Himalayan Solar

About the Company

Himalayan Solar provides integrated turnkey solar energy solutions, specializing in the design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. The company also offers solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As an empanelled solar partner with several state government departments in India, it generates revenue primarily through orders and government project contracts, having executed over 85,000 HP capacity of Solar Water Pumping Systems. The company operates a manufacturing facility in Karnal, Haryana, covering an area of approximately 25,000 square feet, which produces Mono PERC Solar PV Modules. It serves government departments, contractors, and private customers across India through its dealer network. The company proposes to expand and upgrade its manufacturing capacity to 160 MW per annum using issue proceeds.

Strengths

• Established empanelment as a solar partner with state government departments.
• Executed over 85,000 HP capacity of solar water pumping systems.
• Integrated turnkey capability spanning design, manufacturing, supply, and installation.
• In-house facility producing high-efficiency Mono PERC solar PV modules.
• Strong pending order book position providing clear revenue visibility.

Risks

• Revenue heavily depends on a limited number of major government customers.
• Significant geographical revenue concentration in Haryana.
• Business relies on government schemes, incentives, and direct customer subsidies.
• Vulnerable to rapid technological shifts and changing module efficiency regulations.
• Past negative cash flows from operating activities.