Rulka Electricals
Book Building issueSME₹26.40 Cr issue
+123.40%
Listing gain over issue price
Issue size
₹26.40 Cr
1 lot at cut-off
₹1,41,000
Lot size
600shares
Open
16 May 2024
Close
21 May 2024
Allotment
22 May 2024
Listing
24 May 2024
Listing performance
Issue price
₹235
Listed at
₹525
Listing-day close
₹498.75
Latest price
₹98.50
Close on 23 Oct 2026
Listing gain
+123.40%
Return since issue
-58.09%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 May 2024 – 21 May 2024
- Listing date
- 24 May 2024
- Face value
- ₹10 per share
- Issue price
- ₹235 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹26.40 Cr
- Market cap at offer price
- ₹100 Cr
- Promoter holding
- 86.28% → 69.22% pre-issue → post-issue
- ISIN
- INE0R7301013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- A-20, Shiva Industrial Estate Co.Ltd., Lake Road, Near Tata Power, Bhandup West, Maharashtra
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 | 3,19,200 | — | — |
| Market maker | 56,400 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹235
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,41,000 |
| S-HNI (min) | 2 | 1,200 | ₹2,82,000 |
| S-HNI (max) | 7 | 4,200 | ₹9,87,000 |
| B-HNI (min) | 8 | 4,800 | ₹11,28,000 |
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
3,19,200
Anchor portion
₹7.50 Cr
at ₹235 per share
Valuation and performance
Valuation at offer price
₹235 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.21 | 14.49 |
| P/E (×) | 28.62 | 16.22 |
| Price to book (×) | 6.22 | — |
| Market cap | — | ₹100 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 43.85%
- ROCE
- 33.67%
- Debt / equity
- 2.16
- PAT margin
- 8.68%
- NAV per share
- ₹37.77
- Price to book
- 6.22
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Rulka Electricals
Rulka Electricals Limited, incorporated on May 30, 2013 and converted to a public company on August 02, 2023, is an EPC contractor specializing in electrical and fire fighting turnkey projects. The company provides comprehensive solutions including electrical infrastructure for industrial plants, electrical panels, solar EPC contracts, warehousing projects, maintenance services, data and voice cabling installation, and commercial-industrial electrical services. Operating primarily in Maharashtra with some operations across India, the company generates revenue through project-based contracts with corporate and industrial clients. For the period ended February 29, 2024, the company reported total revenue of ₹6,527.77 lakhs and profit after tax of ₹565.77 lakhs.
Company Analysis
from RHPRulka Electricals Limited is a turnkey electrical and fire fighting projects contractor offering engineering, procurement, and construction (EPC) solutions across industrial, commercial, retail, and theatre sectors in India.
Rulka Electricals Limited, incorporated on May 30, 2013 and converted to a public company on August 02, 2023, is an EPC contractor specializing in electrical and fire fighting turnkey projects. The company provides comprehensive solutions including electrical infrastructure for industrial plants, electrical panels, solar EPC contracts, warehousing projects, maintenance services, data and voice cabling installation, and commercial-industrial electrical services. Operating primarily in Maharashtra with some operations across India, the company generates revenue through project-based contracts with corporate and industrial clients. For the period ended February 29, 2024, the company reported total revenue of ₹6,527.77 lakhs and profit after tax of ₹565.77 lakhs.
Electrical ContractingEPC (Engineering, Procurement, Construction)Fire Fighting SystemsSolar EPCData & Voice CablingIndustrial Electrical ServicesCommercial & Retail Electrical Services
Objects of the Issue
- To Meet Working Capital Requirement ₹1,400.00 lakhs p.23
- General Corporate Expenses [●] p.23
- Public Issue Expenses [●] p.23
- To Meet Working Capital Requirement ₹1400.00 Lakhs p.88
- General Corporate Purpose [●] p.91
- To Meet the Offer Expenses [●] p.87
- Working capital requirement, general corporate purpose and Offer expenses p.239
Issue Structure
- Total Issue
- 11,23,200 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- 8,42,400 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- 2,80,800 Equity Shares aggregating up to ₹ [●] Lakhs
- Price Band
- [●] to [●] per equity share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10.00 per equity share
Business Model
Project-based Engineering, Procurement, and Construction (EPC) contracting model for electrical and fire fighting turnkey projects. Revenue is generated through fixed-fee contracts with industrial, commercial, and retail clients. The company sources new orders primarily through direct relationships with existing and new customers who approach them for projects (nomination basis). The business model is project-execution focused with revenue recognition upon completion and delivery of projects.
Business Segments
Electrical infrastructure solutions, electrical panels, contracting services for industrial plants, commercial and retail installations
Solar Engineering, Procurement and Construction projects
Fire fighting turnkey projects
Data and voice cabling installation services
Provides electrical solutions, electrical panels, turn key electrical warehousing projects, electric commercial industrial services, maintenance services, and electrical contracting
Fire Fighting Systems, one of the new verticals being added by the company
Solar EPC (Engineering, Procurement and Construction) projects
High tension, low tension electrical work including power harmonic testing, fault finding, DG efficiency calculations, transformer testing, panel testing; electrical contracting services for street lights and infrastructure; commercial electric services; data and voice cabling installation
Fire alarms, sprinkler systems, fire extinguishers, fire suppression systems, fire hydrants, fire hose reels, fire safety signage, fire safety plans, maintenance and inspections, regulatory compliance
Surveillance solutions, intrusion detection sensors, access control, alarms for protection of people, property and assets in residential, commercial and industrial settings
Communication technology for broadcast of audio messages and announcements using microphones, amplifiers and loudspeakers for schools, airports, stadiums and public spaces
Roof-mounted solar systems for sustainable energy generation using photovoltaic technology to convert sunlight into electricity for homes, businesses and institutions
Design, supply, installation, testing, commissioning of electrical systems for industrial, commercial, retail, and hospitality sectors
Turnkey fire-fighting system projects integrated with electrical services
Routine inspections, preventive maintenance, issue resolution, and emergency response for electrical and fire-fighting systems
Purchase of stock in trade for resale
SWOT Analysis
Strengths
- • Strong revenue growth and profitability trajectory(p.96)
- • High and improving return on equity and return on capital employed(p.96)
- • Strong profit margins with consistent improvement(p.96)
- • Efficient asset utilization and operational efficiency(p.96)
- • Strong operational cash generation capability(p.96)
- • ISO certified quality services with stringent standards(p.120)
- • Strong existing customer relationships with repeat business(p.120)
- • Diversified client base across multiple sectors(p.120)
- • Scalable business model leveraging resources and market development(p.120)
- • Experienced management team with 20+ years in power industry(p.121)
- • Integrated operations from design through maintenance(p.119)
- • Experienced promoter team with 20 years industry expertise(p.216)
- • Comprehensive turnkey project capabilities across multiple sectors(p.216)
- • Strong revenue growth trajectory with 233% increase over 3.5 years(p.218)
- • Improved profitability with PAT increasing from Rs. 53.72 lakhs to Rs. 565.77 lakhs(p.219)
- • Integrated operations capability from design through maintenance(p.216)
- • Established regulatory compliance and approvals framework(p.232)
- • Track record of at least 3 years of operations(p.238)
- • Positive net worth and growing operating profitability(p.238)
- • Comprehensive operational certifications including ISO 9001:2015(p.235)
- • Registered trademark and domain presence(p.235)
- • Electricity contractor license enabling core business operations(p.234)
Weaknesses
- • Dependence on few major customers for revenue(p.32)
- • Substantial outstanding indebtedness requiring significant cash flows(p.34)
- • Regulatory non-compliances and past filing errors with RoC(p.35)
- • Negative operating cash flows in prior periods(p.40)
- • Unsecured loans from NBFCs and Directors subject to recall(p.36)
- • Significant dependence on leased premises without ownership(p.37)
- • Manpower intensive business with dependency on contractors(p.33)
- • Concentration of business in Maharashtra state(p.32)
- • High working capital requirements and increasing working capital intensity(p.88)
- • Significant increase in short-term borrowings(p.52)
- • Negative operating cash flows in recent periods(p.96)
- • Dependence on few major customers(p.97)
- • High concentration of inventory and receivables(p.52)
- • Low bargaining power with clients in tender-based procurement(p.128)
- • Revenue concentration among top customers creates dependency(p.142)
- • Relatively low financial scale compared to competitors(p.116)
- • High dependence on few customers for revenue concentration(p.224)
- • Significant leverage with debt-to-equity ratio of 0.86(p.225)
- • Negative operating cash flows in recent periods(p.223)
- • Outstanding GST demand and tax liabilities(p.227)
- • Recent management turnover with new CFO appointment(p.170)
- • Absence of prior capital market experience(p.243)
- • Reliance on book building process as first-time issuer(p.265)
- • No history of public share issuance or capital raises(p.243)
- • Post-offer paid-up capital below Rs. 25 crore threshold(p.238)
Opportunities
- • Growing power sector demand in India(p.23)
- • Expansion into new geographical markets(p.35)
- • Growth through new customer relationships(p.33)
- • Expansion into new service verticals including Fire Fighting Systems and Solar Systems(p.90)
- • Growing demand for electrical and power infrastructure in India(p.109)
- • Turnkey projects offering larger contract sizes and higher profitability(p.91)
- • Regional expansion with dedicated offices in new regions(p.90)
- • Government initiatives supporting infrastructure and manufacturing growth(p.111)
- • Significant growth in India's renewable energy sector(p.113)
- • Government's 500 GW renewable energy target by 2030(p.116)
- • Expansion of electrical equipment industry driven by power infrastructure development(p.117)
- • Strong domestic demand for warehousing and logistics projects(p.120)
- • Geographic expansion into new markets including Delhi and Pune(p.142)
- • Growing adoption of digital infrastructure and smart systems(p.112)
- • Expansion into higher-margin firefighting and solar EPC segments(p.222)
- • Cross-selling opportunities with existing customer base(p.222)
- • Growing addressable market across warehouses, retail and hospitality sectors(p.216)
- • Scalability of fixed cost base relative to revenue growth(p.223)
- • Potential for migration to main board after growth milestones(p.253)
- • Three-year market making arrangement ensuring liquidity(p.253)
- • Access to capital markets and public financing(p.250)
- • Expansion through further capital raises post-listing(p.253)
Threats
- • Competition in EPC industry may intensify(p.21)
- • Regulatory changes and compliance burden(p.29)
- • Economic slowdown in India affecting operations(p.41)
- • Cost inflation in labour and materials beyond control(p.33)
- • GST and tax regime changes creating uncertainty(p.47)
- • Natural disasters and external disruptions(p.46)
- • Dependence on few major suppliers(p.36)
- • Global economic uncertainty and slowdown affecting domestic demand(p.106)
- • Financial instability and volatility in global and Indian securities markets(p.49)
- • Volatile commodity prices and input cost inflation(p.90)
- • Regulatory and policy changes affecting business operations(p.49)
- • Extended project timelines and execution risks in turnkey projects(p.90)
- • Increased competition from large and small players(p.145)
- • Emerging agile startups with innovative business models(p.145)
- • Government policy and regulation changes(p.128)
- • Industry cyclicality and project execution challenges(p.117)
- • Dependence on manual labor and skilled workforce availability(p.144)
- • Increased competition in EPC industry in electrical sector(p.217)
- • Cyclicality and economic sensitivity of industrial and commercial construction(p.217)
- • Regulatory and tax compliance risks including pending GST and income tax matters(p.227)
- • Material price and labor cost volatility impacts project economics(p.217)
- • Litigation risk from customer dispute on delayed payment(p.228)
- • Minimum 50 allottees requirement or offer failure(p.238)
- • SME platform listing dependency and potential delisting risk(p.252)
- • Foreign investor restrictions limiting capital base(p.252)
- • Regulatory approval contingency for listing completion(p.250)
- • Concentrated SME platform exposure with limited trading depth(p.255)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Rupesh Laxman Kasavkar | Promoter | 43.13% | 34.60% |
| Mr. Nitin Indrakumar Aher | Promoter | 43.13% | 34.60% |
| Mr. Nitin Indrakumar Aher | Promoter & Whole Time Director | 43.13% | 34.60% |
| Mr. Rupesh Laxman Kasavkar | Promoter & Managing Director | 43.13% | 34.60% |
| Mrs. Preeti Aher | Promoter Group | 0.02% | 0.02% |
| Abhay Kantilal Shah HUF | Selling Shareholder | 8.72% | — |
| Mr. Rupesh Laxman Kasavkar | Promoter | 43.13% | — |
| Mr. Nitin Indrakumar Aher | Promoter | 43.13% | — |
| Rupesh Laxman Kasavkar | Promoter | 43.13% | — |
| Nitin Indrakumar Aher | Promoter | 43.13% | — |
| Abhay Kantilal Shah HUF | Selling Shareholder | — | — |
| Abhay Kantilal Shah HUF | Selling Shareholder/Promoter | — | — |
Leadership
Mr. Rupesh Laxman Kasavkar · Chairman & Managing Director
Mr. Nitin Indrakumar Aher · Promoter & Director
Ms. Kejal Niken Shah · Company Secretary and Compliance Officer
Mr. Azad Ashok Jinwal · Chief Financial 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.
Rulka Electricals IPO FAQs
What is the lot size of Rulka Electricals IPO?
The minimum lot size of Rulka Electricals IPO is 600 shares. One lot costs ₹1,41,000 at the cut-off price.
When does Rulka Electricals IPO open and close?
Rulka Electricals IPO opened for subscription on 16 May 2024 and closed on 21 May 2024.
What is the listing date of Rulka Electricals IPO?
Rulka Electricals IPO listed on 24 May 2024.