A Haryana-based turnkey solar-solutions company opens its Rs 68.03 crore NSE SME issue on September 25
Himalayan Solar Ltd (HSL) is an integrated turnkey solar-energy solutions provider — offering design, manufacturing, supply, installation and commissioning of solar products, with a primary focus on Solar Water Pumping Systems, plus Solar Inverter Charge Systems and Solar Rooftop Power Systems.
It’s a play on India’s renewable-energy push and government-led solar-pump programmes. The government-project credentials are the core of the model.
As of March 31, 2026, HSL had implemented over 85,000 HP of Solar Water Pumping Systems as part of government projects across India, and is empaneled as a solar partner with multiple state government departments — HAREDA (Haryana), RHDS Horticulture (Rajasthan), PEDA (Punjab), MPUVN (Madhya Pradesh), MSEDCL and MEDA (Maharashtra), and REIL (a Mini-Ratna PSU).
This deep government-empanelment base is its key competitive strength (and, as with all government work, its key concentration risk).
HSL started module manufacturing in 2017 with a 40 MW Polycrystalline PV line at Panchkula. But an MNRE memorandum (May 2023) raised minimum module-efficiency criteria for government tenders, favouring Mono-PERC over Polycrystalline.
Unable to meet the new benchmarks, HSL halted the Panchkula line in August 2024, upgraded to Mono-PERC and TOPCon Bifacial technology, and commissioned a new 60 MW Mono-PERC line at a relocated Karnal facility in March 2026.
The IPO funds a further expansion to 160 MW (adding 100 MW), with advanced Glass-to-Glass (G2G), higher-busbar and automation capabilities.
The shift to Mono-PERC yielded the desired benefits, resulting in a healthy order book of Rs 140.22 crore as of July 31, 2026 — strong forward visibility. It had 87 employees as of that date, and the promoters are the Himalayan Solar promoter group.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 25, 2026 |
| Issue Closes | September 29, 2026 |
| Listing | NSE SME Emerge |
| Listing Date | October 5, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 98 – Rs 103 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 68.03 crore (66,04,800 shares) |
| Fresh Issue | Rs 60.68 crore (58,90,800 shares) |
| Offer for Sale | Rs 7.35 crore (7,14,000 shares) |
| Min. Application | 2,400 shares (2 lots; multiples of 1,200 thereafter) |
| Min. Retail Investment | Rs 2,47,200 |
| Post-IPO Market Cap | Rs 227.73 crore |
| IPO as % of Post-IPO Capital | 29.87% |
| Lead Manager | Finshore Management Services Ltd. |
| Market Maker | Anant Securities |
| Registrar | Maashitla Securities Pvt. Ltd. |
The issue is majority fresh (Rs 60.68 crore) with a Rs 7.35 crore OFS. From the net proceeds, HSL will utilise Rs 29.50 crore for working capital, Rs 12.98 crore for capex on additional plant and machinery (the 100 MW expansion), Rs 2.12 crore for repayment or prepayment of certain borrowings.
Post-IPO, paid-up equity capital rises from Rs 16.22 crore to Rs 22.11 crore.
Price Band
At the upper band of Rs 103, on FY26 earnings the issue is valued at a P/E of about 11.02x, with a P/BV of 3.56 on the March 31, 2026 NAV of Rs 28.93 (post-IPO NAV disclosure is missing).
GMP
As of the days around opening, the Himalayan Solar IPO GMP stood at ₹0 — trackers recording no premium (not yet started), offering no directional signal on listing-day demand.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 138.65 | 143.13 | 171.69 |
| Net Profit (PAT) | 4.95 | 16.43 | 20.67 |
| PAT Margin (%) | 3.58 | 11.54 | 12.13 |
| RoCE (%) | 23.37 | 44.32 | 35.84 |
Total income grew from Rs 138.65 crore in FY24 to Rs 171.69 crore in FY26, but the profit line is the standout: PAT surged from Rs 4.95 crore (FY24) to Rs 16.43 crore (FY25) to Rs 20.67 crore (FY26), with PAT margin jumping from 3.58% to 12.13%.
The company reported an average EPS of about Rs 10.26 and a headline-high average RoNW of 50.70% (flattered by the thin equity base). Rceivables are high and rising fast: trade receivables jumped to Rs 125.34 crore in FY26 (from Rs 66.32 crore in FY25 and Rs 40.45 crore in FY24) — larger than the entire net worth and a serious cash-conversion concern, typical of (slow-paying) government solar work, and why Rs 29.50 crore of the raise funds working capital. Second, contingent liabilities of Rs 29.18 crore are significant.
Peer Comparison
Ganesh Green, Solarium Green and Australian Premium Solar are peers trading at P/Es of roughly 6.94x, 14.9x and 8.39x (as of September 25, 2026).
Risks to Consider
Trade receivables of Rs 125.34 crore in FY26 — up from Rs 40.45 crore two years earlier, and exceeding net worth — point to a serious cash-conversion problem tied to slow government payments, straining working capital (the largest use of proceeds).
HSL relies heavily on government empanelments and tenders (state solar-pump programmes) — so revenue is tied to government budgets, tender activity and (delayed) payment cycles, and any policy or spending shift could hit orders.
The MNRE efficiency-criteria change forced a costly Poly-to-Mono-PERC pivot — a reminder that further technology/policy shifts (e.g. toward TOPCon or newer standards) could again require capex and disrupt operations.
The Rs 29.18 crore contingent liability warrants scrutiny, and the sharp margin jump — while strategically driven — needs to be sustained as competition in solar modules intensifies.
Solar EPC and module manufacturing is crowded and price-competitive; the 100 MW expansion must ramp up and win orders to justify the raise.
