Infrax Renewable IPO- Company Analysis
Infrax Renewable IPO under the SME IPO category is a fixed price issue of Rs. 40.88 Cr by Infrax Renewable Limited, which is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects.
The company also supplies a wide range of solar products, including solar PV modules, inverters, and related equipment, and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL.
Business Operations:
EPC Services: They provide end-to-end solar EPC services, including project design, engineering, procurement, installation, testing, commissioning, O&M, and regulatory assistance. Our projects include rooftop solar projects for residential customers and ground-mounted projects for commercial customers.
Independent Power Producer (IPP): They operate as an Independent Power Producer by generating and selling electricity to Paschim Gujarat Vij Company Limited (PGVCL) under a 25-year Power Purchase Agreement.
Sale of Solar Products: They also supply various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. Our PV modules include both polycrystalline and monocrystalline panels, sourced domestically and internationally.
Infrax Renewable IPO Details
The Infrax Renewable IPO opening date is 09 Sep 2026; its initial public offering will end on 11 Sep, IPO allotment on Sep 15 and refund initiation on Sep 16, 2026.
The Rs. 40.88 crore new SME IPO comprises a combination of a fresh issue of 0.32 Cr shares (Rs. 33.81 Cr) and an offer for sale of 0.06 Cr shares (Rs. 7.08 Cr).
The Infrax Renewable IPO listing date (expected) might be Thursday, Sep 17, 2026, and the listing on the BSE and SME.
The Infrax Renewable IPO price band is Rs. 104.
IPO Timetable (Tentative)
Click to open demat account and apply for the IPO.
Company Financials
(Amount in Cr)
|
Events |
Date |
|
IPO Opening Date |
Sep 09, 2026 |
|
IPO Closing Date |
Sep 11, 2026 |
|
IPO Allotment Date |
Sep 15, 2026 |
|
Refund Initiation |
Sep 16, 2026 |
|
IPO Listing Date |
Sep 17, 2026 |
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
31.53 |
8.24 |
4.40 |
|
Total Income |
93.33 |
30.48 |
9.66 |
|
Profit After Tax |
10.20 |
2.85 |
0.96 |
|
EBITDA |
14.56 |
4.50 |
1.76 |
|
Net Worth |
15.77 |
1.89 |
1.40 |
|
Reserves and Surplus |
14.52 |
0.89 |
— |
|
Total Borrowing |
6.99 |
3.02 |
— |
Cash Flows
(Amount in Lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
(270.21) |
24.24 |
167.24 |
|
Net Cash Flow Investing Activities |
(474.14) |
(33.55) |
(23.95) |
|
Net Cash Flow Financing Activities |
711.28 |
46.48 |
(100.83) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The Company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Funding of capital expenditure of the Company towards the purchase of machinery and equipment for the proposed manufacturing facility. ~ Rs. 12.29 Cr.
-
Funding working capital requirements of the Company. ~ Rs. 17 Cr.
-
General corporate purposes. ~ Rs. 2.03 Cr.
-
Issue Expenses. ~ Rs. 3 Cr.
Listed Peers of Infrax Renewable Ltd.
|
Name of the Company |
Face Value (Rs.) |
EPS (Rs.) |
P/E Ratio (x) |
|
Acme Solar Holdings Limited |
2 |
8.24 |
49.25 |
|
Alpex Solar Limited |
10 |
80.52 |
10.90 |
|
Solarium Green Energy Limited |
10 |
9.81 |
15.78 |
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
115.54% |
|
ROCE |
63.89% |
|
Debt/Equity |
0.44 |
|
RoNW |
64.68% |
|
PAT Margin |
10.94% |
|
EBITDA Margin |
15.62% |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 10.86 from the last year, the resulting P/E ratio is 9.58x.
|
Valuation Metric |
Pre IPO |
Post IPO |
|
EPS (₹) |
9.29 |
7.17 |
|
P/E (x) |
11.19 |
14.50 |
Explore the Shanti Inorganics IPO.
IPO's Strengths
-
Proven track record in executing solar EPC projects.
-
Diversified business model with EPC, solar product distribution, and IPP operations.
-
Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana.
-
Strong customer, supplier, and dealer network across multiple states.
IPO's Weaknesses
-
For solar adoption, the company relies on government policies, subsidies, incentives, and regulatory support. Any reduction, withdrawal, delay, or unfavorable adjustment may have a negative impact on business, cash flows, and financial conditions, as well as lower demand and profitability.
-
Dealers contribute to lead creation, client acquisition, and market potential, accounting for a sizable amount of revenue. Any drop in a dealer's sales or income could have a negative impact on operations and business.
-
The registered office and warehouses are not owned by the company. Rent agreements that are not renewed or terminated, or disagreements over their use, may necessitate relocation, which would disrupt operations and have a short-term effect on corporate operations.
Infrax Renewable IPO GMP (Grey Market Premium)
Infrax Renewable IPO GMP today is Rs. 0 as of 08 September, 2026, while writing this information.
Infrax Renewable IPO Summary
|
IPO Opening & Closing Date |
09 Sep, 2026 to 11 Sep, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 104 per Share. |
|
Lot Size |
1200 Shares |
|
Issue Size |
39,31,200 Shares (Rs. 41 Cr) |
|
Offer for Sale |
6,80,400 Shares (Rs. 7 Cr) |
|
Fresh Issue |
30,51,600 Shares (Rs. 32 Cr) |
|
Market Makers |
1,99,200 Shares (Rs. 2 Cr) |
|
Issue Type |
Fixed Price Issue |
|
Registrar |
Bigshare Services Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (2400 Shares) for Rs. 2,49,600, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3600 Shares) for Rs. 3,74,400.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Infrax Renewable IPO Allotment Status
To check the Infrax Renewable IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Infrax Renewable Ltd.
-
Bhargv Ashvinbhai Vachhani
-
Gandhi Bhavik Tarunkumar
-
Khushboo Bhargav Vachhani.
|
Pre-Issue Promoter Shareholding |
70.64% |
|
Post-Issue Promoter Shareholding |
49.73% |
IPO Lead Managers
- Smart Horizon Capital Advisors Pvt. Ltd.
Dividend Policy
The company has not paid a dividend during the last three FYs.
Conclusion
Infrax Renewable IPO presents growth potential with a diversified solar energy business model, strong financial growth, and expanding renewable energy demand. However, investors should consider risks related to government policies, working capital requirements, and operational dependencies before investing.
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
