GMP IPO Watch
Himalayan Solar IPO
Himalayan Solar IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Himalayan Solar IPO Details
Key facts at a glance| IPO Open Date | 24 September 2026 | IPO Close Date | 28 September 2026 |
|---|---|---|---|
| Basis of Allotment | 29 September 2026 | Listing Date | 4 October 2026 |
| Price Band | ₹98 - ₹103 per share | Face Value | ₹10 per share |
| Market Lot Size | 1200 Shares | Min Investment (Retail) | ₹2,47,200 |
| Total Issue Size | ₹68.03 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | ₹60.68 Cr | Offer for Sale (OFS) | ₹7.35 Cr |
| Listing At | NSE SME | Issue Category | SME Issue |
| Registrar | Maashitla Securities Pvt. Ltd. | ||
Himalayan Solar IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 24 September 2026 | Confirmed |
| IPO Close Date | 28 September 2026 | Confirmed |
| Basis of Allotment | 29 September 2026 | Tentative |
| Initiation of Refunds | 1 October 2026 | Tentative |
| Credit of Shares to Demat | 1 October 2026 | Tentative |
| IPO Listing Date | 4 October 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 29 September 2026 (5:00 PM) | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Himalayan Solar IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 2 Lots | 2,400 Shares | ₹2,47,200 |
| Retail (Max) | 2 Lots | 2,400 Shares | ₹2,47,200 |
| S-HNI (Min) | 3 Lots | 3,600 Shares | ₹3,70,800 |
| S-HNI (Max) | 8 Lots | 9,600 Shares | ₹9,88,800 |
| B-HNI (Min) | 9 Lots | 10,800 Shares | ₹11,12,400 |
Himalayan Solar IPO Live GMP & Movement History
Daily unofficial grey market trends₹-18 -17.5%
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 5 Oct 2026 | ₹0 | ₹103.00 | 0.00% |
Himalayan Solar IPO Subscription Status
Demand breakdown by investor categoryHimalayan Solar Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2024 | 84.14 Cr. | 138.65 Cr. | 131.77 Cr. | 4.94 Cr. |
| 2025 | 93.82 Cr. | 143.14 Cr. | 121.15 Cr. | 16.43 Cr. |
| 2026 | 158.22 Cr. | 171.69 Cr. | 144.00 Cr. | 20.67 Cr. |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Himalayan Solar IPO Valuation & KPIs
Key metrics pre-issueHimalayan Solar Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| Ganesh Green Bharat Limited | 7.11 | 30.31 | 26.82% | 113.02 | 1,064.27 Cr. |
| Solarium Green Energy Limited | 14.99 | 9.81 | 12.58% | 77.93 | 368.15 Cr. |
| Australian Premium Solar (India) Limited | 8.34 | 28.70 | 35.24% | 81.44 | 707.96 Cr. |
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.
Himalayan Solar IPO Important Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 25 Sept 2026 |
| IPO Close Date | 29 Sept 2026 |
| Basis of Allotment | 30 Sept 2026 |
| Refunds | 01 Oct 2026 |
| Credit to Demat Account | 01 Oct 2026 |
| IPO Listing Date | 05 Oct 2026 |
Note: The timeline for हिमालयन सौर IPO is tentative and subject to change.
Himalayan Solar Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Funding Capital Expenditure for manufacturing expansion | 12.98 (21.39%) |
| Repayment/pre-payment of outstanding borrowings | 2.12 (3.49%) |
| Meeting working capital requirements | 29.5 (48.62%) |
| General corporate purposes | 16.08 (26.50%) |
Note: Objectives are as specified in the DRHP/RHP documents of हिमालयन सौर.
Himalayan Solar Company Financial Report
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 138.65 Cr. | 131.77 Cr. | 4.94 Cr. | 84.14 Cr. |
| 2025 | 143.14 Cr. | 121.15 Cr. | 16.43 Cr. | 93.82 Cr. |
| 2026 | 171.69 Cr. | 144.00 Cr. | 20.67 Cr. | 158.22 Cr. |
Note: Financial numbers for हिमालयन सौर are in ₹ Crores unless stated otherwise.
Himalayan Solar Company Valuation & Key Performance Indicators
| KPI | Values |
|---|---|
| ROE | 44.04% |
| ROCE | 35.84% |
| EBITDA Margin | 17.05% |
| PAT Margin | 12.13% |
| Debt to Equity Ratio | 0.77 |
| Earning Per Share (EPS) | 12.74 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 44.04% |
| Net Asset Value (NAV) | 28.93 |
Note: Valuation KPIs for हिमालयन सौर are computed for FY2026.
Himalayan Solar Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Ganesh Green Bharat Limited | 30.31 | 7.11 | 26.82% | 113.02 | 1,064.27 Cr. |
| Solarium Green Energy Limited | 9.81 | 14.99 | 12.58% | 77.93 | 368.15 Cr. |
| Australian Premium Solar (India) Limited | 28.70 | 8.34 | 35.24% | 81.44 | 707.96 Cr. |
Note: Peer group comparisons for हिमालयन सौर are sourced from DRHP filings.
Himalayan Solar IPO FAQs
Himalayan Solar IPO opens for subscription on 24 September 2026 and closes on 28 September 2026.
The price band for Himalayan Solar IPO is set at ₹98.00 to ₹103.00 per share.
The minimum market lot size is 1200 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 2,400 Shares (₹2,47,200).
The latest Grey Market Premium (GMP) for Himalayan Solar IPO is ₹-18.00. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Himalayan Solar IPO is tentatively scheduled for 29 September 2026, and shares are expected to list on the stock exchanges on 4 October 2026.
Maashitla Securities Pvt. Ltd. is the official registrar for Himalayan Solar IPO. Investors can check their IPO allotment status directly on the registrar's portal once finalized.