INFRAX RENEWABLE LIMITED
Closed9–11 Sep 2026
Updated 2026-09-12 (IST)
What INFRAX RENEWABLE LIMITED does
The Company is engaged in providing solar Engineering, Procurement and Construction (EPC) services, including solar power solutions for Rooftop and Ground Mount solar projects. It is also engaged in the supply and distribution of a wide range of solar products, including Solar PV modules, Solar PV inverters, and related solar products, as well as Independent Power Producer (IPP) activities.
INFRAX RENEWABLE LIMITED financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| 2023-24 | 2024-25 | 2025-26 | ||
|---|---|---|---|---|
| Sales | 10 | 30 | 93 | |
| Operating Profit | 2 | 5 | 15 | |
| OPM % | 18.2% | 14.8% | 15.6% | |
| Net Profit | 1 | 3 | 10 | |
| Total Debt | 0 | 3 | 7 |
INFRAX RENEWABLE LIMITED IPO offer structure
Total: ₹41 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Funding of capital expenditure of our Company towards purchase of machineries and equipments for proposed manufacturing facility: ₹12 cr
- Funding working capital requirements of our Company: ₹17 cr
- General corporate purposes: ₹2 cr
INFRAX RENEWABLE LIMITED promoters and holding
- Mr. Bhargv Ashvinbhai Vachhani: Chairman cum Managing Director
- Mr. Gandhi Bhavik Tarunkumar: Whole Time Director
- Ms. Khushboo Bhargav Vachhani: Non-Executive Director
INFRAX RENEWABLE LIMITED strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- Established track record for execution of solar EPC solutions (p.140)
- Strong relationship with customers (p.140)
- Wide range of our products (p.141)
- Financial Stability Through the IPP Model (p.141)
- Established relationship with suppliers (p.141)
- Our Company has been recently formed by conversion of the erstwhile partnership firm into the company; thus, we have limited operating history. (p.26)
- Our business is dependent on the continued availability of government policies, subsidies, incentives and other support mechanisms applicable to the solar sector. (p.27)
- We depend on our dealers for a significant portion of our revenue, and any decrease in revenues or sales from any one of our dealers may adversely affect our business. (p.27)
- We generate our major portion of turnover from our operations in certain geographical regions (Gujarat). (p.27)
- Our business is dependent on the sale of our products and providing rooftop and ground-mounted solar projects services to certain key customers. (p.28)
INFRAX RENEWABLE LIMITED peer comparison: DRHP median P/E 15.8x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Acme Solar Holdings Limited | Rs 401.85 +1.2% | 47.1x | 11.6% | 20.5% | live |
| Alpex Solar Limited | — | 10.9x | — | — | DRHP |
| Solarium Green Energy Limited | Rs 147.05 +0.5% | 15.8x | — | — | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
INFRAX RENEWABLE LIMITED market and competition
The solar EPC and O&M markets are highly competitive, and our competitors include global and regional solar EPC and O&M service providers. The solar EPC and O&M industries are also highly fragmented but has been trending towards increased consolidation in recent years.
INFRAX RENEWABLE LIMITED outlook, as the document states it
Our Company intends to expand its business operations by entering into the manufacturing segment of solar panel recycling and silver extraction production line, Manufacturing of structures for solar roofing and mounting applications and Solar frame production line. Proposed facility will provide advantages of backward integration, reduce dependency on third-party vendors, improve operational efficiencies and strengthen the overall profitability of our Company.
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INFRAX RENEWABLE LIMITED IPO: common questions
When does the INFRAX RENEWABLE LIMITED IPO open and close?
The INFRAX RENEWABLE LIMITED IPO is open from 9 Sep 2026 to 11 Sep 2026.
What is the INFRAX RENEWABLE LIMITED IPO price band?
The price band is ₹104 per share.
What is the lot size and minimum investment for the INFRAX RENEWABLE LIMITED IPO?
One lot is 1200 shares, and a retail application must be at least one lot. That is about ₹2,49,600 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
How much is the INFRAX RENEWABLE LIMITED IPO subscribed?
As of 12 Sep 2026 the total subscription is 2.10×.
When are the INFRAX RENEWABLE LIMITED IPO allotment and listing dates?
Allotment is on 15 Sep 2026, as published. The listing date follows once the exchange confirms it.
How do I check the INFRAX RENEWABLE LIMITED IPO allotment status?
On the allotment status page published by Bigshare Services, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 704 SME IPOs that have listed on the NSE since 2016, 558 (79%) opened above their issue price, at a median of +11%. That is the segment's own record, not a forecast for this issue.
INFRAX RENEWABLE LIMITED IPO allotment status
Allotment is on 15 Sep 2026, as published. Allotment is decided and published by the registrar, not by us. This issue's registrar is Bigshare Services.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →