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IC Electricals Company Ltd IPO
IC Electricals Company Ltd
₹2,25,600 /2400 sharesMinimum investment
IPO listing details
Listed on
10 Jul '26
Issue price
₹99.00
Listing price
₹166.00
Listing gains
₹67.00 (67.68%)
Exchange
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IPO details
Minimum investment
₹2,25,600
Price range
₹94 - ₹99
Lot size
1,200
Issue size
47.91 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers234.87x
Non-Institutional Investor558.48x
Retail Individual Investor355.43x
Total378.58x
As of 07 Jul'26, 04:31 PM
Schedule
3 Jul 2026
IPO open date
7 Jul 2026
IPO close date
8 Jul 2026
Allotment date
8 Jul 2026
Funds unblock or debit
10 Jul 2026
Tentative listing date
About
Founded in
2005
MD/CEO
Mr Sunil Kumar Verma
Parent organisation
IC Electricals Company Ltd
IC Electricals Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company has a dedicated research & development team that focuses on developing new product lines and enhancing the quality and performance of existing products. The company claims that its R&D initiatives have helped reduce costs by designing products adaptable for both domestic and international markets and by implementing manufacturing processes that minimise resource wastage.
The company's manufacturing facility is located in Haridwar, Uttarakhand, and is claimed to be equipped with modern technological advancements. The company states that its operational processes are designed to reduce overall manufacturing time and ensure timely delivery of products.
The company is led by a senior management team, which it claims has long-standing industry experience across commercial, engineering, and technical domains.
The company claims to maintain a sales and service network across India, coordinated through a central sales office in Delhi, with a service centre or representative present in every state capital. The company states that this structure allows customer queries and service requirements to be attended to within 24 hours.
The company's marketing and sales department comprises six employees, supported by a wider network of engineers across various regions for sales assistance and service support.
The company's business is substantially dependent on contracts awarded by the Ministry of Railways and its affiliated entities, including Indian Railways and various government-linked organisations. On a consolidated basis, revenue from government customers stood at Rs 117.31 crore (82.01%), Rs 99.33 crore (81.50%), and Rs 67.23 crore (67.74%) in FY26, FY25, and FY24, respectively. Any reduction in railway sector spending, adverse policy changes, or an inability to maintain its historical level of business with Indian Railways or other government entities could materially affect the company's operations and financial condition.
The company and its promoters are involved in certain outstanding legal proceedings before relevant authorities. Any adverse outcome in these proceedings could affect the company's business, financial condition, and reputation.
The top 10 customers of the company contributed Rs 72.06 crore (50.38%), Rs 76.97 crore (63.15%), and Rs 55.16 crore (55.58%) to consolidated revenue from operations in FY26, FY25, and FY24, respectively. Any loss of a major customer or significant reduction in business from these clients could adversely affect the company's cash flow, liquidity, and overall financial performance.
The company has recorded negative cash flows from operating activities amounting to Rs 11.09 crore, Rs 9.65 crore, and Rs 1.47 crore in FY26, FY25, and FY24, respectively, on a consolidated basis, primarily due to an increase in trade receivables and short-term loans and advances, indicating higher working capital deployment and delayed cash realisation. It also recorded negative cash flows from investing activities of Rs 0.60 crore and Rs 0.26 crore in FY26 and FY25, respectively, mainly on account of investments and the acquisition of tangible assets. A continuation of such negative cash flows in the future could adversely affect the company’s business, financial condition, and operational results.
The company has contingent liabilities amounting to Rs 48.87 crore as on March 31, 2026. This is up from Rs 39.66 crore and Rs 27.13 crore as of March 31, 2025, and 2024, respectively, on a consolidated basis, comprising claims not acknowledged as debt and guarantee and letter of credit liabilities. If any of these contingent liabilities materialise, it could adversely affect the company's financial condition.
The company's raw material procurement is significantly concentrated in the State of Delhi, with purchases from the region amounting to Rs 46.52 crore (49.28%), Rs 48.19 crore (53.66%), and Rs 45.65 crore (63.12%) in FY26, FY25, and FY24, respectively. Any adverse political, social, regulatory, or economic developments in this region, including supply chain disruptions or transportation challenges, could negatively impact the company's procurement process and production schedules.
The company has outstanding unsecured loans from its promoters and related entities that are repayable on demand. These loans amounted to approximately Rs 15.24 crore, Rs 12.94 crore, and Rs 7.72 crore in FY26, FY25, and FY24, respectively, and any demand for repayment could place immediate pressure on the company's liquidity and working capital position.
As of March 31, 2026, the company's total outstanding secured borrowings amounted to Rs 45.12 crore on a consolidated basis and Rs 43.84 crore on a standalone basis, while unsecured borrowings stood at Rs 30.30 crore on both a consolidated and standalone basis. Any failure to service or repay these borrowings on time could adversely affect the company's financial position and operations.
Application details
For IC Electricals IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹94 - ₹99 | ₹2 - ₹5 Lakhs | 1200 |
About
Objective of IC Electricals Company IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
To fund the working capital requirements of the Company |
33.60 |
|
General Corporate Purposes |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of IC Electricals Company IPO
|
Book Running Lead Manager |
Nexgen Financial Solutions Private Limited |
|
Registrar to the Issue |
Skyline Financial Services Private Limited |
|
Market Maker |
Mansi Share and Stock Broking Private Limited |
Key Performance Indicators (KPIs) of IC Electricals Company Ltd.
|
KPI |
Value (for the financial year ended March 31, 2026) |
|
ROE (%) |
23.88 |
|
ROCE (%) |
18.18 |
|
EBITDA Margin (%) |
17.83 |
|
PAT Margin (%) |
9.84 |
|
EPS (Basic) (Pre IPO) (₹) |
10.50 |
|
Net Asset Value (NAV) per Equity Share (₹) |
48.98 |
IC Electricals Company IPO Contact Details
|
Company Name |
IC Electricals Company Limited |
|
Registered Office |
156, DSIDC Okhla Industrial Area, Phase I, New Delhi – 110020, India |
|
Phone |
+91 11 4905 0732 / 4905 0733 |
|
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|
Website |
IC Electricals Company IPO Registrar Contact Details
|
Company Name |
Skyline Financial Services Private Limited |
|
Phone |
011-4045 0197 |
|
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Website |