Incorporated in September 2024, Infrax Renewable Limited is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. The company also supplies a wide range of solar products, including solar PV modules, inverters, and related equipment, and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL.
Business Operations:
The company offers end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance (O&M) services. It serves customers across residential, commercial, and industrial segments through an extensive dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana. Infrax currently operates warehouses in Rajkot, Ahmedabad, and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh, with services supplied across multiple Indian states.
As of March 31, 2026, the team comprised 52 permanent employees.
Competitive Strengths:
Infrax Renewable Ltd.’s revenue increased by 206% and profit after tax (PAT) rose by 258% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 31.53 | 8.24 | 4.40 |
| Total Income | 93.33 | 30.48 | 9.66 |
| Profit After Tax | 10.20 | 2.85 | 0.96 |
| EBITDA | 14.56 | 4.50 | 1.76 |
| NET Worth | 15.77 | 1.89 | 1.40 |
| Reserves and Surplus | 14.52 | 0.89 | |
| Total Borrowing | 6.99 | 3.02 | |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Paluck Technologies Ltd. | SME | ₹33.00 Cr | ₹48 | 6.95 | ₹49.14 | +2.38% | ₹47.91 |
| Oneindig Technologies Ltd. | SME | ₹27.65 Cr | ₹96 | 18.53 | ₹126.00 | +31.25% | ₹134.05 |
| Leapfrog Engineering Services Ltd. | SME | ₹88.51 Cr | ₹23 | 15.19 | ₹23.10 | +0.43% | ₹22.50 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility | 12.29 |
| 2 | Funding working capital requirements of the Company | 17.00 |
| 3 | General corporate purposes | 2.03 |
| 4 | Issue Expenses | 3.00 |
| Total | 34.33 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 115.54% |
| ROCE | 63.89% |
| Debt/Equity | 0.44 |
| RoNW | 64.68% |
| PAT Margin | 10.94% |
| EBITDA Margin | 15.62% |
| NAV | 15.77 |
| Price to Book Value | 6.59 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 9.29 | 7.17 |
| P/E (x) | 11.19 | 14.5 |
| IPO Date | 9 to 11 Sep, 2026 |
| Listing Date | Thu, Sep 17, 2026T |
| Face Value | ₹10 per share |
| Issue Price | ₹104 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size | 39,31,200 shares (agg. up to ₹41 Cr) |
| Reserved for Market Maker |
1,99,200 shares
(agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 30,51,600 shares (agg. up to ₹32 Cr) |
| Offer for Sale | 6,80,400 shares of ₹10 (agg. up to ₹7 Cr) |
| Net Offered to Public | 37,32,000 shares (agg. up to ₹39 Cr) |
| Share Holding Pre Issue | 1,09,85,111 shares |
| Share Holding Post Issue | 1,42,35,911 shares |
The promoters of the company are Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar and Khushboo Bhargav Vachhani.
| Share Holding Pre Issue | 70.64% |
| Share Holding Post Issue | 49.73% |
As per our analysis and Based on the information we have, this is the output.
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