IC Electricals IPO

IC Electricals Company Limitedicelectricals.in

ListedSMEIndustrialsNSE Emerge

Price band: ₹94 – ₹99
Issue size: ₹47.91 Cr
Lot size: 1200 sh
Bidding: 3 – 7 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

IC Electricals makes electronic control equipment and traction machines for Indian Railways and runs a contract division executing 25 kV AC overhead electrification work. Revenue rose from Rs 99.22 Cr in FY24 to Rs 121.48 Cr in FY25 and Rs 143.93 Cr in FY26, with profit after tax of Rs 4.62 Cr, Rs 9.28 Cr and Rs 14.02 Cr across those same three years; total borrowings over the same years were Rs 47.72 Cr, Rs 54.13 Cr and Rs 74.14 Cr. The Rs 47.91 Cr issue was entirely fresh, priced in a band of Rs 94-99, and was subscribed 420.09 times overall on 7 July 2026. It listed on NSE Emerge at Rs 166 on 10 July 2026 and last traded at Rs 106.65 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

70Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for IC Electricals, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2005 · New Delhi, Delhi (registered office: 156 DSIDC, Okhla Industrial Area Phase I, New Delhi 110020) · 288 employees

IC Electricals Company Limited makes electronic and electrical equipment for Indian Railways. Its products include voltage regulators, battery chargers, inverters, emergency lights, microprocessor-based control systems and vigilance control devices fitted to railway coaches, together with alternators, traction motors and permanent-magnet alternators with controllers. A separate contract division executes turnkey rail electrification work: design, supply, erection, testing and commissioning of 25 kV AC single-phase overhead equipment and traction substations. The company sells on a business-to-government basis, chiefly to the Ministry of Railways, and holds approved-supplier registrations with railway directorates including the Research, Design & Standards Organisation. It operates from Okhla Industrial Area in New Delhi, had 288 permanent employees as on 31 May 2026, and has one subsidiary, Safe Coils India Private Limited.

Revenue has two streams: manufactured products invoiced to railway buyers, and service income from the contract division executing overhead-equipment projects. On a restated standalone basis, FY26 revenue from operations was Rs 143.93 Cr, against material consumption of Rs 86.44 Cr — about 60% of revenue — employee cost of Rs 11.91 Cr and finance cost of Rs 7.93 Cr, leaving PAT of Rs 14.02 Cr. The structural constraint is working capital rather than demand: tendered government contracts stretched trade receivables to roughly 3-4 months, and FY26 operating cash flow was negative Rs 11.46 Cr despite the profit. Plant utilisation was 48.64% of installed capacity in FY26. The order book was Rs 181.05 Cr on 31 May 2026, and Rs 33.60 Cr of issue proceeds was earmarked for working capital.

The company on paper

Legal name: IC Electricals Company Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 5 Aug 2005
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U31909DL2005PLC139412
Sector: Industrials · Electronic control equipment and traction machines for Indian Railways, plus 25 kV rail electrification contracting
Employees: 288
Registered office: New Delhi, Delhi (registered office: 156 DSIDC, Okhla Industrial Area Phase I, New Delhi 110020)
Promoters: Sunil Kumar Verma, Renu Verma, Aakansha Verma, Davisha Verma, Savita Sachdeva, SHBD LLP, Safe System India Private Limited
Promoter holding, pre-issue: 82.9%
Promoter holding, post-issue: 60.9%
Website: icelectricals.in

The numbers

Financial performance

Revenue has compounded at 20.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹47.91 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹47.91 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,42,400

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 22.0% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription420.09×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹99.00
Listed at: ₹166.00
Listing gain: up 67.7%
Since listing: down 29.8%
Against the issue price: up 17.7%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹99.00
Amount blocked: ₹2,37,600

One lot is 1200 shares at ₹1,18,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,37,600. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.3%

chance of one lot, per application

Retail subscription: 372.50×
Applicants per share available: 372.5× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹166.00

listed at, 67.7% against the issue price

Issue price: ₹99.00
Premium said: —
If allotted 1200 shares: ₹80,400

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose 22.44% from Rs 99.22 Cr in FY24 to Rs 121.48 Cr in FY25, and a further 18.48% to Rs 143.93 Cr in FY26.
EBITDA margin was higher at each step the record carries: Rs 12.14 Cr on Rs 99.22 Cr of revenue in FY24 (12.24%), Rs 18.34 Cr on Rs 121.48 Cr in FY25 (15.10%) and Rs 25.66 Cr on Rs 143.93 Cr in FY26 (17.83%).
Profit after tax was Rs 4.62 Cr in FY24, Rs 9.28 Cr in FY25 and Rs 14.02 Cr in FY26 — rises of 100.87% and then 51.08%. Net worth over the same years was Rs 33.22 Cr, Rs 51.71 Cr and Rs 65.74 Cr.
The issue was entirely a fresh issue of Rs 47.91 Cr, with the offer for sale recorded as nil. Promoter holding is recorded at 82.92% before the issue and 60.94% after it. Every category was subscribed heavily on the final day: QIB 241.75 times, NII 764.38 times, retail 372.50 times, total 420.09 times.

What to weigh against it

Total borrowings were higher in each year on record — Rs 47.72 Cr in FY24, Rs 54.13 Cr in FY25 and Rs 74.14 Cr in FY26, the FY26 step alone being 36.97%. Set against net worth of Rs 33.22 Cr, Rs 51.71 Cr and Rs 65.74 Cr, borrowings were 1.44 times, 1.05 times and 1.13 times net worth respectively. The business description puts FY26 finance cost at Rs 7.93 Cr, equal to 56.56% of FY26 PAT of Rs 14.02 Cr.
The business description states that FY26 operating cash flow was negative Rs 11.46 Cr, alongside FY26 PAT of Rs 14.02 Cr. The financials table itself carries no cash-flow figure for any of the three years, so a reader cannot reconcile that number against the table on the same page.
The business description states that tendered government contracts stretched trade receivables to roughly three to four months, and that plant utilisation was 48.64% of installed capacity in FY26. It also puts FY26 material consumption at Rs 86.44 Cr against revenue of Rs 143.93 Cr, or 60.06%.
The share last traded at Rs 106.65 on 23 October 2026. That is 35.75% below the listing price of Rs 166 and 38.81% below the first-day close of Rs 174.30, and 7.73% above the Rs 99 band top.

Easy to miss in the prospectus

The record carries no valuation block, no peer set and no post-issue share count, so the Rs 99 band top cannot be placed against FY26 PAT of Rs 14.02 Cr or against comparable companies using this record alone.
Subscription is recorded for day 3 only (7 July 2026); days 1 and 2 are absent, as are the anchor book and the category allocation split.
The order book was Rs 181.05 Cr as at 31 May 2026, equal to 1.26 times FY26 revenue of Rs 143.93 Cr, and Rs 33.60 Cr of the Rs 47.91 Cr fresh issue (70.13%) was earmarked for working capital. The record carries no order-book or deployment figure dated after 31 May 2026.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

IC Electricals — Draft Red Herring Prospectus dated 2025-09-3030 Sep 2025The first draft, filed for review. No price band and no dates.Opens on nsearchives.nseindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Nexgen Financial Solutions Private Limited
RegistrarAllotment status is checked on the registrar's own site: Skyline Financial Services Private Limited

How these figures were checked

Reconciled to IC Electricals's own prospectus and to exchange disclosures, then cross-checked against 10 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

NSE Emerge archives - Draft Red Herring Prospectus dated September 30, 2025 (located; confirms NSE Emerge filing) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 3 Jul 2026
Closes: 7 Jul 2026
Allotment: 8 Jul 2026
Lists: 10 Jul 2026
Revenue (FY26): ₹144 Cr
Profit (FY26): ₹14.02 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.