In September 2025, the Indian IPO market remains vibrant with Chiraharit Limited stepping forward to raise ₹31.07 crore through its fixed-price IPO. The company specialises in sustainable water and renewable energy solutions, making it a niche offering for investors looking for growth in the clean energy sector. Chiraharit IPO opens on September 29, 2025, with the opportunity to invest in a company that has seen impressive financial growth.
About Chiraharit Ltd.
Founded in 2006, Chiraharit Limited is engaged in delivering turnkey EPC (Engineering, Procurement, and Construction) projects across water-based and renewable energy sectors. With a focus on sustainability, the company provides solutions in agriculture, infrastructure, and residential sectors by leveraging clean, renewable energy.
The company’s key services include:
- Water Solutions: Solar module cleaning systems, irrigation for agriculture, water pipeline systems, and fittings.
- Renewable Energy: Construction of Compressed Bio-Gas (CBG) plants.
- Construction: Execution of industrial and residential projects.
Chiraharit has successfully established a strong footprint across India and has an impressive order book of ₹51.38 crore as of August 2025.
Competitive Strengths:
- A diversified service portfolio in water and renewable energy
- Experienced promoters and skilled management
- Strong project execution capabilities
- Robust order book indicating a stable revenue stream
Chiraharit IPO Details
The Chiraharit IPO is a fixed-price issue of ₹31.07 crore, with the entire issue being a fresh issue of 1.48 crore shares. The IPO will be listed on the BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | September 29, 2025 |
| IPO Close Date | October 3, 2025 |
| Tentative Allotment | October 6, 2025 |
| Initiation of Refunds | October 7, 2025 |
| Credit of Shares to Demat | October 7, 2025 |
| Tentative Listing Date | October 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 3, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹1 per share |
| Issue Price | ₹21 per share |
| Lot Size | 6,000 shares |
| Total Issue Size | 1,47,96,000 shares (aggregating up to ₹31.07 Cr) |
| Reserved for Market Maker | 7,44,000 shares (aggregating up to ₹1.56 Cr)Anant Securities |
| Net Offered to Public | 1,40,52,000 shares (aggregating up to ₹29.51 Cr) |
| Sale Type | Fresh Issue |
| Issue Type | Fixed Price IPO |
| Listing at | BSE SME |
| Shareholding Pre-Issue | 4 crore shares |
| Shareholding Post-Issue | 5.48 crore shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 7,44,000 (5.03%) |
| NII (HNI) Shares Offered | 70,26,000 (47.49%) |
| Retail Shares Offered | 70,26,000 (47.49%) |
| Total Shares Offered | 1,47,96,000 (100.00%) |
Chiraharit IPO Lot Size
Investors can bid for a minimum of 12,000 shares and in multiples of 6,000 shares thereof. Here is the breakdown of investment for each category:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 12,000 | ₹2,52,000 |
| Retail (Max) | 2 | 12,000 | ₹2,52,000 |
| S-HNI (Min) | 3 | 18,000 | ₹3,78,000 |
Chiraharit Ltd. Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | ₹40.58 | ₹25.77 | ₹22.71 |
| Total Income | ₹59.80 | ₹30.57 | ₹33.03 |
| Profit After Tax | ₹6.02 | ₹0.60 | ₹0.42 |
| EBITDA | ₹9.76 | ₹2.36 | ₹1.69 |
| Net Worth | ₹9.57 | ₹3.31 | ₹2.57 |
| Reserves & Surplus | ₹5.57 | ₹3.06 | ₹2.32 |
| Total Borrowing | ₹20.22 | ₹16.30 | ₹15.92 |
Key Performance Indicators (FY2025):
The market capitalisation of Chiraharit IPO is ₹115.07 Cr.
| KPI | Value |
| ROE | 62.91% |
| ROCE | 32.29% |
| Debt/Equity | 2.11 |
| RoNW | 62.91% |
| PAT Margin | 10.10% |
| EBITDA Margin | 16.36% |
| Price to Book Value | 8.79 |
EPS & P/E
| Metric | Pre-IPO | Post-IPO |
| EPS (₹) | ₹1.51 | ₹1.10 |
| P/E Ratio (x) | 13.95 | 19.11 |
Chiraharit IPO Objectives
The company proposes to utilise the net proceeds from the IPO towards:
| S.No. | Object of the Issue | Amount (₹ Crore) |
| 1 | Setting up HDPE Ball Valves and Fittings Manufacturing Unit | ₹5.26 |
| 2 | Repayment of Borrowings | ₹3.90 |
| 3 | Working Capital Requirements | ₹14.13 |
| 4 | Issue Related Expenses | ₹3.11 |
| 5 | General Corporate Purposes | ₹4.66 |
Industry Outlook
The EPC (Engineering, Procurement, and Construction) sector is seeing strong growth, especially with India’s growing focus on sustainable water solutions and renewable energy. The government’s push for green energy and infrastructure projects further propels demand for companies like Chiraharit. Their diversified offerings in water management and renewable energy solutions, backed by a strong order book, position them well to capitalise on these trends.
Chiraharit’s unique focus on Compressed Bio-Gas (CBG) plants, solar module cleaning, and irrigation solutions provides a sustainable, growing market. The company’s strong order book indicates a promising future as these sectors continue to develop.
Conclusion
Chiraharit Ltd. presents a compelling investment opportunity in the sustainability-focused water and renewable energy sector. With a growing order book, strong financial growth, and a diverse service portfolio, the company is poised for long-term success. However, potential investors should consider risks such as its high debt levels and the challenges of executing large-scale projects.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO to stay updated on the latest market offerings.
