Infrax Renewable Ltd IPO
Infrastructure Developers & Operators
Price Band
₹104 – ₹104
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹249600
Issue Size
₹40.88Cr
Opens
2026-09-09
Closes
2026-09-11
Listing
17-09-2026
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1YC401018
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Infrax Renewable Limited is an ISO 9001:2015 certified company engaged in solar engineering, procurement and construction (EPC) services, solar product distribution and independent power producer (IPP) activities. Its EPC services include the design, engineering, procurement, installation, testing, commissioning, and operation and maintenance of rooftop and ground-mounted solar projects. The company also supplies solar PV modules, inverters, and related solar products through authorised dealers and direct sales. The company operates a solar power plant at Bhadla (Jasdan), Gujarat, and sells electricity to Paschim Gujarat Vij Company Limited under a power purchase agreement. It is also empanelled as a national vendor under government-sponsored schemes, including the PM Surya Ghar: Muft Bijli Yojana. As of FY26, it operated three warehouses and had branch offices across four states.
Pros
- • The company claims to have executed 5,708 rooftop residential and ground-mounted solar projects over the last three financial years, with an aggregate project value exceeding Rs 87.44 crore. As of FY26, its ongoing order book comprised 1,756 projects worth Rs 35.83 crore, of which Rs 2.97 crore in revenue had been recognised by June 18, 2026. The company claims to manage projects through in-house civil and electrical engineers and provides services from site assessment and design to installation, commissioning, and maintenance.
- • The company claims to offer a diversified portfolio comprising turnkey solar EPC solutions, solar PV modules, solar PV inverters, and related products. It states that this range enables it to cater to diverse customer requirements across rooftop and ground-mounted solar projects. The company further claims that its distribution and service network supports wider market reach and customer acquisition across multiple solar segments.
- • The company claims that its IPP business provides an additional source of recurring revenue. It has stated that its solar power plant supplies electricity under a power purchase agreement (PPA) with Paschim Gujarat Vij Company Limited. According to the company, this model supports relatively stable cash flows alongside its EPC and solar product businesses and may provide financial flexibility for future expansion.
Cons
- • The company's solar EPC and product businesses depend on government policies, subsidies, incentives, and regulatory support for the solar sector. Any withdrawal, reduction, or delay in these support mechanisms, or unfavourable changes in net-metering, grid connectivity, and project approval regulations, could reduce demand for solar projects and affect profitability.
- • The company relies significantly on its dealer network for lead generation, customer acquisition, and market expansion. Its dealer network increased from 720 dealers in FY24 to 2,022 in FY25 and 2,830 in FY26. Dealer losses, difficulty recruiting reliable replacements, or dealers shifting to competitors offering better commercial terms could affect sales and customer acquisition. This dependence could be particularly significant in locations where the company has limited alternative dealer coverage.
- • The company’s operations are geographically concentrated, particularly in Gujarat. Revenue from Gujarat stood at Rs 90.80 crore in FY26, accounting for 97.41% of revenue from operations, compared with Rs 30.47 crore in FY25 and Rs 9.65 crore in FY24, both representing 100% of revenue. The company states that this concentration increases its exposure to regional economic, regulatory, and competitive developments.
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