Powerica IPO

About Powerica IPO

The Powerica IPO opens on Tuesday, March 24, 2026 and closes on Friday, March 27, 2026. The allotment of shares will take place on Monday, March 30, 2026. The credit of shares to the demat account will take place on Wednesday, April 1, 2026. The initiation of refunds will take place on Wednesday, April 1, 2026. The listing of shares will take place on Thursday, April 2, 2026.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1.77 crore shares aggregating to ₹700.00 crores. The offer for sale portion includes 1.01 crore shares aggregating to ₹400.00 crores.

Powerica IPO’s price band is set at ₹375 to ₹395 per share. The lot size for an application is 37. The minimum amount of investment required by a retail investor is ₹14,615 (37 shares) (based on upper price). The lot size required for investment by sNIIs is 14 lots (518 shares), amounting to ₹2,04,610, and for bNIIs, it is 69 lots (2,553 shares), amounting to ₹10,08,435.

Powerica is an integrated power solutions provider specialising in diesel generator sets (“DG sets”), medium speed large generators (“MSLG”), and related services. Leveraging their expertise, they expanded into the wind power sector in 2008 as an independent power producer and have since developed capabilities as an engineering, procurement, and construction contractor, as well as an operation and maintenance service provider for balance of plant.

Objectives of Powerica IPO

• Prepayment/repayment of certain outstanding borrowings availed by the company, in part or in full.

• General corporate purposes.

Industry Outlook

Standby power remains a vital part of India’s energy infrastructure, helping ensure operational continuity during power outages or voltage fluctuations. Ongoing urbanisation, population growth, and expansion of residential, commercial, industrial, and infrastructure projects have intensified the need for reliable backup power across the country. Despite ongoing improvements in grid reliability, power disruptions remain a persistent concern across several regions in India. This has led to increased adoption of DG sets, UPS systems, inverters, and battery storage solutions across diverse sectors such as commercial, manufacturing, information technology and data centres, telecom, and infrastructure (Source: F&S Report).

India’s renewable energy sector includes multiple sources such as solar, wind, small hydro, biomass, and bagasse. Among these, solar and wind energy have emerged as dominant contributors to capacity addition, driven by policy incentives and technological advancements.

About Powerica

Powerica is an integrated power solutions provider specialising in diesel generator sets (“DG sets”), for both primary and standby applications. As one of the original equipment manufacturers (“OEMs”) for Cummins India Limited (“Cummins India”, along with its affiliates, “Cummins”), they have maintained a relationship with them for over four decades. They commenced their DG sets business in 1984, and subsequently expanded their generator set portfolio to include medium speed large generators (“MSLG”) in 1996. They continue to develop this segment through a collaboration with HD Hyundai Heavy Industries Co., Limited (“Hyundai”), on a non-exclusive basis.

By integrating their DG set and MSLG offerings, they provide a comprehensive range of generator sets with capacities ranging from 7.5 kVA to 10,000 kVA, designed to meet the distinctive requirements of diverse industries and applications. Their generator set business comprises DG sets powered by Cummins engines, MSLG offerings in collaboration with Hyundai, and certain allied business activities (“Generator Set Business”).

Building on their experience in the Generator Set business, they entered the wind power sector in 2008 as an independent power producer (“IPP”). Subsequently, they developed capabilities as an engineering, procurement and construction (“EPC”) contractor as well as an operation and maintenance (“O&M”) service provider for balance of plant (“BoP”).

Strengths of Powerica

• Established position in the generator set market.

• Collaborations and alliances with established industry players.

• Strong technical and execution capabilities.

• Large and diversified customer base.

• Experienced and proven management team, promoters and board of directors.

• Balanced business portfolio with strong financial performance.

Risks of Powerica

• Any negative developments affecting their generator set business.

• Reliance on their business collaborations, including with Cummins for engines and alternators for their DG sets and reliance on Hyundai for the supply of MSLG sets.

• Dependence on their power purchase agreements (“PPAs”).

• The performance of their operational wind power projects is significantly affected by seasonality, regulatory requirements, and environmental and physical conditions.

• Delays or defaults in payment by customers.

• Dependence on the performance of the diesel generator set market in southern India and western India, particularly the markets in the states of Maharashtra, Karnataka, Tamil Nadu and Kerala.

• The IPP portfolio under their wind power business is concentrated in Gujarat, exposing them to disruptions and risks resulting from conditions that may be specific to this region.

• Any disruption affecting their manufacturing facilities or operational wind power projects.

• Challenges in scaling up their wind power business operations and managing their joint arrangements with global players.

• Non-performance, delayed performance, or delivery of defective components by their vendors.

Anchor Investor Bidding Date: Monday, March 23, 2026

Registrar: MUFG Intime India Private Limited

Book Running Lead Managers:

ICICI Securities Limited

IIFL Capital Services Limited

Nuvama Wealth Management Limited

Powerica Business Model

The company earns its revenue through providing integrated power solutions specialising in diesel generator sets (“DG sets”), for both primary and standby applications.

Powerica Growth Trajectory

Powerica’s Total Income for FY25 was ₹2,710.93 crores, whereas in FY24 and FY23 it was ₹2,356.77 crores and ₹2,422.42 crores, respectively.

The Profit After Tax for FY25 was ₹175.83 crores, whereas in FY24 and FY23 it was ₹226.11 crores and ₹106.45 crores, respectively.

Their EBITDA for FY25 was ₹345.66 crores, whereas in FY24 and FY23 it was ₹362.45 crores and ₹333.21 crores, respectively .

Powerica Market Position

Powerica’s extensive sales network supports effective customer engagement and market penetration. As on September 30, 2025, their network comprised 19 sales/marketing offices in addition to their registered and corporate offices, supported by a sales and marketing team of 123 personnel. As on September 30, 2025, they also engaged with 43 authorised dealers, by issuing joint authorization certificates with Cummins and Powerica, for providing prompt service across a wide range of market segments.

As of March 31, 2025, the company’s Total Income, Profit After Tax, and EBITDA stood at ₹2,710.93 crores, ₹175.83 crores, and ₹345.66 crores, respectively.

How to apply for Powerica IPO?

• Step 1: Log in to your Kotak Neo 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