Incorporated in 2015, Himalayan Solar Limited is specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of wide range of solar products, with a primary focus on Solar Water Pumping Systems. They provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems.
Business Verticals:
As on March 31, 2026, the company has implemented more than 85000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India. As of Mar 31, 2026, its Polycrystalline Solar PV Modules manufacturing capacity stood at 40 MW corresponding to 1,19,000 nos. of Polycrystalline Solar PV Module and Mono PERC solar PV Modules manufacturing capacity stood at 60 MW equivalent to approximately 1,07,500 nos. of 555W-560W Mono PERC Solar PV Modules annually.
As on July 31, 2026, the Company have employed 87 employees.
Competitive Strengths:
Himalayan Solar Ltd.’s revenue increased by 20% and profit after tax (PAT) rose by 26% 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 | 158.22 | 93.82 | 84.14 |
| Total Income | 171.69 | 143.14 | 138.65 |
| Profit After Tax | 20.67 | 16.43 | 4.95 |
| EBITDA | 29.04 | 23.58 | 7.83 |
| NET Worth | 46.93 | 26.46 | 10.33 |
| Reserves and Surplus | 30.71 | 22.85 | 6.73 |
| Total Borrowing | 36.12 | 26.95 | 23.54 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility. | 12.98 |
| 2 | Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company. | 2.12 |
| 3 | To meet working capital requirements | 29.50 |
| 4 | General Corporate Expenses | |
| Total | 44.60 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 56% |
| ROCE | 35.84% |
| Debt/Equity | 0.77 |
| RoNW | 44.04% |
| PAT Margin | 12.13% |
| EBITDA Margin | 17.05% |
| NAV | 28.93 |
| Price to Book Value | 3.56 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 12.74 | 9.35 |
| P/E (x) | 8.08 | 11.02 |
| IPO Date | 25 to 29 Sep, 2026 |
| Listing Date | Mon, Oct 5, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹98 to ₹103 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 66,04,800 shares (agg. up to ₹68 Cr) |
| Reserved for Market Maker |
3,31,200 shares
(agg. up to ₹3 Cr) |
| Fresh Issue (Ex Market Maker) | 55,59,600 shares (agg. up to ₹57 Cr) |
| Offer for Sale | 7,14,000 shares of ₹10 (agg. up to ₹7 Cr) |
| Net Offered to Public | 62,73,600 shares (agg. up to ₹65 Cr) |
| Share Holding Pre Issue | 1,62,18,899 shares |
| Share Holding Post Issue | 2,21,09,699 shares |
The promoters of the company are Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh and Anita Kumari.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 70.13% |
As per our analysis and Based on the information we have, this is the output.
Allah knows best.
If you find this result mistaken or questionable, let us know via email at info (@) halalstock.in
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