Updated on 20.06.2026|7:15 PM
IC Electricals Company Limited is preparing to launch its Initial Public Offering (IPO).
It is a prominent supplier of advanced engineering solutions and turnkey electrification projects to the Indian Railways.
Subscription for the public issue opens on Thursday, June 25, 2026, and will remain open to investors until Tuesday, June 30, 2026.
Through this 100% fresh issue book-built offering, the company aims to raise approximately ₹47.91 Crores at the upper price band of ₹99 per equity share. Track all the IPOs of 2026 in our dedicated updated IPO section.
The proceeds are heavily targeted towards funding the intensive working capital requirements necessary for executing large-scale government infrastructure contracts.
This piece outlines essential information regarding the IC Electricals IPO, such as the current GMP, subscription status, price band, and allotment date, accompanied by an in-depth review.
Briefs of IC Electricals IPO Details:
- Price Band: ₹94 – ₹99 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: June 25, 2026 – June 30, 2026
- Lot Size: 1,200 Shares (Note: Retail Minimum Application is 2 Lots / 2,400 Shares)
- Issue Size: 48,39,600 Equity Shares / ~₹47.91 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: Skyline Financial Services Pvt. Ltd.
- Listing Exchange: NSE Emerge (SME)
IPO Reservation:
The offering comprises a total issue size of 48,39,600 shares. The net offer to the public is allocated as follows:
- QIB Portion: Not more than 22,86,000 Equity Shares (Anchor Investors may be allocated up to 13,68,000 Equity Shares from this portion).
- NII (HNI) Portion: Not less than 6,98,400 Equity Shares.
- Retail (RII) Portion: Not less than 16,12,800 Equity Shares.
What are Today's Grey Market Premium figures for the IC Electricals Public Issue?
For up-to-date GMP information on this and alternative issues, please refer to our GMP hub page.
Note that the Grey Market Premium shifts daily according to market dynamics. It is an unofficial metric not regulated by SEBI, BSE, or NSE, meaning it should not serve as the primary factor in an investment decision.
What are the Primary Dates to note Regarding the IC Electricals IPO Subscription and Allotment Process?
The following timeline provides the key dates for the public issue, aiding investors in managing their capital deployment:
- IPO Open Date: Thursday, June 25, 2026
- IPO Close Date: Tuesday, June 30, 2026
- Basis of Allotment Date: Wednesday, July 1, 2026
- Refund Initiation Date: Wednesday, July 1, 2026
- Credit of Shares: Thursday, July 2, 2026
- Listing Date: Friday, July 3, 2026
What Are The Objectives of IC Electricals IPO?
The net funds raised through the fresh issue will be deployed by the company for the strategic purposes outlined belo
- Working Capital: A massive allocation of ₹33.60 Crores is earmarked to meet incremental working capital requirements. This is critical for managing the extended stock holding periods and delayed site availability associated with long-duration Railway Electrification (REC) contracts.
- General Corporate Purposes: Capped at either ₹10.00 Crores or 15% of the gross proceeds, the balance will be utilized to support ongoing operational needs, brand development, and strategic corporate plans.
How is The Financial Performance of IC Electricals?
A summary of the company's financial performance, utilizing data from the restated consolidated financial statements, can be found in the table below.
(Figures in ₹ Crores)
Period Ended | FY 2025-26 | FY 2024-25 | FY 2023-24 |
Total Income | 143.81 | 122.39 | 99.75 |
Profit After Tax (PAT) | 14.08 | 9.37 | 4.53 |
EBITDA | 25.69 | 18.49 | 11.97 |
Total Borrowing | 75.42 | 55.79 | 47.81 |
Assets | 193.44 | 160.04 | 143.89 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated exceptional revenue scaling, driven by the execution of higher-margin railway electrification contracts.
- Total income grew steadily from ₹99.75 Crores in FY24 to ₹143.81 Crores in FY26.
- This robust growth is heavily supported by the Indian Government's massive push for railway modernization.
- A surging order book from government entities ensures near-term revenue visibility.
Profit After Tax (PAT):
Profitability surged remarkably, reflecting the successful absorption of fixed costs and improved pricing dynamics.
- PAT expanded from ₹4.53 Crores in FY24 to ₹14.08 Crores in FY26.
- The PAT margin improved significantly, reaching nearly 9.84% in FY26.
- This bottom-line growth outpaced revenue growth, indicating excellent operational leverage.
EBITDA:
Operational efficiency is improving markedly as the business scales and secures early-payment discounts from creditors.
- EBITDA jumped to ₹25.69 Crores in FY26, up from ₹11.97 Crores in FY24.
- The EBITDA margins expanded from 12.06% in FY24 to nearly 18% in FY26.
- This margin expansion highlights the lucrative nature of turnkey execution models combining product supply with onsite commissioning.
Total Borrowing:
Debt levels have escalated significantly to support the heavy working capital demands of government EPC contracts.
- Total borrowings rose from ₹47.81 Crores in FY24 to ₹75.42 Crores by FY26.
- This debt is necessary to bridge the extended receivable cycles and fund margin money for bank guarantees.
- While high, the IPO proceeds allocated for working capital (₹33.60 Crores) will help stabilize the company's leverage.
Assets:
The asset base has expanded rapidly, largely driven by the accumulation of current assets.
- Total assets grew from ₹143.89 Crores in FY24 to ₹193.44 Crores in FY26.
- This expansion is predominantly tied to increased trade receivables and inventory required for long-term railway projects.
- The high asset base relative to fixed assets underscores the working-capital-intensive nature of the B2G (Business-to-Government) model.
What Are the P/E Ratio and Peer Comparison?
To gauge the valuation, the Price-to-Earnings (P/E) ratio is computed using the upper limit of the proposed price band.
- Issue Price (Upper Band): ₹99
- EPS (FY26): ₹10.49
- P/E Ratio: ~9.44x
Peer Comparison Table (FY 2025-26 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Revenue (₹ Cr) |
IC Electricals | ~9.44x | 24.88% | 10.49 | 143.04 |
Hind Rectifiers Ltd | 99.50x | 24.62% | 13.10 | 999.13 |
Analysis:
IC Electricals is entering the market at a P/E multiple of approximately 9.44x based on its FY26 EPS.
When compared to its listed industry peer, Hind Rectifiers (which trades at an exorbitant P/E of 99.50x), the issue appears to be priced at a massive discount.
While Hind Rectifiers operates on a significantly larger revenue scale (~₹1,000 Crores), IC Electricals boasts superior profitability margins (PAT margin of 9.84% vs. 4.50%) and a comparable Return on Net Worth (RoNW) of 24.88%.
This indicates highly efficient capital utilization within its niche segment, making the valuation look very attractive relative to its peer.
What is The Industry Outlook of IC Electricals?
Growth Potential: The Indian railway sector is undergoing a massive transformation with record budgetary allocations for electrification, modernization, and safety upgrades.
Market Trends: The "Make in India" initiative and stringent RDSO (Research Designs & Standards Organisation) vendor approvals create high entry barriers. Companies like IC Electricals, possessing necessary approvals and in-house R&D, are prime beneficiaries of these localized procurement policies.
What Are The Strengths and Risks of IC Electricals IPO?
Strengths:
- Turnkey Execution: Operating an integrated model that combines electronic manufacturing with onsite EPC services generates blended, higher-margin revenue.
- High Return Ratios: A stellar RoNW of nearly 25% highlights excellent management of shareholder equity and strong operational profitability.
- RDSO Approvals: Holding crucial vendor registrations acts as a significant competitive moat against unorganized players in government tenders.
Risks:
- Extreme Client Concentration: Over 81% of revenue in FY26 was derived solely from the Ministry of Railways and its affiliated entities, making the company highly vulnerable to policy or budget shifts.
- Negative Cash Flows: The company consistently generates negative cash flows from operating activities (-₹11.09 Crores in FY26) due to the severe working capital requirements of government contracts.
- Competitive Bidding: The reliance on the L1 (lowest bidder) tender system exerts continuous pressure on profit margins.
Key Considerations for Investors
- Minimum Application: The issue features a lot size of 1,200 shares, bringing the minimum retail application to 2 lots (2,400 shares) for ₹2,37,600. Given that this investment value exceeds the usual ₹2 lakh retail cap, it effectively caters to Small-HNI participants rather than standard retail investors.
- Valuation vs. Risk: At ~9.4x P/E, the pricing leaves significant room for upside compared to its peer. However, the negative operating cash flows and high debt levels are critical structural risks to monitor.
- Working Capital Focus: The IPO is fundamentally a liquidity exercise. The successful deployment of the ₹33.60 Crores working capital allocation will dictate future growth capabilities.
key iPO Resources:
2. IPO Allotment Status details
3. May 2026 IPO Review – 14 Listings, 89.44x Average Subscription & Market Performance
4. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India
5. IPO Glossary: 100+ Important Terms Every Investor Should Know
6. Daily Reports of Live IPO Subscription
Key Takeaways
- IPO Price: ₹99 per share (Upper Band).
- Min Investment: ₹2,37,600 (2,400 Shares).
- Valuation: P/E of ~9.44x (Deep Discount to Peer).
- Financials: Revenue ₹143 Cr (FY26); Negative Cash Flows.
- Listing: NSE SME platform on July 3, 2026.
FAQs on IC Electricals IPO
What are today's updated GMP figures and market sentiment for the IC Electricals IPO?
As an evolving measure of market sentiment, the GMP changes frequently. Please consult reliable financial news sources or our specific GMP section for up-to-date figures.
What is the official share price range for the IC Electricals IPO?
The shares are being offered within a specified price band of ₹94 to ₹99 per equity share.
What is IC Electricals IPO allotment date?
The company is expected to finalize its basis of share allotment on Wednesday, July 1, 2026, making the results accessible to investors.
How to check IC Electricals IPO allotment status?
The allotment status will be available for tracking through the NSE IPO portal or directly via the website of Skyline Financial Services Pvt. Ltd., who acts as the registrar to the issue.
What is the scheduled listing date for the IC Electricals IPO on the stock exchanges?
It is currently anticipated that the shares will debut on the exchange on Friday, July 3, 2026.
Investment Perspective on IC Electricals IPO
IC Electricals offers a high-margin, high-return play in the booming railway infrastructure sector. While the valuation is extremely attractive relative to its listed peer, the working-capital-intensive nature of the B2G model, negative operating cash flows, and extreme client concentration are critical risks that require a high risk appetite from prospective investors.
Disclaimer:
This article serves an educational function and should not be construed as investment advice. Always consult a SEBI-registered investment professional before making any investment decisions.
