Solar energy solutions provider Infrax Renewable Limited is preparing to launch its initial public offering (IPO) on September 9, 2026. The company, which offers rooftop solar EPC, ground-mounted projects, solar product distribution, and independent power producer (IPP) activities, has set its issue price at INR 104 per share.
The IPO will close on September 11, 2026, and aims to raise a total of INR 40.88 crore. This includes a fresh issue of 32,50,800 shares worth INR 33.81 crore and an Offer For Sale (OFS) of 6,80,400 shares totaling INR 7.08 crore. Investors can bid for a minimum of 2,400 shares, requiring an investment of INR 2,49,600. Retail investors will have 50% of the issue allocated to them. The shares will be listed on BSE SME, with the listing date set for September 17, 2026.
Infrax Renewable’s business covers project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance, largely carried out through dealers or third-party contractors. Its product range includes solar PV modules, inverters, solar kits, and balance-of-system materials. Currently, the company’s operations are heavily concentrated in Gujarat, which contributed 97.41% of its revenue in FY2025-26. However, it has expanded into Uttar Pradesh, Madhya Pradesh, Maharashtra, Telangana, and Rajasthan.
The company has shown significant financial growth. Its revenue grew from INR 9.65 crore in FY2024 to INR 30.47 crore in FY2025, and further to INR 93.21 crore in FY2026. Net income followed a similar upward trend, rising from INR 0.96 crore in FY2024 to INR 2.85 crore in FY2025, and reaching INR 10.20 crore in FY2026. The net income margin stood at 10.94% in FY2026.
The net proceeds from the IPO will fund key growth initiatives. Infrax Renewable plans to invest INR 12.29 crore in capital expenditure for machinery and equipment for a proposed manufacturing facility, and INR 17.00 crore to meet its working capital requirements. The remaining funds will be used for general corporate purposes. Promoters of the company include Mr. Bhargv Ashvinbhai Vachhani, Mr. Gandhi Bhavik Tarunkumar, and Ms. Khushboo Bhargav Vachhani. Smart Horizon Capital Advisors Private Limited is the lead manager for the offer, with Bigshare Services Private Limited acting as the registrar.
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