IC Electricals Company
IC Electricals Company Limited, originally incorporated in 2005 as a private limited company in Delhi, was converted into a public limited company in 2024. The Company is headquartered at Okhla Industrial Area, New Delhi, and operates with a focus on advanced engineering solutions for Indian Railways. It manufactures a wide range of electronic products including regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices. Additionally, it produces railway components such as alternators, traction motors, and permanent magnet alternators with controllers, designed to meet stringent technical standards and customer-specific requirements. The Company also undertakes turnkey railway electrification projects involving design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substations. With approved supplier registrations from RDSO, its solutions enhance efficiency,
Moderate fundamentals with elevated risk parameters
SME IPOs are higher risk, less liquid and more volatile than mainboard IPOs. Invest only after reading the offer document and understanding the risks.
Plain-English Summary✨
What does the company do?
IC Electricals Company is an SME IPO with a price band of 94-99, aiming to raise 47.91 cr. The company manufactures electronic equipment for railway applications and has shown growth in revenue and PAT over the years.
Why are investors interested?
The company has shown growth in revenue and PAT, with increasing EBITDA and PAT margins. However, the debt-equity ratio is high, which may be a concern.
What should beginners watch out for?
Some data, such as promoter holding and subscription numbers, is missing or stale, which may impact the accuracy of the analysis.
Key IPO Metrics
GMP Today
+47.5%
Total Subscription
Overall demand
Retail Subscription
Retail Queue
QIB Subscription
Institutional Queue
NII (HNI) Subscription
Non-Institutional
Anchor Book
Subscribed
SME Risk Radar
GYR Capital Market Maker
Merchant banker track record is not available.
Post-listing volume can be low. Trading takes place in large retail lots.
Top 5 customers account for more than 40% of revenues.
Scale of operations is relatively small, with minor audit flags.
Business Overview
About the Company
IC Electricals Company Limited, originally incorporated in 2005 as a private limited company in Delhi, was converted into a public limited company in 2024. The Company is headquartered at Okhla Industrial Area, New Delhi, and operates with a focus on advanced engineering solutions for Indian Railways. It manufactures a wide range of electronic products including regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices. Additionally, it produces railway components such as alternators, traction motors, and permanent magnet alternators with controllers, designed to meet stringent technical standards and customer-specific requirements. The Company also undertakes turnkey railway electrification projects involving design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substations. With approved supplier registrations from RDSO, its solutions enhance efficiency,
Industry
Railway
Business Segments
Objects of the Issue
Promoters
Promoters group
Whole-time Directors & Promoter group
Lead Managers
Registrar
Issue & Valuation
Peer Snapshot (FY24)
| Company | P/E (x) | ROE (%) | Revenue CAGR (3Y) | EBITDA Margin (%) | Market Cap (₹ Cr) |
|---|---|---|---|---|---|
| IC Electricals Company (IPO) | 9.44x | 22.15% | 17.4% | 17.9% | -- |
| Airfloa Rail | 23.58x | -- | -- | -- | ₹184.305 Cr |
| Dhara Rail | 29.12x | -- | -- | -- | ₹85.08 Cr |
| E-To-E Transportation | 21.46x | -- | -- | -- | ₹332.97 Cr |
Financials & Performance(Standalone)
Revenue (₹ Cr)
CAGR 20.1%PAT (₹ Cr)
CAGR 76.6%EBITDA Margin (%)
ImprovingROCE (%)
Healthy TrendROE (%)
ImprovingFinancial Quality
GoodGood / Improving metrics, margins and cash flows with comfortable leverage.
| Financial Year | Revenue (₹ Cr) | EBITDA Margin (%) | PAT (₹ Cr) | ROCE (%) | ROE (%) | Debt / Equity (x) |
|---|---|---|---|---|---|---|
| FY24 | ₹99.24 Cr | 13.54% | ₹4.52 Cr | 15.25% | 14.60% | 1.54x |
| FY25 | ₹121.88 Cr | 16.46% | ₹9.37 Cr | 17.58% | 18.91% | 1.13x |
| FY26 | ₹143.04 Cr | 17.95% | ₹14.09 Cr | 18.18% | 22.15% | 1.19x |
Why this IPO looks good
- Growing revenue and PAT over the years
- Diversified product portfolio for railway applications
- Increasing EBITDA and PAT margins
Demand & Momentum
Subscription Trend (Times)
GMP Trend
GMP Trend (₹)
Documents
AI Research Q&A
Who is this IPO suitable for?
Ideal for investors who:
- Believe in India's regional industrial manufacturing expansion
- Have a medium to long-term investment horizon
- Are comfortable with moderate to high risk appetite