Himalayan Solar Limited

SMElistedNSE SME

25 Sep 2026 – 29 Sep 2026

LISTED

Offer Price

₹98–103

Bid lot

1200

Min Application

₹2,47,200

Issue Size

₹68 Cr

Key dates

Open date

25 Sep 2026

Done

Close date

29 Sep 2026

Done

Basis of allotment

30 Sep 2026

Done

Initiation of refunds

30 Sep 2026

Done

Credit to demat

30 Sep 2026

Done

Listing date

05 Oct 2026

Done

Issue reservation

₹68 Cr

QIB 19%HNI (10L+) 18.97%9.48%Retail 47.53%5.01%

QIB

12.6 L sh · ₹12.92 Cr

19%

HNI (10L+)

12.5 L sh · ₹12.90 Cr

18.97%

HNI (2-10L)

6.3 L sh · ₹6.45 Cr

9.48%

Retail

31.4 L sh · ₹32.32 Cr

47.53%

Market maker

3.3 L sh · ₹3.41 Cr

5.01%

Applications required for 1× subscription

Retail (≤₹2L)

1,308 forms

S-HNI (₹2–10L)

174 forms

B-HNI (>₹10L)

116 forms

From this issue's reservation split and lot size — the minimum bid each category can place.

BRLM: Finshore Management Services Limited

Lot ladder — how much to bid

1 lot = 1200 shares

Individual · up to ₹2 L2+ lots

Min · 2 lots

2,400 sh · ₹2,47,200

Entry point

₹2,47,200 onward

sHNI · ₹2 L to ₹10 L3+ lots

Min · 3 lots

3,600 sh · ₹3,70,800

Entry point

₹3,70,800 onward

bHNI · Above ₹10 L9+ lots

Min · 9 lots

10,800 sh · ₹11,12,400

Entry point

₹11,12,400 onward

Issue details

Lead managersFinshore Management Services Limited

Fresh issue58,90,800 sh · ₹61 Cr

Offer for sale7,14,000 sh · ₹7 Cr

Face value₹10

Listing onNSE Emerge

RegistrarMaashitla Securities Pvt.Ltd.

Grey-market sentiment

No grey-market data yet.

Financials

Particulars	FY26	FY25	FY24
Assets	158.22	93.82	84.14
Total Income	171.69	143.14	138.65
PAT	20.67	16.43	4.95
Net Worth	46.93	26.46	10.33
Reserves & Surplus	30.71	22.85	6.73
Total Borrowing	36.12	26.95	23.54

Objects of the issue

Working Capital: ₹29.50 crore for day-to-day business requirements
CapEx: ₹12.98 crore for plant & machinery and manufacturing expansion
Debt Repayment: ₹2.12 crore for repayment/prepayment of borrowings
General Corporate Purposes: Balance funds for corporate needs and contingencies

About the company

Incorporated in 2015, Himalayan Solar Limited 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 operates across EPC solar projects, solar water pumping systems, solar products, and skill-development initiatives. Its products include solar PV modules, cells, batteries, solar inverters, and rooftop solar systems.

As of March 31, 2026, the company had implemented over 85,000 HP of solar water pumping systems under government projects. Its manufacturing capacity included 40 MW of polycrystalline and 60 MW of Mono PERC solar PV modules. As of July 31, 2026, the company employed 87 people

Company strengths

Experienced solar PV module manufacturer with a strong management team
Strong presence in government-led renewable energy projects across multiple states
Established relationships with customers and suppliers
Ability to leverage its solar product portfolio in government projects
Strong order book

Promoters

Manjeet SinghKarthyayini M (also spelled Karthiyani M)Himanshu DalalMehtab SinghAnita Kumari

Registered office & contact

Himalayan Solar Limited

Address - SCO-411 2nd Floor,

Sector 20,

Panchkula, Haryana, 134117

📞 +91 7087117405

✉️ cs@himalayansolar.co.in

Documents

DRHPOpen ↗

Filed with SEBI / the exchange by the issuer. Opens on the issuer's or the regulator's site.

How to apply

1Create your account & log inSign up on Investoyard and complete a quick KYC.

2Pick the IPO & tap ApplyOpen the live IPO and choose your investor category.

3Enter bid & quantityUp to 3 bids · cut-off or price band · retail cap ₹2,00,000.

4Approve the UPI mandateYou receive a fund-block request on your UPI app.

5DoneFunds stay blocked until allotment, then auto-debited (or released).

Frequently asked questions

What is the minimum investment in the Himalayan Solar Limited IPO?

One lot of 1200 shares — ₹2,47,200 at the upper price band of ₹103.

How many bids can I place?

Up to 3 bids per application. Retail applications are capped at ₹2,00,000; above that you must apply in the HNI category.

When are the funds debited?

Funds are blocked via a UPI mandate at application and debited only on allotment. If shares are not allotted, the block is released automatically.

When will the shares list?

Tentative listing on 2026-10-05 on NSE SME.

₹98–103

Applications are closed.