Himalayan Solar IPO
Himalayan Solar IPO is an SME IPO raising ₹68 Cr at ₹98 – ₹103 a share. It listed on 5 Oct 2026 at ₹85, −17.5% against its issue price of ₹103, and trades at ₹86 today (−16.7% since issue). It was subscribed 1.10× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Himalayan Solar Limited designs, manufactures, supplies, installs and commissions solar energy products, with a primary focus on Solar Water Pumping Systems, for government projects across India. They also deliver Solar Rooftop Power Plants and Solar Inverter Charger Systems, and have recently added a skill-development training vertical in partnership with NSDC. The company operates its own Solar PV module manufacturing facility in Karnal, Haryana (60 MW Mono PERC line operational from March 2026), and is upgrading it to 160 MW. They claim cumulative experience implementing over 85,000 HP of Solar Water Pumping System capacity in Indian government projects, and are empanelled with seven state-level nodal agencies.
How it earns
Almost entirely through turnkey EPC contracts awarded by state and central government departments — 97.19% of FY26 revenue came from government customers and 97.54% came from Solar Water Pumping System EPC. A small share comes from NSDC-linked skill-development training and direct solar PV module sales.
Who buys
97.19% of FY26 revenue from Government customers; 2.81% from Private; no PSU share in FY26. Named empanelments (no individual customer-level revenue given): HAREDA (Haryana), Department of Horticulture RHDS (Rajasthan), PEDA (Punjab), MPUVN (Madhya Pradesh), MSEDCL & MEDA (Maharashtra), and REIL (joint PSU of Rajasthan and India). State-wise revenue concentration in FY26: Haryana 52.81% (₹89.96 crore), Maharashtra 45.52% (₹77.54 crore), Punjab 1.67% (₹2.84 crore). Order Book of ₹14,021.69 lakhs (₹140.22 crore) as of 31/07/2026, predominantly government projects.
Scale
1 Registered Office, 2 Manufacturing Facilities (new 60 MW Mono PERC line at Karnal + old Polycrystalline line at Panchkula now halted), 1 Branch Office (Gurugram), 16 Warehouses across Haryana, Rajasthan and Madhya Pradesh; FY26 revenue from operations ₹17,034.32 lakhs (₹170.34 crore), total income ₹17,169.29 lakhs (₹171.69 crore), PAT ₹2,066.61 lakhs (₹20.67 crore); 100% domestic revenue.
What it says sets it apart
- Ranked among top 10 Solar PV Module Manufacturers in 2021 by Industry Outlook magazine; also recognised as 'Best Industrial and Commercial Solar Company' by Industrial Review
- Empanelled as a Solar Partner with seven state government departments/agencies spanning Haryana, Rajasthan, Punjab, Madhya Pradesh and Maharashtra — giving direct access to government tenders for Solar Water Pumping Systems under schemes such as PM-KUSUM
- Unexecuted Order Book of ₹14,021.69 lakhs (₹140.22 crore) as of 31/07/2026, predominantly government solar EPC projects, providing multi-year revenue visibility
- Own manufacturing base of Mono PERC 16BB Solar PV Modules at Karnal — 60 MW annual capacity operational from March 2026, with planned 100 MW expansion to 160 MW using IPO proceeds, enabling up to 20/25 Busbar Glass-to-Glass modules
- Cumulative implementation experience of over 85,000 HP capacity of Solar Water Pumping Systems in Indian government projects, supported by an in-house OEM solar water pump and pump controller line branded 'Himalayan Solar'
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs103 / stated EPS Rs12.74 (FY2026 (year ended March 31, 2026), Basic & Diluted EPS, restated on consolidated basis (post-bonus with retrospective effect, same as book value)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Finshore Management Services Limited — median −42.1% across the 10 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 10 Nov 2026.
What to watch
- Priced at 8.1× earnings — 3% below the median of the peers the issuer itself names.
- The register's top risk: HAREDA customer concentration at 50-88% of revenue (prospectus page 31).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track HIMALAYAN SOLAR LIMITED
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.