Infrax RenewableShare price, financial results, shareholding and management
- Market cap
- ₹215 cr
- Stock P/E
- 21.5peers 17.7
- Book value
- ₹11.2
- Price to book
- 13.50
- EV / operating profit
- -
- Market cap to sales
- 2.31
- ROCE · FY26
- 107.1%
- ROE · FY26
- 111.1%
- ROE, 3-year average
- 155.6%
- Operating margin · FY26
- 16.0%peers 13.4%
- Sales growth, 3 years
- +210.0%
- Profit growth, 3 years
- +233.3%
- Debt to equity
- 0.44peers 0.37
- Borrowings
- ₹7 cr
- Interest cover
- 15.0×
- Cash from business / op. profit
- -20%
- Debtor days
- 45
- Pledged
- 0.00%
- Promoter holding
- 49.73%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,103
- 52-week high / low
- ₹188 / ₹99
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Infrax Renewable share price chart
Close on 6 Nov 2026 · +5.00% on the day · Vol 88,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +24.8%
- Traded a day, 20 days
- ₹1.21 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +210% | +233% |
| 3 years, a year | - | - |
About Infrax Renewable: business, products and customers
Infrax Renewable puts solar panels on the roofs of homes in Gujarat, builds a few larger solar plants on open land, and sells solar panels and parts to other solar firms. Its shares trade on BSE SME.
Infrax Renewable began in Rajkot in 2019 as a partnership firm called Infrax International and became a public limited company in September 2024. Most of its work is rooftop solar for households: it designs the system, buys the panels and parts, arranges loans through banks and NBFCs, files for the government subsidy under the PM Surya Ghar scheme, and has the system fitted, mostly by its dealers or hired third parties. It also builds ground mounted plants for business customers, and in 2026 started its own small plant at Bhadla near Jasdan that sells power to the state distributor PGVCL under a long agreement.
The mix matters for the numbers. A rooftop job for a homeowner carries design, paperwork and installation, while the trade in loose panels, inverters and cables to other solar companies passes material through with less work added; that trade grew from a small slice of sales to about two fifths in FY26, which pulls the margin down. Because the company owns no factory and buys everything from suppliers, mostly in Gujarat, its costs follow panel prices, and growth ties up cash in stock and in money owed by customers before it is paid.
Read more about the business
Almost all sales are still in Gujarat, sold through a dealer network that has grown fast, with warehouses in Rajkot, Ahmedabad and Kanpur and branch offices in Gujarat, Maharashtra, Madhya Pradesh and Uttar Pradesh. The company plans its first manufacturing unit near Rajkot, on leased land at Chhapara in Lodhika, for solar panel recycling with silver recovery, mounting structures and panel frames, paid for partly from the issue money.
The offer document compares the company with three listed solar companies: Acme Solar Holdings, Alpex Solar and Solarium Green Energy. It describes the solar EPC trade as crowded and fragmented, with some rivals larger and better funded.
From the offer document (Prospectus, September 2026).
Read the deeper study ↓In its favour
- Sales have grown very fast: 210% a year last year.
- It earns a high return on the money it uses: ROCE 107% in FY26.
To watch
- The manufacturing unit at Chhapara, Lodhika: trial runs and commercial production expected within six months of receiving the issue money (Offer document, p.96).
- The 3,100 project order book of 20 August 2026 turning into sales (Offer document, p.133).
- First revenue from the 1.2 MW Bhadla plant selling power to PGVCL, none up to March 2026 (Offer document, p.137 and p.140).
- Any change to the PM Surya Ghar subsidy, which the company names as a main risk (Offer document, p.27).
- Customers take longer to pay than before: 45 days in FY26, against 9 in FY24.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Infrax Renewable revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Infrax Renewable profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 10 | 30 | 93 |
| Expenses | 8 | 26 | 79 |
| Operating profit | 2 | 4 | 15 |
| OPM | 18.0% | 15.0% | 16.0% |
| Other income | 0 | 0 | 0 |
| Interest | 0 | 0 | 1 |
| Depreciation | 0 | 0 | 0 |
| Profit before tax | 2 | 4 | 14 |
| Tax rate | 50.0% | 25.0% | 28.6% |
| Net profit | 1 | 3 | 10 |
| EPS ₹ | · | 28.50 | 81.60 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Infrax Renewable profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 18.0% | 15.0% | 16.0% |
| Tax rate | 50.0% | 25.0% | 28.6% |
| ROCE | · | 133.3% | 107.1% |
| ROE | · | 200.0% | 111.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Infrax Renewable debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Infrax Renewable balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 0 | 1 | 1 |
| Reserves | 1 | 1 | 15 |
| Net worth | 1 | 2 | 16 |
| Borrowings | 0 | 3 | 7 |
| Other liabilities | 3 | 3 | 9 |
| Total liabilities | 4 | 8 | 32 |
| Fixed assets | 0 | 0 | 5 |
| Capital work in progress | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Other assets | 4 | 8 | 27 |
Infrax Renewable cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | 2 | 0 | -3 |
| Cash from investing | 0 | 0 | -5 |
| Cash from financing | -1 | 0 | 7 |
| Net cash flow | 1 | 0 | -1 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 9 | 3 | 45 |
| Inventory days | 153 | 87 | 69 |
| Days payable | 68 | 11 | 11 |
| Cash conversion cycle | 95 | 78 | 102 |
| Working capital days | 12 | 2 | 49 |
Infrax Renewable peers and competitors
Listed SME companies in the same industryBy sales, Infrax Renewable is number 41 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| GRE Renew Enertech | 336 | 28.0 | 115 | 12 | 13.0% | 0.03 |
| Paluck Technologies | 87 | 6.2 | 111 | 14.1 | 22.6% | - |
| Jayant Infratech | 130 | 16.3 | 111 | 8 | 10.0% | 0.56 |
| Rulka Electricals | 52 | 15.7 | 110 | 3.3 | 5.1% | 0.13 |
| Valplast Technologies | 78 | 8.7 | 102 | 9 | 19.0% | 0.31 |
| Infrax Renewable | 215 | 21.5 | 93 | 10 | 16.0% | 0.44 |
| Readymix Construction Machinery | 63 | 8.4 | 90.6 | 7.5 | 13.9% | 0.25 |
| Srinibas Pradhan Constructions | 157 | 19.1 | 90.2 | 8.2 | 16.6% | 0.37 |
| Sai Urja Indo Ventures | 146 | 34.4 | 85.1 | 4.2 | 7.7% | 0.60 |
| Oneindig Technologies | 140 | 23.0 | 71.1 | 6.1 | 17.5% | 2.23 |
| Promax Power | 39 | 45.1 | 70.7 | 0.9 | 4.5% | 0.97 |
| Median of the 10 others | 109 | 17.7 | 96.3 | 7.7 | 13.4% | 0.37 |
Infrax Renewable shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Infrax Renewable shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 26 | Sep 26 | |
|---|---|---|
| Promoters | 49.73% | 49.73% |
| Indian institutions (DIIs) | - | 2.82% |
| Number of shareholders | 1,103 | 1,103 |
Infrax Renewable study: the business from its own documents
Read from 1 of the company's own documentsInfrax Renewable key facts from the filings
Each figure with the document it comes from
- Order book
- ₹62.4 cr
- Work in hand across 3,100 projects at 20 August 2026, about two thirds of FY26 sales.Offer document, p.133
- Homes done in FY26
- 3,078
- Residential rooftop projects completed in the year, up from 1,964 in FY25 and 664 in FY24.Offer document, p.133
- Rooftop share of sales
- 50.04%
- Share of FY26 sales from home rooftop jobs; trading in solar products was 41.52% and ground mounted plants 8.44%.Offer document, p.139 to 140
- Sales in Gujarat
- 97.41%
- Share of FY26 sales billed in Gujarat; every rupee of sales came from Gujarat in the two years before.Offer document, p.143
- Top ten customers
- 47.02%
- Share of FY26 sales, up from 22.77% in FY25 as the trade sales to other solar firms grew.Offer document, p.141
Show 5 more facts
- Dealers
- 2,830
- Dealers engaged in FY26, up from 720 in FY24; they find customers and do most installations.Offer document, p.142
- EBITDA margin
- 18.22% → 15.62%
- FY24 against FY26, as lower margin product trading took a bigger share of sales.Offer document, p.133
- Operating cash flow FY26
- ₹2.7 cr outflow
- Cash used by the business in FY26 against a pre-tax profit of ₹13.8 cr, as money owed by customers and stock rose.Offer document, p.264
- Own power plant
- 1.2 MW
- At Bhadla, Jasdan, selling power to PGVCL for 25 years from start; no revenue from it up to March 2026.Offer document, p.137 and p.140
- IPO
- ₹40.9 cr
- Fresh issue of ₹33.8 cr plus ₹7.1 cr of shares sold by two promoters, at ₹104 a share.Offer document, p.1 and p.92
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it had ₹62.4 cr of work in hand across 3,100 projects on 20 August 2026. It plans a manufacturing unit near Rajkot for solar panel recycling with silver recovery, mounting structures and panel frames, with machines bought from ₹12.3 cr of the issue money and trial runs and commercial production expected within six months of receiving the funds. It says it intends to grow outside Gujarat through this unit, and its own solar plant at Bhadla began work in 2026 under a 25 year power sale agreement with PGVCL.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Infrax Renewable earns most of its money by fitting subsidised solar systems on homes in Gujarat through a large dealer network, and adds a thinner trade in solar parts.
Its weak spots are that it owns no factory, rests on one state and one government scheme, and needs ever more cash for stock and credit as it grows.
WatchCan it set its own prices?It buys panels and parts at market prices with no long contracts, and the document warns that if it cannot pass on cost rises its margins fall.
WatchHow strong is it against rivals?It has a busy installation set-up in Gujarat, but the trade is crowded and some rivals are bigger and better funded.
AverageWho are its customers?Thousands of households pay for rooftop systems, but trade buyers have made the top customers matter more, and almost every sale is in Gujarat.
WatchDoes it need a lot of money?It owns little equipment, but each step of growth ties up cash in stock and in amounts owed by customers, and the business used cash in FY26.
AverageCan it keep finding new work?A large and growing dealer network and the national rooftop scheme keep bringing jobs, but each job is small and one-off and new work depends on the scheme continuing.
WatchDo good and bad years swing a lot?Demand rests on government subsidies for rooftop solar, so a change in the scheme or its payments could swing sales, and the record is only three years long.
Who runs Infrax Renewable?
Promoters, directors and officers; tap a name for the background
MBMr. Bhargv Ashvinbhai VachhaniPromoter, Chairman and Managing Director · holds 43.33% pre-issue
Passed the Higher Secondary Certificate examination in 2013 and has no formal graduation degree; has more than ten years in production management, operations and planning. Worked at Marvel Auto Products from 2015 to 2019 running a crankshaft plant and was a designated partner in Infrax Solar LLP from March 2021 to August 2025. A partner in the earlier firm, now responsible for business development and strategy. Paid ₹0.12 cr in FY26. The offer document records Khushboo Bhargav Vachhani as the wife of Bhargv Ashvinbhai Vachhani.
Offer document, p.175, p.176 and p.177MGMr. Gandhi Bhavik TarunkumarPromoter and Whole Time Director · holds 17.48% pre-issue
Bachelor of Engineering (Electrical) from Gujarat Technological University, 2018; worked as a marketing executive at JJ PV Solar until July 2020 and was a designated partner in Infrax Solar LLP from March 2021 to August 2025. More than six years in solar product marketing and sales; heads sales and marketing. Paid ₹0.12 cr in FY26.
Offer document, p.175 and p.177MKMs. Khushboo Bhargav VachhaniPromoter and Non-Executive Director · holds 6.92% pre-issue
Bachelor of Physiotherapy from R K University, 2018; a partner in the earlier firm, with about two years of work experience, and looks after the company's administration.
Offer document, p.175 and p.178MDMr. Davadra Hardik NileshbhaiChief Financial Officer
Bachelor of Commerce from Saurashtra University and an MBA in Finance from Gujarat Technological University; worked at Classic Network from April 2022 to April 2025 and has more than four years in finance and accounts. With the company since May 2025.
Offer document, p.184MSMs. Shreya Siddhartha MehtaCompany Secretary and Compliance Officer
Associate member of the Institute of Company Secretaries of India since 2023 with a commerce degree from the University of Pune; earlier at Richter Themis Medicare, with over two years in secretarial work. With the company since April 2026.
Offer document, p.184MAMr. Ankitkumar Nathabhai ChotaliyaIndependent Director
Chartered accountant since 2012 and in practice since June 2018, with eight years in tax, audit, accounts and financial advice; a commerce graduate of Saurashtra University. On the board since April 2026.
Offer document, p.175MCMr. Chetan Chandrakant ShahIndependent Director
Diploma in Mechanical Engineering, with over thirty years in mechanical engineering; proprietor of Vertex Engineers since 1999 and Managing Director of Apas Cosmotech since September 2024. On the board since April 2026.
Offer document, p.175 to 176Infrax Renewable latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters unchanged at 49.73%.
Infrax Renewable announcements
3 on record, latest first; each opens the filing on the exchange
- Insider Trading / SASTIntimation for Closure of Trading Window is enclosedPDF ↗
- Insider Trading / SASTThe Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Yash Hitesh Patel PDF ↗
- New ListingTrading Members of the Exchange are hereby informed that effective from September 17, 2026, the Equity Shares of Infrax Renewable Ltd (Scrip Code: 544919) are l
Infrax Renewable annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Infrax Renewable share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Infrax Renewable's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 19 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,42,35,911 shares).
- !The FY26 results imply 10,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Infrax Renewable
What does Infrax Renewable do?
Infrax Renewable puts solar panels on the roofs of homes in Gujarat, builds a few larger solar plants on open land, and sells solar panels and parts to other solar firms. Its shares trade on BSE SME.
What is the share price of Infrax Renewable?
₹151 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Infrax Renewable?
₹215 cr at the close on 6 Nov 2026, on 1,42,35,911 shares.
What is the P/E of Infrax Renewable?
21.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Infrax Renewable's revenue and profit?
Revenue ₹93 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Infrax Renewable?
Mr. Bhargv Ashvinbhai Vachhani, Mr. Gandhi Bhavik Tarunkumar, Ms. Khushboo Bhargav Vachhani; promoters held 49.73% at 30 Sept 2026.
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Built from 1 offer document, 3 exchange announcements, 2 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.