Infrax Renewable IPO Date, Review, Price, Allotment Details
Infrax Renewable IPO is a SME issue open from 9-11 Sept. The company is raising ₹41 Cr at a price band of ₹104 per share. One lot is 1,200 shares.
Grey market premium
₹0
Implied listing gain: ₹- (0.00%)
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
Infrax Renewable IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹1,24,800
1200 shares at the upper band of ₹104
Retail limit
1 lot
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~6 days
from the closing date to listing
Fresh issue share
78%
₹32 Cr of the ₹41 Cr issue
Revenue growth
+206.2%
31 Mar 2025 → 31 Mar 2026
Profit growth
+257.9%
PAT ₹2.85 Cr → ₹10.2 Cr
Net profit margin
10.9%
was 9.4% in 31 Mar 2025
Debt to equity
0.44
lower is safer
Return on equity
115.54%
ROE
Peer listing record
11 of 16 listed above issue price
median listing move +5.9%
Promoter holding
70.64% → 49.73%
diluted by 20.9 percentage points
Infrax Renewable is an SME issue raising ₹41 Cr, offered in a band of ₹104–₹104 per share. At the upper end that is 10.4 times the ₹10 face value, so ₹94 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.
A retail application for Infrax Renewable needs one lot of 1200 shares, which works out to ₹1,24,800 at the upper band of ₹104. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is 1 lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 9 lots.
For Infrax Renewable, bidding runs 9-11 Sept, allotment is finalised on 15 Sep 2026, the shares list on 17 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 4 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 6 days before listing decides what the holding is worth.
The issue is reserved 47.86% to non-institutional investors, 47.07% to retail. A 47.07% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹32 Cr of fresh capital (78%) and ₹7 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹30.48 Cr in 31 Mar 2025 to ₹93.33 Cr in 31 Mar 2026 (+206.2%), while profit after tax went from ₹2.85 Cr to ₹10.2 Cr (+257.9%). Profit grew faster than revenue, which points to operating leverage or a better cost mix rather than growth bought purely through volume.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 14.5. Comparing that with the multiple implied by this issue's ₹104–₹104 band is a more useful test of pricing than looking at the grey market premium alone.
Bigshare Services Pvt.Ltd. is the registrar for this issue, which means the allotment status for Infrax Renewable is published on their portal from 15 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
What looks good
- Profit is growing faster than revenue, suggesting improving operating efficiency.
- A debt-to-equity ratio of 0.44 points to a conservatively funded balance sheet.
- Return on equity of 115.54% is strong for the sector.
What to watch
- There is no grey market premium on this issue at present, which points to muted listing-day expectations.
- Promoter holding falls to 49.73% after the issue, below majority control.
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
| IPO Date | 9-11 Sept |
| Face Value | ₹10 Per Share |
| Price Range | ₹104 |
| Issue Size | ₹41 Cr |
| Lot Size | 1,200 Shares |
| Allotment Date | 15 Sep 2026 |
| Listing Date | 17 Sep 2026 |
| Registrar | Bigshare Services Pvt.Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 47.07% |
| QIB (Qualified Institutional Buyers) | |
| HNI (High Net Worth Individuals) | 47.86% |
IPO Details
| Total Issue Size | 39,31,200 shares (agg. up to ₹41 Cr) |
| Reserved for Market Maker | 1,99,200 shares (agg. up to ₹2 Cr)Shreni Shares Ltd. |
| Fresh Issue (Ex Market Maker) | 30,51,600 shares (agg. up to ₹32 Cr) |
| Offer for Sale | 6,80,400 shares of ₹10 (agg. up to ₹7 Cr) |
| Net Offered to Public | 37,32,000 shares (agg. up to ₹39 Cr) |
| Share Holding Pre Issue | 1,09,85,111 shares |
| Share Holding Post Issue | 1,42,35,911 shares |
IPO Timetable (Tentative)
| IPO Open | Wed, Sep 9, 2026 |
| IPO Close | Fri, Sep 11, 2026 |
| Allotment | Tue, Sep 15, 2026 |
| Refund | Wed, Sep 16, 2026 |
| Credit of Shares | Wed, Sep 16, 2026 |
| Listing | Thu, Sep 17, 2026 |
Issue Reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|
| NII (HNI) | 18,81,600 | 50.42% | 47.86% |
| Retail | 18,50,400 | 49.58% | 47.07% |
| Firm Reservations |
| Market Maker | 1,99,200 | | 5.07% |
| Total | 39,31,200 | 100.00% | 100.00% |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Individual investors (IND) (Min) | 2 | 2,400 | ₹2,49,600 |
| Individual investors (IND) (Max) | 2 | 2,400 | ₹2,49,600 |
| HNI (Min) | 3 | 3,600 | ₹3,74,400 |
Company Financials (Restated)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|
| Assets | 31.53 | 8.24 | 4.40 |
| Total Income | 93.33 | 30.48 | 9.66 |
| Profit After Tax | 10.20 | 2.85 | 0.96 |
| EBITDA | 14.56 | 4.50 | 1.76 |
| NET Worth | 15.77 | 1.89 | 1.40 |
| Reserves and Surplus | 14.52 | 0.89 | |
| Total Borrowing | 6.99 | 3.02 | |
| Amount in ₹ Crore |
Recently Listed IPOs in Civil Construction
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|
| Paluck Technologies Ltd. | SME | ₹33.00 Cr | ₹48 | 6.95 | ₹49.14 | +2.38% | ₹47.91 |
| Oneindig Technologies Ltd. | SME | ₹27.65 Cr | ₹96 | 18.53 | ₹126.00 | +31.25% | ₹134.05 |
| Leapfrog Engineering Services Ltd. | SME | ₹88.51 Cr | ₹23 | 15.19 | ₹23.10 | +0.43% | ₹22.50 |
| Safety Controls & Devices Ltd. | SME | ₹48.00 Cr | ₹80 | 12.3 | ₹78.99 | -1.26% | ₹62.42 |
| Srinibas Pradhan Constructions Ltd. | SME | ₹20.32 Cr | ₹98 | 9.15 | ₹104.40 | +6.53% | ₹150.00 |
| GRE Renew Enertech Ltd. | SME | ₹39.56 Cr | ₹105 | 15.72 | ₹91.20 | -13.14% | ₹165.55 |
| E to E Transportation Infrastructure Ltd. | SME | ₹84.22 Cr | ₹174 | 15.44 | ₹327.80 | +88.39% | ₹350.15 |
| Valplast Technologies Ltd. | SME | ₹28.09 Cr | ₹54 | 12.75 | ₹58.63 | +8.57% | ₹36.50 |
| Chiraharit Ltd. | SME | ₹31.07 Cr | ₹21 | 13.95 | ₹15.96 | -24.00% | ₹10.50 |
| Telge Projects Ltd. | SME | ₹27.24 Cr | ₹105 | 14.04 | ₹110.45 | +5.19% | ₹214.70 |
| Karbonsteel Engineering Ltd. | SME | ₹59.30 Cr | ₹159 | 12.47 | ₹194.35 | +22.23% | ₹109.25 |
| Annu Projects Ltd. | Mainboard | ₹175.06 Cr | ₹99 | 14.33 | ₹75.60 | -23.64% | ₹64.82 |
| Technocraft Ventures Ltd. | Mainboard | ₹251.88 Cr | ₹212 | 14.73 | ₹311.15 | +46.77% | ₹388.95 |
| Om Power Transmission Ltd. | Mainboard | ₹150.06 Cr | ₹175 | 21.13 | ₹193.38 | +10.50% | ₹170.31 |
| Solarworld Energy Solutions Ltd. | Mainboard | ₹490.00 Cr | ₹351 | 33.77 | ₹323.50 | -7.83% | ₹147.90 |
| GK Energy Ltd. | Mainboard | ₹464.26 Cr | ₹153 | 20.29 | ₹167.74 | +9.63% | ₹129.46 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|
| 1 | Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility | 12.29 |
| 2 | Funding working capital requirements of the Company | 17.00 |
| 3 | General corporate purposes | 2.03 |
| 4 | Issue Expenses | 3.00 |
| Total | 34.33 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 |
|---|
| ROE | 115.54% |
| ROCE | 63.89% |
| Debt/Equity | 0.44 |
| RoNW | 64.68% |
| PAT Margin | 10.94% |
| EBITDA Margin | 15.62% |
| NAV | 15.77 |
| Price to Book Value | 6.59 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 9.29 | 7.17 |
| P/E (x) | 11.19 | 14.5 |
| Market Cap at Offer Price | ₹114Cr. | ₹148.05 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 70.64% | 49.73% |
| Public | 29.36% | 50.27% |
| Total | 100% | 100% |
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|
| Bhargv Ashvinbhai Vachhani | Promoter | 5,10,400 | 5.31 |
| Gandhi Bhavik Tarunkumar | Promoter | 1,70,000 | 1.77 |
| Total | | 6,80,400 | 7.08 |
IPO Details
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|
| 1 | Lead Manager fees including underwriting commission | 2.55 |
| 2 | Brokerage, selling, commission and upload fees | 0.01 |
| 3 | Registrar to the Offer | 0.02 |
| 4 | Legal Advisors | 0.04 |
| 5 | Advertising expenses | 0.06 |
| 6 | Regulators including stock exchanges | 0.07 |
| 7 | Printing and distribution of offer stationery | 0.01 |
| 8 | Market making fees | 0.15 |
| 9 | Depositories fees | 0.03 |
| 10 | Secretarial fees | 0.01 |
| 11 | Peer review fees | 0.04 |
| 12 | UPI Bids | 0.01 |
| 13 | PAN Validation and NSM Comission | 0.01 |
| Total | 3.00 |
About Infrax Renewable
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.
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.
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.
Infrax Renewable IPO — common questions
What is Infrax Renewable IPO?
Infrax Renewable IPO is a SME issue open from 9-11 Sept. The company is raising ₹41 Cr at a price band of ₹104 per share. One lot is 1,200 shares.
When does Infrax Renewable IPO open and close?
The issue is open 9-11 Sept. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Infrax Renewable IPO price band?
The price band is ₹104 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Infrax Renewable IPO lot size?
The minimum application is 1,200 shares, and bids must be in multiples of that lot.
What is the Infrax Renewable IPO issue size?
The total issue size is ₹41 Cr.
How is Infrax Renewable IPO reserved between investor categories?
The issue is reserved as retail 47.07%, HNI 47.86%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Infrax Renewable IPO allotment date?
Basis of allotment is expected to be finalised on 15 Sep 2026. You can check your status on the registrar's website (Bigshare Services Pvt.Ltd.) using your PAN.
When does Infrax Renewable IPO list?
Listing is expected on 17 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
