Himalayan Solar IPO

GMP History

Financial Performance

As disclosed by Himalayan Solar in its offer document.

Strengths and risks

Taken from Himalayan Solar's own offer document — not Arthneeti's assessment.

• ✓Himalayan Solar has experience in solar PV module manufacturing, having previously operated a 40 MW production line for more than six years. The company has since transitioned to Mono-PERC technology and commenced operations at a 60 MW production line in March 2026.
• !The company’s top 10 customers contributed Rs 170.34 crore, Rs 142.52 crore, and Rs 138.30 crore, accounting for 100.00%, 100.06% (as of March 31, 2025, the company had 11 customers; the top 10 customers accounted for 100.06% of total revenue, as the 10th and 11th customers recorded negative contributions of Rs 0.06 crore and Rs 0.08 crore due to credit notes representing (0.04%) and (0.06%), respectively), and 99.99% of its revenue in FY26, FY25, and FY24, respectively. Any loss of, or significant reduction in orders from these customers may adversely affect the company’s revenue, profitability and results of operations.
• ✓The company has an established presence in government-backed renewable energy projects across states including Haryana, Rajasthan, Punjab, and Maharashtra. It has experience executing solar water pumping projects under government schemes and tenders, including projects under the MNRE PM-KUSUM Scheme.
• !The company is dependent on a limited number of suppliers and has not entered into long-term agreements with them for the supply of raw materials. Its top 10 suppliers accounted for Rs 123.34 crore, Rs 82.98 crore, and Rs 129.79 crore, representing 98.00%, 98.46%, and 95.12% of its total purchases in FY26, FY25, and FY24, respectively. Any disruption in supplies or inability to procure raw materials at competitive prices may adversely affect the company’s operations, revenue, and profitability.

About Himalayan Solar

Himalayan Solar Limited provides integrated turnkey solar energy solutions, including the design, manufacturing, supply, installation, and commissioning of solar products. Its primary business is solar water pumping systems, along with solar rooftop power systems and solar inverter charger systems. The company also supplies solar products and provides support services under skill development training programmes. Its solar water pumping systems include solar PV modules, pumps, controllers, inverters, mounting structures and other components. The company offers AC and DC solar water pumps in surface and submersible categories. Himalayan Solar operates a manufacturing facility in Karnal, Haryana, with an annual capacity of 60 MW for Mono-PERC solar PV modules. The company also operates through its registered office, a branch office, and warehouses across Haryana, Rajasthan, and Madhya Pradesh.