Himalayan Solar Limited

Corporate Overview & Vision

Incorporated in September 2015, Himalayan Solar Limited is a premier renewable energy enterprise specializing in the design, engineering, manufacturing, supply, installation, and commissioning of comprehensive, end-to-end solar power solutions. Driven by a mission to simplify clean energy adoption across urban, rural, and industrial landscapes, the company has grown into a leading turnkey solar energy operator in India.

Himalayan Solar offers a diverse portfolio of clean technology solutions, with specialized expertise in Solar Water Pumping Systems, Solar Inverter Charge Systems, and Solar Rooftop Power Systems. By managing the entire value chain—from in-house manufacturing of solar components to final project commissioning—the company delivers high-reliability, long-lasting renewable infrastructure tailored to complex institutional, commercial, and agricultural demands.

Core Business Verticals

1. Turnkey Solar Energy Solutions (EPC Contracts)

Under its EPC (Engineering, Procurement, and Construction) division, Himalayan Solar delivers end-to-end solar solutions for commercial, industrial, and government projects. The company oversees every phase of project execution:

• Detailed site assessment, structural feasibility studies, and system design.

• Precision manufacturing and procurement of balance of system (BOS) components.

• On-site engineering, assembly, grid integration, and final testing & commissioning.

2. Solar Water Pumping Systems

Solar water pumping is the flagship domain of Himalayan Solar. The company manufactures high-efficiency Solar Water Pumps and specialized Solar Pump Controllers through strategic Original Equipment Manufacturer (OEM) agreements. These systems are exclusively branded, marketed, and serviced under the proprietary ‘Himalayan Solar’ brand name.

3. Skill Development & Social Impact (NED Program)

Beyond core engineering, Himalayan Solar actively drives rural economic development and clean-energy literacy. The company has signed a strategic Memorandum of Understanding (MoU) with the National Skill Development Corporation (NSDC) as an Exclusive Industry Franchisee Partner.

• Operates under the umbrella of the “National Entrepreneurship Drive (NED)”.

• Aims to empower, train, and onboard up to 2,00,000 village/panchayat-level micro-entrepreneurs.

• Focuses on building grassroots technical capability, maintenance networks, and rural solar entrepreneurship.

4. Manufacturing & Supply of Solar Components

Himalayan Solar operates a robust trading and OEM component supply framework, catering to system integrators and third-party developers. Its product portfolio includes:

• Solar PV Modules: Polycrystalline and high-efficiency Mono PERC solar panels.

• Solar Cells & Storage: Advanced Solar Cells and specialized Solar Deep-Cycle Batteries.

• Balance of Systems (BOS): Inverters, charge controllers, mounting structures, and power conditioning units.

Operational Scale & Manufacturing Infrastructure

• Government Project Execution: As of March 31, 2026, Himalayan Solar has successfully deployed over 85,000 HP of aggregate cumulative capacity in Solar Water Pumping Systems across multiple government-backed agrarian schemes in India.

• Polycrystalline PV Module Production: As of March 31, 2026, the company’s dedicated manufacturing facility achieved a rated Polycrystalline PV Module annual capacity of 40 MW (equivalent to approximately 1,19,000 units annually).

• Mono PERC PV Module Production: To meet the growing demand for higher-efficiency modules, the company expanded its Mono PERC PV Module capacity to 60 MW annually (equivalent to roughly 1,07,500 units of high-wattage 555W–560W panels).

• Human Capital: As of July 31, 2026, Himalayan Solar maintains an agile, highly specialized workforce consisting of 87 full-time employees across engineering, field operations, corporate affairs, and administrative functions.

Key Competitive Strengths

1. Proven Track Record in PV Manufacturing: Advanced manufacturing capabilities that support both traditional Polycrystalline and modern high-efficiency Mono PERC technology modules.

2. Visionary Leadership & Management: Led by an experienced executive board and skilled technical personnel with deep domain knowledge across EPC contracting and government tender execution.

3. Established Footprint in Government Initiatives: Extensive empanelment and long-standing participation in state and central government solarization programs across India.

4. Strong Ecosystem Relationships: Robust vendor networks, key OEM partnerships, and a loyal customer base across public, private, and agricultural channels.

5. Integrated Value Creation: Unique ability to leverage in-house manufactured equipment as a supplemental value addition in large-scale, government-backed solar deployments.

6. Robust Order Pipeline: A healthy, diversified order book providing high revenue visibility and long-term business stability.

COMPANY DRHP

Himalayan Solar Limited SME IPO Details.

1. IPO Overview

• Company Name: Himalayan Solar Limited

• Issue Type: Book Built Issue IPO

• Total Issue Size: ₹68.03 Crore (66,04,800 shares)

  • Fresh Issue: ₹60.68 Crore (58,91,000 shares)

  • Offer for Sale (OFS): ₹7.35 Crore (7,14,000 shares)

• Price Band: ₹98 to ₹103 per share

• Face Value: ₹10 per share

• Market Capitalization: ₹227.73 Crore (at upper price band)

• Listing Platform: NSE SME

2. Important IPO Timetable

3. Lot Size & Investment Details

• Lot Size: 1,200 shares

• Minimum Application for Retail: 2 Lots (2,400 shares)

Investment Breakdown by Category:

1. Retail Individual Investors (Retail):

   • Min & Max Application: 2 Lots (2,400 shares)

   • Minimum Amount Required: ₹2,47,200 (at upper cap of ₹103)

2. Small HNI (S-HNI Min):

   • Lots: 3 Lots (3,600 shares)

   • Amount Required: ₹3,70,800

3. Small HNI (S-HNI Max):

   • Lots: 8 Lots (9,600 shares)

   • Amount Required: ₹9,88,800

4. Big HNI (B-HNI Min):

   • Lots: 9 Lots (10,800 shares)

   • Amount Required: ₹11,12,400

4. Share Reservation Structure

• Market Maker Portion: 3,31,200 shares (5.01%)

• QIB Portion: 12,55,200 shares (20.01%)

• NII / HNI Portion: 18,79,200 shares (29.95%)

• Retail Portion (RII): 31,39,200 shares (50.04%)

5. Company Overview

Established in 2015, Himalayan Solar Limited is an integrated turnkey solar energy solutions provider.

Key Business Verticals:

1. Turnkey Solar Energy Solutions: Design, manufacturing, supply, installation, and commissioning of solar systems under EPC contracts.

2. Solar Water Pumping Systems: OEM manufacturing and distribution of solar pumps under the brand name ‘Himalayan Solar’.

3. Skill Development: Partnership with NSDC under the “National Entrepreneurship Drive (NED)” to train micro-entrepreneurs at the village/panchayat level.

4. Solar Products Supply: Trading of Solar PV Modules, Solar Cells, and Solar Batteries.

6. Financial Summary (Restated Consolidated)

7. Key Performance Indicators (KPIs)

• ROE (Return on Equity): 56.00%

• ROCE: 35.84%

• Debt to Equity: 0.77

• PAT Margin: 12.13%

• EBITDA Margin: 17.05%

• P/E Ratio (Post IPO): ~11.02x

• Price to Book (P/B): 3.56

8. Objects of the Issue

The net proceeds from the fresh issue (₹44.60 Crore allocated) will be used for:

1. Capital Expenditure: Purchase of additional plant and machinery for expanding and upgrading the existing manufacturing facility – ₹12.98 Cr

2. Debt Repayment: Full or partial repayment/prepayment of outstanding borrowings – ₹2.12 Cr

3. Working Capital Requirements: Funding operational working capital requirements – ₹29.50 Cr

4. General Corporate Purposes: Administrative expenses

9. Key Intermediaries & Registrar

• Book Running Lead Manager (BRLM): Finshore Management Services Ltd.

• Registrar: Maashitla Securities Pvt. Ltd. (Contact: +91-11-45121795 | ipo@maashitla.com)

• Market Maker: Anant Securities