | 0.37 | -0.33 |
| Investing Activities | -0.24 | -0.34 | -4.74 |
| Operating Activities | 1.67 | 0.24 | -2.70 |
| Financing Activities | -1.01 | 0.46 | 7.11 |
About Infrax Renewable
The company is an ISO 9001:2015 certified provider of solar Engineering, Procurement and Construction (EPC) services for rooftop and ground mount solar projects. The company operates through three business segments: EPC services (including residential rooftop and commercial ground-mounted projects), Independent Power Producer (IPP) activities through Power Purchase Agreements with PGVCL,...more
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Managing DirectorMr. Bhargv Ashvinbhai Vachhani
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