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Himalayan Solar Ltd

Himalayan Solar Ltd
HIMALAYAN Himalayan Solar Ltd

NSE IPO

Bidding dates25 Sep 2026 - 29 Sep 2026

Price range₹98 - ₹103

Min. investment₹2,47,200

Issue size68.03 Cr

Lot size1200 Shares

IPO DocRHP

IPO Timeline

Start date

25 Sep 2026

End date

29 Sep 2026

Allotment date

30 Sep 2026

Refund initiation

01 Oct 2026

Share credit

01 Oct 2026

Deactivate mandate

05 Oct 2026

About company

Incorporated in 2015, Himalayan Solar Limited is specializes 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. They provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems.

Business Verticals:

Turnkey Solar Energy Solutions for Solar Projects: The EPC Contract offers comprehensive turnkey solar energy solutions which includes design, manufacturing, supply, installation & commissioning services of wide range of solar products

Design, manufacturing, supply, installation & commissioning of Solar Water Pumping System: The Solar water pumps and Solar Pump Controllers used in the system are manufactured through an Original Equipment Manufacturer (OEM) arrangement and are exclusively branded and marketed under the ‘Himalayan Solar’.

Support Services under Skill development training programme: The company has signed an MoU with NSDC as the Industry exclusive Franchisee Partner for the Solar to support the development and onboarding of up to 2,00,000 Panchayat-level micro-entrepreneurs with its brand under “National Entrepreneurship Drive (NED)”.

Sale of Solar Products: The company engaged in the supply of various solar products, including Solar PV (Photovoltaic) Modules, Solar cell, Solar Battery and other solar products.

As on March 31, 2026, the company has implemented more than 85000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India. As of Mar 31, 2026, its Polycrystalline Solar PV Modules manufacturing capacity stood at 40?MW corresponding to 1,19,000 nos. of Polycrystalline Solar PV Module and Mono PERC solar PV Modules manufacturing capacity stood at 60 MW equivalent to approximately 1,07,500 nos. of 555W-560W Mono PERC Solar PV Modules annually.

As on July 31, 2026, the Company have employed 87 employees.

Founded in 2015

Managing director Manjeet Singh

Parent organisation Himalayan Solar IPO

Strengths and Risks

Strengths

The company acts as an empanelled solar partner with multiple state government departments and public sector entities (such as HAREDA, PEDA, and MPUVN), securing a steady flow of institutional orders.

Himalayan Solar provides integrated end-to-end solutions, spanning the design, manufacturing, supply, installation, and commissioning of solar water pumping systems, solar inverter charge systems, and rooftop solar power setups.

The company has demonstrated sharp revenue and profit scale-up. Revenue from operations reached ?170.30 crore in FY26, with Net Profit expanding to ?20.67 crore, supported by solid return ratios (RoNW exceeding 60%).

Risks

The business is heavily reliant on government-led renewable energy initiatives (such as PM-KUSUM). Furthermore, a vast majority of its operational revenue is concentrated among a handful of major institutional clients, making order inflows vulnerable to policy modifications, bureaucratic delays, or tender scheduling changes.

A significant portion of its execution and revenue originates from specific states (predominantly Haryana), exposing the company to localized policy or budgetary variations.

The renewable energy and solar module segment features numerous unorganized and organized domestic players, resulting in aggressive bidding pressures and potential margin compression during government reverse auctions.

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