Himalayan Solar IPO: Solar firm plans capacity expansion
Himalayan Solar sets IPO price band at ₹98-₹103 as India’s solar market expands
Himalayan Solar Limited has set a price band of ₹98 to ₹103 per share for its initial public offering, with the issue scheduled to open on September 25 and close on September 29. Anchor investor bidding will begin a day earlier on September 24.
The company plans to raise to ₹6,802.94 lakh, or about ₹68.03 crore, through the IPO. The shares are proposed to be listed on NSE Emerge. Finshore Management Services Limited is the book-running lead manager, while Maashitla Securities Private Limited is the registrar.
The issue includes a fresh issue of up to 58,90,800 equity shares and an offer for sale of up to 7,14,000 shares. Each share has a face value of ₹10.
The company has proposed using up to ₹1,298.30 lakh of the proceeds to buy additional plant and machinery and upgrade its existing manufacturing facility. Another ₹211.99 lakh is earmarked for repayment or pre-payment of borrowings, while up to ₹2,950 lakh is planned for working capital. The balance is intended for general corporate purposes.
For retail investors, the minimum bid size is 1,200 shares. At the upper price of ₹103, one lot would require ₹1,23,600. The issue also has a market-maker reservation of up to 3,31,200 shares. The proposed allocation includes at least 18,79,200 shares for non-institutional investors, up to 12,55,200 shares for qualified institutional buyers and at least 31,39,200 shares for individual investors.
One figure that stands out in the IPO documents is the company’s pending order book.
As of July 31, 2026, Himalayan Solar had 10 ongoing projects with an aggregate unexecuted order value of ₹14,021.69 lakh. The projects are mainly government-related.
The company works in solar photovoltaic module manufacturing and provides solar engineering, procurement and construction services, support services and solar products. Its business has a strong focus on solar water pumping systems.
Public filing records show projects linked to state renewable energy agencies, including the Punjab Renewable Energy Development Agency and the Maharashtra Energy Development Agency. One Maharashtra project listed in the company’s filing involved the design, manufacture, supply, installation, testing and commissioning of 1,500 off-grid solar photovoltaic water pumping systems for irrigation under the PM-KUSUM programme.
Government-linked work is therefore an important part of the company’s business. That also means the pace of project execution and the timing of payments from project customers are matters investors will need to watch after listing.
Himalayan Solar reported revenue from operations of ₹17,034.32 lakh in financial year 2026, compared with ₹14,243.73 lakh in FY2025.
Profit after tax increased to ₹2,066.61 lakh in FY2026 from ₹1,643.06 lakh in FY2025. The company’s PAT margin stood at 12.13% in FY2026, compared with 11.54% a year earlier.
Solar EPC contracts accounted for 97.54% of revenue in FY2026. Solar support services contributed 2.35%, while solar product sales accounted for 0.11%.
The figures show how heavily the company’s income depends on EPC work. For investors, this makes the future flow of project orders and the company’s ability to complete them key areas to track.
The company was incorporated in 2015 and operates from Panchkula, Haryana. Its activities cover the design, manufacture, supply, installation and commissioning of solar systems. Its stated product and service areas include solar PV modules, solar pump controllers, solar charge controllers and solar water pumping systems.
The IPO comes at a time when India’s solar industry has expanded sharply.
According to the Ministry of New and Renewable Energy, India’s cumulative installed solar capacity reached 168.04 GW by August 31, 2026. This included 123.99 GW of ground-mounted solar, 32.59 GW of grid-connected rooftop solar, 4.83 GW of the solar component of hybrid projects and 6.63 GW of off-grid solar.
The growth has been rapid over the past decade. Government data shows that India’s installed solar capacity rose from 2.82 GW in March 2014 to 150.26 GW by March 2026. Solar module manufacturing capacity also reached about 172 GW by March 2026, compared with about 2.3 GW in 2014.
Solar pumps have become part of this wider expansion. Government programmes such as PM-KUSUM have supported the use of solar energy for agricultural pumping, while rooftop solar has grown through programmes such as PM Surya Ghar Muft Bijli Yojana.
As of July 31, 2026, India’s installed solar capacity stood at 164.59 GW, according to the Press Information Bureau. The government has also set a broader target of 500 GW of non-fossil fuel capacity by 2030.
For companies such as Himalayan Solar, the expanding market creates opportunities in manufacturing, EPC work and solar pumping systems. At the same time, the sector has a growing number of manufacturers and project contractors, making execution, costs, technology and access to orders important factors.
Himalayan Solar has said part of the IPO money will go towards additional machinery and improvements at its manufacturing facility.
Public information on the company indicates that it moved towards higher-efficiency Mono-PERC module manufacturing, with a 60 MW facility at Karnal becoming operational in March 2026. The company has also stated plans to expand manufacturing capacity and add newer module technologies.
The proposed capital spending will therefore be closely watched because manufacturing capacity can affect how much work the company can take on directly rather than relying only on outside supply.
The company also holds ISO 9001:2015 certification covering its quality management system for the design, manufacture and supply of solar PV modules and panels, solar pump controllers, solar charge controllers and solar water pumping systems.
Himalayan Solar says it is empanelled with state governments including Haryana, Rajasthan, Maharashtra, Punjab and Madhya Pradesh.
The IPO now puts the company’s finances, order book and expansion plans before public-market investors. Subscription will begin on September 25, with the final price within the ₹98 to ₹103 band depending on the book-building process. The proposed NSE Emerge listing is scheduled for October 5, according to current IPO information.
