Infrax Renewable IPO Review: Key Details, Company Overview and Financials
- September 7, 2026
- Posted by: Lakshit Sharma
- Category: IPO
Infrax Renewable IPO price Rs 104 per share. Opens 9 Sep, closes 11 Sep 2026. Issue size Rs 40.88 Cr. Lists 17 Sep on BSE SME.
Quick Answer
The Infrax Renewable IPO is a Rs 40.88 crore fixed price SME issue at Rs 104 per share, open for bidding from 9 to 11 September 2026. The Gujarat based solar EPC and power producer combines a Rs 33.81 crore fresh issue with a Rs 7.08 crore offer for sale. Shares are proposed to list on BSE SME around 17 September 2026, on the back of exceptional FY26 growth, with revenue up 206 percent and profit up 258 percent, though from a small base and a short operating history.
The Infrax Renewable IPO is a fixed price issue of Rs 40.88 crore, comprising a fresh issue of shares worth Rs 33.81 crore and an offer for sale of 6,80,400 equity shares worth around Rs 7.08 crore by the company’s promoters. The IPO will open for subscription on 9 September 2026 and close on 11 September 2026. The allotment is expected to be finalised on 15 September 2026, while the shares are proposed to list on the SME platform of BSE around 17 September 2026.
The Infrax Renewable IPO issue price is fixed at Rs 104 per share, with a lot size of 1,200 shares. Individual investors must apply for a minimum of 2 lots (2,400 shares), requiring an investment of Rs 2,49,600 at the issue price.
Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager for the Infrax Renewable IPO, while Bigshare Services Pvt. Ltd. is the registrar to the issue.
For detailed information on the company’s business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the Infrax Renewable IPO Red Herring Prospectus (RHP) before making an investment decision.
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Here is a complete breakdown of the Infrax Renewable IPO, covering the company profile, industry backdrop, financial track record and the risks worth weighing before applying to the Infrax Renewable IPO.
Company Overview
Incorporated in September 2024, Infrax Renewable Limited provides end-to-end solar EPC solutions covering project design, engineering, procurement, installation, testing, commissioning and operation and maintenance for residential, commercial and industrial customers. The company also distributes solar PV modules, inverters and related equipment through a dealer network, and generates power as an Independent Power Producer through its own solar plant under a power purchase agreement with PGVCL.
Infrax Renewable operates warehouses in Rajkot, Ahmedabad and Kanpur, with branch offices across Gujarat, Maharashtra, Madhya Pradesh and Uttar Pradesh, though operations remain concentrated in Gujarat. It is empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana scheme, and plans backward integration into manufacturing solar mounting structures and frames, as well as solar-panel recycling and silver extraction. As of 31 March 2026, the company had 52 permanent employees.
Read on for the complete Infrax Renewable IPO details, including price band, lot size, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 9 to 11 September 2026 |
| Allotment | Tue, 15 September 2026 |
| Listing Date | Thu, 17 September 2026 (tentative) |
| Face Value | Rs 10 per share |
| Issue Price | Rs 104 per share (fixed price) |
| Lot Size | 1,200 Shares |
| Issue Type | Fixed Price IPO |
| Sale Type | Fresh Issue cum Offer for Sale |
| Total Issue Size | 39,31,200 shares (agg. up to Rs 40.88 Cr) |
| Fresh Issue | 32,50,800 shares (agg. up to Rs 33.81 Cr) |
| Offer for Sale | 6,80,400 shares (agg. up to Rs 7.08 Cr) |
| Market Maker Reservation | 1,99,200 Shares |
| Investor Reservation | Retail: 50% of the net issue; NII (HNI): 50% of the net issue |
| Listing Exchange | BSE SME |
(Compiled from the RHP/DRHP and market updates)
Industry Context
- India’s rooftop and ground-mounted solar installation market has expanded rapidly, supported by government schemes such as PM Surya Ghar: Muft Bijli Yojana, which subsidises residential rooftop solar adoption and has driven a wave of demand for EPC and installation service providers.
- Solar EPC companies typically operate on relatively thin fixed asset bases, executing projects through a mix of in-house teams and dealer or third-party contractor networks, which allows for rapid revenue scaling but also intense competition on pricing.
- Backward integration into manufacturing components such as mounting structures, frames and eventually panel recycling is an emerging trend among solar EPC players seeking to capture more margin and reduce dependence on third-party suppliers.
- Independent Power Producer (IPP) arrangements, where a company also generates and sells power under long-term agreements with distribution utilities, provide an additional, more predictable revenue stream alongside project-based EPC income.
- Regional concentration is common among smaller solar EPC companies in their early growth phase, with expansion into new states typically following after a company has established a track record and operational base in its home market.
Business Strengths
Here are the key strengths investors evaluating the Infrax Renewable IPO should weigh:
- Exceptional FY26 growth, with total income up 206 percent to Rs 93.33 crore and profit after tax up 258 percent to Rs 10.20 crore, alongside a healthy EBITDA margin of 15.62 percent.
- A diversified solar business model spanning EPC services, product distribution, operation and maintenance, and power generation as an Independent Power Producer.
- Empanelment as a national vendor under the PM Surya Ghar: Muft Bijli Yojana scheme, giving it access to a large and expanding residential solar demand pool.
- A manageable debt-to-equity ratio of 0.44 and planned backward integration into manufacturing solar mounting structures, frames and panel recycling, which could improve future margins.
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Business Risks
Alongside these strengths, the Infrax Renewable IPO also carries the following business risks:
- The company has a limited operating history under its present corporate structure, having been incorporated only in September 2024, and the extraordinary FY26 growth rate was achieved from a very small revenue base.
- Operations remain heavily concentrated in Gujarat, which contributed 97.41 percent of FY26 revenue, despite some expansion into Uttar Pradesh, Madhya Pradesh, Maharashtra, Telangana and Rajasthan.
- Promoter shareholding will decline from 70.64 percent to 49.73 percent after the issue, falling below the 50 percent mark, and the Rs 7.08 crore offer for sale will not benefit the company.
- Solar EPC revenue can be affected by policy changes, project delays and competitive pricing pressure, and as an SME stock, Infrax Renewable shares may see higher volatility and lower post-listing liquidity than mainboard-listed peers.
Financial Performance
The Infrax Renewable IPO comes after an exceptional FY26. The company’s total income increased by around 206 percent and profit after tax rose by around 258 percent between the year ended 31 March 2025 and 31 March 2026, though from a small base.
Infrax Renewable Ltd. – Financials (Rs in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Total Income | 9,333.00 | 3,048.00 | 966.00 |
| EBITDA | 1,456.00 | 450.00 | 176.00 |
| EBITDA Margin (%) | 15.60% (computed) | 14.76% (computed) | 18.22% (computed) |
| Profit After Tax (PAT) | 1,020.00 | 285.00 | 96.00 |
| Net Worth | 1,577.00 | 189.00 | 140.00 |
| Total Borrowings | 699.00 | 302.00 | Nil reported |
| Debt-to-Equity Ratio | 0.44 | Not separately disclosed | Not separately disclosed |
Amounts in Rs Lakh unless stated otherwise, compiled from published Infrax Renewable IPO financial disclosures. EBITDA margin figures are computed from disclosed absolute figures. Debt-to-equity for FY25 and FY24 was not separately disclosed in the available data.
Key Ratios and Metrics
The table below summarises the key ratios and metrics relevant to the Infrax Renewable IPO as of the latest reported period.
These ratios offer a quick snapshot of how the Infrax Renewable IPO is priced relative to the company’s profitability and net worth.
| KPI (Mar 31, 2026) | Value |
|---|---|
| Debt-to-Equity Ratio | 0.44 |
| PAT Margin | 10.94% |
| EBITDA Margin | 15.62% |
| Post-Issue P/E (at issue price) | ~14.5x |
Objects of the Offer
The company proposes to utilise the net proceeds from the Infrax Renewable IPO towards the following objects.
- Capital expenditure towards purchase of machinery and equipment for the proposed manufacturing facility (Rs 12.29 Cr)
- Funding working capital requirements of the company (Rs 17.00 Cr)
- General corporate purposes
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Conclusion
Here is the bottom line on the Infrax Renewable IPO.
The Infrax Renewable IPO reflects a fast-growing, diversified solar energy company spanning EPC services, product distribution and independent power production, with exceptional FY26 growth and a manageable debt-to-equity ratio.
However, its limited operating history, heavy Gujarat concentration, growth from a small base, declining promoter holding, and typical SME liquidity risk are factors that could affect the investment case for the Infrax Renewable IPO.
Overall, investors weighing the Infrax Renewable IPO should evaluate the company’s business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
FAQs
What are the Infrax Renewable IPO dates, and when will it list?
Ans. The Infrax Renewable IPO opens for subscription on 9 September 2026 and closes on 11 September 2026. The allotment is expected to be finalised on 15 September 2026, and the shares are tentatively scheduled to list on the SME platform of BSE around 17 September 2026.
What is the issue price and minimum investment for the Infrax Renewable IPO?
Ans. The Infrax Renewable IPO is a fixed price issue at Rs 104 per equity share, with a lot size of 1,200 shares. Individual investors must apply for a minimum of 2 lots, totalling 2,400 shares, which requires an investment of Rs 2,49,600 at the issue price.
What does Infrax Renewable Limited actually do?
Ans. Infrax Renewable is a solar energy company that provides end-to-end EPC services, including design, engineering, procurement, installation, testing, commissioning and operation and maintenance, for rooftop and ground-mounted solar projects serving residential, commercial and industrial customers. It also distributes solar PV modules, inverters and related equipment through a dealer network, and generates and sells electricity as an Independent Power Producer through its own solar plant under a power purchase agreement with PGVCL. The company is empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana government scheme.
How fast has Infrax Renewable grown, and why does that matter?
Ans. Infrax Renewable’s total income jumped from Rs 9.66 crore in FY24 to Rs 30.48 crore in FY25 and then to Rs 93.33 crore in FY26, a 206 percent increase in the most recent year, while profit after tax rose 258 percent to Rs 10.20 crore in FY26. While these growth rates are exceptional, they are measured off a very small base and reflect the company’s short operating history since its September 2024 incorporation under its current structure, so investors should not simply extrapolate this pace of growth into future years.
How will Infrax Renewable use the proceeds from its fresh issue?
Ans. Of the Rs 33.81 crore fresh issue, the company plans to spend Rs 12.29 crore on machinery and equipment for a proposed manufacturing facility, supporting its plan to backward-integrate into producing solar mounting structures and frames as well as panel recycling and silver extraction. A further Rs 17 crore is earmarked for working capital requirements to support larger EPC contract execution and customer credit cycles, with the remaining amount going towards general corporate purposes.
What are the key strengths highlighted for the Infrax Renewable IPO?
Ans. Infrax Renewable has delivered exceptional financial growth, with revenue and profit both rising sharply in FY26, supported by a diversified business model spanning EPC services, product distribution, operations and maintenance, and power generation as an Independent Power Producer. Its empanelment as a national vendor under the PM Surya Ghar: Muft Bijli Yojana scheme gives it direct access to a large and expanding pool of residential solar demand across India. The company’s debt-to-equity ratio of 0.44 is described as manageable, and its planned backward integration into manufacturing could support better margins as it scales.
What are the main risks or concerns flagged for the Infrax Renewable IPO?
Ans. The most important caveat is that Infrax Renewable has a limited operating history under its present corporate structure, having been incorporated only in September 2024, and its extraordinary FY26 growth was achieved from a very small revenue base that may not be sustainable at the same pace going forward. The business also remains heavily concentrated in Gujarat, which accounted for 97.41 percent of FY26 revenue, despite some initial expansion into other states. Promoter shareholding will fall from 70.64 percent to 49.73 percent after the issue, below the 50 percent mark, the Rs 7.08 crore offer for sale will not benefit the company, and as with any SME stock, post-listing liquidity may be lower and price volatility higher than for mainboard-listed peers.
Who are the lead manager and registrar for the Infrax Renewable IPO?
Ans. Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager for the Infrax Renewable IPO, responsible for structuring and managing the offer process. Bigshare Services Pvt. Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants’ demat accounts.
Is the Infrax Renewable IPO a good investment?
Ans. Infrax Renewable offers exposure to India’s fast-growing solar energy sector through a diversified business model and has posted exceptional recent growth, which will appeal to investors comfortable with high-growth, high-risk SME opportunities. However, its very short operating history, heavy geographic concentration, growth from a low base, and typical SME liquidity constraints mean it is best suited to selective, risk-tolerant investors rather than conservative ones. As always, reviewing the RHP carefully and monitoring subscription and GMP trends before applying is recommended.