Himalayan Solar IPO Day 1: Subscribed 0.11x; Retail demand surges to 0.13x
- Himalayan Solar IPO subscribed 0.11x on Day 1, up from 0.02x earlier in the day.
- Retail category led demand with a 116.7% jump to 0.13x subscription.
- QIB interest remained at 0.00x, while bHNI held steady at 0.02x.
- Issue size ranges from ₹352800 crore to ₹500000 crore with a price band of ₹98-₹103.
*this image is generated using AI for illustrative purposes only.
Himalayan Solar's IPO recorded a cumulative subscription of 0.11x on Day 1, driven by a sharp rise in retail bids which jumped 116.7% to reach 0.13x.
Subscription Status
The opening day of the Himalayan Solar IPO concluded with a total subscription of 0.11x. While the issue remains significantly under-subscribed, there was a notable acceleration in retail interest during trading hours. Qualified Institutional Buyers (QIB) and big Non-Institutional Investors (bHNI) showed no movement from their initial levels, recording 0.00x and 0.02x respectively. Small Non-Institutional Investors (sHNI) maintained a steady subscription of 0.41x.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 0.00x | 0.02x | 0.41x | 0.13x | 0.11x |
Category-wise Breakdown
Retail investors emerged as the primary source of demand, with their subscription level more than doubling from 0.06x in the morning session to 0.13x by the end of the day. This surge contributed significantly to the overall total moving from 0.02x to 0.11x. In contrast, the QIB category remained completely untouched at 0.00x, indicating a lack of institutional appetite for the issue on the first day. The bHNI segment held steady at 0.02x, while sHNI subscriptions stood at 0.41x.
Intra-day Timeline
The subscription pace accelerated notably between 11:15 IST and 12:15 IST, primarily fueled by retail bids. The total subscription jumped by 450% during this window, reflecting a late-morning pickup in retail sentiment despite flat institutional numbers.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.02x | 0.06x | 0.02x |
| 12:15 | 0.00x | 0.02x | 0.13x | 0.11x |
Offer Details
The Himalayan Solar IPO opened on September 25, 2026, and will close on September 29, 2026. The price band is set between ₹98.00000 and ₹103.00000 per share. The minimum bid quantity is fixed at 2400 shares. The total issue size ranges from ₹352800 crore to ₹500000 crore based on the price band.
About the Company
Himalayan Solar Limited, incorporated in 2015 and headquartered in Panchkula, Haryana, is an integrated turnkey solar energy solutions provider. The company specializes in the design, manufacturing, supply, installation, and commissioning of Solar Water Pumping Systems, Solar Rooftop Power Systems, and Solar Inverter Charge Systems. It operates a 60 MW Mono-PERC Solar PV Module manufacturing facility in Karnal, Haryana, which became operational in March 2026. The company has implemented over 85,000 HP capacity of Solar Water Pumping Systems under government projects across India.
Financial Highlights
For FY2026, Himalayan Solar reported total income of ₹17,169.29 lakhs and a Profit After Tax (PAT) of ₹2,066.61 lakhs, translating to a PAT margin of 12.13%. The company held an unexecuted order book of ₹14,021.69 lakhs as of July 31, 2026.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 170.34 | 142.44 | 138.32 |
| Total Income (₹ Cr) | 171.69 | 143.14 | 138.65 |
| Profit Before Tax (₹ Cr) | 27.69 | 21.99 | 6.87 |
| Profit After Tax (₹ Cr) | 20.67 | 16.43 | 4.95 |
| Total Assets (₹ Cr) | 158.22 | 93.82 | 84.14 |
| Total Equity (₹ Cr) | 46.93 | 26.46 | 10.33 |
Objects of the Issue
The net proceeds from the IPO will be utilized for the following purposes:
- Capital Expenditure: ₹12.98 crores towards the purchase of additional plant and machinery for expanding manufacturing capacity from 60 MW to 160 MW per annum at the Karnal facility.
- Working Capital: ₹29.50 crores to meet incremental working capital requirements arising from expansion in manufacturing capacity and anticipated sales volume increases.
- Debt Repayment: ₹2.12 crores for repayment or pre-payment of certain outstanding borrowings availed from ICICI Bank.
- General Corporate Purposes: Balance proceeds for strategic initiatives, brand building, and operating expenses, subject to a cap of 15% of gross proceeds or ₹10 crores, whichever is lower.
Risk Factors
- Customer Concentration: The top five customers contributed 99.54% of revenue in FY 2025–26, with HAREDA alone accounting for approximately 50.00%. Loss of a major customer could materially affect revenue.
- Geographical Concentration: Haryana contributed 52.81% of revenue in FY 2025–26. Adverse regional developments could negatively impact sales.
- Capacity Utilization: Capacity utilization has been low in recent years. Further expansion could increase fixed costs and reduce operational efficiency if demand does not match capacity.
- Regulatory Changes: Changes in MNRE standards and regulations have affected manufacturing focus. Further changes could reduce demand and cause facility underutilization.
- Supplier Dependence: The top ten suppliers accounted for 98.00% of purchases in FY 2025–26. Supply shortages or loss of key suppliers could disrupt production.
Will the sharp rise in retail interest sustain through the final days of the IPO to prevent a significant undersubscription?
How might the complete lack of QIB participation influence the stock's post-listing price stability and institutional coverage?
Can Himalayan Solar diversify its customer base beyond HAREDA and Haryana to mitigate the extreme concentration risks highlighted in the DRHP?
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