Infrax Renewable Limited
smelistedAbout the company
Infrax Renewable is an ISO 9001:2015 certified solar power company operating in three main business segments. These are: EPC Services: Rooftop residential and ground-mounted commercial solar power plants, including design, installation and O&M services; Trading: Sales of solar PV panels, inverters and other components; and IPP (Independent Power Producer): 1.2 MW solar power plant at Bhadla, Jasdan, Rajkot, supplying power to PGVCL on the basis of long-term PPA. The company's order backlog as of August 20, 2026, was represented by 3,100 projects totalling ₹62.44 crore. The number of dealers grew substantially from 720 dealers in FY24 to 2,830 dealers in FY26. During the last three financial years, the company managed to install and commission 5,708 rooftop and ground-mounted solar projects, with the total value of projects being more than ₹87.44 crore. The number of rooftop solar projects installed increased from 664 projects in FY24 to 3,078 projects in FY26. Residential rooftop solar energy systems constituted 50.04%, solar product sales constituted 41.52%, and commercial ground-based solar installations constituted 8.44% of the revenue for FY26. Based on customer classification, consumer business contributed 58.48% in FY26, compared to FY24, where consumer business accounted for 96.15% of revenue, while business-to-business operations contributed 41.52% of the revenue in FY26. Region-wise, the company has a strong presence in Gujarat state, which constituted 97.41% of revenue in FY26, with a very small contribution from other states such as Uttar Pradesh, Madhya Pradesh, Rajasthan, and Telangana.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 09 Sep | ₹0 | ₹104 | 0 |
| 08 Sep | ₹0 | ₹104 | 0 |
| 07 Sep | ₹0 | ₹104 | 0 |
| 06 Sep | ₹0 | ₹104 | 0 |
| 05 Sep | ₹0 | ₹104 | 0 |
| 04 Sep | ₹0 | ₹104 | 0 |
Strengths
- Established track record in executing solar EPC projects
- Presence across rooftop and ground-mounted solar projects
- Wide range of solar products, including PV modules and inverters
- Diversified business model combining EPC, product supply and power generation
- Long-term PPA model provides relatively stable revenue visibility
- Growing revenue and profitability performance
- Exposure to the expanding renewable energy and solar power market
Risks
- Limited operating history as a recently incorporated company
- Dependence on customers for EPC orders and project execution
- Solar EPC business can face intense competition and pricing pressure
- Dependence on suppliers for solar modules, equipment and other components
- Project delays or cost overruns could affect profitability
- Renewable power generation is exposed to weather and plant-performance risks
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed09 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed11 Sept 2026Last day to place your bid
Basis of Allotment
Completed15 Sept 2026Share allotment finalised
Refund Initiation
Completed16 Sept 2026Refunds credited for non-allottees
Credit to Demat
Completed16 Sept 2026Allotted shares credited to demat account
Listing on Exchange
Completed17 Sept 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹124,800 | 1 | ₹124,800 | 1 lot only |
| HNI | 2 | 2400 | ₹249,600 | 2 | ₹249,600 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,971,154 | 20.5 | 0 | 0.00x | 100% |
| NII | 15% | 591,346 | 6.15 | 5,913 | 0.01x | 100% |
| Retail | 35% | 1,379,808 | 14.35 | 220,769 | 0.16x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
