IC Electricals Company IPO

About IC Electricals Company IPO

The public issue of the IC Electricals Company IPO, an NSE-SME IPO, opens on June 25, 2026 and closes on June 30, 2026. The allotment of shares will take place on July 1, 2026. The credit of shares to the demat account will take place on July 2, 2026. The initiation of refunds will also take place on July 2, 2026. The listing of shares will take place on July 3, 2026. The company, IC Electricals Company, has issued its Red Herring Prospectus (RHP) on June 18, 2026.

The offer consists of a fresh issue with no offer for sale (OFS) component. The fresh issue will include 45,97,200 shares (aggregating up to ₹45.51 crore). The market maker allocation for the IPO is 2,42,400 shares worth ₹2.40 crore. The market maker for the IPO of IC Electricals Company is Mansi Share & Stock Broking Private Ltd.

IC Electricals Company is a Book Building IPO with the IPO price band set at ₹94 to ₹99 per share. The lot size for an application is 2 lots (2,400 shares). The minimum amount of investment required by a retail investor is ₹2,37,600 (based on upper band price). The minimum lot size investment for HNI is ₹3,56,400.

IC Electricals Company is a 20-year-old company engaged in the manufacture of electronic equipment for railway applications and providing engineering solutions to the Indian Railways. Its wide range of products include regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems as well as vigilance control devices. It also undertakes turnkey railway electrification projects. This covers design, supply, erection, testing, and commissioning of traction substation systems.

Objectives of IC Electricals Company IPO

• Funding for working capital requirements.
  
• General corporate purpose.
  

Industry Outlook

Locomotive production is a function of the capex expansion of the Indian Railways. For FY25, Indian Railways had increased its production target by 27% to 1,500 locomotives. In addition, there will be another 50 Amrit Bharat trains also manufactured. Currently, the locomotive factories of the Indian Railways are located at Varanasi, Chittaranjan (West Bengal), and Madhepura (Bihar). In addition to locomotives, the Indian Railways will also be producing 8,145 coaches in FY25.

One of the big opportunities to the sector is the investment in signalling infrastructure. Indian Railways is upgrading its signalling systems to reduce train delays and also reduce the incidence of rail accidents. Under Industry 4.0, the Indian Railways will focus on connectivity, security systems, railway safety, rail monitoring, driver advisory systems, optimization of rail networks, green railways etc.

The fleet size of locomotives is expected to grow by nearly 30% by 2030, which will trigger substantial demand for ancillary products. Higher budget allocations, PPP, and dedicated freight corridors are all triggers for major order flows.

About IC Electricals Company

IC Electricals Company has been making electronic equipment for Indian Railway Applications since 2005. Apart from manufacturing and selling such railway electronic products, IC Electricals Company also sub-contracts on behalf of other companies. Its revenues come from sale of products and services. The company has 3 manufacturing plants located at Haridwar in Uttarakhand.

The end-users of the products made by IC Electricals Company are the various divisions and units of the Indian Railways. It also manufactures on behalf of other original equipment manufacturers (OEMs) for the Indian Railways. In addition, the company also supplies to private buyers like civil contractors, rolling stock manufacturers, regular suppliers to Indian Railways, manufacturers of electrical and electronic equipment etc. Its business is dividend into 3 divisions; Electronics, Rotating Machines, and Contracts.

Strengths of IC Electricals Company

• Strong focus on research & development (R&D).
  
• End-to-end manufacturing with strong management credentials.
  
• Extensive sales and service network.
  
• Specialized product knowledge with deep relationships with Indian Railways
  
• Track record of successful project execution
  

Risks of IC Electricals Company

• High dependency on public sector procurement cycles.
  
• Complex and slow tendering process.
  
• Limited brand visibility outside the Indian Railways segment.
  
• Vulnerable to cycles in Railways capex and execution.
  
• Government contracts account for 81.5% of revenues, making it a concentration risk.
  
• Working capital intensive business, with substantial locks in inventory and receivables
  
• Quite often internal resources are not sufficient to meet order books
  
• Contingent liability due to providing bank guarantees for orders.
  
• Top 10 customers account for 50.4% of revenues, making the model vulnerable
  

They have mentioned listed peers which fall in the similar line of business as of the company for broad comparison purposes. This company does not have any comparable peer group companies.

Note: (i) Source – All the financial information for listed industry peer mentioned above is sourced from the Financial Results/ Red Herring Prospectus/ Prospectus/ of the aforesaid companies for the year ended March 31,2026 and stock exchange data dated June 17,2026 to compute the corresponding financial ratios.

(ii) For the company, they have taken Current Market Price as the issue price of equity share. Further, P/E Ratio is based on the current market price of the respective scrips.

(iii) The EPS, NAV, RoNW and total Revenue of the company are taken as per Restated Financial Statement for the F.Y. 2025-26.

(iv) NAV per share is computed as the closing net worth divided by the weighted average number of paid-up equity shares as on March 31, 2026.

(v) RoNW has been computed as net profit after tax divided by closing net worth.

(vi) Net worth has been computed in the manner as specified in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.

(vii) The face value of Equity Shares of the Company is ₹ 10/- per Equity Share and the Issue price is [TBA] times the face value of equity share.

Anchor Investor Bidding Date: June 24, 2026

Registrar Details
Skyline Financial Services Private Ltd
Email: ipo@skylinerta.com
Phone: 011-40450193-197

Book Running Lead Manager
NEXGEN Financial Solutions Private Ltd

IC Electricals Company Contact Details
156, DSIDC, Okhla Industrial Area, Phase I, New Delhi – 110-020
Email: info@icelectricals.in
Phone: 91-11-4161-3270

IC Electricals Company Business Model

IC Electricals Company is a manufacturer of electronic products for the Indian Railways. It also undertakes sub-contracting on behalf of other players in the industry. Its focus has been on fine tuned tendering process, adherence to quality standards, and meeting exacting government needs.

IC Electricals Company Growth Trajectory

IC Electricals Company Operating Revenues for FY26 was ₹143.042 crores, whereas in FY25 and FY24 it was ₹121.886 crores and ₹99.249 crores, respectively.

The Profit After Tax for FY26 was ₹14.076 crores, whereas in FY25 and FY24 it was ₹9.371 crores and ₹4.529 crores, respectively. PAT margins increased from 4.56% to 9.84% between FY24 and FY26.

Their EBITDA for FY26 was ₹25.689 crores, whereas in FY25 and FY24 it was ₹18.485 crores and ₹11.967 crores, respectively. EBITDA margins increased from 12.06% to 17.96% between FY24 and FY26.

IC Electricals Company Market Position

The one area of focus should be that the company has seen negative operating cash flows in the last 3 years, and that could be more due to the high working capital intensity of the business. The company has EBITDA margins and PAT margins better than its competitors.

How to apply for IC Electricals Company IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.