Himalayan Solar
- Himalayan Solar is coming out with an initial public offering (IPO) of 66,04,800 shares in a price band of Rs 98 - 103 per equity share.
- The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
- The shares will be listed on SME Platform of NSE.
- The face value of the share is Rs 10 and is priced 9.80 times of its face value on the lower side and 10.30 times on the higher side.
- Book running lead manager to the issue is Finshore Management Services.
- Compliance officer for the issue is Navkiran Kaur.
Profile of the company
Himalayan Solar, 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. Additionally, it provides solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As on March 31, 2026, it has a qualitative experience in implementation of more than 85000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India.
It caters to various projects across India and empanelled as an esteemed Solar Partner with several State Government Departments including: New & Renewable Energy Department, HAREDA, Govt. of Haryana; Department of Horticulture, RHDS, Govt. of Rajasthan; Punjab Energy Development Agency, PEDA, Govt. of Punjab; Madhya Pradesh Urja Vikas Nigam, MPUVN, Govt. of Madhya Pradesh; Maharashtra State Electricity Distribution Company, MSEDCL, Govt. of Maharashtra; Maharashtra Energy Development Agency, MEDA, Govt. of Maharashtra; and Rajasthan Electronics Instruments, REIL, a Mini Ratna PSU jointly owned by the Govt. of Rajasthan and Govt. of India.
It has been awarded with ISO 9001:2015 for Quality Management System in the design, manufacturing, and supply of Solar PV Modules/Panels, Solar Pump Controllers, Solar Charge Controllers, and Solar Water Pumping Systems. Additionally, it covers the assembly, supply, installation, and commissioning of Solar Home Lighting Systems, Solar Home Systems, Solar PV Grid-Connected/Hybrid/Off-Grid Rooftop Power Plants, Ground-Mounted Solar Photovoltaic Power Plants, Solar Power Packs/Inverter Chargers, and Solar Street Lights.
Proceed is being used for:
- Funding capital expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company
- Meeting the working capital requirements
- General corporate purposes
Industry overview
India's energy demand is expected to increase more than that of any other country in the coming decades due to its sheer size and enormous potential for growth and development. Therefore, most of this new energy demand must be met by low carbon, renewable sources. India's announcement that it intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks a historic point in the global effort to combat climate change. India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2023. Installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 15.4% between FY16 and FY23. India has 125.15 GW of renewable energy capacity in FY23. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double. With the increased support of the Government and improved economics, the sector has become attractive from an investor’s perspective. As India looks to meet its energy demand on its own, which is expected to reach 15,820 TWh by 2040, renewable energy is set to play an important role.
The expansion of solar power in India necessitates considerable growth in domestic Solar PV Module manufacturing and the production of upstream raw materials, currently reliant on imports from Europe or China. To address this issue, the government has launched schemes such as the Production Linked Incentive (PLI) and the Scheme for Promotion of Manufacturing of Electronics Components and Semiconductors (SPECS) to stimulate local manufacturing. Additionally, India’s grid infrastructure needs an overhaul to handle the variable nature of renewable energy. To this end, the government has announced a $35 billion (Rs 2.8 lakh crore) package to enhance the inter-state transmission network for renewable energy evacuation. Financing is as another critical determinant of NEP14’s success. In order to tackle this, the Reserve Bank of India (RBI) has prioritised financing for the renewable energy sector by including it in the priority lending sector.
India is all set for transformative and multi-dimensional growth of clean and renewable energy sources which is being developed supportively by the government initiatives, technological developments, and investments. NEP envisages an immense growth in generation of electricity from renewables by 2032 and solar energy is supposed to contribute to 50% of it. In turn the wind power is going to play a crucial role, having 16% contribution to the elevation. Policy instruments like PLI scheme for solar PVs with the investment of $2.9 billion (Rs 24,000 crore) signals India is taking aggressive steps towards a shift to the green economy. In the country’s journey to its ambitious target of reaching net neutrality by 2070, a financial investment of $2-2.5 trillion (Rs 150-208 lakh crore) per year is estimated. It is a big challenge, but the promising energy sector in India will attract significant international financial inflow to drive the investments. This building momentum, therefore, reflects India's commitment to clean and affordable power in the future.
Pros and strengths
Strong presence in government-focused renewable energy projects across multiple states: It has established a robust track record in executing government-backed renewable energy projects across various Indian states, including Haryana, Rajasthan, Punjab, Maharashtra etc. It specializes in implementing Solar Water Pump Projects primarily under government schemes and tenders. This focused involvement in government initiatives has enabled it to build strong relationships with public sector clients and gain deep expertise in complying with regulatory, technical, and operational requirements of such projects. Its extensive experience in handling government contracts not only enhances its credibility but also ensures steady project inflow, contributing to the company’s stability and growth in the renewable energy sector.
Strong relationship with customers and suppliers: It focuses on maintaining long term business relations with its customers. It is successful in building a strong client base for its business. Its existing business relations help it in getting repeat business from its customers. This has helped it to maintain a long-term working relation with its customers and improve its customer retention strategy. Its existing business relations with its clients represents a competitive advantage in gaining new clients and increasing its business. It is also focused on building and maintaining long term relations with its suppliers. Its strong relations with suppliers will enable it to continue to grow its business. Due to its good relations with its suppliers, it gets timely supply of quality raw materials. This enables it to manage its inventories and supply good quality products on a timely basis to its customers. This in turn enables it to generate repeat business.
Experienced solar PV module manufacturer: The company was also ranked in the top 10 Solar PV Modules Manufacturers in 2021 recognized by Industry Outlook magazine. It has been recently recognized as ‘Best Industrial and Commercial Solar Company’ by the Industrial Review Magazine. Himalayan Solar brings over six years of proven experience in the solar manufacturing industry, having successfully operated a 40 MW production line for Solar PV panels. This established track record reflects its deep technical know-how, operational efficiency, and understanding of quality standards required in the solar sector. Its prior experience in manufacturing has laid a strong foundation for its transition to advanced technologies, enabling a smooth and efficient scale-up to the production of Mono-PERC and TopCon Bifacial panels. This experience positions it to effectively manage high-efficiency production lines and consistently deliver reliable, next-gen Solar PV Modules to meet growing market demand.
Risks and concerns
Geographic concentration of revenue in Haryana: Its domestic sales are majorly dependent on Haryana i.e., 52.81%, 86.15%, and 88.93%, of its revenues for the financial year ended March 31, 2026, 2025 and 2024 respectively. Such concentration of revenue in Haryana may have an adverse effect. Further, drastic change in Taxes and other levies imposed by State Government of Haryana as well as other financial policies and regulations, political and deregulation policies, if changed, could harm business and economic conditions.
Dependence on government incentives for renewable energy development: The development and profitability of renewable energy projects in the locations in which it operates are dependent on policy and regulatory frameworks that support such developments. Changes in policies could lead to a significant reduction in or a discontinuation of the support for renewable energy projects in such locations. Without such support, renewable energy projects might not be commercially viable in such locations. The imposition of extra duties being levied on sources of energy that cause carbon dioxide pollution for the purpose of reducing greenhouse gas emissions has indirectly supported the expansion of power generated from renewable energy and, in turn, renewable energy projects in general. If such direct and indirect government support for renewable energy (in particular, solar and wind power) is terminated or reduced, it would make producing electricity from solar and wind power projects less competitive and reduce demand for new renewable energy projects.
Exposure to intense competition in the industry: The industry, in which it is operating, is highly and increasingly competitive and its results of operations and financial condition are sensitive to, and may be materially adversely affected by, competitive pricing and other factors. Competition may result in pricing pressures, reduced profit margins or lost market share or a failure to grow its market share, any of which could substantially harm its business and results of operations. There can be no assurance that it can effectively compete with its competitors in the future, and any such failure to compete effectively may have a material adverse effect on its business, financial condition and results of operations.
Outlook
Himalayan Solar is primarily engaged in the business of manufacturing and supply of solar products and design, manufacture, supply, installation and commissioning of solar products. It has been empaneled with different Government departments for design, manufacture, supply, installation, and commissioning of Solar Water pumping systems under MNRE PM-KUSUM Scheme, which gives it an edge to meet the competition in the market. On the concern side, it 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 it 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 company is coming out with a maiden IPO of 66,04,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 98-103 per equity share. The aggregate size of the offer is around Rs 64.73 crore to Rs 68.03 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 19.59% from Rs 14,243.73 lakh in Fiscal 2025 to Rs 17,034.32 lakh in Fiscal 2026. Profit after tax increased 25.78% from Rs 1,643.06 lakh in Fiscal 2025 to Rs 2,066.61 lakh in Fiscal 2026.
Meanwhile, its strategic focus is to strengthen its domestic presence by continuing to expand and diversify its portfolio of government-focused solar projects. It provides end-to-end turnkey solutions, including design, manufacturing, engineering, procurement and supply, testing, and commissioning of Solar PV Products. Its project footprint spans across multiple Indian states such as Haryana, Rajasthan, Punjab, Maharashtra etc., reflecting its growing reach and operational capabilities. It aims to leverage its expertise in executing diverse renewable energy technologies to further deepen its presence in the Indian market and maintain a competitive edge in the government EPC segment. Going forward, it follows a customer-oriented business strategy, with a strong focus on building and maintaining long- term relationships with its clients. It actively seeks verbal feedback over the phone calls through its dedicated customer relationship Team from existing customers and conducts periodic physical inspections to verify the working of its installed systems. By prioritizing quality, responsiveness, and continuous engagement, it ensures high levels of customer satisfaction. Its proactive follow-up mechanism helps address any concerns promptly and reinforces its commitment to delivering reliable and effective solutions. This approach not only strengthens customer trust but also enhances its reputation and repeat business in the government EPC segment.
