Powerica IPO

ListedMainboardIndustrialsNSE · BSE

Price band: ₹375 – ₹395
Issue size: ₹1,100 Cr
Lot size: 37 sh
Bidding: 24 – 27 Mar
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

Powerica assembles diesel generator sets and separately owns 12 wind projects totalling 330.85 MW, and the record states it has been an OEM for Cummins India since 1984. In Fiscal 2025 generator sets were 85.00% of revenue from operations (Rs 2,255.19 crore of Rs 2,653.27 crore) and wind power 15.00% (Rs 398.08 crore), while segment EBITDA was Rs 188.31 crore for gensets and Rs 163.54 crore for wind. The Rs 1,100 crore issue, made up of Rs 700.07 crore fresh and Rs 399.93 crore offer for sale, was priced at Rs 375-395 and was subscribed 1.45 times overall on the final day, with QIB at 4.50 times, NII at 0.44 and retail at 0.15. It listed at Rs 366 against the band top of Rs 395, closed day one at Rs 390, and last traded at Rs 494.50 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.

62Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Powerica, 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.

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 1984 · Nariman Point, Mumbai, Maharashtra · 893 employees

Powerica assembles and sells generator sets, and separately owns and runs wind farms. It has been an OEM for Cummins India since 1984, buying engines and alternators from Cummins and building them into diesel generator sets of 7.5 kVA to 3,750 kVA; larger medium-speed sets supplied in association with Hyundai take the combined range to 10,000 kVA. Manufacturing sits at three plants, in Bengaluru, Silvassa and Khopoli. It sold 7,689 Cummins-powered DG sets in Fiscal 2025, reaching buyers through 19 sales offices and 43 authorised dealers as on September 30, 2025 — data centres, hospitals, banks, real estate, railways and metros, process manufacturing, government and defence, and rental fleets. Since 2008 it has also built wind projects in Gujarat, owning 12 of them totalling 330.85 MW at the time of the offer, with power sold under long-term purchase agreements.

Two streams. Generator sets were 85.00% of revenue from operations in Fiscal 2025 (₹2,255.19 crore of ₹2,653.27 crore) and wind power 15.00% (₹398.08 crore). Gensets are an assembly business: cost of materials consumed, purchase of stock-in-trade and inventory changes ran to 73.59% of total expenses in Fiscal 2025, because the engines and alternators are bought in — segment EBITDA was ₹188.31 crore. Wind inverts that, earning ₹163.54 crore of EBITDA on ₹398.08 crore of revenue: capital-heavy, but contracted. The structural constraint is the supplier. DG sets powered by Cummins engines were 70.39% of Fiscal 2025 revenue from operations, under a non-exclusive supply agreement. ₹525.00 crore of the fresh proceeds was earmarked to prepay borrowings.

The company on paper

Legal name: Powerica Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 4 May 1984
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U31100MH1984PLC032825
Sector: Industrials · Diesel and medium-speed generator sets, plus wind power generation
Employees: 893
Registered office: Nariman Point, Mumbai, Maharashtra
Promoters: Bharat Oberoi, Renu Naresh Oberoi, Jai Ram Oberoi, Naresh Oberoi Family Trust, Bharat Oberoi Family Trust, Kabir and Kimaya Family Private Trust
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 77.2%
Website: powericaltd.com

The numbers

Financial performance

Revenue has compounded at 5.6% 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

64% 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: ₹700 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹400 Cr
Total issue size: ₹1,100 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 22.8% 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 subscription1.45×

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: ₹395.00
Listed at: ₹366.00
Listing gain: down 7.3%
Since listing: up 27.6%
Against the issue price: up 18.3%

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: 37
At cut-off price: ₹395.00
Amount blocked: ₹14,615

One lot is 37 shares at ₹14,615. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

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.

~100%

chance of one lot, per application

Retail subscription: 0.15×
Applicants per share available: 0.1× 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.

₹366.00

listed at, −7.3% against the issue price

Issue price: ₹395.00
Premium said: —
If allotted 37 shares: −₹1,073

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

Wind supplied 15.00% of Fiscal 2025 revenue from operations (Rs 398.08 crore of Rs 2,653.27 crore) but Rs 163.54 crore of segment EBITDA against the genset segment's Rs 188.31 crore, which is 46.48% of the two segments' combined Rs 351.85 crore. On the segment figures the margins were 41.08% for wind (Rs 163.54 crore on Rs 398.08 crore) and 8.35% for gensets (Rs 188.31 crore on Rs 2,255.19 crore).
Net worth is higher at each period the record carries: Rs 794.60 crore at FY23, Rs 912.49 crore at FY24, Rs 1,085.60 crore at FY25 and Rs 1,214.52 crore at 30 September 2025, a rise of 52.85% from the FY23 level to the latest date on record.
The record puts the business at 893 employees and three plants, at Bengaluru, Silvassa and Khopoli, with 7,689 Cummins-powered DG sets sold in Fiscal 2025 and 19 sales offices and 43 authorised dealers as on 30 September 2025. It describes the wind side as 12 projects totalling 330.85 MW built since 2008, with power sold under long-term purchase agreements.
In the six months to 30 September 2025, which the record labels an interim period and not a year, revenue of Rs 1,447.44 crore was 54.55% of the full Fiscal 2025 figure of Rs 2,653.27 crore and profit after tax of Rs 134.55 crore was 76.52% of the full Fiscal 2025 figure of Rs 175.83 crore. The EBITDA margin in that half was 15.23% (Rs 220.42 crore on Rs 1,447.44 crore) against 13.03% for the whole of Fiscal 2025 (Rs 345.66 crore on Rs 2,653.27 crore).

What to weigh against it

The record states that DG sets powered by Cummins engines were 70.39% of Fiscal 2025 revenue from operations, and that the supply agreement with Cummins is non-exclusive.
Profit after tax does not move in one direction across the three years on record: Rs 106.45 crore at FY23, Rs 226.11 crore at FY24 (112.41% higher) and Rs 175.83 crore at FY25 (22.24% lower). Revenue over the same years was Rs 2,378.26 crore, Rs 2,210.00 crore (7.07% lower) and Rs 2,653.27 crore (20.06% higher), and the EBITDA margin was 14.01%, 16.40% and 13.03%.
Total borrowings likewise move in both directions: Rs 278.88 crore at FY23, Rs 177.52 crore at FY24, Rs 300.80 crore at FY25 and Rs 571.95 crore at 30 September 2025. Set against net worth at the same dates, that is 0.35x, 0.19x, 0.28x and 0.47x, the last being Rs 571.95 crore over Rs 1,214.52 crore.
On the one subscription row the record carries, the final day of 27 March 2026, the two non-institutional categories were below their own books: NII 0.44 times and retail 0.15 times, against QIB 4.50 times and 1.45 times overall. Promoter holding is recorded at 99.99% before the issue and 77.18% after, a fall of 22.81 percentage points.

Easy to miss in the prospectus

The record's valuation block and peer list are both empty, and it carries no post-issue share count or minimum bid value, so no earnings multiple, market capitalisation or peer comparison can be computed from it against the Rs 375-395 band or Fiscal 2025 profit after tax of Rs 175.83 crore.
The latest balance-sheet date in the record is 30 September 2025, with borrowings of Rs 571.95 crore. The record's business-model field states that Rs 525.00 crore of the fresh proceeds was earmarked to prepay borrowings, which is 74.99% of the Rs 700.07 crore fresh issue and 91.79% of that Rs 571.95 crore; the record holds no balance sheet dated after the issue.
The subscription table holds a single row, day 3 dated 27 March 2026, and the anchor book, allocation split and GMP series are all empty or null, so no day-wise build-up or anchor allotment is available in the record.

Straight from the filing

Read it yourself

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

Powerica — Red Herring Prospectus dated 2026-03-1717 Mar 2026The document the issue was bid on. Carries the price band and the dates.Opens on powericaltd.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: ICICI Securities Limited, IIFL Capital Services Limited, Nuvama Wealth Management Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Powerica's own prospectus and to exchange disclosures, then cross-checked against 6 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.

Powerica Limited — Red Herring Prospectus dated March 17, 2026 (company investor-relations PDF, 11.7 MB, read in full via text extraction) · read 16 Oct 2026
NSE — POWERICA IPO detail API (issue info and consolidated NSE+BSE final bid/subscription table) · read 16 Oct 2026
NSE — equity bhavcopy for 2026-04-02 (listing-day OHLC for INE921L01032: open 366.00, high 397.00, low 365.10, close 390.00, prev close 395.00) · read 16 Oct 2026
Powerica Limited — investor relations, Red Herring Prospectus index page · read 16 Oct 2026

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

At a glance

Board: Mainboard
Opens: 24 Mar 2026
Closes: 27 Mar 2026
Allotment: 30 Mar 2026
Lists: 2 Apr 2026
Revenue (FY25): ₹2,653 Cr
Profit (FY25): ₹176 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.