Susan Electricals IPO

Susan Electricals India manufactures aluminium and copper-based electrical winding wires, conductors and cables at plants in Ghaziabad, Uttar Pradesh. Its cable range covers low-tension cable including aerial bunched cable up to 1.1 kV, high-tension cable at specified voltage grades, and medium-voltage covered conductor; its wire range covers winding aluminium and copper wires and strips, and aluminium stranded conductors. These feed power distribution networks, transformer and motor winding, overhead distribution lines and underground cabling. Buyers are state-owned electricity distribution utilities (DISCOMs), EPC and infrastructure contractors, and traders in the wire and cable segment. DISCOM supply is won through tender-based procurement; private-sector supply runs on purchase orders. In FY26 government customers accounted for 35.78% of revenue from operations, against 90.55% in FY24.

Revenue is product sales, split between goods it manufactures and goods it buys and resells. In FY26 manufacturing was 59.71% of ₹269.36 crore revenue from operations and traded products 38.38%, up from 14.38% in FY25; the prospectus flags trading as a relatively low-margin, competitive business. EBITDA margin was 11.91% in FY26 against 8.84% in FY25. Inputs are aluminium and copper, bought from a limited set of suppliers without long-term agreements, so metal prices move the cost line directly. The binding constraint is working capital: receivables ran 63 days and inventory 69 days in FY26, and ₹83.67 crore of working capital was funded largely by borrowings, which stood at ₹66.72 crore against ₹38.48 crore of net worth.