GMP IPO Watch
Infrax Renewable IPO
Infrax Renewable IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Infrax Renewable IPO Details
Key facts at a glance| IPO Open Date | 8 September 2026 | IPO Close Date | 10 September 2026 |
|---|---|---|---|
| Basis of Allotment | 14 September 2026 | Listing Date | 16 September 2026 |
| Price Band | ₹40.88 per share | Face Value | ₹10 per share |
| Market Lot Size | 1200 Shares | Min Investment (Retail) | ₹2,49,600 |
| Total Issue Size | ₹40.88 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | ₹33.81 Cr | Offer for Sale (OFS) | ₹7.08 Cr |
| Listing At | NSE, BSE | Issue Category | SME Issue |
| Registrar | TBA | ||
Infrax Renewable IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 8 September 2026 | Confirmed |
| IPO Close Date | 10 September 2026 | Confirmed |
| Basis of Allotment | 14 September 2026 | Tentative |
| Initiation of Refunds | 16 September 2026 | Tentative |
| Credit of Shares to Demat | 16 September 2026 | Tentative |
| IPO Listing Date | 16 September 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 11 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.
Infrax Renewable 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 | ₹2,49,600 |
| Retail (Max) | 2 Lots | 2,400 Shares | ₹2,49,600 |
| S-HNI (Min) | 3 Lots | 3,600 Shares | ₹3,74,400 |
| S-HNI (Max) | 8 Lots | 9,600 Shares | ₹9,98,400 |
| B-HNI (Min) | 9 Lots | 10,800 Shares | ₹11,23,200 |
Infrax Renewable IPO Live GMP & Movement History
Daily unofficial grey market trends₹0 +0.0%
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 11 Sept 2026 | ₹0 | ₹104.00 | 0.00% |
| 10 Sept 2026 | ₹0 | ₹104.00 | 0.00% |
| 9 Sept 2026 | ₹0 | ₹104.00 | +0.00% |
| 7 Sept 2026 | ₹0 | ₹104.00 | 0.00% |
| 6 Sept 2026 | ₹0 | ₹104.00 | 0.00% |
Infrax Renewable IPO Subscription Status
Demand breakdown by investor categoryInfrax Renewable Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2024 | 4.40 Cr. | 9.66 Cr. | 8.15 Cr. | 0.96 Cr. |
| 2025 | 8.24 Cr. | 30.48 Cr. | 26.20 Cr. | 2.85 Cr. |
| 2026 | 31.53 Cr. | 93.33 Cr. | 79.55 Cr. | 10.20 Cr. |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Infrax Renewable IPO Valuation & KPIs
Key metrics pre-issueInfrax Renewable Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| Acme Solar Holdings Limited | 49.25 | 8.24 | 9.84% | 83.63 | – Cr. |
| Alpex Solar Limited | 10.90 | 80.52 | 35.87% | 219.94 | – Cr. |
| Solarium Green Energy Limited | 15.78 | 9.81 | 12.58% | 77.93 | – Cr. |
About Infrax Renewable
Infrax Renewable is engaged in the solar energy sector, providing comprehensive Engineering, Procurement, and Construction (EPC) services for rooftop and ground-mounted solar projects. The company manages the entire project lifecycle, including design, procurement, installation, and operation and maintenance. Alongside its EPC operations, Infrax generates revenue by supplying and distributing various solar products, such as photovoltaic modules and inverters. The business also operates as an Independent Power Producer, generating and selling electricity through its own solar power plant in Jasdan, Gujarat, under Power Purchase Agreements with Paschim Gujarat Vij Company. To further strengthen its supply chain and margins, the company is expanding its operations through backward integration to manufacture solar panel mounting structures and frames, alongside establishing a solar panel recycling and silver extraction facility.
Key Strengths
- Diversified presence across solar EPC, product distribution, and IPP operations.
- Extensive market reach supported by a growing network of 2,830 local dealers.
- Solid execution pipeline backed by an active order book of 1,756 solar projects.
- Strategic expansion into in-house manufacturing of solar frames and mounting structures.
- Comprehensive capabilities for managing solar projects from initial design to final commissioning.
Key Risks
- High geographic concentration with 97.41% of FY26 revenue generated solely in Gujarat.
- Business viability relies heavily on continued government solar policies and subsidies.
- Dependent on limited third-party component suppliers without long-term procurement contracts.
- Lacks formalized and comprehensive contractual agreements with certain operational dealers.
- Vulnerable to project execution delays, operational hazards, and severe weather disruptions.
Infrax Renewable IPO Reservation & Share Quotas
The Infrax Renewable IPO reservation shows how the shares offered in the public issue are divided between non-institutional investors and retail investors. The allocation provides investors with a clear view of the category-wise share distribution.
Under the provided issue structure, NII investors are offered 18,81,600 shares, representing 50.42% of the shares, while retail investors are offered 18,50,400 shares, accounting for the remaining 49.58%.
| Investor Category | Share Offered | % Shares |
|---|---|---|
| NII Shares Offered | 18,81,600 Shares | 50.42% |
| Retail Shares Offered | 18,50,400 Shares | 49.58% |
Infrax Renewable Promoters and Shareholding Pattern
The promoters of Infrax Renewable are Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar and Khushboo Bhargav Vachhani. The promoter and promoter group currently hold 70.64% of the company's pre-IPO share capital.
Following the IPO, the promoter and promoter group holding is expected to decline to 49.73%. This reduction in percentage is accompanied by an increase in the overall number of shares outstanding, while the shareholding of other investors rises to 50.27% of the post-IPO capital.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 77,60,000 | 70.64% | 7,079,600 | 49.73% |
| Others* | 32,25,111 | 29.36% | 7,156,311 | 50.27% |
| Total | 1,09,85,111 | 100% | 1,42,35,911 | 100% |
Infrax Renewable IPO Important Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 09 Sept 2026 |
| IPO Close Date | 11 Sept 2026 |
| Basis of Allotment | 15 Sept 2026 |
| Refunds | 16 Sept 2026 |
| Credit to Demat Account | 16 Sept 2026 |
| IPO Listing Date | 17 Sept 2026 |
Note: The timeline for ఇన్ఫ్రాక్స్ రెన్యూవబుల్ IPO is tentative and subject to change.
Infrax Renewable About the IPO
Infrax Renewable, founded in September 2024, is an Engineering, Procurement, and Construction (EPC) firm focused on providing solar energy solutions, including rooftop and Ground-mounted solar projects. Its product range includes the manufacturing of a wide range of solar products, including solar PV modules, inverters, and related equipment.
The firm operates its business via 3 different models: EPC services, offering end-to-end solar solutions, from planning and designing to installation; Independent Power Producer (IPP), selling solar electricity through its own solar power plant in Gujarat; and supplying various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. Infrax Renewable products cater to customers across residential, commercial, and industrial segments.
Infrax Renewable Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Capital expenditure for the proposed manufacturing facility | 12.29 (36.35%) |
| Funding working capital requirements | 17 (50.28%) |
| General corporate purposes | 4.52 (13.37%) |
Note: Objectives are as specified in the DRHP/RHP documents of ఇన్ఫ్రాక్స్ రెన్యూవబుల్.
Infrax Renewable Company Valuation & Key Performance Indicators
The Infrax Renewable IPO valuation highlights the company's profitability, operating efficiency, earnings capacity and capital structure for FY2026. Key indicators such as ROE, ROCE, EBITDA margin, PAT margin, EPS and NAV provide a broader view of the company's financial performance.
For FY2026, Infrax Renewable reported basic EPS of ₹10.86 and a P/E ratio of 9.58. The company recorded an ROE of 115.54% and RoNW of 64.68%, while its debt-to-equity ratio stood at 0.44. The NAV was ₹15.77 per share.
| KPI | Values |
|---|---|
| ROE | 115.54% |
| ROCE | 63.89% |
| EBITDA Margin | 15.62% |
| PAT Margin | 10.94% |
| Debt to Equity Ratio | 0.44 |
| Earning Per Share (EPS) | ₹10.86 (Basic) |
| Price/Earning P/E Ratio | 9.58 |
| Return on Net Worth (RoNW) | 64.68% |
| Net Asset Value (NAV) | ₹15.77 |
Infrax Renewable Company Financial Report
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 9.66 Cr. | 8.15 Cr. | 0.96 Cr. | 4.40 Cr. |
| 2025 | 30.48 Cr. | 26.20 Cr. | 2.85 Cr. | 8.24 Cr. |
| 2026 | 93.33 Cr. | 79.55 Cr. | 10.20 Cr. | 31.53 Cr. |
Note: Financial numbers for ఇన్ఫ్రాక్స్ రెన్యూవబుల్ are in ₹ Crores unless stated otherwise.
Infrax Renewable Company Valuation & Key Performance Indicators
| KPI | Values |
|---|---|
| ROE | 115.54% |
| ROCE | 63.89% |
| EBITDA Margin | 15.62% |
| PAT Margin | 10.94% |
| Debt to Equity Ratio | 0.44 |
| Earning Per Share (EPS) | 10.86 (Basic) |
| Price/Earning P/E Ratio | 9.58 |
| Return on Net Worth (RoNW) | 64.68% |
| Net Asset Value (NAV) | 15.77 |
Note: Valuation KPIs for ఇన్ఫ్రాక్స్ రెన్యూవబుల్ are computed for FY2026.
Infrax Renewable Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Acme Solar Holdings Limited | 8.24 | 49.25 | 9.84% | 83.63 | – Cr. |
| Alpex Solar Limited | 80.52 | 10.90 | 35.87% | 219.94 | – Cr. |
| Solarium Green Energy Limited | 9.81 | 15.78 | 12.58% | 77.93 | – Cr. |
Note: Peer group comparisons for ఇన్ఫ్రాక్స్ రెన్యూవబుల్ are sourced from DRHP filings.
Infrax Renewable IPO FAQs
Infrax Renewable IPO opens for subscription on 8 September 2026 and closes on 10 September 2026.
The price band for Infrax Renewable IPO is set at ₹40.88 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 (₹2,49,600).
The latest Grey Market Premium (GMP) for Infrax Renewable IPO is ₹0. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Infrax Renewable IPO is tentatively scheduled for 14 September 2026, and shares are expected to list on the stock exchanges on 16 September 2026.
The registrar details will be confirmed in the official prospectus.