What type of power projects does Manikaran Power Limited develop?

The company focuses on run-of-river small hydro power projects in Himachal Pradesh, leveraging the state's river systems.

Is Manikaran Power Limited listed on any stock exchange?

No, Manikaran Power Limited is an unlisted private limited company and its shares trade only in the unlisted/pre-IPO market.

Who are the promoters of Manikaran Power Limited?

Detailed promoter information is not publicly disclosed; the company is privately held and registered under Himachal Pradesh.

What is the CIN of Manikaran Power Limited?

The CIN is U40100HP2003PLC024668, indicating incorporation in Himachal Pradesh in 2003 under the power sector classification.

How do I buy Manikaran Power unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Manikaran Power?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Manikaran Power shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Manikaran Power Unlisted Share Price | Buy Manikaran Power Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Manikaran Power Unlisted Share Price | Buy Manikaran Power Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Manikaran Power Limited is a niche hydro power developer in Himachal Pradesh with a stable but limited revenue base. Its long-term prospects are tied to India's renewable energy expansion and the consistency of Himalayan river flows. The unlisted status limits transparency and investor liquidity.

Pros

Himachal Pradesh hydropower company (NIC 40100 = electricity generation); HP is India's largest hydropower state with ~27 GW potential.
Incorporated 2003 — experienced power sector operator; HP hydropower projects benefit from run-of-river potential and favourable terrain.

Cons

Unlisted (U-prefix) — no secondary market; no ISIN confirmed.
Very limited public data available; revenue, website, and promoter details not publicly confirmed for this HP entity.
Hydropower projects require large upfront capex; seismic and environmental risks in Himalayan terrain.
HP power sector has complex revenue-sharing arrangements with state government (HPSEBL).

Business Segments

Hydropower Generation

Electricity generation from hydropower (NIC 40100); run-of-river or storage-based hydro projects in Himachal Pradesh.

Revenue Model

Revenue is primarily derived from the sale of electricity generated through run-of-river hydroelectric projects to state distribution companies (DISCOMs) under long-term Power Purchase Agreements. Tariffs are typically fixed or escalated per regulatory orders of Himachal Pradesh Electricity Regulatory Commission (HPERC).

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

Government of India's target for small hydro capacity additions

Rising power demand in Himachal Pradesh and neighboring states

Potential refinancing of project debt at lower rates

Industry Tailwinds

Government of India's target for small hydro capacity additions

Recent Developments

Continued operation of hydro assets

Company continues to operate its hydro generation portfolio in Himachal Pradesh; no major corporate announcements found in public domain.

2024-01

Comparable Companies

CompanyTypeTickerMkt Cap

SJVN LimitedListedSJVN~₹35,000 Cr (listed)

NHPC LimitedListedNHPC~₹85,000 Cr (listed)

Himachal Pradesh Power CorporationListedUnlisted—

SJVN LimitedListed

SJVN · ~₹35,000 Cr (listed)

Group Structure (27 entities)

EntityExtentReason

Manikaran Hydro Pvt LtdFullSignificant operational and financial linkages

Indira Priyadarshini Hydro Power Pvt LtdFull

Day Ahead INC.Full

Manikaran Renewables LtdFull

Evincea Renewables Pvt LtdFull

Evincea Renewables (Two) Pvt LtdFull

Evincea Renewables (Three) Pvt LtdFull

Evincea Renewables (Four) Pvt Ltd

Frequently Asked Questions

About Manikaran Power

Manikaran Power Limited is a Himachal Pradesh-based hydroelectric power company incorporated in 2003. Named after the iconic Manikaran hot springs and pilgrimage site in Kullu district, the company is engaged in the development and operation of hydroelectric power projects in Himachal Pradesh — a state endowed with extraordinary hydropower potential from its mountain rivers. Himachal Pradesh has a theoretical hydroelectric potential of approximately 27,000 MW — one of the highest in India — and the state government has actively encouraged private sector participation in small and medium hydro projects. Manikaran Power operates in this space, developing run-of-river hydroelectric projects that harness the kinetic energy of HP's mountain streams. Small and medium hydro projects (below 25 MW are classified as small hydro; 25-100 MW as medium hydro) represent a renewable energy segment that has received policy support from MNRE (Ministry of New and Renewable Energy) and state-level energy departments. HP's SHP (Small Hydro Power) policy provides attractive long-term Power Purchase Agreements (PPAs) to private hydro developers, creating predictable revenue streams. The company's Shimla headquarters places it in the heart of Himachal Pradesh's administrative and business center, with easy access to regulatory bodies and government departments. Manikaran Power's projects likely serve HP's grid and sell power to HP State Electricity Board or through trading mechanisms. Hydroelectric power, once established, has among the lowest operating costs of any power technology — hydro projects have 30-50 year useful lives with minimal fuel costs, making them attractive long-duration infrastructure assets.

Key Milestones

Incorporated 2003 in Himachal Pradesh (CIN: U40100HP2003PLC024668)

Common questions about unlisted shares

How do I buy Manikaran Power unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Rating drivers & sensitivityFrom CRISIL's rating rationale — rates debt servicing, not share value12

Key Strengths

Established market position in the domestic power trading market with rich promoter experience and diversification into newer segment MPL, a Category 1 licence power trader, has an established presence in the power trading industry and is among the top six traders in the country with market share consistently above 6% over the past few fiscals.

The company has a healthy presence across both bilateral and exchange traded segments.

The business risk profile is also supported by the promoters’ experience of over two decades, which has enabled the company to forge strong relationships with over 2,400 customers across commercial and industrial and utility companies.

This provides healthy orderbook and adequate revenue visibility given the company’s ability to renew contracts with its customers.

The company has effectively utilised its experience in the power industry and has successfully diversified into different verticals such as biomass pellet manufacturing (used largely in power generation), solar and hydro power generation.

Key Weaknesses

Low operating margin owing to power trading being regulated The margin on the energy trading industry is regulated with Central Electricity Regulatory Commission (CERC) capping it at Rs 0.07 per kilowatt-hour (kWh) where the sale price exceeds Rs 3/kWh, and Rs 0.04/kWh where the sale price is less than Rs 3/kWh.

However, owing to stiff competition among traders, the margin charged by them is always less than the ceiling specified in CERC regulations.

The company’s operating margin in the trading segment has remained below 1% for the past few fiscals.

However, the company is focusing on increasing share of long-term contracts, which should support profitability over the medium term.

Exposure to large project implementation risk The company has traditionally been present in the power trading business involving low capital employed.

Upward Factors

construction/planned projects within budgeted time and cost and healthy power generation, resulting in ADSCR above 1.2 times over the loan tenure Healthy improvement in the financial risk profile and liquidity cushion

Downward Factors

than-expected debt-funded capex or any material time or cost overruns in commissioning of under-construction project or low accrual, leading to TOLTNW ratio increasing beyond 2.5 times on a sustained basis Material weakening of the financial risk profile and liquidity cushion

Risk factors & red flagsInvestment risks and items flagged from public filings14

Financial PerformanceMedium

Net profit margin is thin at 0.7% (FY25) — limited buffer against revenue or cost shocks

Source: Financial data

Fraud / GovernanceLow

Reduced snowfall or erratic monsoon can significantly reduce generation units and thereby revenue.

Source: Media Reports / Public Records

Operational RiskLow

Changes in state hydro policy, royalty structures, or HPERC tariff orders can impact profitability.

Source: AlphaHub Research

Fraud / GovernanceLow

Hilly terrain in HP leads to elevated construction costs and delays in any new capacity additions.

Source: Media Reports / Public Records

Fraud / GovernanceLow

Being an unlisted company, exit for investors is limited to the thin unlisted market with wide bid-ask spreads.

Source: Media Reports / Public Records

Fraud / GovernanceLow

Source: Company Financial Filings

Fraud / GovernanceLow

However, owing to stiff competition among traders, the margin charged by them is always less than the ceiling specified in CERC regulations.

Source: Company Financial Filings

Fraud / GovernanceLow

The company’s operating margin in the trading segment has remained below 1% for the past few fiscals.

Source: Company Financial Filings

Operational RiskLow

However, the company is focusing on increasing share of long-term contracts, which should support profitability over the medium term.

Source: AlphaHub Research

Operational RiskLow

Exposure to large project implementation risk The company has traditionally been present in the power trading business involving low capital employed.

Source: AlphaHub Research

Hydrological Risk

Reduced snowfall or erratic monsoon can significantly reduce generation units and thereby revenue.

Regulatory Risk

Changes in state hydro policy, royalty structures, or HPERC tariff orders can impact profitability.

Execution Risk

Hilly terrain in HP leads to elevated construction costs and delays in any new capacity additions.

Liquidity Risk

Being an unlisted company, exit for investors is limited to the thin unlisted market with wide bid-ask spreads.

Manikaran Power Limited

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