Himalayan Solar IPO GMP today is Rs -18. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
HIMALAYAN
Himalayan Solar IPO GMP, Subscription & Allotment Status Today
Himalayan Solar provides integrated turnkey solar energy solutions, specializing in the design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. The company also offers solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As an empanelled solar partner with several state government departments in India, it generates revenue primarily through orders and government project contracts, having executed over 85,000 HP capacity of Solar Water Pumping Systems. The company operates a manufacturing facility in Karnal, Haryana, covering an area of approximately 25,000 square feet, which produces Mono PERC Solar PV Modules. It serves government departments, contractors, and private customers across India through its dealer network. The company proposes to expand and upgrade its manufacturing capacity to 160 MW per annum using issue proceeds.
- Price Band
- ₹98.00 - ₹103.00
- Lot Size
- 1,200 Shares
- Bidding Closes
- 29 Sept 2026
- Listing Date
- 05 Oct 2026
Current GMP Status
₹-18
-17.48% vs upper band
Est. Listing Gain
-17.48%
Last Trend
05 Oct 2026
Listing Price
₹85.00
Retail Entry
₹2,47,200
IPO Details
Complete IPO information
| Current GMP | ₹-18 |
|---|---|
| Estimated Listing Gain | -17.48% |
| Price Band | ₹98.00 - ₹103.00 |
| Issue Price | Approx ₹68.03 Crores |
| Listing Price | ₹85.00 |
| Lot Size | 1,200 Shares |
| Issue Type | SME |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Exchange | NSE SME |
| Retail Quota | TBA |
| Overall Subscription | 1.19x |
| Listing Date | 05 Oct 2026 |
| Minimum Investment | ₹2,47,200 |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 5.03 | 8.36 | 1.66x |
| NII | 18.79 | 17.72 | 0.94x |
| Retail | 31.39 | 39.65 | 1.26x |
| Overall Subscription | 55.21 | 65.74 | 1.19x |
Day-wise demand
Himalayan Solar IPO subscription status day-wise
| Day | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Day 2 (28 Sept) | 0.85x | 0.42x | 0.51x | 0.51x |
| Day 3 (29 Sept) | 1.58x | 0.26x | 0.84x | 0.71x |
Subscription in times (x) at the end of each bidding day. Today's row updates through the day.
Company data
{Himalayan Solar}: financials, valuation & listing
Listing details
| Listing date | 05 Oct 2026 |
|---|---|
| NSE symbol | HIMALAYAN |
| ISIN | INE1B7I01014 |
| Offer price | ₹98 – ₹103 |
| Face value | ₹10 |
| Listing price | ₹85 |
Valuation
| Return on equity (ROE) | 44.04% |
|---|---|
| Return on capital employed (ROCE) | 35.84% |
| EBITDA margin | 17.05% |
| PAT margin | 12.13% |
| Debt to equity | 0.77 |
| EPS | 12.74 (Basic) |
| P/E ratio | N/A |
| Return on net worth | 44.04% |
| NAV per share | 28.93 |
Financial history
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 138.65 Cr. | 131.77 Cr. | 4.94 Cr. | 84.14 Cr. |
| 2025 | 143.14 Cr. | 121.15 Cr. | 16.43 Cr. | 93.82 Cr. |
| 2026 | 171.69 Cr. | 144.00 Cr. | 20.67 Cr. | 158.22 Cr. |
Peer comparison
| Company | Income | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|---|
| Ganesh Green Bharat Limited | 1,064.27 Cr. | 30.31 | 7.11 | 26.82% | 113.02 |
| Solarium Green Energy Limited | 368.15 Cr. | 9.81 | 14.99 | 12.58% | 77.93 |
| Australian Premium Solar (India) Limited | 707.96 Cr. | 28.70 | 8.34 | 35.24% | 81.44 |
Use of proceeds
| Purpose | Amount (₹ crore) |
|---|---|
| Funding Capital Expenditure for manufacturing expansion | 12.98 (21.39%) |
| Repayment/pre-payment of outstanding borrowings | 2.12 (3.49%) |
| Meeting working capital requirements | 29.5 (48.62%) |
| General corporate purposes | 16.08 (26.50%) |
Key dates
| UPI mandate deadline | 29 Sept 2026 |
|---|---|
| Allotment finalised | 30 Sept 2026 |
| Refund initiation | 01 Oct 2026 |
| Shares credited | 01 Oct 2026 |
| Mandate end date | 14 Oct 2026 |
| Anchor lock-in ends (50%) | 29 Oct 2026 |
| Anchor lock-in ends (remaining) | 28 Dec 2026 |
Grey Market Premium (GMP) data is entirely unofficial and speculative, and is influenced by market sentiment, demand and supply for IPO shares, and market rumors. While GMP can provide an indication of the expected IPO listing price, it may not always be accurate and does not guarantee the actual listing price.
Head-to-head
Compare Himalayan Solar IPO with similar IPOs
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Himalayan Solar is priced at ₹103 per share. With a minimum lot size of 1,200 shares, a retail investor applying for one lot would need approximately ₹2,47,200 to participate in this SME issue.
The latest recorded Grey Market Premium for Himalayan Solar stands at ₹-18, implying an estimated listing gain of around -17.48% over the issue price if it holds until listing. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Himalayan Solar's IPO was subscribed 1.19x overall, with a category-wise breakdown of Retail 1.26x, QIB 1.66x, NII 0.94x.
SME IPOs list on the dedicated SME platform of BSE/NSE. They usually involve smaller issue sizes and a higher per-lot investment than Mainboard issues, with comparatively lower institutional participation.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
25 Sept 2026
✓
Bidding Closes
29 Sept 2026
✓
Allotment
30 Sept 2026
✓
Listing
05 Oct 2026
Grey Market Premium
Daily GMP status
Trend chart builds up as more daily GMP snapshots are recorded.
| Date | GMP | Change | Gain |
|---|---|---|---|
| 05 Oct 2026 | ₹0.00 | - | TBA |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 2,400 | ₹2,47,200 |
| Retail Maximum | 2 Lot | 2,400 | ₹2,47,200 |
| S-HNI Minimum | 3 Lot | 3,600 | ₹3,70,800 |
| S-HNI Maximum | 8 Lot | 9,600 | ₹9,88,800 |
| B-HNI Minimum | 9 Lot | 10,800 | ₹11,12,400 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Analysis
Himalayan Solar IPO Details
Himalayan Solar IPO is a book building issue with an issue size of Approx ₹68.03 Crores. The IPO comprises a fresh issue of Approx ₹60.68 Crores and is proposed to be listed on the NSE SME. The IPO price band is set at ₹98 – ₹103 per equity share.
| Particular | Details |
|---|---|
| IPO Open Date | 25 Sept 2026 |
| IPO Close Date | 29 Sept 2026 |
| IPO Price Band | ₹98 – ₹103 |
| Issue Size | Approx ₹68.03 Crores |
| Fresh Issue | Approx ₹60.68 Crores |
| Issue Type | SME |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Note: The above Himalayan Solar IPO details are based on the information provided for the issue.
Analysis
Himalayan Solar IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 25 Sept 2026 |
| IPO Close Date | 29 Sept 2026 |
| Basis of Allotment | 30 Sept 2026 |
| Refunds | 01 Oct 2026 |
| Credit to Demat Account | 01 Oct 2026 |
| IPO Listing Date | 05 Oct 2026 |
Note: The timeline for Himalayan Solar IPO is tentative and subject to change.
Analysis
Himalayan Solar Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Funding Capital Expenditure for manufacturing expansion | 12.98 (21.39%) |
| Repayment/pre-payment of outstanding borrowings | 2.12 (3.49%) |
| Meeting working capital requirements | 29.5 (48.62%) |
| General corporate purposes | 16.08 (26.50%) |
Note: Objectives are as specified in the DRHP/RHP documents of Himalayan Solar.
Analysis
Himalayan Solar Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 138.65 Cr. | 131.77 Cr. | 4.94 Cr. | 84.14 Cr. |
| 2025 | 143.14 Cr. | 121.15 Cr. | 16.43 Cr. | 93.82 Cr. |
| 2026 | 171.69 Cr. | 144.00 Cr. | 20.67 Cr. | 158.22 Cr. |
Note: Financial numbers for Himalayan Solar are in ₹ Crores unless stated otherwise.
Analysis
Himalayan Solar Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 44.04% |
| ROCE | 35.84% |
| EBITDA Margin | 17.05% |
| PAT Margin | 12.13% |
| Debt to Equity Ratio | 0.77 |
| Earning Per Share (EPS) | 12.74 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 44.04% |
| Net Asset Value (NAV) | 28.93 |
Note: Valuation KPIs for Himalayan Solar are computed for FY2026.
Analysis
Himalayan Solar IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Ganesh Green Bharat Limited | 30.31 | 7.11 | 26.82% | 113.02 | 1,064.27 Cr. |
| Solarium Green Energy Limited | 9.81 | 14.99 | 12.58% | 77.93 | 368.15 Cr. |
| Australian Premium Solar (India) Limited | 28.70 | 8.34 | 35.24% | 81.44 | 707.96 Cr. |
Note: Peer group comparisons for Himalayan Solar are sourced from DRHP filings.
FAQ
Himalayan Solar IPO FAQs
Himalayan Solar IPO price band is Rs 98.00 to Rs 103.00. Check the latest issue price, lot size and GMP together before applying.
Himalayan Solar IPO open date is 25 Sept 2026, close date is 29 Sept 2026, and listing date is 05 Oct 2026.
Himalayan Solar IPO lot size is 1,200 shares. The minimum retail investment is Rs 2,47,200.
Himalayan Solar is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Himalayan Solar IPO subscription status currently shows Retail 1.26x, QIB 1.66x, NII 0.94x, Overall 1.19x.
Himalayan Solar provides integrated turnkey solar energy solutions, specializing in the design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. The company also offers solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As an empanelled solar partner with several state government departments in India, it generates revenue primarily through orders and government project contracts, having executed over 85,000 HP capacity of Solar Water Pumping Systems. The company operates a manufacturing facility in Karnal, Haryana, covering an area of approximately 25,000 square feet, which produces Mono PERC Solar PV Modules. It serves government departments, contractors, and private customers across India through its dealer network. The company proposes to expand and upgrade its manufacturing capacity to 160 MW per annum using issue proceeds.
Himalayan Solar IPO issue size is TBA and the expected allotment date is 30 Sept 2026.
Community discussion
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