IC Electricals Summary
The business activities include manufacturing of electronic equipment used in railways and engineering solutions provided to Indian Railways. Formed in the year 2005, IC Electricals Company Limited supplies a variety of electronic equipment like regulators, battery chargers, emergency lights, inverters, microprocessors based control systems, and vigilance control devices meeting the latest technological standards. IC Electricals manufacture important railway parts including alternators, traction motors, and permanent magnet alternators with controllers. The company performs turnkey railway electrification projects that comprise of designing, supplying, erecting, testing and commissioning of 25 kV AC Overhead Equipment and traction substation system. The company mainly operates on B2G model and deals with government departments including the Ministry of Railways. The main products offered by IC Electricals include Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), Regulated Battery Chargers, and GPS-based Passenger Announcement & Passenger Information Systems (PAPIS). There have been several railway electrification projects performed by IC Electricals like Gorakhpur-Kaptanganj-Valmiki Nagar Section (North Eastern Railway) and Ara-Sasaram Section (East Central Railway). As on August 31, 2025, IC Electricals has 220 permanent employees.
In terms of process involved in conducting business, the business conducts the manufacture of electronic equipment meant for railways and does turnkey electrification projects. The company mostly deals with the government clients including the Ministry of Railways through B2G business model. Revenue will keep coming steadily since the company has a strong list of government clientele, diversified products, successful completion of many railway projects, and operates in the important railway infrastructure industry.
The book-built public issue of NSE SME by IC Electricals Co. Ltd., with face value of ₹10 per share with the price band of ₹94.00 - ₹99.00 per share. Size of the issue is ₹47.91 Cr, out of which the fresh issue size is ₹45.51 Cr and Market Maker portion size is ₹2.40 Cr. The issue will be split up into QIB (49.73% of net issue), NII (15.19% of net issue) and Retail Investors (35.08% of net issue). The tentative date of listing of the stock on NSE SME will be on 3rd July 2026.
IC Electricals IPO Details:
IC Electricals Limited Issue Management:
NEXGEN Financial Solutions Pvt. Ltd. acts as the book-running lead manager for IC Electricals NSE SME IPO, managing underwriting and compliance.
IC Electricals Limited IPO RTA (Registrar) Details:
Skyline Financial Services Pvt. Ltd. handles allotment, refunds, and demat credits - contact at 02228511022 or ipo@skylinerta.com.
IC Electricals Limited IPO Allotment Status:
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Visit the Skyline Financial Services Pvt. Ltd. IPO Application Status page.
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Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
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IC Electricals NSE SME IPO totals ₹47.91 Cr, comprising a fresh issue of ₹45.51 Cr and ₹2.40 Cr reserved for the market maker. The face value is ₹10 per share and the price band is ₹94.00–₹99.00 per share (book-built issue on NSE SME).
IC Electricals Limited IPO proceeds from the fresh issue will be deployed towards:
IC Electricals IPO offers 48,39,600 equity shares (total issue ₹47.91 Cr, net offer to public 45,97,200 shares after market-maker reservation).
Note: IC Electricals has a strong QIB participation of 49.73%, which includes 28.27% anchor investor allocation (13,68,000 shares) — this indicates strong institutional investor interest, which is a positive signal.
The anchor bidding for IC Electricals Co. Ltd. NSE SME IPO is scheduled one working day before the issue opens on 25th June 2026 (i.e., 24th June 2026). Anchor investors will be allotted shares from the QIB portion. As per the IPO reservation details, the QIB portion accounts for 49.73% of the net issue size (22,86,000 shares), with anchor investor shares specifically allocated at 28.27% of net issue (13,68,000 shares) — this indicates significant anchor investor participation.
Lock-in: Anchor shares follow standard SME IPO norms, where 50% of the anchor shares are locked in for 30 days and the remaining 50% for 90 days from the listing date. The issue is scheduled to list on 3rd July 2026 on NSE SME.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening. NEXGEN Financial Solutions Pvt. Ltd. is the Book Running Lead Manager (BRLM) to the issue, and the registrar for the IPO is Skyline Financial Services Pvt. Ltd.
IC Electricals Co. Ltd. has demonstrated exceptional growth over the past three years.
IC Electricals Co. Ltd.'s revenue increased by 18% and profit after tax (PAT) rose by 50% between FY25 and FY26. Profit generated by IC Electricals Co. Ltd. is through manufacturing of electronic equipment for railway applications (regulators, battery chargers, emergency lights, inverters, control systems, vigilance control devices) and turnkey railway electrification projects, catering mainly to the Ministry of Railways through B2G model.
Considering the performance of the company in terms of finances, it is seen that the firm has witnessed tremendous growth as the Total Income rose from ₹99.75 crore in FY24 to ₹122.39 crore in FY25 and further to ₹143.81 crore in FY26 (growth of 1.44x from FY24, 18% growth from FY25 to FY26). Similarly, the PAT of the firm showed tremendous growth from ₹4.62 crore in FY24 to ₹9.41 crore in FY25 and to ₹14.10 crore in FY26 (3.05x growth from FY24, 50% growth from FY25 to FY26). As far as the EBITDA is considered, it was ₹12.14 crore in FY24, ₹18.34 crore in FY25, and ₹25.66 crore in FY26 (2.11x growth from FY24). It must be noted that the margins were highly favorable as the EBITDA and PAT margins were 17.83% and 9.84%, respectively (FY26). ROE and ROCE of the firm were 23.88% and 18.18%, respectively (FY26). RoNW is 23.88% (FY26). Considering the net worth of the firm, it increased from ₹33.22 crore in FY24 to ₹51.71 crore in FY25 and to ₹65.74 crore in FY26 (~2.0x growth from FY24).
Action Links:
To apply for IC Electricals Limited IPO, open a demat account here
IC Electricals Limited IPO Subscription Status: Check live subscription here
IC Electricals Limited IPO GMP Update: Check latest grey market premium here
IC Electricals Key Highlights:
IC Electricals Co. Ltd. is engaged in manufacturing electronic equipment for railway applications (regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, vigilance control devices, alternators, traction motors, permanent magnet alternators) and turnkey railway electrification projects (25 kV AC overhead equipment, traction substation systems).
The advantages are B2G business model with strong government customer presence (Ministry of Railways), varied products range (ERRU, VCD, Regulated Battery Chargers, PAPIS), implementation of several railway electrification projects (sections Gorakhpur–Kaptanganj–Valmiki Nagar, Ara–Sasaram), 220 permanent staff (Aug 2025), as well as impressive financial results with exponential PAT increase (about 3.05 times from FY24, 50% from FY25 to FY26), 18% sales growth, good margins (EBITDA 17.83%, PAT 9.84%), impressive ROE (23.88%) and ROCE (18.18%), and double net worth growth (~2.0x from FY24).
But recently, the company has shown tremendous efficiency in the aspect of financial performance where the Total Income increased from ₹99.75 crore (FY24) to ₹122.39 crore (FY25) to ₹143.81 crore (FY26) (~1.44x growth, 18% YoY). The PAT on the other hand has shown explosive growth from ₹4.62 crore (FY24) to ₹9.41 crore (FY25) to ₹14.10 crore (FY26) (~3.05x growth from FY24, 50% YoY). EBITDA has increased from ₹12.14 crore (FY24) to ₹18.34 crore (FY25) to ₹25.66 crore (FY26) (~2.11x growth). The margins are good with the EBITDA margin being 17.83% and PAT margin 9.84% (FY26). ROE and ROCE are good, being 23.88% and 18.18% (FY26). The net worth has increased from ₹33.22 crore (FY24) to ₹65.74 crore (FY26) (~2.0x growth). P/E ratio is 9.42x pre-IPO and 12.82x post-IPO (very attractive valuation). RoNW is 23.88%. However, promoter dilution is 27.46% (from 73.52% to ~46.06% post-IPO, calculated), and high debt levels (Total Borrowing not provided for FY26, but need to check).
IC Electricals Risk Factors:
The risks of IC Electricals Limited IPO are mentioned below:
Dependencies on Indian Railways & Government Contracts: Dependency on Ministry of Railways for electronic goods and electrification projects. The delay in government contracts, change in government policy, or reduction in government budgets can affect revenues.
Concentration Risk due to B2G Model: Works only on the B2G model. The main customers are government departments and have very few private sector customers.
Risks involved in the Execution of Railway Projects: Turnkey railway projects are quite complicated in their execution and there are risks involved.
Liquidity Risks in case of listing of SME at NSE: Listing on NSE SME with a capital issue of ₹47.91 Cr and Market Cap of ₹180.79 Cr leads to liquidity risks.
Moderate debt position: We need to determine how much debt the company is having (Not available for FY26).
Risk of Dilution of Promoter's Stake Post-IPO: There will be dilution of 27.46% post-IPO from 73.52% to ~46.06% promoter stake.
Working Capital Utilization Risk: ₹33.60 Crore obtained through IPO would be used for working capital requirements; need to see that the working capital is utilized effectively.
Railway Equipment Sector: There is tough competition from other players in the market such as Hind Rectifiers Limited having P/E multiple of 99.5x and RoNW of 24.62%.
Dependence on Government Contracts: The revenue generation is dependent on government railway projects, any change in policy could affect future business.
Technology Requirement: The manufacturing of electronic equipment requires adherence to the latest technological requirements.
IC Electricals Expert Analysis:
IC Electricals's NSE SME IPO is a book-built issue with a price band of ₹94.00–₹99.00 per share (face value ₹10). The total issue size is ₹47.91 Cr, comprising a fresh issue of ₹45.51 Cr and ₹2.40 Cr reserved for the market maker. The IPO structure has strong institutional participation: QIB 49.73% (including 28.27% anchor investors = 13,68,000 shares), NII 15.19%, and Retail 35.08%, with Market Maker 5.01% firm. Tentative listing on NSE SME on 3rd July 2026.
Basic details of the IPO:
Type of IPO: Book‑built SME IPO (NSE SME)
Uses of funds: Working capital requirements (₹33.60 Cr), General corporate purposes
IPO Timeline: Opens 25th June 2026 | Closes 30th June 2026 | Allotment 1st July 2026 | Listing 3rd July 2026 (NSE SME) | Anchor bidding 24th June 2026
Lead Manager: NEXGEN Financial Solutions Pvt. Ltd. | Registrar: Skyline Financial Services Pvt. Ltd.
Expert View on the IPO:
This particular firm produces electronic machinery for railways (Regulator, battery charging machines, emergency lamps, inverters, controls, Vigilance Control Device, Alternator, Traction Motors) and implements complete railway electrification solutions (overhead electrical machinery 25 kV AC, traction substations) under the B2G business model for Ministry of Railways. The company performs remarkably well financially with explosive PAT growth (3.05x over FY24, 50% YoY), impressive revenues (18% YoY), solid margins (EBITDA 17.83%, PAT 9.84%), outstanding ROE (23.88%) and ROCE (18.18%), double net worth growth (2.0x), and extremely attractive P/E ratio (9.42x before IPO, 12.82x after IPO). The company’s RoNW stands at 23.88%. In comparison, the competing firms in railway equipment sector (Hind Rectifiers Limited: P/E 99.5x, RoNW 24.62%, EPS 13.1) have higher P/E ratio (IC Electricals 9.42x compared to 99.5x), similar RoNW (23.88% vs 24.62%), but lower EPS (10.49 vs 13.1). Important aspects: moderate to high degree of promoter dilution (~27.46% from 73.52% to ~46.06%), high institutional investor involvement (QIB 49.73%, Anchor 28.27%) which is a major positive signal, B2G model concentration risk, railway project execution risk, and SME liquidity constraints.
Should you invest in IC Electricals?
An investor looking for a small-cap railway equipment company listed on SME board, with exceptional PAT growth (~3.05x from FY24, 50% YoY), strong revenue growth (18% YoY), strong margins, high ROE/ROCE, very attractive P/E (9.42x pre-IPO), exposure to Indian Railways infrastructure through B2G model, and strong institutional investor participation (QIB 49.73%, Anchor 28.27%) might find the IPO RECOMMENDED as the strong QIB and anchor participation indicates institutional confidence, exceptional growth trajectory, and attractive valuation. However, be cautious about moderate to high promoter dilution (~27.46%), B2G concentration risk, and SME liquidity.
Consider investing when:
There should be exposure to railway electronic equipment (regulators, battery chargers, VCD, ERRU, PAPIS) and turnkey electrification projects with Ministry of Railways (B2G Model), extraordinary PAT growth (3.05x FY24, 50% YoY), good revenue growth (18% YoY), decent P/E (9.42x pre-IPO), and good institutional ownership (QIB 49.73%, Anchor 28.27%). You are okay with promoter dilution in the moderate-high range (~27.46%), B2G risk, and SME risk.
You are convinced that Indian Railway spending on infrastructure will increase in the future.
You are sure management will utilize the IPO proceeds well to meet working capital requirements (₹33.60 Cr)
Do not invest when:
It is advisable that you should invest in railway equipment firms with less promoter dilution, diversified customer base (not only B2G) and large market capitalization.
You feel uncomfortable with medium-high levels of promoter dilution (73.52% to ~46.06%), concentration risk and liquidity of SMEs.
Concentration risk and promoter dilution do not fit your profile.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for IC Electricals Limited IPO, open a demat account here
IC Electricals Limited IPO Subscription Status: Check live subscription here
IC Electricals Limited IPO GMP Update: Check latest grey market premium here
1. What is the IC Electricals Limited IPO open and close date?
IC Electricals NSE SME IPO opens on 25th June 2026 and closes on 30th June 2026. The tentative listing date on NSE SME is 3rd July 2026.
Track IC Electricals Limited IPO subscription status live here from Finnpick.
2. What is the IC Electricals Limited IPO price band and lot size?
The IPO is a book-built SME issue with a price band of ₹94.00–₹99.00 per share (face value ₹10). The minimum bid for retail investors is 2,400 shares (2 lots), with subsequent bids in multiples of 1,200 shares. Minimum investment is ₹2,37,600.
3. What is IC Electricals Limited IPO total size?
The total issue size is ₹47.91 Cr, comprising a fresh issue of ₹45.51 Cr and ₹2.40 Cr reserved for the market maker (5.01% firm reservation). Net offer is 45,97,200 shares (22,86,000 to QIB including 13,68,000 anchor, 6,98,400 to NII, 16,12,800 to Retail).
4. How to apply for the IC Electricals Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by June 30, 4 PM. Monitor IC Electricals Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check IC Electricals Limited IPO Allotment Status?
The allotment date is on 1st July and can be checked on Skyline Financial Services Pvt. Ltd. RTA portal using PAN/DP ID.
6. What is IC Electricals Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹30 as of June 21, indicating listing at the price range of ₹131 - check daily updates of IC Electricals Limited IPO GMP trends here and live subscription status here from June 25th opening only on Finnpick.
7. What does IC Electricals Limited specialize in?
IC Electricals is engaged in manufacturing electronic equipment for railway applications (regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, vigilance control devices, alternators, traction motors, permanent magnet alternators) and turnkey railway electrification projects (25 kV AC overhead equipment, traction substations). Key products: ERRU, VCD, Regulated Battery Chargers, GPS-based PAPIS. Incorporated in 2005. 220 employees (Aug 2025). Operates on B2G model primarily for the Ministry of Railways. Successfully executed Gorakhpur–Kaptanganj–Valmiki Nagar and Ara–Sasaram railway electrification projects.
8. When is the IC Electricals Limited IPO listing date?
The IPO is scheduled to list on NSE SME on 3rd July 2026, subject to final confirmation. Basis of allotment is tentatively on 1st July 2026, with refunds and demat credits around 2nd July 2026.
9. What are the IC Electricals Limited IPO proceeds utilization details?
The IPO proceeds will primarily be utilized towards: Working capital requirements: ₹33.60 Cr, General corporate purposes ₹11.91 Cr
10. Who are the promoters of IC Electricals Limited?
The promoters are Mr. Sunil Kumar Verma, Mrs. Renu Verma, M/s SHBD LLP, and M/s Safe System India Private Limited. Pre-IPO promoter holding is 73.52%, which will dilute to approximately 46.06% post-IPO (~27.46% dilution) — moderate to high dilution.
11. Should I apply for the IC Electricals IPO?
You may consider applying AS RECOMMENDED if you are comfortable with an SME-listed railway equipment company (electronic equipment for railways, turnkey electrification projects) operating on B2G model for Ministry of Railways, with exceptional PAT growth (~3.05x from FY24, 50% YoY), strong revenue growth (18% YoY), strong margins (EBITDA 17.83%, PAT 9.84%), high ROE (23.88%) and ROCE (18.18%), very attractive P/E (9.42x pre-IPO), and strong institutional investor participation (QIB 49.73%, Anchor 28.27%) — this strong QIB/anchor participation is a major positive signal indicating institutional confidence. Be cautious about moderate to high promoter dilution (~27.46%), B2G concentration risk, and SME liquidity. This IPO appears attractive due to exceptional growth, strong institutional interest, and low P/E valuation. This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
