Severeconcentrationpage 31
HAREDA customer concentration at 50-88% of revenue
revenues from HAREDA constituted approximately 50.00%, 85.15%, and 88.48% of the total revenue for the financial years ended March 31, 2026, March 31, 2025, March 31, 2024
ListedSMEPower Generation/DistributionHIMALAYAN
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.
₹103
Issue price
₹86
Price now
−16.7%
Since issue price
5 Oct 2026
Listed on
1.10×Subscribed (final) · all exchanges
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 389-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 423 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeregulatorypage 46
Solar tech obsolescence: Polycrystalline stranded plus TOPCon shift
as the solar industry transitions from polycrystalline to monocrystalline modules and now to TOPCon (Tunnel Oxide Passivated Contact) modules, our business faces significant risks associated with this technological shift
Severeregulatorypage 43
Business depends on MNRE subsidy scheme continuation
beneficiaries are eligible for claiming subsidy directly from State/Central Government. Apart from that if the same scheme discontinued by the government, in future or if there is any reduction or any discontinuance of subsidy from State/Central Government, we may require to charge total cost of project from customers which will ultimately results higher cost to the customer
Severeregulatorypage 44
Government may compete by assembling cheaper solar pumps
if the state/central government comes up with the policy of assembling of solar water pumps and providing solar water pumps/products to customers at cheaper rates than that of us, then in such a situation, we will be not be able to compete with the government rates
Severepromoterpage 43
Promoter cost of acquisition far below issue price
Our Promoters average cost of acquisition of Equity Shares in our Company is lower than the Issue Price of the shares proposed to be offered
Severefinancialpage 58
Trade receivables tripled in two years
Trade Receivables XVIII 12,533.74 6,631.94 4,045.16
Severefinancialpage 41
Negative operating cash flow in two of last three years
Net cash generated/(used) from operating activities (207.05) 390.30 (552.46)
Highconcentrationpage 31
Top 10 suppliers account for 95-98% of purchases
Top 10 Suppliers 12,334.52 98.00% 8,297.93 98.46% 12,979.49 95.12%
Highregulatorypage 33
Section 42 non-compliance plus recurring RoC filing delays
the subscription monies were credited to the current account of the Company instead of a separate bank account as mandated under Section 42 of the Companies Act, 2013... The adjudication proceedings are currently pending and the final order is waited
Highpromoterpage 44
Promoter group retains 70.13% control post-issue
Post this Issue, our Promoters and Promoter Group will collectively own 70.13% of our post issue equity share capital
Highfinancialpage 48
Large secured debt plus ballooned contingent bank guarantees
We have secured outstanding debt of ₹ 5,110.71 Lakhs as on March 31, 2026 and we have secured our lenders by creating charge over our movable and immovable properties
Highfinancialpage 70
Three auditor changes in three years with vague reasons
Due to unavoidable circumstances
Highoperationalpage 30
No firm orders plus low capacity utilization while expanding
we have not placed any firm orders for any of them... Such quotations are valid for a certain period of time and may be subject to revisions
Highoperationalpage 45
No listed-company experience among promoters, directors, and KMPs
None of the Promoters, Directors, or Key Managerial Personnel (KMPs) of our Company have prior experience in managing or holding leadership positions in companies listed on any recognized stock exchange
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.7 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 2 | 1 | 1 | ₹0.7 Cr |
| Promoters | 0 | 0 | 0 | — |
| Directors | 0 | 1 | 0 | ₹0.0 Cr |
case₹0.3 Crpage 293
HVR Solar Pvt Ltd vs M/S Himalayan Solar Pvt Ltd & Ors. (CT. Cases/14548/2023, CJM North-West RHC) – criminal case of cheating, conspiracy, intimidation and dishonour of two cheques of ₹17.44 lakh each re: Solar PV Modules worth over ₹34 lakh
case₹0.2 Crpage 293
GST assessment order (ref zd000406122549518A, 24 Dec 2025) against Company by State Tax Officer, Haryana under Section 73/74 of GST Act, 2017 for alleged fake-invoice ITC – ₹21.30 lakh Integrated Tax
case₹0.1 Crpage 294
M/S Himalayan Solar Pvt Ltd vs Advance Age Electricals & Mohit Singhal (Complaint No.236/2020, CJM Panchkula) – Section 138 NI Act / Sec 420 IPC case re: dishonoured cheques and ₹9.02 lakh excess collected
case₹0.0 Crpage 293
Harshad vs M/S Himalayan Solar Pvt Ltd (DC/59/CC/161/2022, District Consumer Commission Bhiwani) – consumer complaint re: non-installation of 10 HP solar pump, claiming ₹2.70 lakh + 18% interest, ₹1.00 lakh mental harassment, ₹11,000 costs
case₹0.0 Crpage 295
Income-tax demand against Anita Kumari (Promoter/Director), AY 2023-2024, Section 143(1)(a), demand ref 202520233740019881T, dated 10 Oct 2025 – ₹63,290; no appeal filed
Amounts converted from stated lakhs to ₹ crore (1 crore = 100 lakh = 10 million). Company aggregate ≈ ₹68.13 lakh = ₹0.6813 crore (₹34 lakh HVR Solar goods + ₹9.02 lakh Advance Age excess + ₹21.30 lakh GST + ₹3.81 lakh Harshad consumer claim). Promoter/director tax demand ₹63,290 ≈ ₹0.0063 crore. No subsidiaries or group companies. Materiality threshold per Board policy dated 17 Sep 2025: ₹70.07 lakhs. EPF/ESIC outstanding dues: Nil. Statutory/regulatory actions against company: Nil.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.