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Powerica Ltd IPO
Powerica Ltd
₹13,875 /37 sharesMinimum investment
IPO details
Minimum investment
₹13,875
Price range
₹375 - ₹395
Lot size
37
Issue size
1,100 Cr
Face value
5
IPO document
Subscription rate
Data will be available soon
Schedule
24 Mar 2026
IPO open date
27 Mar 2026
IPO close date
30 Mar 2026
Allotment date
30 Mar 2026
Funds unblock or debit
2 Apr 2026
Tentative listing date
About
Founded in
1984
MD/CEO
Mr Bharat Oberoi
Parent organisation
Powerica Ltd
Powerica IPO Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Powerica Limited has been in the DG set business since 1984 and claims to offer generator sets across a wide range of capacities. Its portfolio ranges from 7.5 kVA to 10,000 kVA, including DG sets and medium-speed, large-generator offerings, giving it a presence across multiple use cases and industries.
The company claims to have long-standing relationships with established industry players, including Cummins, Hyundai, GE Vernova, Vestas, Schneider Electric, and 8.2 Consulting AG. These associations support its product range across generator sets, wind power projects, control panels, and related technical services.
Powerica operates three manufacturing facilities for its DG set business in Bengaluru, Silvassa, and Khopoli. This in-house manufacturing setup gives it greater control over production, inventory, delivery timelines, and quality processes than businesses that rely more on outsourced manufacturing.
The company claims to have technical and execution capabilities across both conventional and renewable power segments. In addition to manufacturing DG sets, it also undertakes design, testing, supply, installation, commissioning, EPC work, and O&M services.
The company’s wind power business constitutes a second operating segment in addition to generator sets. It currently operates 12 wind power projects with a total installed capacity of 330.85 MW and is constructing an additional 52.70 MW project, while handling EPC and O&M work for BoP.
Powerica claims to have a diversified customer base across sectors including hospitality, healthcare, banking, infrastructure, manufacturing, agriculture, IT and data centres, government, defence, and rentals. In its wind power business, it has long-term counterparties, such as GUVNL and SECI, that may provide revenue visibility through power purchase agreements (PPAs).
The company derives a significant portion of its revenue from its generator set business, which contributed Rs 1,165.16 crore (80.50%), Rs 2,255.19 crore (85.00%), Rs 1,907.20 crore (86.30%), and Rs 1,968.87 crore (82.79%) to total revenue in the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Any demand drop in the DG set market or a shift towards alternative power solutions could negatively impact the company’s business.
The company is highly dependent on Cummins for both its revenue and supply chain, as DG sets powered by Cummins engines contributed Rs 920.62 crore (63.60%), Rs 1,867.56 crore (70.39%), Rs 1,570.02 crore (71.04%), and Rs 1,350.17 crore (56.77%) to total revenue in the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Additionally, procurement from Cummins India accounted for Rs 664.75 crore (51.13% of total expenses), Rs 1,154.81 crore (46.84%), Rs 969.01 crore (48.07%), and Rs 793.63 crore (35.71%) during the same periods. Any disruption in this relationship, including supply constraints, pricing changes, or termination of agreements, can adversely affect the company’s operations and financial condition.
The company’s wind power business remains concentrated in Gujarat, where all 12 of its operational wind power projects are located. Any adverse regulatory, environmental, political, or operational developments in Gujarat can negatively impact the company’s power generation, project execution, and financial performance.
The company’s IPP operations under the wind power business contributed Rs 124.09 crore (8.57%), Rs 200.68 crore (7.56%), Rs 218.75 crore (9.90%), and Rs 208.40 crore (8.76%) to total revenue in the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Any disruption in turbine performance, OEM support, or O&M arrangements can adversely affect generation and revenue from this segment.
The company’s MSLG business, which contributed Rs 73.86 crore (5.10%), Rs 45.70 crore (1.72%), Rs 83.47 crore (3.78%), and Rs 367.10 crore (15.44%) to total revenue in the six months ended September 30, 2025, FY25, FY24, and FY23, respectively, is dependent on its non-exclusive collaboration with HD Hyundai Heavy Industries. Any disruption in this relationship, shift in Hyundai’s strategic priorities, or appointment of competing partners could adversely affect the company’s ability to execute large-capacity generator projects and impact its business performance.
The company relies on a concentrated supplier base, with its top 10 suppliers accounting for Rs 969.46 crore (74.57% of total expenses), Rs 1,474.51 crore (59.81%), Rs 1,269.80 crore (62.98%), and Rs 1,380.07 crore (62.10%) in the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Any failure of these key suppliers to deliver materials on time, maintain required quality standards, or continue business relationships can adversely affect the company’s production, project execution, and financial condition.
The company is dependent on power purchase agreements (PPAs) for the sale of electricity generated from its wind power projects. Any adverse change in PPA terms, delays in securing new off-take arrangements, curtailment of renewable energy generation, or inability to maintain contracted capacity utilisation levels can negatively impact the company’s business and cash flows.
As of February 28, 2026, the company had outstanding financial indebtedness of 1,214.25 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
The company’s wind power projects are exposed to seasonal variation, forecasting deviation penalties, and weather-related operational disruptions. It incurred forecasting deviation penalties of Rs 1.53 crore, Rs 1.92 crore, Rs 1.80 crore, and Rs 1.15 crore in the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Continued disruptions can adversely affect generation, profitability, and cash flows.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company is exposed to contingent liabilities, including disputed tax matters, guarantees, and claims against the company. As of September 30, 2025, contingent liabilities included disputed GST demand of Rs 9.30 crore, service tax demand of Rs 1.34 crore, corporate guarantees of Rs 16.25 crore, letters of credit outstanding of Rs 12.29 crore, and other claims, totalling Rs 40.57 crore. If these liabilities materialise, it can negatively impact the company’s financial condition.
Application details
For Powerica IPO IPO, eligible investors can apply as Regular & Employee.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹375 - ₹395 | Upto ₹2 Lakhs | 37 |
| Employee | ₹338 - ₹358 | Upto ₹5 Lakhs | 37 |
| High Networth Individual | ₹375 - ₹395 | ₹2 - ₹5 Lakhs | 37 |