Infrax Renewable IPO
Infrastructure Developers & Operators • ₹40.88 Cr
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
₹104
Lot Size
1200 shares
Issue Size
₹40.88 Cr
Open
09 Sept 2026
Close
11 Sept 2026
Subscription
—
IPO Schedule
| Issue Open Date | 09 Sept 2026 |
| Issue Close Date | 11 Sept 2026 |
| Allotment Date | 15 Sept 2026 |
| Listing Date | 16 Sept 2026 |
About Infrax Renewable
Infrax Renewable Limited is an ISO 9001:2015 certified company engaged in solar engineering, procurement and construction (EPC) services, solar product distribution and independent power producer (IPP) activities. Its EPC services include the design, engineering, procurement, installation, testing, commissioning, and operation and maintenance of rooftop and ground-mounted solar projects. The company also supplies solar PV modules, inverters, and related solar products through authorised dealers and direct sales. The company operates a solar power plant at Bhadla (Jasdan), Gujarat, and sells electricity to Paschim Gujarat Vij Company Limited under a power purchase agreement. It is also empanelled as a national vendor under government-sponsored schemes, including the PM Surya Ghar: Muft Bijli Yojana. As of FY26, it operated three warehouses and had branch offices across four states.
Company Details
Founders / Promoters
Mr Bhargv Ashvinbhai Vachhani
Founded
2019
Registrar
Bigshare Services Pvt Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Infrax Renewable — IPOFins Verdict
QuantitativeDriven by elevated disclosed risk (9/10), Infrax Renewable listed at a premium of 0.0% to its issue price. 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.
- The company claims to have executed 5,708 rooftop residential and ground-mounted solar projects over the last three financial years, with an aggregate project value exceeding Rs 87.44 crore. As of FY2
- The company claims to offer a diversified portfolio comprising turnkey solar EPC solutions, solar PV modules, solar PV inverters, and related products. It states that this range enables it to cater to
- The company claims that its IPP business provides an additional source of recurring revenue. It has stated that its solar power plant supplies electricity under a power purchase agreement (PPA) with P
- The company claims to maintain sustained and long-term relationships with its suppliers to support procurement and supply chain management. Purchases from its top supplier stood at Rs 15.72 crore (21.
- The company claims that its dealership network supports customer acquisition, project execution, and installation coordination. It stated that the number of dealers increased from 720 in FY24 to 2,022
Score breakdown — what drove this verdict
High risk from DRHP → score -1.6
Actual listing outcome → score −0.5
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.
Listing Performance
Issue Price
₹104
Listing Price
₹104
Listing Gain/Loss
+0.00%
Listing Date
16 Sept 2026
Price Since Listing
Returns are measured against the ₹104 issue price.
Listing
₹104
+0.0%
1 Week
₹112.6
+8.3%
Current
₹130.25
+25.2%
Want to buy this stock?
Trade Infrax Renewable on the secondary market
FAQ
What is the price band of Infrax Renewable IPO?
The price band is ₹104 per share with a lot size of 1200 shares. Minimum investment: ₹1,24,800.
What does Infrax Renewable do?
Infrax Renewable Limited is an ISO 9001:2015 certified company engaged in solar engineering, procurement and construction (EPC) services, solar product distribution and independent power producer (IPP) activities. Its EPC services include the design, engineering, procurement, installation, testing, commissioning, and operation and maintenance of rooftop and ground-mounted solar projects. The company also supplies solar PV modules, inverters, and related solar products through authorised dealers and direct sales. The company operates a solar power plant at Bhadla (Jasdan), Gujarat, and sells electricity to Paschim Gujarat Vij Company Limited under a power purchase agreement. It is also empanelled as a national vendor under government-sponsored schemes, including the PM Surya Ghar: Muft Bijli Yojana. As of FY26, it operated three warehouses and had branch offices across four states.
Should I apply for Infrax Renewable IPO?
Infrax Renewable listed at ₹104 (+0.0% premium to the ₹104 issue price). IPOFins Score 2/10: Driven by elevated disclosed risk (9/10), Infrax Renewable listed at a premium of 0.0% to its issue price. 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 Infrax Renewable?
Infrax Renewable was founded by Mr Bhargv Ashvinbhai Vachhani in 2019.