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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Solar Manufacturing Expansion
Procurement of plant and machinery for expanding production capacity at the Karnal, Haryana facility.
Prepayment of Borrowings
Full or partial repayment of selected outstanding borrowings and debt facilities availed by the company.
Working Capital Requirements
Funding working capital requirements for raw material procurement and order book execution.
General Corporate Purposes
Funding general corporate needs and issue-related transaction expenses.
(₹ in Crore)
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Incorporated in 2015, Himalayan Solar Limited is an Indian renewable energy solutions provider specializing in the engineering, procurement, and construction (EPC) of solar energy systems. The company offers a broad range of products and services, including solar water pumping systems, solar inverter charge controllers, and grid-tied as well as off-grid rooftop solar power systems for residential, commercial, and industrial clients. The company operates an in-house solar PV module manufacturing and assembly plant located in Karnal, Haryana. This facility is equipped to assemble high-efficiency Polycrystalline and Mono PERC solar panels, which serve as core inputs for its turnkey solar projects as well as direct market sales. By integrating module manufacturing with project execution, the company maintains quality control over its supply chain and reduces dependency on third-party suppliers. Himalayan Solar Limited has established a strong operational footprint by executing major public sector tenders and government-sponsored renewable energy initiatives, particularly state solar water pumping contracts. Guided by experienced promoters in the electrical and solar engineering fields, the company continues to expand its project order book and technical capabilities across northern India.
Himalayan Solar Limited allocated 7,52,400 equity shares to anchor investors at Rs 103 per share, raising Rs 7.75 crore prior to the public bidding period.
Source: RHP • Analysis provided for informational purposes
Last Updated: 1 October 2026, 7:30 AM
Turnkey Solar Engineering Capabilities
Possesses comprehensive in-house execution capabilities spanning engineering design, module manufacturing, equipment supply, and turn-key project commissioning.
Public Sector Tender Track Record
Demonstrates an established execution history under state government initiatives, having deployed substantial solar water pumping infrastructure.
In-House Module Assembly
Maintains a manufacturing facility in Karnal, Haryana for assembling Polycrystalline and Mono PERC solar PV panels to support internal project delivery.
Experienced Promoter Leadership
Guided by founders with extensive technical expertise and commercial experience in the electrical and renewable energy industries.
State Government Tender Dependency
Revenue streams depend significantly on securing and successfully executing state government tenders for solar water pumping projects.
Raw Material Volatility
Fluctuations in international prices for solar cells and core raw materials could adversely affect operating gross margins.
Working Capital Demands
Project execution requires substantial working capital to maintain inventory levels and handle extended public sector payment cycles.
Maashitla Securities Private Limited
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