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Sun, 25 Oct 2026
10:41:36 am
Sun, 25 Oct 2026
10:41:36 am
Rudransh Sangwan
Published at: September 9, 2026, 6:41 AM
Synopsis
Infrax Renewable IPO is open from September 9 to 11 at ₹104 per share. Check the latest GMP, ₹2.50 lakh minimum investment, subscription, listing date and IPO review.
Infrax Renewable SME IPO is a ₹40.88 crore issue that opened for subscription on September 9, 2026, and will close on September 11, 2026. The SME IPO has a price of ₹104 per share, a lot size of 1,200 shares, and a minimum investment of ₹2,49,600.
The latest Infrax Renewable SME IPO GMP is ₹0 as of September 9, 2026, at 10:34 AM. At the issue price of ₹104, the estimated listing price is ₹104, indicating a 0% premium. The GMP is unofficial and may change before listing.
| IPO Metric | Details |
|---|---|
| IPO Dates | September 9 to September 11, 2026 |
| Price | ₹104 per share |
| Lot Size | 1,200 shares |
| Minimum Application | ₹2,49,600 |
| Issue Size | ₹40.88 crore |
| Primary Issue | ₹33.81 crore |
| Offer for Sale | ₹7.08 crore |
| Issue Type | SME |
| Listing | BSE SME |
| Tentative Listing Date | September 17, 2026 |
The Infrax Renewable SME IPO GMP today is ₹0 as of September 9, 2026, at 10:34 AM. With the issue price at ₹104, the estimated listing price is ₹104, indicating an expected gain or loss of 0%.
The GMP has remained unchanged at ₹0 during the last six sessions, showing no major movement in grey-market sentiment. Since GMP is based on unofficial grey-market activity, it should not be considered a guarantee of the actual listing price.
| GMP Date | IPO Price | GMP | Subscription | Est. Listing Price | Est. Profit | Last Updated |
|---|---|---|---|---|---|---|
| September 9, 2026 | ₹104 | ₹0 ─ | 0.01x | ₹104 (0.00%) | ₹0 | 9-Sep-2026 10:34 |
| September 8, 2026 | ₹104 | ₹0 ─ | — | ₹104 (0.00%) | ₹0 | 8-Sep-2026 23:28 |
| September 7, 2026 | ₹104 | ₹0 ─ | — | ₹104 (0.00%) | ₹0 | 7-Sep-2026 23:33 |
| September 6, 2026 | ₹104 | ₹0 ─ | — | ₹104 (0.00%) | ₹0 | 6-Sep-2026 23:32 |
| September 5, 2026 | ₹104 | ₹0 ─ | — | ₹104 (0.00%) | ₹0 | 5-Sep-2026 23:28 |
| September 4, 2026 | ₹104 | ₹0 ─ | — | ₹104 (0.00%) | ₹0 | 4-Sep-2026 23:34 |
Estimated profit/loss per lot = GMP × 1,200 shares.
The Infrax Renewable SME IPO subscription stood at 0.01 times on September 9, 2026, at 10:34 AM. The available GMP data indicates that investor interest was still limited at the time of the update.
The grey-market trend has also remained flat, with the GMP at ₹0 throughout the six-session period shown above. Investors may therefore watch the subscription figures closely as the IPO moves through its remaining bidding days.
The Infrax Renewable IPO has a lot size of 1,200 shares, with each share priced at ₹104. This makes the minimum application size ₹2,49,600, placing the issue in the SME IPO category with a relatively high minimum investment.
The IPO comprises a ₹33.81 crore primary issue and a ₹7.08 crore offer for sale, taking the total issue size to ₹40.88 crore.
Infrax Renewable Limited was originally formed as the partnership firm Infrax International in April 2019 and was converted into a company in 2024. Based in Malviyanagar, Rajkot, Gujarat, the company provides solar engineering, procurement and construction services for rooftop and ground-mounted solar projects.
The company also supplies solar photovoltaic modules, inverters and related products and operates as an independent power producer through its solar plant at Bhadla, Jasdan. It had an order book of ₹35.83 crore across 1,756 projects as of May 31, 2026.
Infrax Renewable reported strong growth in revenue and profitability between FY24 and FY26. Revenue from operations increased from ₹9.65 crore in FY24 to ₹93.21 crore in FY26, while PAT increased from ₹0.96 crore to ₹10.20 crore.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | ₹93.21 Cr | ₹30.47 Cr | ₹9.65 Cr |
| Other Income | ₹0.12 Cr | ₹0.01 Cr | ₹0.01 Cr |
| Total Income | ₹93.33 Cr | ₹30.48 Cr | ₹9.66 Cr |
| YoY Growth | 206.25% | 215.40% | — |
| Cost of Service | ₹39.62 Cr | ₹18.60 Cr | ₹7.04 Cr |
| Purchases of Stock-in-Trade | ₹38.06 Cr | ₹7.07 Cr | ₹1.30 Cr |
| Changes in Inventories | (₹2.48 Cr) | (₹0.76 Cr) | (₹0.95 Cr) |
| Employee Benefits Expense | ₹1.41 Cr | ₹0.36 Cr | ₹0.17 Cr |
| Finance Cost | ₹0.78 Cr | ₹0.21 Cr | ₹0.25 Cr |
| Depreciation & Amortisation | ₹0.11 Cr | ₹0.02 Cr | ₹0.01 Cr |
| Other Expenses | ₹2.04 Cr | ₹0.70 Cr | ₹0.34 Cr |
| Total Expenditure | ₹79.55 Cr | ₹26.20 Cr | ₹8.15 Cr |
| Profit Before Tax | ₹13.79 Cr | ₹4.27 Cr | ₹1.51 Cr |
| Total Tax Expense | ₹3.58 Cr | ₹1.42 Cr | ₹0.56 Cr |
| Profit After Tax | ₹10.20 Cr | ₹2.85 Cr | ₹0.96 Cr |
| PAT YoY Growth | 257.72% | 197.81% | — |
| Basic / Diluted EPS | ₹10.86 | ₹3.56 | ₹1.20 |
The company plans to use the IPO proceeds for capital expenditure, working capital requirements and general corporate purposes. A major portion is proposed for machinery and equipment for a planned manufacturing facility.
| Issue Objective | Amount |
|---|---|
| Capital expenditure for machinery and equipment | ₹12.29 Cr |
| Working capital requirements | ₹17.00 Cr |
| General Corporate Purposes | ₹2.03 Cr |
The planned manufacturing facility could support the company's expansion, while the working capital allocation is intended to support its ongoing operations.
Infrax Renewable operates across solar EPC, solar-product trading and independent power producer activities, giving it multiple revenue streams across the solar value chain. Its solar power plant also provides a recurring revenue stream alongside its project-based EPC business.
The company had an order book of ₹35.83 crore across 1,756 projects as of May 31, 2026. The research report also highlights its customer, supplier and dealer relationships, multiple warehouses and exposure to India's growing renewable-energy and rooftop solar market.
A key risk is geographical concentration, with Gujarat accounting for 97.41% of FY26 revenue. The company also has supplier concentration, with its top 10 suppliers contributing 65.86% of FY26 purchases, while the absence of long-term supply agreements creates procurement and supply-chain risks.
The company also reported negative operating cash flow of around ₹3 crore in FY26 despite PAT of ₹10.20 crore. Inventory more than doubled to ₹12.72 crore, while borrowings increased from nil in FY24 to ₹6.99 crore in FY26.
The research report puts the Infrax Renewable IPO P/E ratio at 14.5x, compared with a peer average P/E of 24.42x. It also highlights a strong two-year revenue CAGR of 210.79% and a PAT CAGR of 226.42% between FY24 and FY26.
However, the report notes that negative FY26 operating cash flow and low investor sentiment remain key concerns. Its overall assessment is “May Subscribe” with a medium-term view, while investors are advised to monitor cash-flow generation and financial performance.
The Infrax Renewable IPO offers exposure to solar EPC, solar-product trading and IPP activities, along with a planned manufacturing expansion. The company has also delivered significant revenue and PAT growth over FY24-FY26.
At the same time, geographical concentration, supplier dependence, negative operating cash flow, rising inventory and increasing borrowings are important factors to consider. The analyst report gives the IPO a “May Subscribe” rating for investors with a medium-term view.
Infrax Renewable SME IPO is a ₹40.88 crore SME issue priced at ₹104 per share, with a lot size of 1,200 shares.
The latest Infrax Renewable IPO GMP is ₹0 as of September 9, 2026, at 10:34 AM.
Based on the current GMP of ₹0 and the issue price of ₹104, the estimated listing price is ₹104.
The Infrax Renewable IPO lot size is 1,200 shares.
The minimum investment is ₹2,49,600 for one lot of 1,200 shares at ₹104 per share.
The Infrax Renewable SME IPO closes on September 11, 2026.
Infrax Renewable shares are scheduled to list on September 17, 2026.
The research report gives Infrax Renewable IPO a “May Subscribe” rating with a medium-term view.
Disclaimer: IPO GMP is based on unofficial grey-market activity and is indicative only. It does not guarantee the actual listing price or returns. The research report itself states that its contents should not be used as the sole basis for an investment decision.
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