Infrax Renewable IPO
Infrax Renewable LtdSME
This IPO has listed.
- Open date
- 9 Sep 2026
- Close date
- 11 Sep 2026
- Min. Investment
- ₹2,49,600
- Lot Size
- -
- Fresh Issue
- ₹33.81 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Completed: IPO open date9 Sep 2026
- Completed: IPO close date11 Sep 2026
- Completed: Allotment date15 Sep 2026
- Completed: Funds unblock or debit16 Sep 2026
- Completed: Tentative listing date17 Sep 2026
About
Promoter shareholding in Infrax Renewable Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Bhargv Ashvinbhai Vachhani | 47,60,000 | 43.33% | 42,49,600 | 29.85% |
| Gandhi Bhavik Tarunkumar | 19,20,000 | 17.48% | 17,50,000 | 12.29% |
| Khushboo Bhargav Vachhani | 7,60,000 | 6.92% | 7,60,000 | 5.34% |
| Ashwinbhai Gordhanbhai Vachhan | 2,40,000 | 2.18% | 2,40,000 | 1.69% |
| Gandhi Maya Bhavik | 80,000 | 0.73% | 80,000 | 0.56% |
Infrax Renewable IPO Strengths & Risks
- Established track record for execution of solar EPC solutions.
- Strong relationship with customers.
- Wide range of our products.
- Financial Stability Through the PPA Model.
- Established relationship with suppliers.
- Dealership network and presence in across various states.
- Strategic location of our warehouses and branch offices.
- Risks Relating to the Business: The company's business is dependent on the continued availability of government policies, subsidies, incentives and other support mechanisms applicable to the solar sector. Any withdrawal, reduction, delay, adverse regulatory development or unfavourable modification of such policies, subsidies or incentives may adversely affect demand for its products and services, impact profitability, and consequently have a material adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company depends on its dealers for a significant portion of the company's revenue, and any decrease in revenues or sales from any one of its dealers may adversely affect the company's business and results of operations.
- Risks Relating to the Business: The company generates its major portion of turnover from the company operations in certain geographical regions and any adverse developments affecting its operations in these regions could have an adverse impact on the company's revenue and results of operations.
- Risks Relating to the Business: The company's business is dependent on the sale of its products and providing rooftop and ground-mounted solar projects services to certain key customers. The loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The Company is dependent on limited number of suppliers, within limited geographical locations for procurement of raw materials and solar products. Any delay, interruption or reduction in the supply of products required for its services may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The Restated Financial Statements have been provided by Peer Reviewed Chartered Accountants who is not Statutory Auditor of the Company.
- Risks Relating to the Business: The company does not own the registered office and warehouses from which its carry out the company's business activities. In case of nonrenewal of rent agreements or dispute in relation to use of the said premises, its business and results of operations can be adversely affected.
- Risks Relating to the Business: Any delay in setting up the proposed manufacturing facility may also result in delays in procurement and installation of machineries and equipments. Further, any cost or time overruns in relation thereto may adversely affect the implementation of the company's manufacturing operations and could have a material adverse effect on its business, financial condition, results of operations and growth prospects.
- Risks Relating to the Business: The Company is yet to place orders for the machinery from outside India for the setting up the manufacturing facility. Any delay in placing orders or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of commencing operations.
- Risks Relating to the Business: The company is required to obtain certain approvals, licenses, registrations and permissions for operating its business, and any delay or failures to obtain, renew or maintain necessary such approvals, licenses, registrations and permissions would adversely affect the operation of the company's projects.
- Risks Relating to the Business: The company operations may be adversely affected if the long-term lease arrangement for the land on which its machineries and equipments are proposed to be installed is terminated or not renewed.
- Risks Relating to the Business: The company operations requires a significant amount of working capital. Any inability to meet its working capital requirements may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The Company had negative cash flows in the past years, details of which are given below. Sustained negative cash flow could impact its growth and business.
- Risks Relating to the Business: The company's inability to protect or use its intellectual property rights may adversely affect the company's business
- Risks Relating to the Business: The company is exposed to risks associated with fluctuations in the prices and availability of solar products (i.e., Solar PV (Photovoltaic) Modules, solar panels, Solar PV Inverters and other solar products) procured from third-party suppliers. Any increase in procurement costs, supply chain disruptions or shortage of components may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company's rooftop residential solar projects and ground-mounted solar projects are subject to project execution and operational risks, including accidents, fire hazards, electrical failures and workforce-related incidents, which may result in liabilities, penalties, project delays and reputational harm.
- Risks Relating to the Business: Any defects, underperformance, design errors, technical failures, quality issues or improper installations of solar products supplied or installed by the company may expose it to warranty claims, customer complaints, reputational damage and additional costs, which could adversely affect the company's business and financial conditions.
- Risks Relating to the Business: The company's business may be affected by seasonal and environmental conditions, and a significant portion of its revenues may be generated during certain periods of the year. Any disruption during such periods may adversely affect the company's project execution, revenue generation, profitability and results of operations.
- Risks Relating to the Business: The company's business requires significant working capital, a substantial portion of which is invested in inventories and trade receivables. Any inability to effectively manage the increased levels of inventories and trade receivables may adversely affect its liquidity, cash flows, financial condition and results of operations.
- Risks Relating to the Business: Certain of the company's lease and leave and licence agreements may be inadequately stamped or not registered, which may affect its ability to enforce the company's rights under such agreements.
- Risks Relating to the Business: There are certain discrepancies and non-compliances noticed in some of the company's financial reporting and/or records relating to filing of returns and deposit of statutory dues with the taxation and other statutory authorities.
- Risks Relating to the Business: The company may not be able to sustain the growth in its Revenue from Operations and Profit After Tax, which may adversely affect the company's financial performance and business prospects.
- Risks Relating to the Business: Independent Power Producer (IPP) activities through execution of Power Purchase Agreements (PPAs) with Paschim Gujarat Vij Company Limited (PGVCL) for generation and sale of electricity to PGVCL have commenced from February 2026 may or may not generates revenue, which could adversely affect the profitability, financial condition and business of the Company.
- Risks Relating to the Business: There are certain discrepancies/errors/delay filings noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate or any other law could impact the financial position of the Company to that extent.
- Risks Relating to the Business: The Company may be subject to inspections, detentions or other proceedings by GST authorities, which may adversely affect its business and cash flows.
- Risks Relating to the Business: The Company has entered into related party transactions in the past and may continue to enters into related party transactions in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Risks Relating to the Business: The company's business is significantly dependent on the demand for solar services and solar products. Any reduction in demand due to changes in customer preferences, economic slowdown, increased competition or availability of financing may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company has certain outstanding litigation against it, an adverse outcome of which may adversely affect the company's business, reputation and results of operations.
- Risks Relating to the Business: Orders in the company order book may be delayed, modified, cancelled or may not be executed in full, which could adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company may experience working capital constraints due to the time gap between procurement of solar products, execution of projects and receipt of payments from customers. Any inability to effectively manage its working capital requirements may adversely affect the company operations and growth prospects.
- Risks Relating to the Business: The company's business is exposed to risks associated with technological advancements in the solar industry. Failures to adopt new technologies, products or evolving industry standards may adversely affect its competitiveness and business prospects.
- Risks Relating to the Business: The company is exposed to risks associated with time and cost overruns, delays or under-estimations of its costs of construction, which may affect the economic viability of the company's solar projects.
- Risks Relating to the Business: The company may incur unforeseen costs, liabilities or obligations when providing O&M services which could materially and adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company's success will depends on its ability to attract and retain the company's key managerial personnel (KMP), sales and marketing team and technical - maintenance team. Failures to do so may have a material adverse effect on its business, financial condition and results of operations.
- Risks Relating to the Business: The company's cash flows can be affected due to fluctuation in the interest rates of the borrowings availed by the company, impacting its ability to fund growth initiatives or manage existing debt.
- Risks Relating to the Business: The company is required to comply with certain restrictive covenants under its financing agreements. Any noncompliance may lead to, amongst others, suspension of further drawdowns, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: One of the company's Promoters, Bhargv Ashvinbhai Vachhani, does not hold any professional degree or qualification.
- Risks Relating to the Business: The company's business is subject to environmental conditions, seasonal fluctuations and natural calamities that may have an adverse impact on its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Certain of the Company's consultant arrangements may not be fully formalised or may not contain all standard contractual provisions.
- Risks Relating to the Business: The company is subject to data privacy and information security requirements, and any failures to protect customers, dealers information or comply with applicable laws may expose it to liabilities and adversely affect the company's business and reputation.
- Risks Relating to the Business: Certain experience details of the Company Secretary and Compliance Officer are not traceable and has not been included in this Prospectus.
- Risks Relating to the Business: The company has not commissioned an industry report for the disclosures made in the chapter titled `Industry Overview' and made disclosures on the basis of the data available on the internet and such data has not been independently verified by the company.
- Risks Relating to the Business: The company's business and operations would suffer in the event of computer system failures, cyber-attacks or deficiencies in its cyber-security.
- Risks Relating to the Business: The company operations in the renewable energy industry are subject to numerous environmental, health and safety laws and regulations. Violations of those laws and regulations may result in fines, ceasing of project operations or even criminal sanctions and injunctions.
- Risks Relating to the Business: Changing laws, rules and regulations and legal uncertainties, including adverse application of corporate and tax laws, may adversely affect the company's business, cash flows, prospects and results of operations.
- Risks Relating to the Business: The company's insurance coverage may not be sufficient or may not adequately protect it against all material hazards, which may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: Changing laws, rules and regulations and legal uncertainties, including adverse application of corporate and tax laws, may adversely affect the company's business, cash flows, prospects and results of operations.
- Risks Relating to the Business: Significant differences exist between Indian GAAP and other accounting principles, such as US GAAP and IFRS, which may be material to investors assessments of the Company's financial condition. Its failures to successfully adopt IFRS may have an adverse effect on the price of the company's Equity Shares. The proposed adoption of IFRS could result in its financial condition and results of operations appearing materially different than under Indian GAAP.
- Risks Relating to the Business: In addition to normal remuneration, other benefits and reimbursement of expenses, some of the company's directors (including its Promoters) are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- Risks Relating to the Business: Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: After the completion of the Offer, the company's Promoters along with the Promoter Group will continue to control the Company.
- Risks Relating to the Business: The company operations are human capital intensive and its operations may be materially adversely affected by strikes, work stoppages or increased salary demands by the company's employees.
- Risks Relating to the Business: The company has issued Equity Shares during the preceding twelve months at a price which may be below the Offer Price.
- Risks Relating to the Business: If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company's financial risks. Despite its internal control systems, the company may be exposed to operational risks, including fraud, petty theft and embezzlement, which may adversely affect its reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- Risks Relating to the Business: The funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and the company's management will have broad discretion over the use of the Net Proceeds.
- Risks Relating to the Business: The company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholders will receive the net proceeds from the Offer for Sale.
- Risks Relating to the Business: The Company is not having any exact comparable Indian peer which have similar business to the Company.
- Risks Relating to the Business: The company has presented certain supplemental information of its performance and liquidity which is not prepared under or required under AS.
- Risks Relating to the Business: Pursuant to listing of the Equity Shares, its may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchange in order to enhance market integrity and safeguard the interest of investors.
- Risks Relating to the Business: The company's directors does not have experience of being a director of a public listed company.
