IC Electricals Co. IPO- Company Analysis
IC Electricals Co. IPO under the SME IPO category is a bookbuild issue of Rs. 47.91 Cr by IC Electricals Co. Limited and is producing electrical equipment for use in railroads and offering Indian Railways engineering solutions.
The company provides a wide variety of electrical products that meet the most recent technical standards, such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices.
The business also produces traction motors, permanent magnet alternators with controllers, and other essential railway parts. Additionally, IC Electricals manages complete railway electrification projects, which include traction substation systems and 25 kV AC overhead equipment design, supply, erection, testing, and commissioning.
IC Electricals Co. IPO Details
The IC Electricals Co. IPO date of opening is 25 Jun 2026, its initial public offering will end on 30 Jun, IPO allotment on Jul 01 and refund initiation on Jul 02, 2026.
The Rs. 47.91 crore new SME IPO comprises a wholly fresh issue of 0.48 crore shares.
The IC Electricals Co. IPO listing date (expected) might be Friday, Jul 03, 2026, and listing at the NSE and SME.
The IC Electricals Co. IPO price band is Rs. 94 to Rs. 99.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Jun 25, 2026 |
|
IPO Closing Date |
Jun 30, 2026 |
|
IPO Allotment Date |
Jul 01, 2026 |
|
Refund Initiation |
Jul 02, 2026 |
|
IPO Listing Date |
Jul 03, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
193.44 |
160.04 |
143.89 |
|
Total Income |
143.81 |
122.39 |
99.75 |
|
Profit After Tax |
14.10 |
9.41 |
4.62 |
|
EBITDA |
25.66 |
18.34 |
12.14 |
|
Net Worth |
65.74 |
51.71 |
33.22 |
|
Reserves and Surplus |
50.20 |
36.12 |
27.11 |
Cash Flows
(Amount in lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
(1,146.02) |
(827.99 |
(162.31) |
|
Net Cash Flow Investing Activities |
(59.84) |
(26.49) |
23.92 |
|
Net Cash Flow Financing Activities |
1,209.03 |
876.22 |
142.93 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Funding the working capital requirements of the Company. ~ Rs. 33.60 Cr.
-
General Corporate Purposes.
Listed Peers of IC Electricals Co. Ltd.
|
Name of Company |
Face Value (Rs. ) |
Basic EPS (₹) |
PE Ratio (x) |
|
Hind Rectifiers Ltd. |
2 |
13.10 |
99.50 |
Valuation
|
KPI |
Value (Mar 31, 2025) |
|
RoE |
23.88% |
|
ROCE |
18.18% |
|
Debt/Equity |
23.88% |
|
RoNW |
9.84% |
|
PAT Margin |
17.83% |
|
EBITDA Margin |
2.09 |
Evaluation of P/E Ratio
Considering the period ended on FY 2025 with an EPS of Rs. 10.45 from the last year, the resulting P/E ratio is 9.47x.
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IPO's Strengths
-
A strong emphasis on research and development
-
Experienced management group with a track record of success
-
Every state capital has a dedicated service center or representative, guaranteeing that consumer inquiries are answered within a day.
-
Well-equipped manufacturing facilities.
IPO's Weaknesses
-
High dependency on public sector procurement cycles.
-
Complex and slow tendering processes.
-
Limited brand visibility outside of the government sector.
-
Vulnerable to delays in railway project execution.
IC Electricals Co. IPO GMP (Grey Market Premium)
IC Electricals Co. IPO GMP today is Rs. 20 as of 22 June 2026, while writing this information.
IC Electricals Co. IPO Summary
|
IPO Opening & Closing Date |
25 Jun, 2026 to 30 Jun, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 94 to Rs. 99 per Share. |
|
Lot Size |
1200 Shares |
|
Issue Size |
48,39,600 Shares (Rs. 48 Cr) |
|
Offer for Sale |
- |
|
Fresh Issue |
45,97,200 Shares (Rs. 46 Cr) |
|
Listing at |
NSE, SME |
|
Issue Type |
Book build Issue |
|
Registrar |
Skyline Financial Services Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (2400 Shares) for Rs. 2,37,600, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3600 Shares) for Rs. 3,56,400.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
IC Electricals Co. IPO Allotment Status
To check the IC Electricals Co. IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of IC Electricals Co. Ltd.
-
Mr. Sunil Kumar Verma
-
Mrs. Renu Verma
-
M/s SHBD LLP
-
M/s Safe System India Private Limited.
|
Pre-Issue Promoter Shareholding |
82.92% |
|
Post-Issue Promoter Shareholding |
60.94% |
IPO Lead Managers
NEXGEN Financial Solutions Pvt. Ltd.
Dividend Policy
The company has not declared a dividend in any financial year.
Conclusion
With growing sales, earnings, and net worth, IC Electricals Co.'s IPO provides exposure to India's railway electrification and electrical equipment growth story. However, issues include reliance on the public sector, delays in tenders, negative operating cash flows, and a lack of insight into the private sector should be taken into account by investors. Because SME IPOs can be quite volatile, apply only after verifying valuation, GMP trend, allotment details, and your risk tolerance.
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
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