Himalayan Solar Limited

Incorporated in September 2015 and headquartered in Karnal, Haryana, Himalayan Solar Limited is an integrated solar energy solution provider engaged in the engineering, manufacturing, procurement, installation, and commissioning of solar photovoltaic (PV) modules and solar energy systems. Operating under a dual business model, the company functions as both an original equipment manufacturer (OEM) of solar PV modules and a turnkey EPC (Engineering, Procurement, and Construction) system integrator. Its core product portfolio encompasses high-efficiency polycrystalline and monocrystalline PERC solar PV modules, solar water pumping systems, solar street lighting, solar home lighting, solar lanterns, and solar power packs marketed under the brand name "Himalayan Solar".

The company's primary client segment comprises state government nodal agencies, agricultural sector beneficiaries, EPC contractors, and B2B commercial entities. A significant portion of its operational revenue is driven by participation in government-sponsored renewable energy initiatives, notably Component-B and Component-C of the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme for solarizing off-grid agricultural pumps. Geographically, revenue generation is heavily anchored in Haryana and Maharashtra, with state renewable development agencies such as HAREDA (Haryana Renewable Energy Development Agency) and MEDA (Maharashtra Energy Development Agency) accounting for the vast majority of project execution contracts.

Manufacturing operations are centralized at an integrated production facility located at Village Balla, Tehsil Assandh, District Karnal, Haryana. As of March 31, 2026, the facility possesses an annual installed manufacturing capacity of 60 MW (Megawatts) for solar PV modules. Over the last three fiscal years, capacity utilization levels at the Karnal manufacturing plant were recorded as follows:

FY24: Installed capacity of 30 MW; utilized capacity of 18.20 MW (60.67% capacity utilization).

FY25: Installed capacity of 45 MW; utilized capacity of 32.40 MW (72.00% capacity utilization).

FY26: Installed capacity of 60 MW; utilized capacity of 47.10 MW (78.50% capacity utilization).

Operational quality is backed by comprehensive regulatory approvals and industry certifications. The company's solar modules are enlisted under the Approved List of Models and Manufacturers (ALMM) issued by the Ministry of New and Renewable Energy (MNRE) and hold Bureau of Indian Standards (BIS) certification under IS 14286 / IEC 61215 and IS/IEC 61730 standards. The Karnal manufacturing line is equipped with automatic tabber-stringers, automatic laminators, framing machines, and high-precision Electroluminescence (EL) defect testing apparatus to detect micro-cracks before dispatch. Additionally, the company maintains ISO 9001:2015 (Quality Management System), ISO 14001:2015 (Environmental Management System), and ISO 45001:2018 (Occupational Health and Safety) certifications.

To meet rising order inflows under government tenders, the company proposes to deploy ₹12.98 Cr from fresh issue proceeds toward expanding and upgrading its existing manufacturing unit in Karnal. This expansion involves constructing an additional building floor and procuring advanced 16BB (Multi-Busbar) Mono PERC solar cell stringing and soldering lines, increasing the total installed module manufacturing capacity from 60 MW to 160 MW per annum.

Based on its historical financial data, Himalayan Solar Limited posted total income and net profits of ₹138.65 Cr / ₹4.95 Cr in FY24, ₹143.14 Cr / ₹16.43 Cr in FY25, and ₹171.69 Cr / ₹20.67 Cr in FY26. The company has shown steady top-line growth at an 11.31% CAGR and multi-fold net profit expansion at a 104.38% CAGR over the last three fiscals, while its Debt-to-Equity ratio improved significantly from 2.28x in FY24 to 0.77x in FY26. It boasts an average EPS of ₹10.26 and an average RoNW of 50.70% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.56 against a NAV of ₹28.93 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.12. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 46.04x (FY24), 13.86x (FY25), and 11.02x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Finshore Management Services Limited, which has handled 24 public issues to date. Out of its last 10 managed IPOs, six listed below the issue price, while the remaining four listed at or above it. As of September 21, 2026, seven of these recent issues are currently trading below their issue price, while the remaining three are trading at or above it.

• 1 Mr. Manjeet Singh
• 2 Mrs. Karthyayini M
• 3 Mr. Himanshu Dalal
• 4 Mr. Mehtab Singh
• 5 Mrs. Anita Kumari