Himalayan Solar IPO Day 3: Subscribed 0.84x; Retail leads at 1.25x; QIBs cautious at 0.27x
- Himalayan Solar IPO closed at 0.84x overall subscription.
- Retail investors led demand with a 1.25x subscription.
- QIBs remained cautious with a 0.27x subscription.
- Allotment is scheduled for October 1, 2026, with listing on October 5, 2026.
*this image is generated using AI for illustrative purposes only.
Himalayan Solar IPO closed its three-day subscription window on September 29, 2026, with an overall subscription of 0.84x. Retail investors drove the final push, jumping to 1.25x, while QIBs remained cautious at 0.27x.
Subscription Status
The issue witnessed a gradual uptick in retail participation over the three days, though institutional demand remained tepid. The total subscription rose from 0.35x on Day 1 to 0.84x by the close on Day 3.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 0.14x | 0.04x | 0.62x | 0.51x | 0.35x |
| Day 2 | 28-09-2026 | 0.25x | 0.05x | 0.63x | 0.84x | 0.52x |
| Day 3 | 29-09-2026 | 0.27x | 0.27x | 1.53x | 1.25x | 0.84x |
Category-wise Breakdown
Retail investors accounted for the highest subscription multiple among all categories, reaching 1.25x. Non-Institutional Investors (NII) showed mixed trends, with sHNIs at 1.53x and bHNIs at 0.27x. The Employee category received no bids (0x). QIBs maintained a steady but low subscription level of 0.27x throughout the period.
Intra-day Timeline on 29-09-2026
The final day saw limited movement in institutional categories, with retail holding steady at its peak levels.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.25x | 0.07x | 0.89x | 0.54x |
| 12:15 | 0.25x | 0.07x | 0.92x | 0.55x |
| 13:15 | 0.27x | 0.07x | 0.97x | 0.58x |
| 14:15 | 0.27x | 0.09x | 1.07x | 0.62x |
| 15:15 | 0.27x | 0.12x | 1.18x | 0.80x |
| 16:15 | 0.27x | 0.27x | 1.25x | 0.84x |
Offer Details
- Company: Himalayan Solar
- Price Band: ₹98.00 - ₹103.00
- Issue Size: ₹35.28 crore - ₹50.00 crore
- Min Bid Qty: 2400 shares
- Open: 2026-09-25 10:00:00
- Close: 2026-09-29 16:00:00
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 is empanelled with multiple state government departments including HAREDA, MSEDCL, MEDA, and PEDA. As of July 31, 2026, it had implemented over 85,000 HP capacity of Solar Water Pumping Systems under government projects across India. Its unexecuted order book stood at ₹14,021.69 lakhs, predominantly comprising government contracts.
Financial Highlights
The company reported steady growth in revenue and profitability over the last three fiscal years.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 170.34 | 142.44 | 138.32 |
| Total Revenue (₹ 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 |
Note: PAT margin for FY2026 was 12.13%.
Objects of the Issue
The net proceeds from the IPO will be utilized for the following purposes:
- Capital Expenditure: ₹12.98 crore towards expansion of manufacturing capacity from 60 MW to 160 MW per annum at the Karnal facility.
- Working Capital: ₹29.50 crore to meet incremental working capital requirements arising from capacity expansion and sales volume growth.
- Debt Repayment: ₹2.12 crore for repayment or pre-payment of outstanding term loans from ICICI Bank.
- General Corporate Purposes: Balance proceeds for strategic initiatives, brand building, and operating expenses.
Risk Factors
Key risks disclosed include:
- Customer Concentration: Top five customers contributed 99.54% of revenue in FY 2025–26, with HAREDA alone accounting for approximately 50.00%.
- Geographical Concentration: Haryana contributed 52.81% of revenue in FY 2025–26.
- Supplier Dependence: Top ten suppliers accounted for 98.00% of purchases in FY 2025–26.
- Capacity Utilization: Low utilization rates in recent years may impact operational efficiency and returns on investment.
- Regulatory Changes: Shifts in MNRE standards and policies could affect product viability and demand.
What's Next
Allotment of shares is scheduled for October 1, 2026. The company's equity shares are expected to be listed on BSE and NSE on October 5, 2026.
How might the severe under-subscription by QIBs (0.27x) influence Himalayan Solar's stock price performance and volatility upon its October 5 listing?
Given that 99.54% of revenue comes from just five customers, what specific strategies will management implement to diversify its client base post-IPO?
What is the projected timeline for Himalayan Solar to achieve full utilization of its expanded 160 MW manufacturing capacity, and how will this impact near-term margins?
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