Himalayan Solar IPO
Capital Goods - Electrical Equipment • ₹68cr
High risk because:
- 5 material risk factors disclosed in DRHP
- Heavy dependence on government or PSU customers
- SME listing with thinner post-listing liquidity
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹25-29
Lot Size
1200 shares
Issue Size
₹68cr
Open
25 Sept 2026
Close
29 Sept 2026
Subscription
0.58×
IPO Schedule
| Issue Open Date | 25 Sept 2026 |
| Issue Close Date | 29 Sept 2026 |
| Allotment Date | 30 Sept 2026 |
| Listing Date | 05 Oct 2026 |
About Himalayan Solar
Himalayan Solar provides integrated turnkey solar energy solutions, specializing in the design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. The company also offers solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As an empanelled solar partner with several state government departments in India, it generates revenue primarily through orders and government project contracts, having executed over 85,000 HP capacity of Solar Water Pumping Systems. The company operates a manufacturing facility in Karnal, Haryana, covering an area of approximately 25,000 square feet, which produces Mono PERC Solar PV Modules. It serves government departments, contractors, and private customers across India through its dealer network. The company proposes to expand and upgrade its manufacturing capacity to 160 MW per annum using issue proceeds.
Company Details
Founders / Promoters
Mr Manjeet Singh
Founded
2015
Registrar
MSPL
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Subscription Status
0.58×
Total Subscription
Investment Analysis
Himalayan Solar — IPOFins Verdict
QuantitativeDriven by QIB demand at 1.4x and elevated disclosed risk (8/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- Established empanelment as a solar partner with state government departments.
- Executed over 85,000 HP capacity of solar water pumping systems.
- Integrated turnkey capability spanning design, manufacturing, supply, and installation.
- In-house facility producing high-efficiency Mono PERC solar PV modules.
- Strong pending order book position providing clear revenue visibility.
Score breakdown — what drove this verdict
High risk from DRHP → score -1.2
Institutional subscription → score 0
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
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FAQ
What is the price band of Himalayan Solar IPO?
The price band is ₹25-29 per share with a lot size of 1200 shares. Minimum investment: ₹34,800.
What does Himalayan Solar do?
Himalayan Solar provides integrated turnkey solar energy solutions, specializing in the design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. The company also offers solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As an empanelled solar partner with several state government departments in India, it generates revenue primarily through orders and government project contracts, having executed over 85,000 HP capacity of Solar Water Pumping Systems. The company operates a manufacturing facility in Karnal, Haryana, covering an area of approximately 25,000 square feet, which produces Mono PERC Solar PV Modules. It serves government departments, contractors, and private customers across India through its dealer network. The company proposes to expand and upgrade its manufacturing capacity to 160 MW per annum using issue proceeds.
Should I apply for Himalayan Solar IPO?
Himalayan Solar is drawing muted interest at 0.6x overall subscription (QIB 1.4x, retail 0.6x). IPOFins Score 3/10: Driven by QIB demand at 1.4x and elevated disclosed risk (8/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded Himalayan Solar?
Himalayan Solar was founded by Mr Manjeet Singh in 2015.