NSE SME Himalayan Solar dims after disappointing debut

Himalayan Solar traded at Rs 81 on the NSE, a 21.36% discount to its issue price of Rs 103.

The scrip was listed at Rs 85, a 17.48% discount to the issue price. The stock is currently down 4.71% from its listing price.

The counter hit a high of Rs 86 and a low of Rs 81. About 33.26 lakh shares changed hands on the NSE.

Himalayan Solar's IPO was subscribed 1.18 times. The IPO opened for subscription on 25 September 2026 and closed on 29 September 2026. The price band was fixed at Rs 98-103 per share, with the issue price set at Rs 103.

The issue comprised a fresh issue of 58.91 lakh shares aggregating to Rs 60.68 crore and an offer for sale (OFS) of 7.14 lakh shares worth Rs 7.35 crore.

Himalayan Solar raised Rs 7.75 crore from anchor investors through the allotment of 7.52 lakh shares on 24 September 2026.

The promoter and promoter group holding declined to 70.13% after the IPO from 100% before the issue.

The company plans to use Rs 12.98 crore of the fresh issue proceeds towards the purchase of additional plant and machinery for expansion and upgradation of its existing manufacturing facility. Another Rs 2.12 crore will be used for repayment or pre-payment of certain borrowings, while Rs 29.50 crore has been earmarked for working capital requirements. Rs 8.12 crore will be used for general corporate expenses and Rs 7.95 crore towards issue expenses.

Incorporated in 2015, Himalayan Solar provides integrated turnkey solar energy solutions, including design, manufacturing, supply, installation and commissioning of solar products, with a primary focus on solar water pumping systems. The company also provides solar inverter charge systems and solar rooftop power systems.

The company manufactures solar water pumps and controllers through an OEM arrangement, which are marketed under the Himalayan Solar brand. It also supplies solar PV modules, solar cells, solar batteries and other solar products. Himalayan Solar has an MoU with the National Skill Development Corporation as an industry-exclusive franchisee partner under the National Entrepreneurship Drive.

As of 31 March 2026, the company had implemented more than 85,000 HP of solar water pumping systems as part of government projects in India. Its polycrystalline solar PV module manufacturing capacity stood at 40 MW, while mono PERC solar PV module capacity stood at 60 MW. As of 31 July 2026, the company had 87 employees.

The company's total income increased 20% to Rs 171.69 crore in FY2026 from Rs 143.14 crore in FY2025, while profit after tax rose 26% to Rs 20.67 crore from Rs 16.43 crore.

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