Himalayan Solar Ltd IPO
Status: Upcoming
Overview
IPO date
25 Sept 2026 to 29 Sept 2026
Face value
₹ 10 per share
Price
₹ 98 to ₹103 per share
Issue Size
6,604,800 shares
(aggregating up to ₹ 68.03 Cr)
(aggregating up to ₹ 68.03 Cr)
Allotment Date
30 Sept 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Capital Goods - Electrical Equipment
Unlock Stock of the Month
T&C*
Strengths vs Risks of Himalayan Solar Ltd
Know the pros & cons
Strengths
- Experienced promoters having deep knowledge to scale up the business.
- Established and proven track record.
- Leveraging the experience of our Promoters.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our customers.
- Quality Assurance & Control.
Risks
- The Company, Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- Risk of Low-Capacity Utilization Levels and Potential Underutilization of Expanded Manufacturing Facilities, Which May Adversely Impact the company Operational Efficiency, Profitability, and Return on Investment.
- Potential Adverse Impact on Business Operations Due to Obsolescence of Existing Manufacturing Facility and Risks Associated with Relocation and Commissioning of New Manufacturing Unit with New Machinery.
- Adverse changes in government policies, industry standards, or regulatory requirements governing the company's products have impacted its past operations and may adversely affect the company's future business prospects and financial performance.
- The company's Restated Financial Statements are Prepared and Signed by the Peer Review Chartered Accountant who is not Statutory Auditors of the Company.
- The company has not taken any steps to order the machinery/equipment required for the Expansion and upgradation of the manufacturing facility. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment/machinery in a timely manner, or at all, the same may result in time and cost overruns.
- The Company is dependent on a few customers for sales. Loss of any of these large customers may affect its revenues and profitability.
- The company highly depends on its major raw materials and a few key suppliers who help it procure the same. The Company has not entered into long-term agreements with its suppliers for the supply of raw materials. In the event the company is unable to procure adequate amounts of raw materials, at competitive prices its business, results of operations and financial condition may be adversely affected.
- The majority of the company's state- wise revenues from operations for the last 3 years are dependent mainly on Haryana. Any adverse developments affecting its operations in these states could have an adverse impact on the company's revenue and results of operations.
- The company's business operations may faces less sales in unfavourable solar weather conditions could have a material adverse effect on its business, financial condition and results of operations.
- The company has certain contingent liabilities, which, if materialized, may affect its financial condition and results of operations.
- The outstanding orders in the company order book may be delayed, modified or cancelled which may have an adverse impact on its business, results of operations and cash flows.
- The reduction, modification or elimination of government and economic incentives may reduce the economic benefits of the company's existing renewable energy projects and its opportunities to develop or acquire new renewable energy projects.
- There has been an instance of non-compliance for failures to open a separate bank account for the receipt of share application money in compliance with Section 42 of the Companies Act, 2013. Due to such lapse, the Company may be held liable to penal actions by the regulatory authorities under the Companies Act which may have impact on its financial position.
- With the proceeds of the IPO, the Company intends to further expand and upgrade its facility to 160 MW by acquiring additional machinery with an installed capacity of 100 MW; the company cannot assure you that the proposed expansion of the manufacturing facility will become operational as scheduled or at all, or operates as efficiently as planned. If the company is unable to commission its new facility in a timely manner or without cost overruns, it may adversely affect the company's business, results of operations and financial condition.
- The company faces competition in its business from domestic competitors. Such competition would have an adverse impact on the company's business and financial performance.
- There are certain discrepancies and non-compliances noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies, taxation authorities and other public authorities.
- There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities.
- The Company's proposed expansion and modernization plans may be adversely affected if the existing utilities such as power, water, and other infrastructural facilities are not sufficient to meet the increased operational requirements.
- The company has experienced negative cash flows in the past. Any such negative cash flows in the future could adversely affect its business, results of operations and prospects.
- The company does not own the premises in which its Registered Office, Manufacturing unit, Branch Office and Warehouses are located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect the company operations.
- The Company has availed unsecured loan which are repayable on demand. Any demand from the lenders for repayment of such unsecured loan may affect its financial condition.
- The company is engaged in assembling of solar water pumping system and beneficiaries receives subsidy from State/Central Government. Any reduction or discontinuation of such subsidy will results in reduction in number of potential consumers.
- The company's business activities are exposed to fluctuations in the prices of raw materials.
- The average cost of acquisition of Equity Shares by the company's promoter is lower than the issue price.
- The company's Promoter Manjeet Singh plays a key role in its functioning and the company heavily relies on his knowledge and experience in operating its business and therefore, it is critical for the company's business that its promoter remain associated with the company.
- The company requires certain approvals, licenses, registrations and permits for its business and the failures to obtain or renew them in a timely manner may adversely affect the company operations.
- The company's Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company even after the Issue which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Government may commence assembling the solar water pumps/products and may start providing products at cheaper rates.
- The company's success will depends on its ability to attract and retain the company's key managerial personnel and senior managerial personnel, its design and engineering team and other key personnel. Failures to do so may have a material adverse effect on the company's business, financial condition and results of operations.
- The company operations may cause injury to people or property and therefore could subject it to significant disruptions in the company's business, legal and regulatory actions, costs and liabilities which could materially and adversely affect its business, financial condition and results of operations.
- The company's insurance coverage may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on the company's business.
- Lack of experience of the company's Promoters, Directors, KMPs with any listed entity may impact the business operations and performance of the Company.
- The Issue price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company's Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report the company's financial risks.
- The company's business operations requires its to evolve in accordance with the specific requirements of the company's customers and emerging industry trends. Any failures to adapt to such requirements or trends may affect its business operations.
- The company may not be able to adequately protect its intellectual property rights which could harm the company's competitiveness.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Cyber security risks, breaches and/or malfunction of any of the company's systems could disrupt its operations and could materially and adversely affect the company's business, financial condition and results of operations.
- The company's lenders have charge over its movable and immovable properties in respect of the finance availed by the company.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by the company's major shareholders may adversely affect the trading price of its Equity Shares.
- The company will not receive any proceeds from the Offer for Sale portion.
- Failures to successfully implement the company's business strategies may materially and adversely affect its business, prospects, financial condition and results of operations.
- The company has not declared any dividends in the last three Financial Year and its cannot assure you that the company will be able to pay dividends on its Equity Shares in the future.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect the company's revenue and results of operations.
- There is no guarantee that the company's Equity Shares will be listed on the Emerge Platform of National Stock Exchange of India Limited in a timely manner or at all.
- The Issue Price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue.
- After this Issue, the price of the company's Equity Shares may be volatile, or an active trading market for its Equity Shares may not be sustained.
- The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Any future issuance of Equity Shares may dilute the investors shareholdings or sales of the company's Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company's Equity Shares.
- The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- None of the bidders can withdraw or lower the size of their bids at any stage.
- The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
Himalayan Solar Ltd Peer Comparison
Understand the company’s industry standing
Ganesh Green Bharat Ltd
Solarium Green Energy Ltd
Australian Premium Solar (India) Ltd
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
1064.27
368.15
707.96
EPS-Basis
30.31
9.81
28.7
EPS-Diluted
---
---
---
NAV Per Share
113.02
77.93
81.44
P/E-Basic EPS
7.11
14.99
8.34
P/E-Diluted EPS
---
---
---
RONW(%)
26.82
12.58
35.24
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Himalayan Solar Ltd IPO?
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 25 Sept 2026 & closes on 29 Sept 2026.
Himalayan Solar Limited was originally incorporated as a Private Limited Company in the name of 'Himalayan Solar Private Limited' on September 08, 2015 issued by Registrar of Companies- Haryana. Subsequently, company was converted into Public Limited Company and the name of our Company was changed to 'Himalayan Solar Limited' w.e.f. 22nd November, 2024.
The Company started its business in 2015 and specialize in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of wide range of solar products, with a primary focus on Solar Water Pumping Systems. Additionally, it provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems.
In the initial years, Company has supplied, installed and commissioned multiple Roof Top Solar Power Plants and Solar Lighting Systems and Solar Inverter Charger Systems in various schools, primary health centres and private house hold in Haryana. It also supplied Himalayan Make Solar PV Modules to Companies that were empaneled in Government Projects.
The Company established a manufacturing facility in Barwala, Haryana, in 2017 focusing on the production and assembly of Polycrystalline Photovoltaic (PV) Modules with annual manufacturing capacity of 40 MW. The facility operated until August 2024. However, a revision in the guidelines by the Ministry of New and Renewable Energy (MNRE) altered the course of operations. According to MNRE Office Memorandum dated May 10, 2023, the minimum module efficiency criteria were revised for Solar PV Modules to be eligible for government tenders and hence preferring Monocrystalline (Mono-PERC) Solar PV Modules over Polycrystalline modules to meet the higher efficiency requirements.
As the existing production lines for Polycrystalline Modules could not meet the newly prescribed efficiency benchmarks for future Government projects, the Company temporarily halted its manufacturing operations at the Panchkula facility starting from August 2024. Post the halt in manufacturing of Polycrystalline Solar PV Modules, Company started the process of upgrading the Production Machines to manufacture the latest technology of Mono PERC & TOPCon Bifacial Solar PV Modules.
Company has filed a Draft Prospectus with SEBI and is planning the IPO of issuing 57,76,800 equity shares of face value of Rs 10, comprising a fresh issue of 51,78,000 equity shares and 5,98,800 equity shares through the offer for sale.
Himalayan Solar Ltd IPO will close on 29 Sept 2026.
- Experienced promoters having deep knowledge to scale up the business.
- Established and proven track record.
- Leveraging the experience of our Promoters.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our customers.
- Quality Assurance & Control.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Karthyayini | 8144406 | 50.22 | 7430406 | 33.61 |
| 2 | Manjeet Singh | 3568063 | 22 | 3568063 | 16.14 |
| 3 | Himanshu Dalal | 1581295 | 9.75 | 1581295 | 7.15 |
| 4 | Mehtab Singh | 1462500 | 9.02 | 1462500 | 6.61 |
| 5 | Anita Kumari | 1462500 | 9.02 | 1462500 | 6.61 |
| 6 | Manish Dalal | 45 | --- | 45 | --- |
| 7 | Neha Shokeen | 45 | --- | 45 | --- |
| 8 | Om Singh Pahal | 45 | --- | 45 | --- |
- The Company, Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- Risk of Low-Capacity Utilization Levels and Potential Underutilization of Expanded Manufacturing Facilities, Which May Adversely Impact the company Operational Efficiency, Profitability, and Return on Investment.
- Potential Adverse Impact on Business Operations Due to Obsolescence of Existing Manufacturing Facility and Risks Associated with Relocation and Commissioning of New Manufacturing Unit with New Machinery.
- Adverse changes in government policies, industry standards, or regulatory requirements governing the company's products have impacted its past operations and may adversely affect the company's future business prospects and financial performance.
- The company's Restated Financial Statements are Prepared and Signed by the Peer Review Chartered Accountant who is not Statutory Auditors of the Company.
- The company has not taken any steps to order the machinery/equipment required for the Expansion and upgradation of the manufacturing facility. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment/machinery in a timely manner, or at all, the same may result in time and cost overruns.
- The Company is dependent on a few customers for sales. Loss of any of these large customers may affect its revenues and profitability.
- The company highly depends on its major raw materials and a few key suppliers who help it procure the same. The Company has not entered into long-term agreements with its suppliers for the supply of raw materials. In the event the company is unable to procure adequate amounts of raw materials, at competitive prices its business, results of operations and financial condition may be adversely affected.
- The majority of the company's state- wise revenues from operations for the last 3 years are dependent mainly on Haryana. Any adverse developments affecting its operations in these states could have an adverse impact on the company's revenue and results of operations.
- The company's business operations may faces less sales in unfavourable solar weather conditions could have a material adverse effect on its business, financial condition and results of operations.
- The company has certain contingent liabilities, which, if materialized, may affect its financial condition and results of operations.
- The outstanding orders in the company order book may be delayed, modified or cancelled which may have an adverse impact on its business, results of operations and cash flows.
- The reduction, modification or elimination of government and economic incentives may reduce the economic benefits of the company's existing renewable energy projects and its opportunities to develop or acquire new renewable energy projects.
- There has been an instance of non-compliance for failures to open a separate bank account for the receipt of share application money in compliance with Section 42 of the Companies Act, 2013. Due to such lapse, the Company may be held liable to penal actions by the regulatory authorities under the Companies Act which may have impact on its financial position.
- With the proceeds of the IPO, the Company intends to further expand and upgrade its facility to 160 MW by acquiring additional machinery with an installed capacity of 100 MW; the company cannot assure you that the proposed expansion of the manufacturing facility will become operational as scheduled or at all, or operates as efficiently as planned. If the company is unable to commission its new facility in a timely manner or without cost overruns, it may adversely affect the company's business, results of operations and financial condition.
- The company faces competition in its business from domestic competitors. Such competition would have an adverse impact on the company's business and financial performance.
- There are certain discrepancies and non-compliances noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies, taxation authorities and other public authorities.
- There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities.
- The Company's proposed expansion and modernization plans may be adversely affected if the existing utilities such as power, water, and other infrastructural facilities are not sufficient to meet the increased operational requirements.
- The company has experienced negative cash flows in the past. Any such negative cash flows in the future could adversely affect its business, results of operations and prospects.
- The company does not own the premises in which its Registered Office, Manufacturing unit, Branch Office and Warehouses are located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect the company operations.
- The Company has availed unsecured loan which are repayable on demand. Any demand from the lenders for repayment of such unsecured loan may affect its financial condition.
- The company is engaged in assembling of solar water pumping system and beneficiaries receives subsidy from State/Central Government. Any reduction or discontinuation of such subsidy will results in reduction in number of potential consumers.
- The company's business activities are exposed to fluctuations in the prices of raw materials.
- The average cost of acquisition of Equity Shares by the company's promoter is lower than the issue price.
- The company's Promoter Manjeet Singh plays a key role in its functioning and the company heavily relies on his knowledge and experience in operating its business and therefore, it is critical for the company's business that its promoter remain associated with the company.
- The company requires certain approvals, licenses, registrations and permits for its business and the failures to obtain or renew them in a timely manner may adversely affect the company operations.
- The company's Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company even after the Issue which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Government may commence assembling the solar water pumps/products and may start providing products at cheaper rates.
- The company's success will depends on its ability to attract and retain the company's key managerial personnel and senior managerial personnel, its design and engineering team and other key personnel. Failures to do so may have a material adverse effect on the company's business, financial condition and results of operations.
- The company operations may cause injury to people or property and therefore could subject it to significant disruptions in the company's business, legal and regulatory actions, costs and liabilities which could materially and adversely affect its business, financial condition and results of operations.
- The company's insurance coverage may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on the company's business.
- Lack of experience of the company's Promoters, Directors, KMPs with any listed entity may impact the business operations and performance of the Company.
- The Issue price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company's Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report the company's financial risks.
- The company's business operations requires its to evolve in accordance with the specific requirements of the company's customers and emerging industry trends. Any failures to adapt to such requirements or trends may affect its business operations.
- The company may not be able to adequately protect its intellectual property rights which could harm the company's competitiveness.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Cyber security risks, breaches and/or malfunction of any of the company's systems could disrupt its operations and could materially and adversely affect the company's business, financial condition and results of operations.
- The company's lenders have charge over its movable and immovable properties in respect of the finance availed by the company.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by the company's major shareholders may adversely affect the trading price of its Equity Shares.
- The company will not receive any proceeds from the Offer for Sale portion.
- Failures to successfully implement the company's business strategies may materially and adversely affect its business, prospects, financial condition and results of operations.
- The company has not declared any dividends in the last three Financial Year and its cannot assure you that the company will be able to pay dividends on its Equity Shares in the future.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect the company's revenue and results of operations.
- There is no guarantee that the company's Equity Shares will be listed on the Emerge Platform of National Stock Exchange of India Limited in a timely manner or at all.
- The Issue Price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue.
- After this Issue, the price of the company's Equity Shares may be volatile, or an active trading market for its Equity Shares may not be sustained.
- The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Any future issuance of Equity Shares may dilute the investors shareholdings or sales of the company's Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company's Equity Shares.
- The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- None of the bidders can withdraw or lower the size of their bids at any stage.
- The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
The Issue type of Himalayan Solar Ltd is Book Building - SME.
The minimum application for shares of Himalayan Solar Ltd is 2400.
The total shares issue of Himalayan Solar Ltd is 6604800.
Initial public offer of up to 57,76,800 equity shares of face value of Rs.10/- each ("equity shares") of Himalayan solar Limited (the "company" or the "issuer") for cash at a price of Rs.[*] per equity share, including a share premium of Rs.[*] per equity share (the "issue price"), aggregating to Rs. [*] crores ("the issue"), comprising a fresh issue of up to 51,78,000 equity shares aggregating to Rs. [*] crores by the company ("fresh issue") and an offer for sale of up to 5,98,800 equity shares by Karthyayini M ("the promoter selling shareholder" or "selling shareholder") aggregating to Rs.[*] crores ("offer for sale"). Out of the offer up tof 2,89,200 equity shares of face value of Rs.10/- each for cash at a price of Rs.105/- per equity share, aggregating to Rs. [*] crores will be reserved for subscriptions by the market maker to the issue (the "market maker reservation portion"). The issue less market maker reservation portion i.e. issue of 54,87,600 equity shares of face value of Rs.10/- each for cash at a price of
Rs. [*] per equity share, aggregating to Rs. [*] crores is here in after referred to as the "net issue". The issue and the net issue will constitute 27.00% and 25.658% respectively of the post issue paid-up equity share capital of the company.
The price band will be decided by the company.