Incorporated in September 2024, Infrax Renewable Limited is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. The company also supplies a wide range of solar products, including solar PV modules, inverters, and related equipment, and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL.
Business Operations:
- EPC Services: They provide end-to-end solar EPC services, including project design, engineering, procurement, installation, testing, commissioning, O&M, and regulatory assistance. Our projects include rooftop solar projects for residential customers and ground-mounted projects for commercial customers.
- Independent Power Producer (IPP) They operate as an Independent Power Producer by generating and selling electricity to Paschim Gujarat Vij Company Limited (PGVCL) under a 25-year Power Purchase Agreement. In 2026, we commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, Rajkot, Gujarat.
- Sale of Solar Products They also supply various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. Our PV modules include both polycrystalline and monocrystalline panels, sourced domestically and internationally.
The company offers end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance (O&M) services. It serves customers across residential, commercial, and industrial segments through an extensive dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana. Infrax currently operates warehouses in Rajkot, Ahmedabad, and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh, with services supplied across multiple Indian states.
As of March 31, 2026, the team comprised 52 permanent employees.
Competitive Strengths:
- Proven track record in executing solar EPC projects.
- Diversified business model with EPC, solar product distribution, and IPP operations.
- Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana.
- Strong customer, supplier, and dealer network across multiple states.
- Strategic warehouse and branch office presence supporting efficient project execution.
- ISO 9001:2015 certified quality management system.
- Plans for backward integration through in-house solar component manufacturing and recycling.
- Experienced promoter team with over 17 years of industry experience.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility | ₹12 |
| Funding working capital requirements of the Company | ₹17 |
| General corporate purposes | ₹2 |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 32 | 8 | 4 |
| Revenue | 4 | 30 | 10 |
| PAT | 10 | 3 | 1 |
| EBITDA | 15 | 5 | 2 |
| Net Worth | 16 | 2 | 1 |
| Reserves | 15 | 1 | — |
| Total Borrowing | 7 | 3 | — |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| NII / HNI | 1.39 | 1,850,400 | 2,577,600 |
| Retail (RII) | 1.90 | 1,881,600 | 3,566,400 |
| Market Maker | — | 199,200 | — |
| Total | 2.05 | 3,732,000 | 7,633,200 |
* Amount calculated at upper price band (₹104) · ** Total includes all investor categories
- 1 Initiation of Refund 16 Sep 2026
- 2 Credit of Shares to Demat 16 Sep 2026
- The IPO P/E of 15x reflects a strong valuation relative to typical market ranges.
- Pre-issue EPS of ₹9 compares to post-issue EPS of ₹7 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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