Himalayan Solar
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 0.27×
- Big non-institutionalbNII · above ₹10 lakh
- 1.49×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.21×
- Retail individualRII · up to ₹2 lakh
- 1.20×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 05 Oct 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 04 Oct 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 03 Oct 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 02 Oct 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 01 Oct 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 30 Sep 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 27 Sep 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 26 Sep 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 25 Sep 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 24 Sep 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
| 23 Sep 2026 | ₹0 | — | ₹0 | ₹103 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 5,02,800 | 8,36,400 | ₹8.61 Cr | 1.66× |
| Non-institutional | 18,79,200 | 17,60,400 | ₹18.13 Cr | 0.94× |
| Big non-institutionalwithin NII | 12,52,800 | 15,90,000 | ₹16.38 Cr | 1.27× |
| Small non-institutionalwithin NII | 6,26,400 | 1,82,400 | ₹1.88 Cr | 0.29× |
| Retail individual | 31,39,200 | 39,62,400 | ₹40.81 Cr | 1.26× |
| Total | 55,21,200 | 65,71,200 | ₹67.68 Cr | 1.19× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 29 Sept, 04:52 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 25 Sep 2026 – 29 Sep 2026
- Listing date
- 02 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹98 – ₹103
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹68.03 Cr
- Fresh issue
- ₹57.26 Cr 55,59,600 shares
- Offer for sale
- ₹7.35 Cr 7,14,000 shares
- Market cap at offer price
- ₹228 Cr
- Promoter holding
- 100.00% → 70.13% pre-issue → post-issue
- ISIN
- INE1B7I01014
- CIN
- U40100HR2015PLC056609
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- SCO-411 2nd Floor, Sector 20 Panchkula, Haryana-134117, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 31,39,200 | 38.48% | 36.98% |
| Anchor investor · within QIB | 7,52,400 | — | 8.86% |
| NII (HNI) | 18,79,200 | 23.04% | 22.14% |
| bNII > ₹10L · within NII | 12,52,800 | — | 14.76% |
| sNII < ₹10L · within NII | 6,26,400 | — | 7.38% |
| Retail (RII) | 31,39,200 | 38.48% | 36.98% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,31,200 | — | 3.90% |
| Total issue | 84,88,800 | — | 100.00% |
Net offer to the public of 81,57,600 shares, out of a total issue of 84,88,800. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹103
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,23,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,47,200 |
| S-HNI (max) | 8 | 9,600 | ₹9,88,800 |
| B-HNI (min) | 9 | 10,800 | ₹11,12,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹103 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.74 | 9.35 |
| P/E (×) | 8.08 | 11.02 |
| Price to book (×) | 3.56 | — |
| Market cap | — | ₹228 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 44.04%
- ROCE
- 46.00%
- Debt / equity
- 0.77
- PAT margin
- 12.13%
- EBITDA margin
- 17.05%
- NAV per share
- ₹28.93
- Price to book
- 3.56
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 171.69 | 143.14 | 138.65 |
| Revenue from operations | 170.34 | 142.44 | 138.32 |
| Other income | 1.35 | 0.7 | 0.33 |
| Total expenses | 144 | 121.15 | 131.77 |
| Operating profit | 27.69 | 21.99 | 6.88 |
| Operating margin | 16.13% | 15.36% | 4.96% |
| Profit before tax | 27.69 | 21.99 | 6.87 |
| Profit after tax | 20.67 | 16.43 | 4.95 |
| PAT margin | 12.04% | 11.48% | 3.57% |
| Balance sheet | |||
| Total assets | 158.22 | 93.82 | 84.14 |
| Current assets | 150.34 | 86.45 | 79.65 |
| Current liabilities | 101.92 | 65.17 | 73.54 |
| Total liabilities | 111.29 | 67.37 | 73.81 |
| Net worth | 46.93 | 26.46 | 10.33 |
| Current ratio | 1.48× | 1.33× | 1.08× |
| Return on equity | 44.04% | 62.09% | 47.92% |
| Cash flow | |||
| Operating cash flow | -2.07 | 3.9 | -5.52 |
| Investing cash flow | -3 | 0.21 | -5.59 |
| Financing cash flow | 6.91 | 1.42 | 3.5 |
| Net cash flow | 1.81 | 5.59 | -7.61 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility ₹12.98 Cr
The company intends to expand its manufacturing capacity from 60 MW to 160 MW per annum by acquiring additional machinery at its existing facility in Karnal, Haryana, incorporating advanced technologies including Glass-to-Glass (G2G) and up to 25 Busbar Solar PV Panels, at an estimated cost of up to a specified amount in lakhs.
2 Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by the company ₹2.12 Cr
The company proposes to repay/prepay outstanding term loan borrowings availed from ICICI Bank, originally used for upgrading production capacity, to reduce interest burden, improve the debt-equity ratio, and enhance overall financial flexibility.
3 To meet Working Capital Requirements ₹29.50 Cr
The company intends to utilize a portion of the net proceeds to fund incremental working capital requirements arising from expansion in manufacturing capacity, product mix upgrade, and anticipated increase in sales volumes in both domestic and export markets.
4 General Corporate Purposes —
The balance net proceeds are proposed to be utilized for general corporate purposes including strategic initiatives, brand building, marketing activities, meeting operating expenses, and other business exigencies, subject to a cap of 15% of gross proceeds or Rs. 10 crores, whichever is lower.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Himalayan Solar
Himalayan Solar Limited, incorporated in 2015 and converted to a public company in 2024, specializes in providing integrated turnkey solar energy solutions. The company offers services including design, manufacturing, supply, installation, and commissioning of a wide range of solar products, with a primary focus on Solar Water Pumping Systems. As of March 31, 2026, the company has qualitative experience in implementation of more than 85,000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India. The company caters to various projects across India and is empanelled as a Solar Partner with several State Government Departments. Revenues for FY 2026, FY 2025, and FY 2024 were ₹17,034.32 lakhs, ₹14,243.73 lakhs, and ₹13,831.92 lakhs respectively, with PAT of ₹2,066.61 lakhs, ₹1,643.06 lakhs, and ₹494.59 lakhs respectively.
Management
Manjeet Singh
MD
Mehtab Singh
COO
Himanshu Dalal
Director
Anita Kumari
Director
Ramesh Chander Hooda
Director
Sankara Sastry Oruganti
CTO
Sakshi Sharma
CFO
Navkiran Kaur
Director of HR
Silfi
VP of Sales
Shivangni Kapil
Director of Operations
Strengths
As stated in the offer document
Experienced Solar PV Module Manufacturer
The company has been ranked in the top 10 Solar PV Module Manufacturers in 2021 by Industry Outlook magazine and recognized as 'Best Industrial and Commercial Solar Company' by Industrial Review Magazine, with over six years of experience operating a 40 MW production line, now transitioning to Mono-PERC and TopCon Bifacial panels.
Experienced Promoters Backed by a Strong Management Team
The company is led by Promoter Mr. Manjeet Singh with ~10 years of experience in electrical and solar manufacturing, and Whole Time Director Mr. Mehtab Singh, a former Indian Naval officer overseeing government solar project operations, supported by a highly qualified senior management team.
Strong Presence in Government-Focused Renewable Energy Projects Across Multiple States
The company has established a robust track record in executing government-backed solar projects across Haryana, Rajasthan, Punjab, and Maharashtra, with ~97.19% of FY2026 revenue (₹16,555.91 lakhs) derived from government sector contracts, ensuring steady project inflow and credibility.
Strong Relationship with Customers and Suppliers
The company has built a strong client base enabling repeat business and long-term customer retention, while maintaining reliable supplier relationships that ensure timely supply of quality raw materials, with top 5 customers contributing 99.54% of revenue in FY2026.
Ability to Implement Solar Products Portfolio in Government-Backed Solar Projects
The company is empanelled with multiple State Government Departments under MNRE PM-KUSUM Scheme for Solar Water Pumping Systems, with over 85,000 HP capacity implemented, providing a competitive edge in government project bidding and execution.
Strong Order Book
As of 31/07/2026, the company's unexecuted Order Book stood at ₹14,021.69 lakhs, comprising majorly government projects spanning multiple Indian states, providing clear revenue visibility and reinforcing its credibility in the government-focused renewable energy segment.
Certifications
The company holds prestigious quality certifications including ISO 9001:2015, BIS IS 14286, IEC 61215-1-1:2016, IEC 61701:2011, ISO 14001:2025, and IEC/IS 60529:2001, covering Solar PV Modules, Pump Controllers, Batteries, and complete EPC solutions, ensuring adherence to international quality standards.
Risk factors
As stated in the offer document
Low Capacity Utilization and Underutilization of Expanded Manufacturing Facilities
Capacity utilization has been low in recent years, while further expansion is planned. Underutilization could increase fixed costs, reduce operational efficiency and profitability, and weaken returns on investment.
Obsolescence of Existing Manufacturing Facility and Transition Risks
Regulatory changes and the shift from polycrystalline to Mono-PERC modules rendered the earlier 40 MW facility commercially unsuitable. Relocation and commissioning of the new facility may cause technical issues, operational disruptions, cost increases and reduced profitability.
Regulatory and Policy Changes Affecting Solar Products
Changes in MNRE standards and other regulations have already affected the company’s manufacturing focus and product viability. Further changes or non-compliance could reduce demand, cause facility underutilization and adversely affect financial performance.
Unplaced Machinery Orders and Expansion Cost or Schedule Overruns
The company proposes to spend ₹1,298.30 lakhs on manufacturing expansion, but firm machinery orders had not been placed. Delays, vendor issues or cost escalations could postpone or prevent completion of the expansion and adversely affect operations and financial results.
Customer Concentration
The top five customers contributed 99.54% of revenue in FY 2025–26, while HAREDA alone accounted for approximately 50.00%. Loss of a major customer or a reduction in orders could materially affect revenue, profitability and financial condition.
Dependence on a Few Suppliers and Raw Material Availability
The top ten suppliers accounted for 98.00% of purchases in FY 2025–26, and long-term supply agreements are not maintained. Supply shortages, loss of key suppliers or higher procurement costs could disrupt production, delay deliveries and reduce margins.
Geographical Concentration of Revenue in Haryana
Haryana contributed 52.81% of revenue in FY 2025–26, compared with 86.15% in FY 2024–25 and 88.93% in FY 2023–24. Adverse regional developments, policy changes or economic conditions could negatively affect sales and operating results.
Company Analysis
from RHPHimalayan Solar Limited designs, manufactures, supplies, installs and commissions integrated turnkey solar energy solutions, primarily solar water pumping systems, solar inverter charge systems, and solar rooftop power systems for government and private customers across India.
Himalayan Solar Limited, incorporated in 2015 and converted to a public company in 2024, specializes in providing integrated turnkey solar energy solutions. The company offers services including design, manufacturing, supply, installation, and commissioning of a wide range of solar products, with a primary focus on Solar Water Pumping Systems. As of March 31, 2026, the company has qualitative experience in implementation of more than 85,000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India. The company caters to various projects across India and is empanelled as a Solar Partner with several State Government Departments. Revenues for FY 2026, FY 2025, and FY 2024 were ₹17,034.32 lakhs, ₹14,243.73 lakhs, and ₹13,831.92 lakhs respectively, with PAT of ₹2,066.61 lakhs, ₹1,643.06 lakhs, and ₹494.59 lakhs respectively.
Objects of the Issue
- Funding Capital Expenditure for Expansion and Upgradation of existing Manufacturing Facility ₹1,298.30 lakhs p.22
- To meet incremental Working Capital requirements of the Company ₹2,950.00 lakhs p.22
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹211.99 lakhs p.22
- General Corporate Expenses p.22
- Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility ₹1,298.30 Lakhs p.95
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹211.99 Lakhs p.101
- To meet Working Capital Requirements ₹2,950.00 Lakhs p.102
- General Corporate Purposes p.94
- Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility p.109
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by our Company p.109
- To meet the Working Capital Requirements p.109
- General Corporate Purpose not exceeding 15% of the amount being raised or ₹10 crores, whichever is less p.106
- Funding capex for the new 60 MW Monocrystalline Solar PV Modules manufacturing plant and related infrastructure in Karnal, Haryana p.171
- Not explicitly stated in this part of the document
Issue Structure
- Total Issue
- Up to 66,04,800 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 58,90,800 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Up to 7,14,000 Equity Shares aggregating to ₹ [●] Lakhs
- Price Band
- [●] (Floor Price) to [●] (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue primarily through the provision of integrated turnkey solar energy solutions including design, manufacturing, supply, installation, and commissioning of solar water pumping systems, solar inverter charge systems, and solar rooftop power systems. The company works on government projects where beneficiaries receive subsidy from State/Central Government, as well as private customer projects.
Business Segments
SWOT Analysis
- • Extensive experience in solar water pumping systems implementation(p.21)
- • Empanelled with multiple state government departments as solar partner(p.21)
- • Strong positioning in renewable energy sector with government backing(p.31)
- • Integrated turnkey solar solutions offering across design, manufacturing, supply, installation and commissioning(p.21)
- • Diversified product portfolio including solar inverter and rooftop systems(p.21)
- • Secured debt with substantial lender charge over properties and assets(p.48)
- • Integrated business model combining manufacturing and deployment(p.48)
- • Established manufacturing facility with advanced technology(p.95)
- • Strong order book for project execution(p.102)
- • Diversified product portfolio including solar water pumping systems(p.95)
- • Experienced Solar PV Module Manufacturer with proven track record(p.159)
- • Experienced promoters with deep industry knowledge and strong management team(p.159)
- • Strong presence in government-backed renewable energy projects across multiple states(p.159)
- • Empanelment with multiple State Government Departments(p.153)
- • Strong order book demonstrating revenue visibility and market credibility(p.160)
- • ISO 9001:2015 certification and multiple quality accreditations(p.160)
- • Long-term customer relationships and repeat business model(p.160)
- • Strong order book with significant government contracts(p.173)
- • Growing dealer network demonstrating expansion capability(p.175)
- • Diversified product portfolio across solar segments(p.194)
- • Established ISO certification and manufacturing facility setup(p.196)
- • Established track record in solar water pumping systems implementation(p.284)
- • Strong government empanelment across multiple states(p.284)
- • ISO 9001:2015 Quality Management System certification(p.284)
- • Strong financial growth with improving profitability(p.287)
- • Positive net worth and improving capital structure(p.304)
- • Expansion into new geographic markets(p.290)
- • Shift to higher-margin government contracts(p.287)
- • Regulatory and compliance infrastructure established(p.305)
- • No material regulatory or disciplinary action against promoters(p.305)
- • No defaults on debt obligations(p.305)
- • Heavy dependence on few key customers for majority of revenues(p.30)
- • Low capacity utilization in recent years despite planned expansion(p.28)
- • History of non-compliance with statutory filing requirements and late fee payments(p.34)
- • Obsolescence of existing manufacturing facility requiring relocation and new investment(p.29)
- • Non-compliance with Section 42 of Companies Act regarding separate bank account for share application money(p.33)
- • Significant dependence on few key suppliers with no long-term agreements(p.31)
- • Outstanding contingent liabilities in form of bank guarantees(p.33)
- • Unsecured loan repayable on demand from a Director(p.45)
- • High dependence on government contracts with extended payment cycles(p.103)
- • Significant secured debt with risk of asset forfeiture(p.48)
- • No dividend history and uncertainty of future dividends(p.48)
- • High working capital intensity with increasing requirements(p.105)
- • Exposure to delays in order execution and implementation risk(p.48)
- • High dependence on government projects for revenue(p.157)
- • Significant concentration of revenue in limited geographies(p.158)
- • Recent halt in manufacturing operations due to regulatory changes(p.154)
- • Newly operational advanced manufacturing facility with execution risks(p.154)
- • Reliance on external vendors for critical components(p.155)
- • High concentration of customer base in government sector(p.170)
- • Production capacity was suspended at existing facility(p.171)
- • High inventory dependency and low capacity utilization historically(p.174)
- • Pending export obligations creating financial liability(p.181)
- • Heavy dependence on government contracts for revenue(p.286)
- • Significant increase in working capital requirements(p.263)
- • High debt levels requiring debt servicing(p.279)
- • Negative operating cash flow in current year(p.233)
- • Ongoing GST assessment and tax proceedings(p.294)
- • Significant litigation involving the company(p.293)
- • High reliance on a limited number of customers(p.286)
- • India's target to meet 50% of electricity needs from renewable sources by 2030(p.21)
- • Rapid growth in renewable energy capacity with 15.4% CAGR between FY16 and FY23(p.21)
- • Expected doubling of new renewable capacity additions by 2026(p.21)
- • Expansion into Mono PERC and TopCON bifacial solar modules with higher demand(p.29)
- • Planned manufacturing capacity expansion from 60 MW to 160 MW(p.43)
- • Strong order book of ₹14,021.69 lakhs as of July 31, 2026(p.33)
- • Diversification potential into solar EPC projects and private customer base(p.29)
- • Expansion of manufacturing capacity to 160 MW(p.96)
- • Geographic expansion into new states(p.105)
- • Improve domestic presence through strategic market development(p.48)
- • Upgrade to higher-efficiency solar module manufacturing(p.96)
- • Enhance product portfolio with TOPCon Bifacial modules(p.102)
- • India's ambitious 500 GW renewable energy target by 2030 with 280 GW from solar(p.139)
- • Production Linked Incentive (PLI) Scheme for solar PV module manufacturing(p.145)
- • Expansion into advanced Mono-PERC and TopCon Bifacial technology production(p.160)
- • Geographic expansion into new states and markets(p.161)
- • Strong growth in India's solar capacity with record capacity additions(p.139)
- • Government skill development and entrepreneurship initiatives(p.156)
- • Expansion of solar capacity and new Mono-PERC technology adoption(p.175)
- • Growing renewable energy government schemes and mandates(p.182)
- • Government-mandated procurement programs expanding demand(p.185)
- • Production Linked Incentive Scheme supporting manufacturing(p.185)
- • Government focus on renewable energy expansion(p.235)
- • PM KUSUM Yojana expansion creating large government tenders(p.287)
- • Geographic expansion potential beyond current markets(p.289)
- • Diversification into solar inverter and rooftop systems(p.284)
- • Capacity expansion with new manufacturing facility(p.235)
- • Growing private sector demand for solar solutions(p.286)
- • Regulatory changes in minimum module efficiency criteria affecting market demand(p.29)
- • Reduction or discontinuation of government subsidies impacting customer demand(p.44)
- • Government may directly assemble and supply solar water pumps at cheaper rates(p.44)
- • High concentration of revenue in Haryana state creating geographic risk(p.31)
- • Intense competition in solar industry affecting profitability(p.34)
- • Unfavorable solar weather conditions reducing demand for solar products(p.31)
- • Dependence on government policy changes and external budgetary allocation(p.33)
- • Fluctuations in raw material prices affecting margins(p.44)
- • Technological transition risks from polycrystalline to monocrystalline to TOPCon modules(p.46)
- • Economic slowdown impact on domestic demand(p.52)
- • Regulatory and tax law changes affecting operations(p.53)
- • Inflation impact on costs and profitability(p.53)
- • Seasonal and weather-dependent operations(p.103)
- • Foreign exchange risk from equipment imports(p.100)
- • Risk of dilution from future equity issuances(p.48)
- • COVID-19 pandemic and future health emergencies(p.51)
- • Regulatory changes in minimum module efficiency requirements for government projects(p.154)
- • Intense competition from larger domestic and international solar manufacturers(p.133)
- • Price volatility and severe decline in solar module prices(p.133)
- • Cyclicality and volatility in government project tenders(p.106)
- • China's dominance in global solar manufacturing and market(p.133)
- • Dependence on imported raw materials and components(p.145)
- • High competition from diverse market participants(p.177)
- • Regulatory dependencies and changing government policies(p.177)
- • Raw material price fluctuations affecting cost structure(p.177)
- • Weather and natural calamity risks impacting project execution(p.177)
- • Electricity Act regulatory requirements and open access constraints(p.182)
- • Heavy reliance on government policy changes and budget allocation(p.290)
- • Regulatory and policy uncertainties(p.285)
- • Pressure on margins from rising raw material costs(p.268)
- • Increased competition from established players(p.285)
- • Prolonged government payment cycles affecting cash flow(p.290)
- • Technological obsolescence risk(p.285)
- • FX and commodity price volatility(p.291)
- • Dependency on limited suppliers and sourcing risks(p.285)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Manjeet Singh | Promoter | 22.00% | 16.14% |
| Mrs. Karthyayini M | Promoter/Promoter Selling Shareholder | 50.22% | 33.61% |
| Mr. Himanshu Dalal | Promoter | 9.75% | 7.15% |
| Mr. Mehtab Singh | Promoter | 9.02% | 6.61% |
| Mrs. Anita Kumari | Promoter | 9.02% | 6.61% |
| Karthyayini M | Promoter / Promoter Selling Shareholder | 50.22% | 33.61% |
| Manjeet Singh | Promoter | 22.00% | 16.14% |
| Mehtab Singh | Promoter | 9.02% | 6.61% |
| Anita Kumari | Promoter | 9.02% | 6.61% |
| Himanshu Dalal | Promoter | 9.75% | 7.15% |
| Manjeet Singh | Promoter | — | — |
| Mehtab Singh | Promoter/Whole Time Director | — | — |
| Manjeet Singh | Promoter | 22.00% | 16.14% |
| Karthyayini M | Promoter | 50.22% | — |
| Himanshu Dalal | Promoter | 9.75% | 7.15% |
| Mehtab Singh | Promoter | 9.02% | 6.61% |
| Anita Kumari | Promoter | 9.02% | 6.61% |
| Karthyayini M. | Promoter | 50.22% | — |
| Manjeet Singh | Promoter | 22.00% | — |
| Himanshu Dalal | Promoter | 9.75% | — |
| Mehtab Singh | Promoter | 9.02% | — |
| Anita Kumari | Promoter | 9.02% | — |
| Karthyayini M | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Himalayan Solar Ltd. THIS ISSUE | 12.74 | 28.93 | 11.02, computed at the offer price | 3.56, computed at the offer price | 44.04% |
| 30.31 | 113.02 | 7.11 | 1.90 | 26.82% | |
| 9.81 | 77.93 | 14.99 | 1.91 | 12.58% | |
| 28.70 | 81.44 | 8.34 | 2.95 | 35.24% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.