IC Electricals Co. IPO

IPO Details

• Open Date: 25 June 2026

• Close Date: 30 June 2026

• Minimum Investment: ₹2,37,600

• Lot Size: 1,200 shares

• Price Range: ₹94 to ₹99 per Share

• Listing: NSE, SME

• Issue Size: ₹47.91 Crore

• Listing Date: 3 July 2026

IPO Timeline

• Bidding Start: 25 June 2026

• Bidding Ends: 30 June 2026

• Allotment Finalisation: 1 July 2026

• Refund Initiation: 2 July 2026

• Demat Transfer: 2 July 2026

• Listing: 3 July 2026

About IC Electricals Co. Limited

IC Electricals Co. Limited was incorporated in 2005 and manufactures electronic equipment for railway applications while also providing engineering solutions to Indian Railways. The company offers regulators, battery chargers, emergency lights, inverters, vigilance control devices and microprocessor-based systems. It also manufactures alternators, traction motors and permanent magnet alternators with controllers. The company undertakes turnkey railway electrification projects involving design, supply, erection, testing and commissioning of 25 kV AC overhead equipment and traction substations. Operating mainly under a business-to-government model, IC Electricals serves ministries and government departments and employed 288 permanent staff members as of 31 May 2026.

IC Electricals Co. Limited IPO Overview

IC Electricals Co. Limited is launching a bookbuilding IPO aggregating ₹47.91 crore, comprising an entirely fresh issue of 48,39,600 equity shares. The public issue opens for subscription on 25 June 2026 and closes on 30 June 2026. The allotment is expected to be finalised on 1 July 2026, while refunds and credit of shares to successful applicants are scheduled for 2 July 2026. The shares are proposed to be listed on the NSE SME platform on 3 July 2026. The price band has been fixed at ₹94 to ₹99 per share and investors can bid for a minimum of 2,400 shares. NEXGEN Financial Solutions Pvt. Ltd. is acting as the book-running lead manager, Skyline Financial Services Pvt. Ltd. is the registrar to the issue, and Mansi Share & Stock Broking Pvt. Ltd. has been appointed as the market maker.

IC Electricals Co. Limited IPO Details

Particulars	Details
IPO Date	25 June 2026 to 30 June 2026
Listing Date	3 July 2026
Face Value	₹10 per share
Issue Price Band	₹94 to ₹99 per share
Lot Size	1,200 Shares
Total Issue Size	48,39,600 shares (aggregating up to ₹47.91 Cr)
Fresh Issue	48,39,600 shares (aggregating up to ₹47.91 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	1,34,22,000 shares
Share Holding Post Issue	1,82,61,600 shares
Market Maker Portion	2,42,400 shares

IC Electricals Co. Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

IC Electricals Co. Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,400	₹2,37,600
Retail (Max)	2	2,400	₹2,37,600
HNI (Min)	3	3,600	₹3,56,400

IC Electricals Co. Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	82.92%
Post-Issue	60.94%

IC Electricals Co. Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹7.72
Price/Earnings (P/E) Ratio	12.82x
Return on Net Worth (RoNW)	23.88%
Net Asset Value (NAV)	₹47.40
Return on Equity	23.88%
Return on Capital Employed (ROCE)	18.18%
EBITDA Margin	17.83%
PAT Margin	9.84%
Debt to Equity Ratio	NA

Objectives of the Proceeds

• Funding the working capital requirements of the company to support business growth and operations amounting to ₹33.60 crore.

• Meeting general corporate purposes and strengthening overall financial flexibility for future expansion initiatives.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	193.44	160.04	143.89
Revenue	143.81	122.39	99.75
Profit After Tax	14.10	9.41	4.62
Reserves and Surplus	50.20	36.12	27.11
Net Worth	65.74	51.71	33.22

IPO Strengths of IC Electricals Co. Limited

• Strong focus on research and development supporting product innovation and technological advancement.

• Experienced management team with a proven track record in railway electronics and electrification projects.

• Dedicated service centres and representatives in every state capital ensuring prompt customer support.

• Well-equipped manufacturing facilities enabling efficient production and adherence to technical standards.

• Established business-to-government model with long-standing relationships with Indian Railways and government entities.

• Successful execution of railway electrification projects across multiple railway zones.

SWOT Analysis of IC Electricals Co. Limited

Strengths and Opportunities	Weaknesses and Threats
Strong expertise in railway electronics, electrification projects and engineering solutions for Indian Railways.	Significant dependence on government contracts may impact revenue visibility if order inflows decline.
Diverse product portfolio including ERRUs, VCDs, chargers, PAPIS and traction equipment.	Delays in project execution or approvals can affect operational performance and cash flows.
Continuous investment in research and development enhances innovation capabilities and product competitiveness.	Business remains exposed to changes in government policies and railway procurement procedures.
Presence of service centres in state capitals enables timely after-sales support and customer satisfaction.	Increasing competition from established railway equipment manufacturers may pressure margins.
Growing investments in railway modernisation and electrification provide opportunities for expansion.	Fluctuations in raw material prices and supply chain disruptions may increase production costs.
Strong financial growth and rising profitability support future business development initiatives.	Dependence on a limited customer base increases concentration risk and revenue uncertainty.

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
IC Electricals Co. Ltd.	10.49	10.49	47.40	NA	24.88	NA
Peer Group
Hind Rectifiers Limited	13.10	13.10	59.88	99.50	24.62	20.15