Himalayan Solar IPO 2026: SME Issue Dates, Price Band, and Details

26 Sep 2026 · 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

Himalayan Solar Limited's SME IPO is open for subscription from 25 Sep 2026 to 29 Sep 2026. Discover the key details including the price band, lot size, financial performance, and risk factors.

Written by the BuyUnlistedShares desk · Published 26 Sep 2026 · Updated 26 Sep 2026

Information only, not investment advice.

Direct answer: The Himalayan Solar IPO is an SME book-built issue open for subscription from 25 Sep 2026 to 29 Sep 2026 with a price band of ₹98.0 to ₹103.0 per share. To track this public offer, BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 provides the latest factual updates on the company's financials and subscription status.

About Himalayan Solar Limited

Incorporated in 2015, Himalayan Solar Limited specializes in providing integrated turnkey solar energy solutions. The company's service portfolio includes the design, manufacturing, supply, installation, and commissioning of a wide range of solar products. Its primary focus remains on Solar Water Pumping Systems, alongside providing solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems.

According to the company's Red Herring Prospectus (RHP), as of 31 Mar 2025, Himalayan Solar has qualitative experience in implementing more than 61,000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India. The management plans to increase this cumulative capacity to 1,00,000 HP by the end of FY 2025-26. To support its ongoing operations, the company employed 64 employees as of 31 Aug 2025.

For complete details and further updates on this public issue, you can visit the Himalayan Solar on BuyUnlistedShares page.

Himalayan Solar IPO Issue Terms and Reservation

The Himalayan Solar IPO is a book-built SME issue seeking to raise ₹68.03 Cr. This total issue size comprises a fresh issue component of ₹57.26 Cr and an offer for sale (OFS) of ₹7.35 Cr (consisting of 6,273,600 equity shares in total). The face value of each share is ₹10.0.

The price band for the issue is set between ₹98.0 and ₹103.0 per share. The market lot size is 1,200 shares, with a minimum order quantity of 2,400 shares (amounting to ₹2,47,200) for retail investors as per the RHP. The shares are proposed to be listed on the NSE SME platform, with Maashitla Securities Pvt.Ltd. acting as the registrar and Finshore Management Services Ltd. serving as the lead manager.

The share reservation for the public offer is structured as follows:

• Anchor Investor: 7,52,400 shares
• Market Maker: 3,31,200 shares
• Qualified Institutional Buyers (QIB): 5,02,800 shares (not more than 20.01% of the Net Offer)
• Non-Institutional Investors (NII/HNI): 18,79,200 shares (not less than 29.95% of the Net Offer), split into sNII (6,26,400 shares) and bNII (12,52,800 shares)
• Retail Investors: 31,39,200 shares (not less than 50.04% of the Net Offer)

Subscription Status and Unofficial GMP

The Himalayan Solar IPO opened for bidding on 25 Sep 2026. As of 25 Sep 2026 (captured at 13:25:00), the overall issue was subscribed 0.51x. The retail segment stood at 0.51x subscription, while the QIB portion was subscribed 0.85x. The NII category recorded a subscription of 0.42x, with the sNII portion at 0.04x and the bNII portion at 0.62x.

The subscription chart indicates a gradual increase in demand on the first day of bidding, starting from an overall subscription of 0.35x at 10:20:00 and reaching 0.51x by 13:25:00 on 25 Sep 2026.

Regarding the unofficial and indicative grey market premium (GMP) for this issue, no grey market premium is recorded in our data as of 26 Sep 2026.

Financial Performance and Key Metrics

Himalayan Solar Limited has shown consistent growth in its financial performance over the past three financial years. As of 31 Mar 2026, the company's total income stood at ₹171.69 Cr, up from ₹143.14 Cr as of 31 Mar 2025 and ₹138.65 Cr as of 31 Mar 2024.

Profit After Tax (PAT) has also expanded significantly, reaching ₹20.67 Cr as of 31 Mar 2026 compared to ₹16.43 Cr as of 31 Mar 2025 and ₹4.95 Cr as of 31 Mar 2024. The net worth of the company grew to ₹46.93 Cr as of 31 Mar 2026 from ₹26.46 Cr in the previous year.

The financial chart shows a steady upward trajectory in both total income and profit after tax, with PAT rising significantly from ₹4.95 Cr as of 31 Mar 2024 to ₹20.67 Cr as of 31 Mar 2026.

For investors exploring other opportunities in the primary and secondary unlisted markets, the Unlisted shares screener managed by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 offers a comprehensive look at pre-IPO valuations and financial trends.

Objects of the Issue and Key Risk Factors

The company intends to utilize the net proceeds of the fresh issue, amounting to ₹44.6 Cr (excluding general corporate expenses), for the following objects:

• Capital Expenditure (₹12.98 Cr): Funding capital expenditure towards the purchase of additional plant and machinery for expansion and upgradation of the existing manufacturing facility.
• Debt Repayment (₹2.12 Cr): Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by the company.
• Working Capital (₹29.5 Cr): Meeting the working capital requirements of the business.
• General Corporate Purposes: Funding general corporate expenses.

Before making an investment decision, potential investors should carefully evaluate the following internal and external risk factors highlighted in the RHP:

• Customer Concentration: The company is dependent on a few customers for sales. The loss of or a significant reduction in orders from these customers could adversely affect business revenues and profitability.
• Supplier Concentration: The top 10 suppliers contribute the majority of raw material supplies, making the company dependent on a limited procurement network.
• Geographic Concentration: Domestic sales are heavily dependent on the state of Haryana, which accounted for 86.15%, 88.93%, and 89.20% of revenues from operations for the years ended March 31, 2025, 2024, and 2023 respectively.
• Weather Dependence: The demand for Solar PV Modules can be hampered by unfavourable solar weather conditions, which may lead to lower seasonal sales.
• Compliance History: There has been a past instance of non-compliance for failure to open a separate bank account for the receipt of share application money in compliance with statutory regulations.

Peer Comparison and Key Dates

Below is a financial comparison of Himalayan Solar Limited with its listed peers as of 31 Mar 2026:

The tentative timeline for the Himalayan Solar IPO is as follows:

• IPO Opens: 25 Sep 2026
• IPO Closes: 29 Sep 2026
• Basis of Allotment: 30 Sep 2026
• Initiation of Refunds: 01 Oct 2026
• Credit of Shares to Demat: 01 Oct 2026
• Listing Date: 05 Oct 2026

To follow other major public issues and stay informed about market movements, you can read our detailed coverage on the German Green Steel IPO: Dates, Price Band, Lot Size, Issue Size and Company Details and the Moneyview IPO: Dates, Price Band and Key Details.

To stay updated on upcoming public offers and explore pre-IPO opportunities, check our IPO calendar or reach out to BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 by visiting our enquiry page.

Frequently Asked Questions

When does the Himalayan Solar IPO open and close?

The Himalayan Solar IPO opens for subscription on 25 Sep 2026 and closes on 29 Sep 2026.

What is the price band and lot size for the Himalayan Solar IPO?

The price band is set between ₹98.0 and ₹103.0 per share. The minimum lot size is 1,200 shares, requiring a minimum investment of ₹2,47,200 for retail investors.

Who is the registrar for this SME IPO?

The registrar for the Himalayan Solar IPO is Maashitla Securities Pvt.Ltd.

Is there any grey market premium (GMP) recorded for Himalayan Solar?

According to our data as of 26 Sep 2026, there is no grey market premium (GMP) recorded for this issue.

Should I apply to the Himalayan Solar IPO?

We do not make that call. We provide objective, factual information from the company's offer documents to help you evaluate the issue based on your own financial goals and risk tolerance.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.