Infrax Renewable IPO
Price Band
₹104 – ₹104
Issue Size
₹40.88 Cr
Issue Dates
9 Sept – 11 Sept 2026
Listing Date
17 Sept 2026
About Infrax Renewable Ltd.
Incorporated in September 2024, Infrax Renewable Limited 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. The company offers end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance (O&M) services. It serves customers across residential, commercial, and industrial segments through an extensive dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana. Infrax currently operates warehouses in Rajkot, Ahmedabad, and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh, with services supplied across multiple Indian states. As of March 31, 2026, the team comprised 52 permanent employees.
IPO Details
| Price Band | ₹104 – ₹104 |
| Face Value | ₹10 |
| Issue Size | ₹40.88 Cr |
| Fresh Issue | ₹33.81 Cr |
| Offer for Sale | ₹7.08 Cr |
| Total Shares Offered | 39,31,200 |
| Listed On | BSE |
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: (1) Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility - Rs. 12.29 Cr; (2) Funding working capital requirements of the Company - Rs. 17.00 Cr; (3) General corporate purposes - Rs. 2.03 Cr; (4) Issue Expenses - Rs. 3.00 Cr. Of the total issue, 1,99,200 shares (aggregating Rs. 2 Cr) are reserved for the Market Maker (Shreni Shares Ltd.), 30,51,600 shares (aggregating Rs. 32 Cr) are the fresh issue net of market maker reservation, and 6,80,400 shares (aggregating Rs. 7 Cr) are offered for sale by selling shareholders.
Key Financial Metrics
EPS (Basic)
₹9.29
P/E Ratio
11.19x
ROE
115.54%
ROCE
63.89%
Debt / Equity
0.44
Financial Performance
| Particulars (₹ Cr) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | — | — | — |
| EBITDA | 1.76 | 4.5 | 14.56 |
| PAT | 0.96 | 2.85 | 10.2 |
| Total Assets | 4.4 | 8.24 | 31.53 |
| Net Worth | 1.4 | 1.89 | 15.77 |
| Total Borrowings | — | 3.02 | 6.99 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| retail_min | 2 × 1200 | ₹2,49,600 | — |
| retail_max | 1200 shares | — | ₹2,49,600 |
| shni_min | 3 × 1200 | ₹3,74,400 | — |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| Retail | 49.58% | Yes |
| NII (HNI) | 50.42% | No |
| Market Maker Reservation | — | No |
Registrar & Lead Managers
Registrar
Lead Managers (1)
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| Infrax Renewable IPO (this IPO) | — | 148.05 | ₹9.29 | 11.19x | 115.54% |
| Paluck Technologies Ltd. | Yes | — | — | 6.95x | — |
| Oneindig Technologies Ltd. | Yes | — | — | 18.53x | — |
| Leapfrog Engineering Services Ltd. | Yes | — | — | 15.19x | — |
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