Infrax Renewable
What they do: The company operates in the renewable energy sector, focusing on providing sustainable energy solutions. Its business model likely involves the development, installation, and maintenance of renewable energy systems.
By IPO Milega Research · Published
Infrax Renewable Limited has demonstrated strong financial growth over the past three fiscal years, with significant increases in both revenue and net profit.
- Listing gain
- +0%
- Listed at ₹104
- Subscribed
- 2.05x
- Total
- Retail odds
- 53%
- 1 in 1.9
GMP is an unofficial grey market indication. GMP updated 9 Sept, 18:04 IST.
- Price band
- ₹104
- Lot size
- 2400 shares
- Min. investment
- ₹2,49,600
- Issue size
- 40.88 Cr.
- Open9 Sept 2026
- Close11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 0x
- NII
- 1.39x
- Retail
- 1.9x
Grey market data isn't available for this issue, so the gains estimate uses fundamentals only and ignores listing-day sentiment.
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹33.81 Cr
- Fresh issue
- To selling shareholders
- ₹7.07 Cr
- Offer for sale
- Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility₹12.29 Cr30%
- Funding working capital requirements of the Company₹17 Cr41%
- General corporate purposes₹2.03 Cr5%
- Issue Expenses₹3 Cr7%
- Offer for sale: goes to selling shareholders₹7.07 Cr17%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials8.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The approximate gains potential is based on the company's strong financial growth, strategic market positioning, and expansion plans in the renewable energy sector. However, the absence of GMP data limits the precision of this estimate.
Strengths3
- Achieved a revenue of ₹9,321.49 lakhs in FY 2025-26.
- Expanded operations to multiple states in India.
- Entered the IPP segment with a 1.2 MW solar power plant.
Concerns5
- Limited operating history hinders performance evaluation.
- Dependence on government policies and subsidies for solar sector.
- High reliance on a few dealers and suppliers.
- Working capital constraints due to procurement-payment gap.
- Exposure to technological advancements and cost overruns.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,49,6002 lots, 2400 shares
- Retail Maximum2,49,6002 lots, 2400 shares
- S-HNI Minimum3,74,4003 lots, 3,600 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,49,600 |
| Retail Maximum | 2 | 2400 | 2,49,600 |
| S-HNI Minimum | 3 | 3,600 | 3,74,400 |
Timing
7.0/10The market timing for Infrax Renewable's IPO appears favorable due to the company's strong financial performance and strategic growth initiatives. The renewable energy sector is gaining traction, and the company's focus on solar power aligns with current market trends. However, the negative cash flow from operations may raise some concerns about liquidity management.
- Time to market
- The company's strategic focus on renewable energy, particularly solar power, aligns well with current market trends and government initiatives promoting clean energy. This positions Infrax Renewable advantageously in the market, enhancing the timing of their IPO.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE SME
Key milestones
- 9 Sept 2026IPO Opens
- 11 Sept 2026IPO Closes
- 15 Sept 2026Basis of Allotment
- 16 Sept 2026Refunds Initiated
- 16 Sept 2026Credit to Demat Account
- 17 Sept 2026Listing Date
Financials
8.0/10- Revenue
- ₹93.33 Cr
- +206.2%
- Profit after tax
- ₹10.2 Cr
- +257.9%
- Net margin
- 10.9%
- +1.6 pts
- Assets
- ₹31.53 Cr
- +282.6%
- Return on equity
- 64.69
- Debt to equity
- 0.99
- Revenue CAGR
- 200%
- ROCE
- 63.89%
- Return on net worth
- 64.68%
- NAV per share (₹)
- 15.77
Financial performance trend
Amount ₹ in croresInfrax Renewable Limited has demonstrated strong financial growth over the past three fiscal years, with significant increases in both revenue and net profit. The company has a robust asset base and a manageable level of liabilities, indicating a solid financial position. However, the current ratio and quick ratio are not provided, which limits a full assessment of liquidity.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks2
- Operational risks3
- Regulatory risks1
The company faces significant financial and operational risks due to limited history, reliance on government policies, and dependency on key suppliers and dealers.
How the company offsets these
Diversifying supplier base and enhancing financial management could mitigate key risks.
Financial risks3
- Interest rate risk affecting debt service obligations.
- Credit risk from customer payment defaults.
- Working capital constraints due to procurement-payment gap.
Market risks2
- Dependence on government policies and subsidies for solar sector.
- Competitive market with organized and unorganized players.
Operational risks3
- Limited operating history hinders performance evaluation.
- High reliance on a few dealers and suppliers.
- Exposure to technological advancements and cost overruns.
Regulatory risks1
- Changes in government policies affecting solar sector demand.
Performance
8.0/10Infrax Renewable Limited, a solar EPC and IPP company, has shown significant growth and operational expansion since its inception. The company has diversified its revenue streams across residential rooftop solar projects, ground-mounted solar projects, and the sale of solar products. It has also entered the Independent Power Producer (IPP) segment, enhancing its financial stability through long-term Power Purchase Agreements (PPAs).
- Historical growth
- The company has experienced rapid growth, with revenue increasing from ₹965.24 lakhs in FY 2023-24 to ₹9,321.49 lakhs in FY 2025-26, representing a CAGR of 210.76%., 210.76% CAGR
- Market comparison
- Infrax Renewable Limited is well-positioned in the growing Indian renewable energy market, benefiting from government initiatives and increasing demand for solar energy solutions.
- Future potential
- The company is expected to continue its growth trajectory by expanding its manufacturing capabilities and geographic reach.
- Operational consistency
- The company's strategic expansion and diversification into new segments and geographies have contributed to its consistent growth.
- Experience
- The management team, led by Mr. Bhargv Ashvinbhai Vachhani and others, has over 17 years of experience in the solar industry.
- Track record
- The management has successfully steered the company through rapid growth and diversification.
Key achievements
- 01Achieved a revenue of ₹9,321.49 lakhs in FY 2025-26.
- 02Expanded operations to multiple states in India.
- 03Entered the IPP segment with a 1.2 MW solar power plant.
Flexibility
8.0/10The company is well-positioned in the rapidly growing Indian renewable energy market, with a focus on solar EPC services and IPP activities. It benefits from government initiatives and increasing FDI in the sector.
The company shows strong financial growth with a CAGR of 210.76% in revenue from FY 2023-24 to FY 2025-26. It maintains a healthy EBITDA margin and PAT margin, indicating good profitability.
Infrax Renewable Limited has a flexible operational model with a strong dealer network and plans for backward integration through in-house manufacturing, enhancing its operational efficiency.
Infrax Renewable Limited demonstrates strong flexibility and adaptability in the renewable energy sector, driven by its diversified business model, strategic expansion plans, and robust financial performance.
- Product diversification
- The company offers a wide range of solar products and services, including EPC solutions, IPP activities, and solar product sales, catering to both residential and commercial sectors.
- Future adaptability
- The company plans to invest in manufacturing capabilities and expand its geographical presence, which will enhance its adaptability to future market changes.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.