IC Electricals Company Limited

IC Electricals Company (NEW IPO):GMP, Profit, Price & expert review

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IC Electricals Company Limited is a prominent manufacturer of advanced electronic equipment and engineering solutions tailored for the Indian Railways. Operating primarily on a Business-to-Government (B2G) model, the company specializes in microprocessor-based control systems, regulated battery chargers, and electronic rectifiers, while also executing turnkey railway electrification projects.

IC Electricals Company Limited was incorporated on August 5, 2005 & the company is currently led by Mr. Sunil Kumar Verma.


IC Electricals Company Limited specializes in manufacturing advanced electronic equipment for Indian Railways, including microprocessor-based control systems, regulated battery chargers, and Electronic Rectifier-cum-Regulating Units (ERRU). Their portfolio also features alternators, traction motors, and turnkey electrification projects involving overhead equipment and traction substations. They hold a dominant 80% market share in cable head termination systems for locomotives through their group associates.

IC Electricals Company Limited has filed for Draft Red Herring Prospectus (DRHP), to raise funds via IPO by offering Up to 48,40,000 Equity Shares on the NSE Emerge platform consisting entirely as a Fresh Issue of 48,40,000 Equity Shares.

Subscription date to apply for IC Electricals Company Limited is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:Up to 48,40,000 Equity Shares
Fresh Issue:48,40,000 Equity Shares
Offer for Sale:N/A
Price Range:TBA
Lot Size:TBA
GMPPending

IC Electricals Company Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 49.54 Cr
Revenue:₹121.48 Cr
EBITDA₹18.33 Cr
EBITDA Margin:15.1%
PAT₹9.28Cr
PAT Margin7.64%
Face Value:₹ 10

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Funding Business Growth~ ₹ 32.00Cr
Prepayment or repayment~ ₹ 00 Cr
Sales and Marketing~ ₹ 00 Cr
Ultra-Advanced AI Staffing Suite₹ 00 Cr

IC Electricals Company Limited Financial Data

202320242025
Revenue (₹ Cr)₹ 97.7₹ 99.2₹ 121.9
PAT (₹ Cr)₹ 1.7₹ 4.6₹ 9.4
Asset (₹ Cr)₹ 123.4₹ 142.5₹ 158.1
Net Worth (₹ Cr)₹ 26.4₹ 31.0₹ 49.5

IC Electricals Company IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
08-Apr₹ –₹ –₹ –
07-Apr₹ –₹ –₹ –
06-Apr₹ –₹ –₹ –
05-Apr₹ –₹ –₹ –
04-Apr₹ –₹ –₹ –
IC Electricals Company Limited

IC Electricals Company Limited IPO Pros & Cons

Strengths:

  • Strong Growth: Revenue grew 23% and PAT surged 104% between FY24 and FY25, showing positive momentum.
  • Specialized Niche: Expert in railway electronics like regulators and battery chargers, a high-demand, tech-heavy sector.
  • Healthy Returns: Boasts a solid ROE of 23.28% and ROCE of 17.58% for fiscal 2025.
  • Order Visibility: Significant unexecuted order books (previously ~₹165 crore) suggest steady future revenue streams.
  • Strategic Client: Deep relationship with Indian Railways provides a stable, long-term primary customer base.

Risks:

  • Debt Reliance: High bank limit utilization (99%+) and reliance on high-interest (15–18%) unsecured NBFC loans.
  • Concentration Risk: Revenue is heavily dependent on Indian Railways;
  • policy changes could severely impact business SME Listing: Proposed listing on the NSE SME platform often involves lower liquidity and volatility.
  • Working Capital: The business is capital-intensive, requiring constant external funding to manage daily operations effectively.
  • Interest Cover: Modest interest coverage ratio (~1.81x) leaves limited room for error during economic downturns.

IC Electricals Company Limited Promoters – Pre offer equity (Approx)

Promoters%Shares
Mr. Sunil Kumar Verma25.03%
Safe Insulation Technologies Pvt Ltd20.00%
Savita Sachdeva18.29%
Mrs. Renu Verma13.37%
Aditi Sachdeva7.33%
Akash Sachdeva7.33%

IC Electricals Company Limited Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of IC Electricals Company Limited

Lead / Book Running Lead ManagersNEXGEN FINANCIAL SOLUTIONS PRIVATE LIMITED
Registrar (RTA)SKYLINE FINANCIAL SERVICES PRIVATE LIMITED

  • IT manufactures specialized electronics like voltage regulators and battery chargers primarily for the Indian Railways.

  • IC Electricals is raising funds via IPO primarily to finance working capital requirements and for general corporate purposes.

  • The issue involves a Fresh Issue of 48,40,000 equity shares. It will list on NSE Emerege platform.

  • Key risks include heavy client concentration (Indian Railways), high debt, and potential liquidity issues as SME.

  • Potential upsides include a strong order book, rapid Indian Railways electrification, and high ROE/PAT growth momentum.

  • You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker once the IPO opens for subscription.

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