Himalayan Solar Limited
Himalayan Solar Limited is an SME IPO offering integrated turnkey solar energy solutions, specializing in solar water pumping systems, with manufacturing facilities in Haryana. The company serves government departments and private customers across India.
Overview
About the Company
Incorporated in 2015, Himalayan Solar Limited specializes in providing integrated turnkey solar energy solutions including design, manufacturing, supply, installation, and commissioning of a wide range of solar products. The company primarily focuses on Solar Water Pumping Systems while also offering solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. Its solar water pumps and controllers are manufactured through an OEM arrangement and marketed exclusively under the 'Himalayan Solar' brand. The company has executed over 85,000 HP capacity of solar water pumping systems as part of government projects and operates a manufacturing facility in Karnal, Haryana covering approximately 25,000 square feet. As of July 31, 2026, the company employed 87 people. The company has also partnered with NSDC as an Industry exclusive Franchisee Partner for supporting the development of up to 200,000 Panchayat-level micro-entrepreneurs under the National Entrepreneurship Drive.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility
- › Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company
- › To meet working capital requirements
- › General Corporate Expenses
✅ Strengths
- ✓ Established empanelment as a solar partner with state government departments
- ✓ Executed over 85,000 HP capacity of solar water pumping systems
- ✓ Integrated turnkey capability spanning design, manufacturing, supply, and installation
- ✓ In-house facility producing high-efficiency Mono PERC solar PV modules
- ✓ Strong pending order book position providing clear revenue visibility
- ✓ Experienced promoters backed by strong management team
- ✓ Strong presence in government-focused renewable energy projects across multiple states
- ✓ Ability to implement solar products portfolio in government-backed projects as supplemental value addition
⚠️ Risks
- ! Revenue heavily depends on a limited number of major government customers
- ! Significant geographical revenue concentration in Haryana
- ! Business relies on government schemes, incentives, and direct customer subsidies
- ! Vulnerable to rapid technological shifts and changing module efficiency regulations
- ! Past negative cash flows from operating activities