Infrax Renewable Limited IPO
Infrax Renewable Limited IPO closed on 11 Sept 2026. Allotment 15 Sept 2026, listing 17 Sept 2026. Price band ₹104–₹104, lot 1200 shares, GMP +₹0 (0%). Track allotment on Allotly.
| Status | Closed |
|---|---|
| Category | SME · BSE |
| Price band | ₹104–₹104 |
| Lot size | 1200 shares |
| Minimum investment | ₹2,49,600 |
| Issue size | ₹40.88 Cr |
| GMP | +₹0 (0%) |
| Open date | 9 Sept 2026 |
| Close date | 11 Sept 2026 |
| Allotment date | 15 Sept 2026 |
| Listing date | 17 Sept 2026 |
| Registrar | Bigshare Services Pvt Ltd |
About Infrax Renewable Limited
Infrax Renewable is engaged in the solar energy sector, providing comprehensive Engineering, Procurement, and Construction (EPC) services for rooftop and ground-mounted solar projects. The company manages the entire project lifecycle, including design, procurement, installation, and operation and maintenance. Alongside its EPC operations, Infrax generates revenue by supplying and distributing various solar products, such as photovoltaic modules and inverters. The business also operates as an Independent Power Producer, generating and selling electricity through its own solar power plant in Jasdan, Gujarat, under Power Purchase Agreements with Paschim Gujarat Vij Company. To further strengthen its supply chain and margins, the company is expanding its operations through backward integration to manufacture solar panel mounting structures and frames, alongside establishing a solar panel…
Strengths
- Diversified presence across solar EPC, product distribution, and IPP operations.
- Extensive market reach supported by a growing network of 2,830 local dealers.
- Solid execution pipeline backed by an active order book of 1,756 solar projects.
- Strategic expansion into in-house manufacturing of solar frames and mounting structures.
- Comprehensive capabilities for managing solar projects from initial design to final commissioning.
Risks
- High geographic concentration with 97.41% of FY26 revenue generated solely in Gujarat.
- Business viability relies heavily on continued government solar policies and subsidies.
- Dependent on limited third-party component suppliers without long-term procurement contracts.
- Lacks formalized and comprehensive contractual agreements with certain operational dealers.
- Vulnerable to project execution delays, operational hazards, and severe weather disruptions.