IC Electricals Co. IPO
Bookbuilding IPO | ₹48.00 Cr | Listing at NSE SME
IPO Open
Thu, Jun 25, 2026
IPO Close
Tue, Jun 30, 2026
Price Band
₹94.00 to ₹99.00
Market Cap (Pre-IPO)
₹180.79 Cr
IPO Details
| IPO Date | Jun 25, 2026 to Jun 30, 2026 |
| Listing Date | Tentative: Jul 03, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹94.00 to ₹99.00 |
| Lot Size | 1200 Shares (Minimum: ₹118,800.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Issue Size | ₹48.00 Crores |
| Total Shares Offered | 4,839,600 shares |
| Fresh Issue | 4,597,200 shares |
| Offer For Sale | 4,839,600 shares |
IC Electricals Co. IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 22,86,000 |
| Retail Shares Offered | 16,12,800 |
| NII Shares Offered | 6,98,400 |
IC Electricals Co. IPO Lot Size
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹237,600 |
| Retail (Max) | 2 | 2,400 | ₹237,600 |
| S-HNI (Min) | 3 | 3,600 | ₹356,400 |
| S-HNI (Max) | 8 | 9,600 | ₹950,400 |
| B-HNI (Min) | 9 | 10,800 | ₹1,069,200 |
IC Electricals Co. Financial Information (Restated Consolidated)
IC Electricals Co.Ltd.'s revenue increased by 18% and profit after tax (PAT) rose by 50% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 |
| Total Borrowing | - | - | - |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 23.88% |
| ROCE (Return on Capital Employed) | 18.18% |
| RoNW (Return on Net Worth) | 23.88% |
| PAT Margin (Profit After Tax Margin) | 9.84% |
| EBITDA Margin | 17.83% |
| Price to Book Value | 2.09 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 10.50 | 7.72 |
| P/E (x) | 9.42 | 12.82 |
| Promoter Holding | 82.92% | 60.94% |
Company Promoters
- Mr. Sunil Kumar Verma
- Mrs. Renu Verma
- M/s SHBD LLP and M/s Safe System India Private Limited are the company promoters.
Company Overview
IC Electricals Co. – Company Overview
- Incorporated in 2005, IC Electricals Company Limited is engaged in the manufacturing of railway electronic equipment and execution of railway engineering projects for Indian Railways.
- The company manufactures a wide range of railway products, including Electronic Rectifier-cum-Regulating Units (ERRU), Regulated Battery Chargers, Vigilance Control Devices (VCD), GPS-based Passenger Announcement & Passenger Information Systems (PAPIS), regulators, inverters, emergency lights, and microprocessor-based control systems.
- The company also produces critical railway components such as alternators, traction motors, and permanent magnet alternators with controllers.
- IC Electricals undertakes turnkey railway electrification projects, covering design, supply, erection, testing, and commissioning of 25 kV AC overhead electrification systems and traction substations.
- The company primarily operates under a Business-to-Government (B2G) model, serving government departments and ministries, particularly the Ministry of Railways.
- IC Electricals has successfully executed several railway electrification projects, including the Gorakhpur–Kaptanganj–Valmiki Nagar section under North Eastern Railway and the Ara–Sasaram section under East Central Railway.
- The company focuses on delivering products and solutions compliant with the latest railway technical standards and specifications.
- As of May 31, 2026, the company had 288 permanent employees.
Company Strengths
- Strong focus on Research & Development
- Experienced management team with a proven track record
- Dedicated service centers or representatives are in every state capital, ensuring customer queries are addressed within 24 hours.
- Well-equipped manufacturing facilities.
Use of Proceeds
| 1) | Funding the working capital requirements of the Company | 33.60 |
| 2) | General Corporate Purposes | |
| Total | 33.60 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
IC Electricals Co. IPO Peer Comparison
IC Electricals Co. peer comparison with similar listed entities. (As on March 31, 2026)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| IC Electricals Co. Ltd. | 10.49 | 10.49 | 47.40 | - | 24.88 | - | Consolidated |
| Hind Rectifiers Limited | 13.10 | 13.10 | 59.88 | 99.50 | 24.62 | 20.15 | Consolidated |
Quick Info
| Sector | Railway |
| Exchange | NSE SME |
| Market Cap (Pre-IPO) | ₹180.79 Cr |
Important Dates
| IPO Open | Jun 25, 2026 |
| IPO Close | Jun 30, 2026 |
| Allotment Date | Jul 01, 2026 |
| Credit to Demat | Jul 02, 2026 |
| Listing Date | Tentative: Jul 03, 2026 |
Lead Manager(s)
NEXGEN Financial Solutions Pvt.Ltd.
Registrar
Mansi Share & Stock Broking Pvt.Ltd.
02228511022
Description
- IPO Type: Book build issue aggregating to ₹47.91 crores.
- Issue Structure: Entirely a fresh issue of 0.48 crore shares totaling ₹47.91 crores.
- IPO Dates: The issue opens on June 25, 2026 and closes on June 30, 2026.
- Allotment Date: The allotment is expected to be finalized on July 1, 2026.
- Listing Details: The shares are proposed to be listed on National Stock Exchange of India SME on July 3, 2026.
- Retail Investment Requirement: Minimum 2 lots (2,400 shares) amounting to approximately ₹2,37,600 (at the upper price band).
- HNI Investment Requirement: Minimum 3 lots (3,600 shares) totaling around ₹3,56,400.
- Issue Price Band: ₹94 to ₹99 per equity share.
- Lot Size: 1,200 shares per lot.
This IPO offers investors an opportunity to participate in the electrical equipment and solutions sector through a fresh issue of shares.