Himalayan Solar IPO (25 Sep-29 Sep) Analysis
Updated: Oct 4
IPO Analysis | NSE Emerge | 100% Book Built Issue (Fresh Issue and Offer for Sale) | Regulation 229(2) and 253(1), 253(2)
Based on Red Herring Prospectus dated September 19, 2026 | Solar PV Module Manufacturing and Solar Water Pumping Systems | Panchkula, Haryana
STATUS: RHP FILED | Fresh Issue and Offer for Sale | Regulation 229(2) and 253 | NSE Emerge | Price Band: [TBD] | Market Maker Reservation Included | Bidding: September 25 to 29, 2026 | All Figures in Rs. Lakhs
Himalayan Solar Limited was incorporated as Himalayan Solar Private Limited on September 8, 2015, and converted to a public company in November 2024. The registered office is at SCO 411 2nd Floor, Sector 20, Panchkula, Haryana 134117.
The website is www.himalayansolar.co.in. The promoters are Manjeet Singh, Karthyayini M, Himanshu Dalal, Mehtab Singh and Anita Kumari. Navkiran Kaur is Company Secretary and Compliance Officer.
The Restated Financial Statements are signed by peer reviewed Chartered Accountant Himanshu Mohta and Associates, who the RHP itself notes is not the company's statutory auditor.
The company offers turnkey solar energy solutions, principally Solar Water Pumping Systems, alongside solar rooftop and solar inverter charger systems, and manufactures Solar PV Modules under its own brand.
A first manufacturing facility at Panchkula, built in 2017 for 40 MW of Polycrystalline PV Modules, was shut down in August 2024 after a Ministry of New and Renewable Energy rule change made Polycrystalline modules ineligible for most government tenders.
The company has since relocated manufacturing to a new facility in Karnal, Haryana, which began producing 60 MW of Mono PERC modules in March 2026. The company also runs a Skill Development Training Programme as an NSDC franchisee partner. The financial year ends March 31.
Key Basics
This is a book built issue on NSE Emerge, made under Regulation 229(2) and 253 of the SEBI ICDR Regulations because post Offer paid up capital exceeds Rs.1,000.00 Lakhs but does not exceed Rs.2,500.00 Lakhs. The RHP is dated September 19, 2026. The Price Band and lot size remain undetermined at this stage.
Field | Value |
Document Type | Red Herring Prospectus dated September 19, 2026. Price Band and lot size are [TBD]. |
Platform | NSE Emerge. Designated Stock Exchange: NSE. |
Issue Structure | Fresh Issue of up to 58,90,800 Equity Shares plus an Offer for Sale of up to 7,14,000 Equity Shares, entirely by promoter Karthyayini M. Total Issue up to 66,04,800 shares, 29.87% of post Issue paid up capital. |
Face Value | Rs.10 per Equity Share |
Selling Shareholder WACA | Rs.0.07 per Equity Share for Karthyayini M, as certified by the statutory auditor |
Market Maker Reservation | 3,31,200 Equity Shares, leaving a Net Issue of 62,73,600 shares, 28.37% of post Issue paid up capital |
Promoter Holding | Promoters hold 99.99% of pre Issue equity; 20% of post Issue capital will be locked in for three years as minimum promoter contribution |
BRLM | Finshore Management Services Limited |
Registrar | Maashitla Securities Private Limited |
Bid Dates | Anchor September 24, 2026. Bidding opens September 25, 2026 and closes September 29, 2026. |
What distinguishes this issue is that the Restated Financial Statements were prepared and signed by a peer reviewed Chartered Accountant who is not the company's own statutory auditor, a fact the RHP itself discloses as a named risk factor. Promoter holding is very concentrated at 99.99% pre Issue.
How Will the IPO Money Be Used?
This is a Fresh Issue plus an Offer for Sale. The company receives no proceeds from the Offer for Sale; those proceeds go entirely to promoter Karthyayini M.
Object | Amount (Rs. Lakhs) | Details |
Capital expenditure: expansion of Karnal manufacturing facility from 60 MW to 160 MW | 1,298.30 | Adds 100 MW of new capacity for higher efficiency 20 to 25 Busbar Glass to Glass Mono PERC and TOPCon Bifacial modules. Key machinery, roughly Rs.1,078.29 Lakhs of the total, is imported from a Chinese supplier, ChinTiyan New Energy (Hubei) Co. Ltd. No purchase orders have been placed as of the RHP date. |
Repayment or prepayment of borrowings | 211.99 | Against an ICICI Bank term loan originally taken to fund the 40 to 60 MW upgrade, with Rs.211.99 Lakhs outstanding as of August 31, 2026. |
Working capital | 2,950.00 | Against a projected FY2027 working capital gap of Rs.10,208.42 Lakhs, up from Rs.6,510.86 Lakhs in FY2026, driven by an unexecuted order book of Rs.14,021.69 Lakhs as of July 31, 2026. |
General corporate purposes | [TBD] | Capped at 15% of Gross Proceeds or Rs.1,000.00 Lakhs, whichever is lower. |
Total Net Proceeds | [TBD] | To be finalised once the Offer Price is set. |
The three quantified objects total Rs.4,460.29 Lakhs. The capex object depends on machinery sourced from a single Chinese vendor and is exposed to Rupee to US Dollar exchange rate movements between quotation and eventual purchase; the RHP itself flags that no orders have yet been placed for any of this equipment.
Financial Performance
Revenue, EBITDA, and Profitability
Rs. Lakhs | FY2026 | FY2025 | FY2024 |
Revenue from Operations | 17,034.32 | 14,243.73 | 13,831.92 |
EBITDA | 2,904.43 | 2,357.50 | 782.55 |
EBITDA Margin | 17.05% | 16.55% | 5.66% |
Profit After Tax | 2,066.61 | 1,643.06 | 494.59 |
PAT Margin | 12.13% | 11.54% | 3.58% |
EPS, Basic and Diluted (Rs.) | 12.74 | 10.13 | 3.05 |
Return on Net Worth | 44.04% | 62.11% | 47.86% |
Return on Capital Employed | 35.84% | 44.32% | 23.37% |
Revenue grew 19.59% in FY2026 to Rs.17,034.32 Lakhs, on top of a 191.13% jump in FY2024 that the RHP attributes to the earlier Polycrystalline business before the manufacturing halt.
EBITDA margin and PAT margin both roughly tripled from FY2024 to FY2026, to 17.05% and 12.13% respectively, coinciding with the shift to higher efficiency Mono PERC modules. RoNW peaked in FY2025 at 62.11% before easing to 44.04% in FY2026 as the equity base grew.
Customer concentration eased sharply: the top customer was 88.48% of FY2024 revenue but only 50.00% in FY2026, though this still means half of revenue depends on one client.
Balance Sheet and Cash Flow
Rs. Lakhs | FY2026 | FY2025 | FY2024 |
Total Borrowings | 3,612.38 | 2,694.84 | 2,353.90 |
Total Net Worth | 4,692.67 | 2,645.58 | 1,033.33 |
Debt to Equity | 0.77x | 1.02x | 2.28x |
NAV per Share (Rs.) | 28.93 | - | - |
Contingent Liabilities (Bank Guarantees) | 2,918.32 | 1,569.18 | 918.05 |
Haryana Revenue Concentration | 52.81% | 86.15% | 88.93% |
Debt to Equity improved sharply, from 2.28x in FY2024 to 0.77x in FY2026, as retained earnings built up net worth faster than borrowings grew.
Contingent liabilities, mostly bank guarantees issued to customers and government authorities, more than tripled from Rs.918.05 Lakhs in FY2024 to Rs.2,918.32 Lakhs in FY2026, tracking the growth in the order book.
Revenue concentration in Haryana eased from 88.93% in FY2024 to 52.81% in FY2026 as the company has diversified geographically, though the state remains the largest single source of revenue by a wide margin.
How Does It Compare to Peers?
The RHP names three listed peers: Ganesh Green Bharat, Solarium Green Energy and Australian Premium Solar (India), based on closing prices as of September 11, 2026, and states plainly that given the nature, turnover and size of the company's business, the peers are not strictly comparable. Himalayan Solar's own P/E cannot be shown until the Price Band is set.
Company | EPS (Rs.) | P/E (x) | NAV (Rs.) | RoNW (%) |
Himalayan Solar Limited | 12.74 | [TBD] | 28.93 | 44.04% |
Ganesh Green Bharat Limited | 30.31 | 7.11 | 113.02 | 26.82% |
Solarium Green Energy Limited | 9.81 | 14.99 | 77.93 | 12.58% |
Australian Premium Solar (India) | 28.70 | 8.34 | 81.44 | 35.24% |
Himalayan Solar's RoNW of 44.04% is the highest of the group, ahead of Australian Premium Solar's 35.24% and well ahead of the other two, but its scale is far smaller: Ganesh Green Bharat's revenue of Rs.1,06,426.83 Lakhs is more than six times Himalayan Solar's, and all three peers carry a substantially higher NAV per share. The RHP's industry average P/E of 11.05, spanning 7.11 to 14.99, gives a directional rather than precise benchmark given these scale differences.
Key Risks
• The Restated Financial Statements underlying this entire RHP were prepared and signed by a peer reviewed Chartered Accountant, Himanshu Mohta and Associates, who the RHP itself discloses is not the company's statutory auditor.
• No purchase orders have been placed for any of the machinery funding the Rs.1,298.30 Lakhs capacity expansion, and the largest single piece of equipment, Rs.989.03 Lakhs before duties, is quoted from a single Chinese supplier in US Dollars, exposing the project to both delivery and currency risk.
• The company's first manufacturing facility, built in 2017 for Polycrystalline modules, was rendered commercially obsolete within seven years by a single Ministry of New and Renewable Energy policy change favouring higher efficiency modules; the same regulatory dependency applies to the new Mono PERC and TOPCon Bifacial facility this Issue expands.
• A single customer, HAREDA (the Haryana Renewable Energy Development Agency), was 50.00% of FY2026 revenue, 85.15% in FY2025 and 88.48% in FY2024; the top 10 suppliers separately account for 98.00% of FY2026 purchases with no long term supply agreements in place.
• The company has an open, unresolved regulatory matter before the Registrar of Companies over two share allotments where subscription money was credited to the company's ordinary current account rather than a separate account as required under Section 42 of the Companies Act, and in one case was used before allotment was completed, in contravention of Section 42(6); the adjudication is pending.
• Contingent liabilities, mostly bank guarantees, more than tripled from Rs.918.05 Lakhs in FY2024 to Rs.2,918.32 Lakhs in FY2026, growing faster than the order book they support.
• Revenue remains concentrated in Haryana at 52.81% of FY2026 revenue, though this has eased substantially from 88.93% in FY2024.
• The company has a history of delayed statutory filings with the Registrar of Companies, including AOC 4 forms filed up to 62 days late, for which late fees were paid but no show cause notice has been received.
• Demand for solar products is sensitive to weather conditions, and the RHP itself names unfavourable weather as a factor that can cause customers to postpone purchase decisions.
• The business depends on continued government policy support for renewable energy; any reduction or withdrawal of incentives could reduce demand for the company's core government tender business.
• Only three listed peers are named, and the RHP itself states they are not strictly comparable to Himalayan Solar's scale and product mix.
Positives to Note
• PAT grew from Rs.494.59 Lakhs in FY2024 to Rs.2,066.61 Lakhs in FY2026, and EBITDA margin nearly tripled from 5.66% to 17.05% over the same period, coinciding with the shift to higher efficiency modules.
• Debt to Equity improved sharply, from 2.28x in FY2024 to 0.77x in FY2026, even as the balance sheet grew substantially.
• Customer concentration in the single largest customer eased from 88.48% of revenue in FY2024 to 50.00% in FY2026, and geographic concentration in Haryana eased from 88.93% to 52.81% over the same period.
• The company holds a substantial unexecuted order book of Rs.14,021.69 Lakhs as of July 31, 2026, and has already secured Letters of Intent for 50 MW of Mono PERC module supply.
• RoNW of 44.04% in FY2026 is the highest among all three named peers, despite the company's smaller scale.
• The company has diversified into a Skill Development Training Programme as an NSDC franchisee partner, supported by a sanctioned allocation to train 10,000 resources under the PMKVY 4.0 programme, adding a source of revenue outside core module manufacturing.
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