Susan Electricals India Summary
The business activity involves the manufacture of electrical products that use either aluminium or copper as their key elements. The company manufactures such products as winding wires and strips that have various uses in transformers, electric motors, alternators, coils, and other electrical purposes, aluminium stranded conductors (used in overhead electricity transmission and distribution systems), and power cables containing low tension (LT) and high tension (HT) cables along with PVC and XLPE insulated LT cables having voltages up to 1.1 kV, LT Aerial Bunched (AB) cables, and HT cables manufactured for power distribution needs. These types of products are sold using the B2B sales channel to the government DISCOMs, EPC contractors, infrastructure developers, and private companies in the electrical equipment and cable sector. In addition to production activities, the company is also engaged in the trading of aluminium wires and rods as raw materials and job work on winding wires and strips.
Regarding the process involved in business operations, the company performs all activities through the utilization of the plant situated at Plot No.18/31, Sahibabad, Ghaziabad, Uttar Pradesh where aluminum and copper-based electrical products such as winding wires, conductors and power cables are manufactured. The company caters to many clients ranging from government DISCOMs to EPC contractors, infrastructure development companies and electrical equipment companies. There will be no problem in ensuring a steady flow of revenue since the company has various electrical products such as winding wires, conductors and LT/HT power cables, a diversified clientele that ranges from government DISCOMs to infrastructure development companies, and trading of key raw materials like aluminum wires and rods.
BSE SME book-built issue by Susan Electricals India Ltd, wherein face value is ₹10 per share with the price band of ₹120.00 – ₹127.00 per share. Issue size of ₹70.38 Cr, out of which the new issue is of ₹54.41 Cr, Offer for sale is ₹10.16 Cr, and Market Maker portion is ₹5.82 Cr. Issue is bifurcated between QIBs including Anchor, NII, and Retail Investors and tentative listing of the stock will be on BSE SME on 18th June 2026.
Susan Electricals India IPO Details:
Susan Electricals India Limited Issue Management:
Seren Capital Pvt.Ltd. acts as the book-running lead manager for Susan Electricals India BSE SME IPO, managing underwriting and compliance.
Susan Electricals India Limited IPO RTA (Registrar) Details:
Mudra RTA Ventures Private Ltd handles allotment, refunds, and demat credits - contact at +91 9870297591, +91 9870297592 or ipo@mudrarta.com.
Susan Electricals India Limited IPO Allotment Status:
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Susan Electricals India SME IPO totals ₹70.38 Cr, comprising a fresh issue of ₹54.41 Cr, ₹10.16 Cr offer for sale, and ₹5.82 Cr reserved for the market maker. The face value is ₹10 per share and the price band is ₹120.00–₹127.00 per share (book-built issue on BSE SME).
Susan Electricals India Limited IPO proceeds from the fresh issue will be deployed towards:
Susan Electricals India IPO offers 55,42,000 equity shares (total issue ₹70.38 Cr, net offer to public 50,84,000 shares after market-maker reservation).
The anchor bidding for Susan Electricals India Ltd. SME IPO is scheduled one working day before the issue opens on 11th June 2026 (i.e., 10th June 2026), and anchor investors will be allotted shares from the QIB portion (within the overall QIB tranche, as per SME-IPO structure). As per the IPO reservation details, the QIB portion (including anchor) accounts for about 49.94% of the net issue size, with anchor investors getting 27.48% of net issue (15,23,000 shares) and the remainder QIB (ex-anchor) getting 18.33% (10,16,000 shares). The NII (HNI) portion is 15.05% and the Retail portion is 35.01%.
Lock-in: The anchor allocation follows 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 18th June 2026 on BSE SME.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening. Seren Capital Pvt. Ltd. is the Book Running Lead Manager (BRLM) to the issue, and the registrar for the IPO is Mudra RTA Ventures Private Ltd.
Profit generated by Susan Electricals India Ltd. is through the manufacturing and marketing of aluminum and copper-based electrical goods such as winding wires, conductors, and power cables (low tension and high tension) to the government DISCOMS, EPC contractors, infrastructure developers, and electrical goods industry. Profit is generated by the company through the sale of winding wires and strips, aluminum stranded conductors, low tension/high tension power cables, trading of aluminum wires and rods, and job work on winding wires.
Looking at the performance aspect in relation to finances, the firm has experienced tremendous growth as evidenced by the increase in the total income, which grew from ₹103.59 crore in FY24 to ₹136.05 crore in FY25, and to ₹269.96 crore in FY26 (growth of 98% between FY25 and FY26). Additionally, the PAT for the firm has grown from ₹0.76 crore in FY24 to ₹5.65 crore in FY25, and to ₹18.25 crore in FY26 (223% growth between FY25 and FY26). In regards to EBITDA, it was ₹3.64 crore in FY24, ₹12.00 crore in FY25, and ₹32.08 crore in FY26. One should note that the margins were favorable since the EBITDA and PAT margins stood at 11.91% and 6.77%, respectively, in FY26. The ROE and ROCE of the firm were remarkably high standing at 64.64% and 29.05%, respectively, in FY26. As far as the net worth of the firm is concerned, it grew from ₹6.21 crore in FY24 to ₹17.98 crore in FY25, and ₹38.48 crore in FY26.
Action Links:
To apply for Susan Electricals India Limited IPO, open a demat account here
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Susan Electricals India Limited IPO GMP Update: Check latest grey market premium here
Susan Electricals India Key Highlights:
Susan Electricals India Ltd is engaged in the manufacture of electrical products made from aluminum and copper alloys. Some of the products manufactured by Susan are winding wires and strips (for transformers, electric motors, alternators, coils), aluminum stranded conductors (for overhead power transmission and distribution), and power cables that have two categories, namely, LT cables (PVC/XLPE insulated up to 1.1kV, LT Aerial Bunched Cables), and HT cables (for efficient power distribution).
The strengths of Susan Electricals India Limited are the variety of electrical products (winding wires, conductors, LT/HT power cables), varied customer base which includes government DISCOMs, EPC Contractors, Infrastructure developers, trading of critical raw material (Aluminum Wires and Rods), offering job work for winding wires manufacturing, expansion of manufacturing facilities at Sahibabad, Ghaziabad, UP, and experienced promoters (Vishal Jain & Mahak Jain).
However, lately, the organization has shown its efficiency in terms of its financial performance, where the total earnings from the business amount to ₹103.59 crore for FY24, ₹136.05 crore for FY25, and ₹269.96 crore for FY26 (with an increase of 98%). On the other hand, PAT has witnessed an increase from ₹0.76 crore for FY24, ₹5.65 crore for FY25, to ₹18.25 crore for FY26 (increase of 223%), while EBITDA has witnessed an increase from ₹3.64 crore for FY24, ₹12.00 crore for FY25, and ₹32.08 crore for FY26. The margin in connection with EBITDA and PAT is at 11.91% for EBITDA and 6.77% for PAT (FY26). The ROE and ROCE levels are extremely high with 64.64% and 29.05%, respectively (FY26). Net worth has shown a significant rise from ₹6.21 crore for FY24 to ₹38.48 crore for FY26.
Susan Electricals India Risk Factors:
The risks of Susan Electricals India Limited IPO are mentioned below:
Dependencies on Electrical Products & Power Sector: Dependence on government DISCOMs, EPC contractors, and infrastructure developers' orders. Reduced industrial activity or delays in the execution of power projects may adversely impact revenue.
Price Volatility of Key Raw Materials: Dependence on aluminium and copper as primary raw materials for manufacturing. Fluctuation in price trends of these metals would result in a substantial adverse effect on profitability.
Issues related to Environmental Regulation: Manufacturing process of electrical equipment involves environmental issues like emissions, disposal of waste, and water consumption, non-compliance with which poses risks.
Liquidity Risk associated with Listings of SMES at BSE: Listing of the business in BSE SME with an issuance of ₹70.38 Cr and market capitalization of ₹258.20 Cr poses risks related to liquidity.
High Level of Borrowings: Increased borrowings of ₹66.72 crore during FY26 ( ₹45.27 crore in FY25 and ₹24.79 crore in FY24).
Risk to Promoters Stake from Post IPO Dilution: Post IPO, promoters' stake in the business will come down by 25.50% from the current level of 92.47%.
Risk relating to Capex Execution: The proposed capex of ₹10.29 Cr in expansion of manufacturing capacity at Sahibabad, Ghaziabad is vulnerable to risk related to capacity utilization and ROI generation.
Risk of Customer Concentration: Reliance on DISCOMs and EPC companies; government projects will likely result in delayed payments or even cancellation of projects.
Existence of Competitors in the Electrical Cables Business: The existence of competitors in the electrical cables business may impact our market share.
Susan Electricals India Expert Analysis:
Susan Electricals India's SME IPO (BSE SME) is a book-built issue with a price band of ₹120.00–₹127.00 per share (face value ₹10). The total issue size is ₹70.38 Cr, comprising a fresh issue of ₹54.41 Cr, ₹10.16 Cr offer for sale, and ₹5.82 Cr reserved for the market maker. The IPO is structured for QIB (49.94% including anchor), NII (15.05%), and Retail (35.01%) investors, with the tentative listing on BSE SME on 18th June 2026.
Basic details of the IPO:
Type of IPO: Book‑built SME IPO (BSE SME)
Uses of funds: Capital expenditure for expansion of manufacturing facility at Sahibabad, Ghaziabad, UP (₹10.29 Cr), Working capital (₹33.00 Cr), General corporate purposes: (₹11.12 Cr)
Anchor bidding: 10th June 2026 | Opens 11th June 2026 | Closes 15th June 2026 | Allotment 16th June 2026 | Listing 18th June 2026 (BSE SME).
Lead Manager: Seren Capital Pvt. Ltd. | Registrar: Mudra RTA Ventures Private Ltd
Expert View on the IPO:
This specialized entity is involved in producing aluminum and copper-based electrical items such as winding wires, conductors, LT and HT power cables. These products have excellent financial performance with remarkable profitability improvements (PAT growth of ~24x from ₹0.76 Cr in FY24 to ₹18.25 Cr in FY26, and 223% growth from FY25-FY26). The company’s share has a desirable P/E multiple of 10.85x pre-IPO and 14.15x post-IPO along with a P/B Valuation Ratio of 5.15x. On the other hand, regarding the sector competitors, such as V-Marc India (with a P/E multiple of 27.9x and RoNW of 34.56%), Divine Power Energy (with a P/E multiple of 46.35x and RoNW of 20.69%), and Prime Cable Industries (P/E multiple of 16.77x and RoNW of 20.14%), Susan Electricals has excellent profitability metrics (RoNW of 47.42% vs. 34.56%, 20.69%, and 20.14% and EPS of 11.96 restated compared to 40.97, 10.83, and 6.68). However, some of the issues this firm faces include cyclical nature of electricals industry, volatility in prices of raw materials (aluminum and copper), compliance-related challenges, high debt of ₹66.72 Cr, liquidity issues related, significant promoter dilution (25.50% from 92.47% to 66.97%), and capex execution risk for facility expansion.
Should you invest in Susan Electricals India?
An investor looking for a small-cap electrical products manufacturing company listed on the SME board, with exceptional growth trajectory (~24x PAT growth in 2 years, 223% growth in one year), very high ROE (64.64%), and exposure to India's growing power infrastructure and electrical equipment sector might find the IPO of Susan Electricals India interesting provided that he can handle SME listing limitations, raw material price volatility (aluminium/copper), environmental compliance, high debt burden, and promoter dilution.
Consider investing when:
Exposure to manufacturing of aluminium and copper-based electrical products (winding wires, conductors, low/high tension cables) catering to government DISCOMs, EPC contractors and infrastructure builders with excellent ROE (64.64%) and phenomenal PAT growth of ~24 times in 2 years & 223% in 1 year is required.
There is no problem in terms of any risk due to illiquidity of small cap listed stocks, fluctuating raw material cost (aluminium and copper cost), environmental compliance, high debt level (₹66.72 Crore) and heavy promoter dilution (25.50%).
You may be absolutely sure that management will use the money raised from IPO for capital expenditure on expanding the manufacturing plant at Sahibabad, Ghaziabad, Uttar Pradesh (₹10.29 Crore) and meeting working capital needs (₹33.00 Crore).
Good potential for future growth is expected on account of increasing power infrastructure construction activities, requirement of electrical products and government's involvement in power distribution sector.
Do not invest when:
You would want to invest in firms from the electrical cables industries that have been operating with diversified raw materials hedging, having multiple manufacturing plants, and less debt burdens.
As far as risks are concerned, you would be apprehensive about the liquidity risk on small & medium enterprises stocks, raw material price risk (copper & aluminum), environmental compliance risk, high borrowings (₹66.72 Crore), and promoter dilution risk.
Promoter dilution (92.47% to 66.97% after IPO), capital expenditure risk of facility expansion, and customer concentration risks (discoms) are not suited for you.
The kind of business organizations which would interest you would be one where the valuations are low (P/E < 10), debt equity ratio is low, or market positioning is solid.
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 Susan Electricals India Limited IPO, open a demat account here
Susan Electricals India Limited IPO Subscription Status: Check live subscription here
Susan Electricals India Limited IPO GMP Update: Check latest grey market premium here
1. What is the Susan Electricals India Limited IPO open and close date?
Susan Electricals India SME IPO opens on 11th June 2026 and closes on 15th June 2026. The tentative listing date on BSE SME is 18th June 2026.
Track Susan Electricals India Limited IPO subscription status live here from Finnpick.
2. What is the Susan Electricals India Limited IPO price band and lot size?
The IPO is a book-built SME issue with a price band of ₹120.00–₹127.00 per share (face value ₹10). The minimum bid for retail investors is 2,000 shares (2 lots), with subsequent bids in multiples of 1,000 shares. Minimum investment is ₹2,54,000.
3. What is Susan Electricals India Limited IPO total size?
The total issue size is ₹70.38 Cr, comprising a fresh issue of ₹54.41 Cr, ₹10.16 Cr offer for sale, and ₹5.82 Cr reserved for the market maker. The net offer to the public is 50,84,000 shares (25,39,000 to QIB including 15,23,000 anchor, 7,65,000 to NII, 17,80,000 to Retail), after excluding 4,58,000 shares for Market Maker.
4. How to apply for the Susan Electricals India Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by June 15, 4 PM. Monitor Susan Electricals India Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check Susan Electricals India Limited IPO Allotment Status?
The allotment date is on June 16th and can be checked on Mudra RTA Ventures Private Ltd. RTA portal using PAN/DP ID.
6. What is Susan Electricals India Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of June 08, indicating listing at the price range of ₹127 - check daily updates of Susan Electricals India Limited IPO GMP trends here and live subscription status here from June 11th opening only on Finnpick.
7. What does Susan Electricals India Limited specialize in?
Susan Electricals India is engaged in manufacturing aluminium and copper-based electrical products including winding wires and strips (for transformers, motors, alternators, coils), aluminium stranded conductors (for overhead electricity transmission and distribution), and power cables comprising LT cables (PVC and XLPE insulated up to 1.1 kV, LT Aerial Bunched cables) and HT cables (for advanced power distribution). The company also trades aluminium wires/rods and provides job-work services. It serves government DISCOMs, EPC contractors, infrastructure developers, and electrical equipment businesses.
8. When is the Susan Electricals India Limited IPO listing date?
The IPO is scheduled to list on BSE SME on 18th June 2026, subject to final confirmation from the exchange. Basis of allotment is tentatively on 16th June 2026, with refunds and demat credits around 17th June 2026.
9. What are the Susan Electricals India Limited IPO proceeds utilization details?
The IPO proceeds will primarily be utilized towards: Capital expenditure for expansion of manufacturing facility at Sahibabad, Ghaziabad, UP: ₹10.29 Cr, Working capital requirements: ₹33.00 Cr, General corporate purposes: ₹11.12 Cr
10. Who are the promoters of Susan Electricals India Limited?
The promoters of Susan Electricals India Ltd. are Vishal Jain and Mahak Jain. Pre-IPO promoter holding is 92.47%, which will dilute to 66.97% post-IPO (25.50% dilution).
11. Should I apply for the Susan Electricals India IPO?
You may consider applying if you are comfortable with an SME-listed electrical products manufacturing business (aluminium/copper-based winding wires, conductors, LT/HT cables) with exceptional growth trajectory (~24x PAT growth from ₹0.76 Cr in FY24 to ₹18.25 Cr in FY26, 223% growth in one year), very high ROE (64.64%), and exposure to India's power infrastructure and electrical equipment sector. Avoid if you are risk-averse to SME listing liquidity constraints, raw material price volatility (aluminium and copper), environmental compliance risks, high borrowings (₹66.72 Cr), significant promoter dilution (25.50%), and capex execution risk. This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
