Smart Market Insights
Infrax Renewable IPO Details: Key Dates, Price Band & Investment Overview
By Wealthova | Last Updated: September 5, 2026
Infrax Renewable Limited, an established player in the rapidly expanding renewable energy sector, is gearing up to make its primary market debut with an upcoming ₹47.96 Crore SME IPO. Operating as a comprehensive solar power solutions provider, the company focuses on delivering turnkey Engineering, Procurement, and Construction (EPC) services for both rooftop and ground-mounted solar power plants. It also manufactures critical solar components like PV modules and inverters, alongside operating as an Independent Power Producer (IPP) with its own solar power plant in Gujarat. The subscription window for this fixed-price issue opens on September 9 and closes on September 11, 2026. The issue is priced at a fixed ₹104 per equity share. This public issue comprises a fresh equity infusion of 39.31 lakh shares (aggregating to ₹40.88 Crore), alongside an Offer for Sale (OFS) component of 6.80 lakh shares (aggregating to ₹7.08 Crore). The company plans to utilize the fresh capital primarily to fund escalating working capital requirements, support the execution of its growing solar EPC order book, and meet general corporate purposes. Set to list on the BSE SME platform, market participants are closely watching this integrated green energy enterprise, backed by explosive financial growth with an FY26 total revenue of ₹93.33 Crore and a net profit of ₹10.20 Crore. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!
Infrax Renewable IPO Details
Quick IPO Factsheet
September 9, 2026
September 11, 2026
₹104
(Fixed Price)1,200 Shares
(Min. 2 Lots for Retail)₹40.88 Cr
₹33.81 Cr
50% Allocation
₹10 Base
SME (BSE SME)
Infrax Renewable IPO Timeline
Deep-Dive Corporate Profile: What Does Infrax Renewable Limited Do?
Infrax Renewable Limited is an ISO 9001:2015-certified solar energy solutions enterprise with a diversified business model encompassing EPC services, product distribution, and independent power generation. The company leverages an extensive regional dealer network to execute its projects and distribute components, driving a rapidly scaling renewable footprint.
- Turnkey Solar EPC Services: The company provides end-to-end Engineering, Procurement, and Construction (EPC) services. This covers project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance (O&M) for both residential rooftop installations and commercial ground-mounted solar projects. It is notably empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana.
- Solar Component Distribution: Infrax operates a robust trading division supplying critical solar infrastructure materials. Its portfolio includes both polycrystalline and monocrystalline PV modules, solar inverters, solar kits, and balance-of-system equipment. To support product distribution, it maintains strategic warehouses in Rajkot, Ahmedabad, and Kanpur.
- Independent Power Producer (IPP): Moving beyond services and retail, the company generates its own steady revenue stream as an IPP. It currently operates a 1.2 MW solar power plant in Jasdan, Rajkot, selling electricity directly to Paschim Gujarat Vij Company Limited (PGVCL) under a stable 25-year Power Purchase Agreement (PPA).
Why is the Company Raising Funds? (Objects of the Issue)
The ₹47.96 Crore SME IPO comprises a Fresh Issue of ₹40.88 Crore alongside an Offer for Sale (OFS) of ₹7.08 Crore. The proceeds from the OFS component will go directly to the selling shareholders.
The net proceeds from the Fresh Issue will be deployed towards the following strategic objectives:
- Working Capital Requirements: A major allocation of ₹17.00 Crore is earmarked to fund the company's escalating working capital needs. This liquidity will support the execution of a growing EPC order book and the expansion of component inventory across its warehouse network.
- CapEx for Manufacturing & Recycling: The company plans to move toward backward integration by allocating ₹12.29 Crore for capital expenditure. This will finance the purchase of machinery and equipment for a proposed manufacturing facility dedicated to producing mounting structures, solar frames, and setting up solar panel recycling capabilities.
- General Corporate Purposes: The remaining ₹2.03 Crore is reserved to support regular business operations, continuous growth strategies, and other day-to-day corporate requirements.
Company Financials
| 📅 Period Ended | 📈 Total Income | 💼 Net Worth | 💰 PAT | 🏦 Assets |
|---|---|---|---|---|
| FY 2024 | ₹9.66 | ₹1.40 | ₹0.96 | ₹4.40 |
| FY 2025 | ₹30.48 | ₹1.89 | ₹2.85 | ₹8.24 |
| FY 2026 | ₹93.33 | ₹15.77 | ₹10.20 | ₹31.53 |
Infrax Renewable IPO Key Performance Indicators (KPIs)
| Financial KPI (FY26)* | Value |
|---|---|
| Return on Equity (ROE) | 115.54% (FY26) |
| Return on Capital Employed (ROCE) | 63.89% (FY26) |
| EBITDA Margin | 15.62% (FY26) |
| PAT Margin | 10.94% (FY26) |
| Debt to Equity Ratio | 0.44 (FY26) |
| Return on Net Worth (RoNW) | 64.68% (FY26) |
| Earnings Per Share (EPS) | ₹9.29 (Pre-IPO) | ₹7.17 (Post-IPO) |
| Price/Earning (P/E) Ratio | 11.19x (Pre-IPO) | 14.50x (Post-IPO) |
| Net Asset Value (NAV) | ₹15.77 (Pre-IPO) |
Promoters & Shareholding Pattern
| Shareholder Category | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Promoter & Promoter Group | 70.64% | 47.46% |
| Public / Institutional / Others | 29.36% | 52.54% |
Infrax Renewable Limited is promoted by Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, and Khushboo Bhargav Vachhani. Prior to this issue, the promoter group held a dominant 70.64% equity stake. Post-issue, factoring in the ₹40.88 Crore fresh equity dilution alongside the ₹7.08 Crore Offer for Sale (OFS), the promoter holding will adjust to 47.46%. The strategic allocation of ₹17.00 Crore directly towards working capital and ₹12.29 Crore towards new manufacturing equipment highlights their intent to aggressively fund in-house production and expand their solar EPC footprint.
Industry Peer Comparison
| Company Name | EPS (₹) | P/E Ratio (Post-IPO) | RoNW (%) |
|---|---|---|---|
| Infrax Renewable Ltd (IPO) | 7.17 | 14.50x | 64.68% |
| Acme Solar Holdings Ltd | 8.24 | 49.25x | 9.84% |
| Alpex Solar Limited | 80.52 | 10.90x | 35.87% |
| Solarium Green Energy Ltd | 9.81 | 15.78x | 12.58% |
IPO Strengths & Key Risks
Smart Market Insights
Infrax Renewable Limited has rapidly established itself as a full-service solar energy solutions enterprise, combining turnkey Engineering, Procurement, and Construction (EPC) execution with wholesale solar component distribution and recurring Independent Power Producer (IPP) operations. Benefiting directly from central policy tailwinds such as the PM Surya Ghar: Muft Bijli Yojana, the company has delivered an extraordinary growth trajectory over the past three fiscal years. Consolidated Total Income surged nearly tenfold from ₹9.66 Crore in FY24 to ₹93.33 Crore in FY26, while Net Profit (PAT) jumped from ₹0.96 Crore to ₹10.20 Crore, backed by an EBITDA margin of 15.62% and a PAT margin of 10.94%.
Operationally, the company demonstrates exceptional capital efficiency, posting a Return on Equity (ROE) of 115.54%, a Return on Capital Employed (ROCE) of 63.89%, and a Return on Net Worth (RoNW) of 64.68% in FY26. Total issue proceeds stand at ₹47.96 Crore, comprising a ₹40.88 Crore Fresh Issue and a ₹7.08 Crore Offer for Sale (OFS). Crucially, the deployment of ₹17.00 Crore into working capital will relieve execution bottlenecks on their expanding order book, while allocating ₹12.29 Crore toward capital expenditure for mounting structure fabrication and recycling facilities facilitates value-accretive backward integration. Nonetheless, investors must weigh critical structural risks: the business turned cash flow negative from operations (-₹2.70 Crore in FY26) due to aggressive working capital elongation, faces intense competition in regional EPC bidding, and remains exposed to raw material and solar cell price volatility.
At the fixed issue price of ₹104 per share, Infrax Renewable is valued at a post-IPO P/E multiple of 14.50x (based on FY26 post-issue EPS of ₹7.17) and a Price-to-Book (P/BV) of 6.59x. Compared to listed peers like Acme Solar Holdings (49.25x P/E) and Solarium Green Energy (15.78x P/E), the valuation is reasonable and leaves room for multiple expansion given the triple-digit return metrics. Accounting for the mandatory minimum retail ticket size of ₹2,49,600 (2 lots / 2,400 shares), this issue stands as a fundamentally strong SUBSCRIBE candidate for risk-tolerant investors seeking high-growth renewable energy exposure.
Disclaimer: The information provided above is for educational and informational purposes only and does not constitute financial advice. Initial Public Offerings (IPOs) carry market risks, and equity investments are subject to broader market fluctuations. Wealthova is not a SEBI-registered investment advisor. Always consult with a certified financial planner and conduct your own due diligence before locking up capital in any public issue.
Infrax Renewable IPO Key Contacts & Advisors
| Role / Entity | Contact & Details |
|---|---|
| 📋 IPO Registrar |
Bigshare Services Pvt. Ltd.
Office No S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai, Maharashtra - 400093
Phone: +91-22-62638200
Email: ipo@bigshareonline.com
Website: bigshareonline.com
|
| 🏢 Company Contact |
Infrax Renewable Ltd.
Infrax House, Survey No. 235/P1, Plot No. 1 & 2, Shapar (Veraval), Kotda Sangani, Rajkot, Gujarat - 360024
Phone: +91-2827-252252
Email: info@infrax.in
Website: infrax.in
|
| 💼 Merchant Bankers |
Smart Horizon Capital Advisors Pvt. Ltd.
504, 5th Floor, A Wing, Cello Triumph, I.B. Patel Road, Goregaon (East), Mumbai, Maharashtra - 400063
Phone: +91-22-48972589
Email: mb@smarthorizon.in
Website: smarthorizon.in
|
Frequently Asked Questions (FAQs)
What are the opening and closing dates for the Infrax Renewable IPO?
What is the minimum lot size and investment required for retail investors?
How can I check the allotment status for the Infrax Renewable IPO?
- Wealthova (Recommended): Check directly on the Wealthova IPO Allotment Status Hub using your PAN number or Application Number for instant verification.
- Official Registrar Portal: Visit the official allotment portal of Bigshare Services Pvt. Ltd.
- Stock Exchange Portal: Verify directly on the official BSE IPO allotment status page.