Infrax Renewable Limited is an ISO 9001:2015 certified company engaged in providing solar Engineering, Procurement and Construction (EPC) services, as well as trading and distribution of a wide range of solar products. Originally established in April 2019 as a partnership firm named "Infrax International" and later converted into a public limited company in September 2024, the company offers turnkey solar solutions. Its comprehensive business model spans initial site assessment, feasibility study, design planning, procurement of components, structural assembly, testing, commissioning, and comprehensive Operations and Maintenance (O&M) services. The core value proposition of Infrax revolves around turnkey execution and energy cost optimization, allowing clients to seamlessly transition to renewable power with financing options from nationalized banks. Currently, the company's business model comprises three core operating segments: solar EPC services, trading and bulk supply of solar products, and Independent Power Producer (IPP) power generation.
The company’s B2C segment targets residential rooftop customers across regional suburbs, while its B2B segment caters to commercial, industrial, and government-backed utility developers. In Fiscal 2026, residential rooftop solar projects generated 50.04% of total revenue from operations (amounting to Rs 4,664.85 Lakhs), while commercial ground-mounted solar projects, which commenced during the same year, contributed 8.44% (Rs 786.60 Lakhs). The B2B trading segment, representing the bulk supply of solar panels, kits, and PV inverters, grew rapidly to account for 41.52% of total operational revenues (Rs 3,870.03 Lakhs) in FY26. Geographically, Infrax is highly concentrated in the state of Gujarat, which accounted for 97.41% of total revenues in Fiscal 2026. However, the company is actively expanding its geographic footprint, having established branch offices in Maharashtra, Madhya Pradesh, and Uttar Pradesh, with early commercial projects executed in Rajasthan and Telangana.
Currently, Infrax operates as a non-manufacturing trading and service integration concern, meaning it does not own specified manufacturing plants or especified installed capacities. Therefore, capacity and capacity utilization metrics are "not applicable" as disclosed under the independent chartered engineer’s disclosures in the company's Prospectus. All key components, including solar PV panels, inverters, galvanized pipes, distribution boxes, and cables, are procured from third-party manufacturers. To handle bulk storage and distribution, the company maintains three secure warehouses in Rajkot and Ahmedabad (Gujarat), and a third warehouse in Kanpur (Uttar Pradesh). However, out of the Fresh Issue proceeds, the company plans to establish its first in-house manufacturing facility in Rajkot, Gujarat. This proposed plant will house a solar panel recycling and silver extraction line, a structural frame production line, and structures for solar roofing and mounting applications, introducing high-margin backward integration to the business model.
A major competitive strength of the business is its order-backed inventory management process, which minimizes carrying costs and completely mitigates the risk of holding obsolete technology. Rather than building spec-led stockpiles, Infrax only procures solar modules from tier-1 manufacturers upon securing active, milestone-backed customer contracts. This approach helps the company maintain an average delivery and installation turnaround time of under 3 days, securing high customer satisfaction. The company is also empaneled as a national vendor under the government’s high-growth PM Surya Ghar: Muft Bijli Yojana solar rooftop program, providing a powerful regulatory tailwind. Operationally, the company’s dealer network expanded from 720 dealers in Fiscal 2024 to 2,830 dealers in Fiscal 2026, facilitating a total of 3,078 completed residential rooftop installations in FY26..
In Fiscal 2026, the company entered into the high-margin Independent Power Producer (IPP) business segment by establishing its own 1 MW solar power plant situated at Bhadla (Jasdan), Gujarat on owned property. The company executed a long-term Power Purchase Agreement (PPA) with the Paschim Gujarat Vij Company Limited (PGVCL) for the generation and sale of green electricity directly to the government grid over an extended period of 25 years. This vertical acts as a stable and highly predictable annuity-based revenue stream. Although the plant commenced operations in late Fiscal 2026 and generated no revenue up to March 31, 2026, it is projected to provide consistent, recurring cash flows starting from Fiscal 2027, further strengthening the company's capital return profile and balancing the working-capital-heavy EPC tender pipeline.
As per financial performance, Infrax Renewable Limited has posted total income / net profits of Rs 9.66 Cr / Rs 0.96 Cr (FY24), Rs 30.48 Cr / Rs 2.85 Cr (FY25) and Rs 93.33 Cr / Rs 10.20 Cr (FY26). So as per previous financials data, the company has shown exceptional exponential expansion with revenues compounding at 210.76% CAGR, while its total borrowings rose from NIL in FY24 to Rs 6.99 Cr in FY26 to fund its rapid B2B inventory and trade receivables growth. Company has an average EPS of Rs 6.82 and average RoNW of 94.11% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 6.59 as per NAV of Rs 15.77 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.73. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 154.61, 51.92, and 14.51 respectively. As per RHP, a comparison between listed peers shows that Acme Solar Holdings Limited trades at a P/E of 49.25 (RoNW 9.84%), Alpex Solar Limited at 10.90 (RoNW 35.87%), and Solarium Green Energy Limited at 15.78 (RoNW 12.58%), indicating that Infrax Renewable is priced competitively relative to peers, offering solid valuation comfort and margin of safety on its FY26 earnings of Rs 10.20 Cr.
On BRLM's front, Smart Horizon Capital Advisors Private Limited is associated with this IPO, and has handled 28 IPOs in the past. From last 10 IPOs, two opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from the last 10 IPOs, five are trading below the issue price and the remaining five are trading above the issue price or at par. (as on 04.09.26)
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