Infrax Renewable Limited IPO Details

Factual IPO information from public filings. Not investment advice.

Issue Details

Price Band: ₹104
Lot Size: 1,200 shares
Min. Investment: ₹1,24,800
Total Issue Size: ₹40.88 Cr; 39,31,200 shares
Fresh Issue: ₹33.81 Cr; 32,50,800 shares
Offer for Sale: ₹7.08 Cr; 6,80,400 shares
Face Value: ₹10 per share
Issue Type: Book-built IPO
Listing At: BSE SME
Shares Pre-Issue: 1,09,85,111
Shares Post-Issue: 1,42,35,911

Lot Size & Investment

1 lot = 1,200 shares

Retail (min)

2 lots · 2,400 shares

Retail (max)

2 lots · 2,400 shares

Application	Lots	Shares	Amount
Retail	2	2,400	₹2,49,600

Financial Performance

Restated figures in ₹ crore, unless stated otherwise

Financial performance by period
Period	Mar-26	Mar-25	Mar-24
Assets	31.53	8.24	4.4
Total Income	93.33	30.48	9.66
Profit After Tax	10.2	2.85	0.96
EBITDA	14.56	4.5	1.76
Net Worth	15.77	1.89	1.4
Reserves & Surplus	14.52	0.89	—
Total Borrowing	6.99	3.02	—

Key Performance Indicators

Key performance indicators
Period	Mar-26
ROE (%)	115.54
ROCE (%)	63.89
EPS (₹)	9.29
P/E (pre-issue)	11.19
P/E (post-issue)	14.5

About Infrax Renewable Limited

Incorporated in September 2024, Infrax Renewable Limited is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. The company also supplies a wide range of solar products, including solar PV modules, inverters, and related equipment, and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL. Business Operations : EPC Services: They provide end-to-end solar EPC services, including project design, engineering, procurement, installation, testing, commissioning, O&M, and regulatory assistance. Our projects include rooftop solar projects for residential customers and ground-mounted projects for commercial customers. Independent Power Producer (IPP) They operate as an Independent Power Producer by generating and selling electricity to Paschim Gujarat Vij Company Limited (PGVCL) under a 25-year Power Purchase Agreement. In 2026, we commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, Rajkot, Gujarat. Sale of Solar Products They also supply various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. Our PV modules include both polycrystalline and monocrystalline panels, sourced domestically and internationally. The company offers end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance (O&M) services. It serves customers across residential, commercial, and industrial segments through an extensive dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana. Infrax currently operates warehouses in Rajkot, Ahmedabad, and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh, with services supplied across multiple Indian states. As of March 31, 2026, the team comprised 52 permanent employees. Competitive Strengths: Proven track record in executing solar EPC projects. Diversified business model with EPC, solar product distribution, and IPP operations. Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana. Strong customer, supplier, and dealer network across multiple states. Strategic warehouse and branch office presence supporting efficient project execution. ISO 9001:2015 certified quality management system. Plans for backward integration through in-house solar component manufacturing and recycling. Experienced promoter team with over 17 years of industry experience.