Incorporated in 2005, IC Electricals Company Limited is engaged in the manufacturing of electronic equipment for railway applications and in providing engineering solutions to Indian Railways.
The company offers a diverse range of electronic products including regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, all compliant with the latest technical standards.
In addition, the company manufactures key railway components, including alternators, traction motors, and permanent magnet alternators with controllers. IC Electricals also undertakes turnkey railway electrification projects, covering design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems.
The company primarily operates on a Business-to-Government (B2G) model, serving government departments and ministries, including the Ministry of Railways. Its key product offerings include Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), Regulated Battery Chargers, and GPS-based Passenger Announcement & Passenger Information Systems (PAPIS).
IC Electricals has successfully executed multiple railway electrification projects such as the Gorakhpur–Kaptanganj–Valmiki Nagar section under the North Eastern Railway and the Ara–Sasaram section under the East Central Railway.
As of May 31, 2026, the company employs 288 permanent staff members.
Competitive Strength:
IC Electricals Co.Ltd.’s revenue increased by 18% and profit after tax (PAT) rose by 50% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 193.44 | 160.04 | 143.89 |
| Total Income | 143.81 | 122.39 | 99.75 |
| Profit After Tax | 14.10 | 9.41 | 4.62 |
| EBITDA | 25.66 | 18.34 | 12.14 |
| NET Worth | 65.74 | 51.71 | 33.22 |
| Reserves and Surplus | 50.20 | 36.12 | 27.11 |
| Total Borrowing | 75.42 | 55.79 | 47.81 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Vivid Electromech Ltd. | SME | ₹130.54 Cr | ₹555 | 19.2 | ₹563.05 | +1.45% | ₹1,289.20 (-0.82%) |
| INDO SMC Ltd. | SME | ₹91.95 Cr | ₹149 | 16.1 | ₹154.80 | +3.89% | ₹403.60 (+2.27%) |
| Sugs Lloyd Ltd. | SME | ₹85.66 Cr | ₹123 | 11.91 | ₹125.85 | +2.32% | ₹126.20 (+2.06%) |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the working capital requirements of the Company | 33.60 |
| 2 | General Corporate Purposes | |
| Total | 33.60 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 23.88% |
| ROCE | 18.18% |
| Debt/Equity | 1.13 |
| RoNW | 23.88% |
| PAT Margin | 9.84% |
| EBITDA Margin | 17.83% |
| Price to Book Value | 2.02 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 10.50 | 7.72 |
| P/E (x) | 9.42 | 12.82 |
| IPO Date | 3 to 7 Jul, 2026 |
| Listing Date | Fri, Jul 10, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹99 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 48,39,600 shares (agg. up to ₹48 Cr) |
| Reserved for Market Maker |
2,42,400 shares
(agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 45,97,200 shares (agg. up to ₹46 Cr) |
| Net Offered to Public | 45,97,200 shares (agg. up to ₹46 Cr) |
| Share Holding Pre Issue | 1,34,22,000 shares |
| Share Holding Post Issue | 1,82,61,600 shares |
Mr.Sunil Kumar Verma, Mrs.Renu Verma, SHBD LLP and Safe System India Pvt.Ltd.
| Share Holding Pre Issue | 82.92% |
| Share Holding Post Issue | 60.94% |
As per our analysis and Based on the information we have, this is the output.
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