IC Electricals
Book Building issueSMENSE SME₹47.91 Cr issue
+67.68%
Listing gain over issue price
Price band
₹99
Issue size
₹47.91 Cr
1 lot at cut-off
₹1,18,800
Lot size
1,200shares
Open
25 Jun 2026
Close
07 Jul 2026
Allotment
08 Jul 2026
Listing
10 Jul 2026
Listing performance
Issue price
₹99
Listed at
₹166
Listing-day close
—
Latest price
—
Listing gain
+67.68%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹47 +47.47%
17 Jul, 05:20 pm
28 Jun 2026 Range ₹0 – ₹55 over 13 days 10 Jul 2026
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 10 Jul 2026 | ₹47 | +47.47% | ₹42,900 | ₹146 | ₹56,400 |
| 09 Jul 2026 | ₹47 | +47.47% | ₹42,900 | ₹146 | ₹56,400 |
| 08 Jul 2026 | ₹45 | +45.45% | ₹41,000 | ₹144 | ₹54,000 |
| 07 Jul 2026 | ₹42 | +42.42% | ₹38,300 | ₹141 | ₹50,400 |
| 06 Jul 2026 | ₹49 | +49.49% | ₹44,700 | ₹148 | ₹58,800 |
| 05 Jul 2026 | ₹55 | +55.56% | ₹50,200 | ₹154 | ₹66,000 |
| 04 Jul 2026 | ₹47 | +47.47% | ₹42,900 | ₹146 | ₹56,400 |
| 03 Jul 2026 | ₹45 | +45.45% | ₹41,000 | ₹144 | ₹54,000 |
| 02 Jul 2026 | ₹44 | +44.44% | ₹40,100 | ₹143 | ₹52,800 |
| 01 Jul 2026 | ₹40 | +40.40% | ₹36,500 | ₹139 | ₹48,000 |
| 30 Jun 2026 | ₹28 | +28.28% | ₹25,500 | ₹127 | ₹33,600 |
| 29 Jun 2026 | ₹28 | +28.28% | ₹25,500 | ₹127 | ₹33,600 |
| 28 Jun 2026 | ₹0 | 0.00% | — | ₹99 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 25 Jun 2026 – 07 Jul 2026
- Listing date
- 10 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹99
- Issue price
- ₹99 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE SME
- Total issue size
- ₹47.91 Cr
- Fresh issue
- ₹45.51 Cr 45,97,200 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹181 Cr
- Promoter holding
- 82.92% → 60.94% pre-issue → post-issue
- ISIN
- INE0XE501015
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- NEXGEN Financial Solutions Pvt.Ltd.
- Registered office
- 156 DSIDC, Okhla Inustrial Area, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 13,68,000 | — | — |
| Market maker | 2,42,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹99
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,18,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,37,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,50,400 |
| B-HNI (min) | 9 | 10,800 | ₹10,69,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
13,68,000
Anchor portion
₹13.54 Cr
at ₹99 per share
Valuation and performance
Valuation at offer price
₹99 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.50 | 7.72 |
| P/E (×) | 9.43 | 12.82 |
| Price to book (×) | 2.02 | — |
| Market cap | — | ₹181 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.88%
- ROCE
- 18.18%
- Debt / equity
- 1.13
- PAT margin
- 9.84%
- EBITDA margin
- 17.83%
- NAV per share
- ₹48.98
- Price to book
- 2.02
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About IC Electricals
IC Electricals Company Limited, incorporated in 2005 and converted to a public company in 2024, is engaged in manufacturing power electronics, instrumentation and distribution systems, microprocessor-based control systems for railway applications, rotating machines, and railway electrification equipment. The company derives approximately 82% of its revenue from government and railway-related contracts, with the remainder from non-government customers. It holds approved supplier registrations with the Ministry of Railways including RDSO. The company operates manufacturing facilities in Haridwar, Uttarakhand and maintains branch offices in multiple states.
Company Analysis
from RHPIC Electricals manufactures power electronics, instrumentation, distribution systems, microprocessor-based control systems, rotating machines, and provides railway electrification solutions for Indian Railways and government entities.
IC Electricals Company Limited, incorporated in 2005 and converted to a public company in 2024, is engaged in manufacturing power electronics, instrumentation and distribution systems, microprocessor-based control systems for railway applications, rotating machines, and railway electrification equipment. The company derives approximately 82% of its revenue from government and railway-related contracts, with the remainder from non-government customers. It holds approved supplier registrations with the Ministry of Railways including RDSO. The company operates manufacturing facilities in Haridwar, Uttarakhand and maintains branch offices in multiple states.
Railway electrificationPower electronicsInstrumentation systemsDistribution systemsControl systemsElectrical equipment manufacturing
Objects of the Issue
- Working capital requirements p.73
- General corporate purposes p.73
- Funding the working capital requirements of our Company Rs. 3,360.00 lakhs p.131
- General Corporate Purposes [●] (not exceeding 15% of Gross Proceeds or Rs. 10 Crores, whichever is lower) p.130
Issue Structure
- Total Issue
- Up to 48,39,600 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 48,39,600 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs
- Offer for Sale
- NIL
- Lot Size
- 1200 Equity Shares and in multiples of 1200 Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company generates revenue through contracts awarded by the Ministry of Railways, Indian Railways zonal railways, and government entities via competitive bidding processes. Revenue is derived from manufacturing and supply of electrical and electronic equipment for railway applications, with a small portion from non-government commercial customers.
Business Segments
Design, development and manufacture of specialized electrical and electronic components for Ministry of Railways and associated railway entities
Manufacturing of electronic components for railways and rotating motors
EPC work for railways electrification
Advanced electronic systems and control units for railway safety, reliability, and passenger experience. Products include Electronic Rectifier-cum-Regulating Units (ERRU) in 4.5 kW and 25 kW capacities, Regulated Battery Chargers, Vigilance Control Device (VCD), GPS-Based Passenger Announcement & Passenger Information System (PAPIS), and Emergency Light Unit (ELU).
Design, development, and manufacturing of critical electrical and electromechanical components for Indian Railways including power generation, traction, and auxiliary systems. Products include 4.5 kW Brushless Alternator with Rectifier-cum-Regulating Unit (RRU), 25 kW Brushless Alternator for AC Coaches, Traction Motors, Oil Cooling Units, and various coil assemblies for traction motors (armature coils, main field coils, commutating pole coils, equalizer coils).
End-to-end execution of 25 kV AC single-phase Overhead Equipment (OHE) systems and railway electrification projects. Services include detailed engineering and design, procurement and supply chain management, precision erection, rigorous testing, and final commissioning. Supports both development of new railway lines and modernization of existing infrastructure.
Manufactures electrical components including power cables, cable terminations, cable heads, high-voltage cables, insulators, bushings and related products for railway and industrial applications.
Provides installation, erection, maintenance, and repair services for electrical products and systems, particularly for railway electrification applications.
Includes manufacturing and sale of electronic components, rotating machines, and related products for railways
Includes execution of railway electrification and maintenance work contracts, turnkey railway electrification projects including design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems
SWOT Analysis
Strengths
- • Pending trademark registration for 'IC Electricals' brand(p.57)
- • Substantial experience of promoters in electrical industry(p.62)
- • Technology-based company with specialized technical capabilities(p.74)
- • Fully paid-up equity shares with no pledge restrictions(p.128)
- • Experienced management and motivated workforce(p.140)
- • Strong EBITDA margin growth trajectory(p.143)
- • Growing order book and revenue momentum(p.143)
- • Strong return on equity and capital efficiency(p.141)
- • Cordial relations with customers(p.140)
- • Quality assurance and control capabilities(p.140)
- • Designing and execution capabilities(p.140)
- • Strong focus on Research & Development for product innovation(p.238)
- • Well-equipped manufacturing facilities with latest technological advancements(p.238)
- • Experienced management team with proven track record(p.238)
- • Extensive sales and service network across India(p.238)
- • ISO 9001:2015 Quality Certification(p.249)
- • Specialized knowledge of Indian Railways requirements(p.237)
- • Track record of successful project execution(p.237)
- • Extensive managerial experience in electrical industry(p.288)
- • Diversified revenue from manufacturing and contract segments(p.340)
- • Growing profitability with improving margins(p.337)
- • Subsidiary company generating additional revenue streams(p.305)
Weaknesses
- • Heavy dependence on Ministry of Railways for revenue(p.26)
- • Significant working capital requirements with negative cash flows(p.28)
- • Revenue concentration among limited customer base(p.31)
- • Dependence on limited suppliers for raw materials(p.32)
- • Leased properties create operational discontinuity risk(p.34)
- • Significant contingent liabilities(p.36)
- • History of compliance delays and regulatory filing lapses(p.37)
- • Clerical error in statutory filing of PAS-3 with RoC(p.49)
- • Extensive history of delayed statutory filings under Companies Act(p.50)
- • Significant reliance on promoter and key personnel leadership(p.62)
- • Heavy dependence on related party transactions(p.57)
- • High leverage from unsecured promoter loans repayable on demand(p.69)
- • Some board members lack experience in listed companies(p.63)
- • Previous director association with struck-off company(p.76)
- • Current promoters are not original promoters of the Company(p.76)
- • Working capital intensive business with no history of dividend payments(p.76)
- • Negative operating cash flow(p.143)
- • High working capital requirements and dependence on bank financing(p.131)
- • High debt-to-equity ratio(p.147)
- • Elevated inventory holding and working capital intensity(p.135)
- • Dependence on government and railways customers(p.133)
- • High dependency on public sector procurement through IREPS(p.237)
- • Complex and slow tendering processes limiting market responsiveness(p.237)
- • Concentration of revenue among top customers(p.241)
- • Limited brand visibility outside government sector(p.237)
- • Vulnerability to delays in railway project execution affecting revenue(p.237)
- • Dependence on leased manufacturing facilities with tenure constraints(p.212)
- • High leverage with debt-to-equity ratio above 1(p.337)
- • Dependence on related party financing(p.330)
- • Significant contingent liabilities from claims and guarantees(p.336)
- • High concentration of promoter shareholding creates governance risk(p.329)
- • Multiple arbitration disputes with Indian Railways involving significant contract terminations and substantial claim rejections(p.435)
- • Abrupt contract termination by Railway Department without mandatory notice period(p.436)
- • Corporate promoter (Safe System India Private Limited) involved in civil litigation over unpaid material supplies(p.437)
- • Multiple pending income tax demand orders against corporate promoter (Safe System India Pvt Ltd) totaling significant amounts across multiple assessment years(p.439)
- • GST compliance issues and show-cause notices against corporate promoter including demand for excess ITC and penalties(p.440)
- • Significant outstanding dues to Micro, Small and Medium Enterprises indicating supply chain stress(p.446)
- • Negative operating cash flows in recent years(p.456)
Opportunities
- • Growth in railway sector demand for electrical components(p.68)
- • Diversification into private sector markets(p.69)
- • R&D capabilities for new product development(p.74)
- • Expansion of order book and new customer acquisition(p.131)
- • Significant growth in Indian railway locomotive and rolling stock production(p.172)
- • Increased government spending on railway electrification and modernization(p.178)
- • Growing domestic manufacturing of railway components(p.174)
- • Expansion of EPC division and railway electrification projects(p.195)
- • Strategic initiatives to strengthen domestic supply chains and reduce import dependency(p.174)
- • Increased collaborations between private players and Indian Railways(p.175)
- • Government commitment to 100% railway electrification(p.238)
- • Rising infrastructure investments in railway modernization including Vande Bharat and DFC(p.237)
- • Government initiatives like Make in India and Atmanirbhar Bharat(p.237)
- • Expansion into metro rail and urban transport systems(p.237)
- • Expected growth in Indian Railway locomotive fleet(p.205)
- • Opportunity for exports to markets where DC traction motors are prevalent(p.238)
- • Adoption of automation and green technologies in railways(p.237)
- • Increasing demand for railway electrification and modernization(p.237)
- • Growth in railway electrification and contract work(p.298)
- • Expansion through group entities in electrical components and insulation materials(p.307)
- • Market expansion with improved trade receivables turnover(p.337)
- • Railway sector approved vendor status enabling access to large government procurement contracts(p.450)
- • Established registrations with multiple Railway authorities and RDSO for electrical equipment and components(p.450)
- • ISO 9001:2015 certification enabling quality compliance for railway and institutional contracts(p.451)
- • Multi-state GST registration enabling pan-India operational capability(p.449)
- • Listing on SME Emerge platform enabling capital access and market visibility for growth(p.448)
Threats
- • Reduction in Ministry of Railways spending or adverse policy changes(p.27)
- • Intense competition from domestic and multinational companies(p.27)
- • Risk of blacklisting by Government authorities(p.28)
- • Contract modification, cancellation or suspension at client discretion(p.34)
- • Physical hazards and operational risks in manufacturing(p.53)
- • Geographical concentration of revenue in Uttarakhand(p.55)
- • Raw material procurement concentrated in Delhi(p.56)
- • Competitive tendering process with no guarantee of contract awards(p.55)
- • Complex and time-consuming government tendering processes(p.68)
- • Price-based competition under L1 tender system(p.73)
- • Delays in railway project execution(p.74)
- • Regulatory changes and compliance requirements(p.78)
- • Economic slowdown and inflation in India(p.79)
- • Interest rate fluctuations affecting borrowing costs(p.63)
- • Environmental, health, safety and labour law compliance costs(p.75)
- • Natural disasters and epidemics affecting operations(p.80)
- • Global financial instability affecting Indian economy(p.79)
- • Heavy dependence on government/railway contract awards(p.133)
- • Extended payment cycles and receivable collection risks(p.133)
- • Reliance on specific divisions for profitability (EPC division concentration)(p.131)
- • Competition from domestic and global players in railway component manufacturing(p.174)
- • Input price volatility and supply chain risks(p.174)
- • Regulatory and policy changes affecting railway procurement(p.183)
- • Intense competition from established players and multinational corporations(p.237)
- • Price wars due to L1 tender system in government procurement(p.237)
- • Policy changes and bureaucratic delays in government projects(p.237)
- • Fluctuating raw material prices and supply chain disruptions(p.237)
- • Uncertain project timelines and funding delays affecting cash flow(p.209)
- • Electromagnetic interference and noise compliance challenges(p.209)
- • Stringent government regulations and certification requirements(p.208)
- • High exposure to unsecured loans from non-institutional sources(p.329)
- • Substantial aging of trade receivables indicates collection risk(p.331)
- • Interest rate risk from high-cost borrowings(p.329)
- • Exposure to working capital volatility with inventory dependent operations(p.337)
- • Dependent on Railway contracts subject to government arbitration disputes and contract termination risks(p.435)
- • Railway sector procurement cycles and policy changes affecting demand for electrical and overhead equipment(p.436)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sunil Kumar Verma | Promoter | — | — |
| Mrs. Renu Verma | Promoter | — | — |
| Ms. Aakansha Verma | Promoter | — | — |
| Ms. Davisha Verma | Promoter | — | — |
| Mrs. Savita Sachdeva | Promoter | — | — |
| M/S SHBD LLP | Promoter | — | — |
| M/S SAFE SYSTEM INDIA PRIVATE LIMITED | Promoter | — | — |
| Sunil Kumar Verma | Promoter | 10.09% | — |
| Renu Verma | Promoter | 5.79% | — |
| Aakansha Verma | Promoter | 3.02% | — |
| Davisha Verma | Promoter | 0.00% | — |
| Savita Sachdeva | Promoter | 4.16% | — |
| SHBD LLP | Promoter | 11.18% | — |
| Safe System India Private Limited | Promoter | 39.26% | — |
| Mr. Sunil Kumar Verma | Promoter | 10.09% | — |
| Mrs. Renu Verma | Promoter | 5.79% | — |
| M/s SHBD LLP | Promoter Group | — | — |
| M/s Safe System India Private Limited | Promoter Group | — | — |
| Ms. Aakansha Verma | Promoter | — | — |
| Ms. Davisha Verma | Promoter | — | — |
| Mr. Sunil Kumar Verma | Individual Promoter | 10.09% | — |
| Mrs. Renu Verma | Individual Promoter | 5.79% | — |
| Ms. Aakansha Verma | Individual Promoter | 3.02% | — |
| Ms. Davisha Verma | Individual Promoter | — | — |
| Mrs. Savita Sachdeva | Individual Promoter | 4.16% | — |
| M/s SHBD LLP | Limited Liability Partnership Promoter | 11.18% | — |
| M/s Safe System India Private Limited | Private Limited Company Promoter | 39.26% | — |
| Sunil Kumar Verma | Promoter/Managing Director | 10.09% | — |
| Renu Verma | Promoter/Director | 5.79% | — |
| Safe System India Private Limited | Promoter | 39.26% | — |
| SHBD LLP | Promoter | 11.18% | — |
Leadership
Mr. Subodh Kumar · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.