- POSITIVE
Annual Revenue Infrax Renewable Mar-2026 Annual Revenue is Rs 93 Cr which is growth of 206.3% YoY.
- POSITIVE
Annual Net Profit Infrax Renewable Mar-2026 Annual Net Profit is Rs 10 Cr which is growth of 257.7% YoY.
Infrax Renewable was incorporated on April 27, 2019. The company provides solar EPC services for rooftop and ground-mounted projects, covering design, procurement, installation, commissioning, testing and operation & maintenance, while also supplying solar PV modules, inverters and related products. It also operates as an IPP through its solar power plant in Gujarat and distributes its offerings through authorised dealers, including under government schemes such as PM Surya Ghar
| Bidding Dates |
|---|
| 09 Sep 2026 - 11 Sep 2026 |
| Subscription |
|---|
| 1.99x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹249,600 | 2 | 2 | 1200 | 3.9 M | ₹104 | 49.73 % | ₹408.8 M | RHP DOC |
Infrax Renewable IPO SUBSCRIPTION STATUS
11 Sep '26Total1.99x
Retail Individual Investor1.81x
HNI (NII) Investors1.41x
Qualified Institutional Buyers-
Infrax Renewable IPO overall subscription rate was 1.99 times the total available shares
Infrax Renewable IPO retail subscription rate was 1.81 times in the retail segment
Infrax Renewable IPO non-institutional investor subscription rate was 1.41 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
11 Sep 2026 (Day 3) | 1.81x | 1.41x | - |
10 Sep 2026 (Day 2) | 0.38x | 0.13x | - |
09 Sep 2026 (Day 1) | 0.15x | 0.01x | - |
Infrax Renewable FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 93.2 | 10.2 | -2.7 | -7.5 | 15.6% |
| FY25 | 30.5 | 2.9 | 0.2 | 0.1 | 14.8% |
| FY24 | 9.7 | 1.0 | 1.7 | 1.7 | 18.2% |
Infrax Renewable IPO SUBSCRIPTION STATUS DETAILS
Infrax Renewable had 3.9 M shares on offer
Infrax Renewable IPO offer price was ₹104
Infrax Renewable IPO minimum Investment was ₹249600
Infrax Renewable IPO issue size was ₹ 408.8 M
Infrax Renewable had a minimum lot size of 1200 Shares per application
Infrax Renewable NUMBER OF SHARES ON OFFER
Total3.9 M
Fresh Issue3.3 M
Offer for Sale680.4 K
Post Issue Promoter Holding %49.73 %
Infrax Renewable IPO IMPORTANT DATES
| Issue Open Date | 09 Sep 2026 |
| Issue close Date | 11 Sep 2026 |
| Allotment Date | 15 Sep 2026 |
| Refund Date | 16 Sep 2026 |
| Demat Account Credit Date | 16 Sep 2026 |
| Listing Date | 17 Sep 2026 |
| Listing on Exchange(s) | BSE |
| Infrax Renewable Allotment Status | Exchange/ Registrar |
Infrax Renewable IPO subscription opened on 09 Sep 2026, and closed on 11 Sep 2026
IPO allotment for Infrax Renewable was finalized on Tuesday, 15 Sep 2026
IPO listing for Infrax Renewable was on BSE on Thursday, 17 Sep 2026
Infrax Renewable IPO LISTING GAINS
| Issue Price (adjusted) | 104.0 |
| Listing Open Price | 104.0 |
| Listing Close Price | 105.5 |
| Listing Gain% | 0.0% |
| Current Gain% | 19.3% |
Infrax Renewable Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Infrax Renewable Ltd. | 124.1 | 176.7 | 17.3 | 0.1 | 1.9 | 64.7 | 32.4 | 93.3 | 206.3 | 10.2 | 257.7 | 7.2 | 257.7 |
| Adani Power Ltd. | 202.8 | 390997.2 | 27.4 | 1.8 | 6.6 | 19.8 | 9 | 57865.3 | -1.8 | 12834.3 | -0.8 | 7.4 | 14.9 |
| NTPC Ltd. | 326.6 | 316693.1 | 11.4 | 0.7 | 1.7 | 13.3 | 4.8 | 189798.6 | -0.6 | 27052.5 | 15.5 | 28.6 | 15.9 |
| Power Grid Corporation of India Ltd. | 269.5 | 250651.3 | 15.8 | 5.2 | 5.3 | 15.8 | 5.4 | 47684.4 | 0.5 | 15928 | 2.6 | 17.1 | 3 |
| Adani Energy Solutions Ltd. | 1338.5 | 163692.5 | 56.1 | 2.6 | 5.4 | 9 | 2.4 | 28325.2 | 15.9 | 2282.5 | 115.3 | 23.9 | 21.8 |
| Tata Power Company Ltd. | 367.5 | 117428.7 | 30.4 | -6.3 | 1.9 | 9.5 | 2.1 | 64171.7 | -4.2 | 3747.2 | -5.6 | 12.1 | -4.8 |
Annual
Balance Sheet
Ratios
Cash Flow
Infrax Renewable annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
Nested row level
Base Level
Reporting Type
Standalone
Cell Data
Actual
Table Settings
YoY & New to Old
CAGR Columns
Select...
Nested row level
Base Level
Export
| Indicator | Graph | Mar '26 | Mar '25 | Mar '24 |
|---|---|---|---|---|
| 93.3 | 30.5 | 9.7 | ||
Operating Exp. Ann. | 78.7 | 26 | 7.9 | |
Operating Profit Ann. | 14.6 | 4.5 | 1.8 | |
OPM Ann. % | 15.60% | 14.77% | 18.20% | |
| 79.6 | 26.2 | 8.2 | ||
EBITDA Ann. | 14.7 | 4.5 | 1.8 | |
EBITDA Ann. margin % | 15.73% | 14.80% | 18.32% | |
Interest Ann. | 0.8 | 0.2 | 0.3 | |
Depr. | 0.1 | 0 | 0 | |
PBT Ann. | 13.8 | 4.3 | 1.5 | |
Tax Ann. | 3.6 | 1.4 | 0.6 | |
| 10.2 | 2.9 | 1 | ||
Net Profit Ann. | 10.2 | 2.9 | 1 | |
NPM Ann. % | 10.94% | 9.35% | 9.92% | |
EPS Adj. latest Ann. | 7.2 | 2 | 0.7 |
*All financials are in INR Cr and price data in INR
Add metric to table
Search...
Total Rev. Ann.
1Y CHG
205.9%
2Y CAGR
210.1%
Net Profit Ann.
1Y CHG
251.7%
2Y CAGR
219.4%
Operating Exp. Ann.
1Y CHG
202.7%
2Y CAGR
215.6%
Infrax Renewable INFORMATION ON IPO ISSUE
About Infrax Renewable
Infrax Renewable was incorporated on April 27, 2019. The company provides solar EPC services for rooftop and ground-mounted projects, covering design, procurement, installation, commissioning, testing and operation & maintenance, while also supplying solar PV modules, inverters and related products. It also operates as an IPP through its solar power plant in Gujarat and distributes its offerings through authorised dealers, including under government schemes such as PM Surya Ghar
Object of the Issue
- Funding of capital expenditure of the company towards purchase of machineries and equipments for proposed manufacturing facility
- Funding working capital requirements of the company
- General corporate purposes
Infrax Renewable - PROMOTERS
| Name |
|---|
| Bhargv Ashvinbhai Vachhani |
| Gandhi Bhavik Tarunkumar |
| Khushboo Bhargav Vachhani |
Infrax Renewable - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Bhargv Ashvinbhai Vachhani | Chairman & Managing Director |
| Gandhi Bhavik Tarunkumar | Whole Time Director |
| Khushboo Bhargav Vachhani | Non-Executive Director |
| Ankitkumar Nathabhai Chotaliya | Non-Executive Independent Director |
| Chetan Chandrakant Shah | Non-Executive Independent Director |
Infrax Renewable Book Running Lead Manager
Smart Horizon Capital Advisors Private Limited
director@shcapl.com
Infrax Renewable Registrar to the Offer
Bigshare Services Private Limited
ipo@bigshareonline.com
Infrax Renewable Strengths
Execution of solar EPC solutions
The company provides turnkey solar solutions covering design, engineering, procurement, construction, testing, commissioning and O&M of solar power plants. It serves rooftop residential and ground-mounted solar projects across various segments
Strength
Diverse product portfolio
The company provides turnkey solutions for renewable energy projects and supplies a diverse range of solar products, including Solar PV modules, inverters and related products. Its broad product portfolio and expanding distribution and service network help meet evolving customer needs, strengthen market reach and support business and customer base growth
Strength
Stable recurring revenue
The company operates a solar power plant under the IPP model through a Power Purchase Agreement (PPA), generating stable and predictable revenue by supplying electricity to the government. This recurring cash flow supports financial stability and provides a foundation for further growth and expansion
Strength
Infrax Renewable Risks
Operational risks
The company’s rooftop and ground-mounted solar projects face execution and operational risks, including accidents, fire, electrical failures, adverse weather and workforce-related incidents, which may cause delays, additional costs, liabilities and customer claims. Failure to maintain safety standards, technical specifications and regulatory compliance could result in injuries, legal action, warranty claims, reputational damage and adverse effects on its business and financial performance
Risk
Depend on third-party technical personnel
The company relies on third-party technical personnel for installation and uses components sourced from third-party suppliers, exposing it to risks from improper installation, design defects, technical failures and substandard or malfunctioning products. Such issues could lead to warranty claims, customer complaints, repair or replacement costs, reputational damage and adverse effects on its business and financial performance
Risk
Cost overrun risks
The company’s solar projects are exposed to risks from inaccurate cost estimates, procurement delays, rising component prices and difficulties in coordinating multiple stakeholders, which may cause time and cost overruns. Unforeseen expenses related to project execution, approvals, permits and engineering activities could reduce project viability and adversely affect profitability
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 7.1 crore, of 680,400 shares. It also consists of a fresh issue of Rs 33.8 crore.
The promoters of the company are Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar and Khushboo Bhargav Vachhani.
The category allocation of qualified institutional buyers is 0.0%, the category allocation of non individual investors or high networth individuals is 50.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 104.0 - 104.0.
The IPO application opens on Sep 09, 2026 and closes on Sep 11, 2026.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 249,600.0, the maximum value for this IPO is Rs 249,600.0.
This IPO will be allotted on Sep 15, 2026.
The refund will be credited to your account on Sep 16, 2026.
The allotted shares will be credited to your demat on Sep 16, 2026.
Infrax Renewable Ltd.’s shares listed on the stock exchanges on Sep 17, 2026.