Updated on 12.06.2026
Susan Electricals India Limited is set to launch its Initial Public Offering (IPO). Track all the IPOs of 2026 at a single place, latest IPO section of 2026.
It is a manufacturer of aluminium and copper-based electrical winding wires, conductors, and Low Tension (LT) and High Tension (HT) cables primarily serving state-owned electricity distribution utilities (DISCOMs).
The public issue will open for subscription on Thursday, June 11, 2026, and close on Monday, June 15, 2026.
Through this book-built offering, the company aims to raise approximately ₹70.38 Crores at the upper price band of ₹127 per share.
The issue comprises a fresh issue of 42,84,000 shares and an Offer for Sale (OFS) of 8,00,000 shares, with proceeds targeted at capacity expansion for higher-voltage cables and funding working capital.
Get all the Susan Electricals India IPO details here, from today's GMP and share status to dates, price, and an expert review.
Briefs of Susan Electricals India IPO Details:
- Price Band: ₹120 – ₹127 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: June 11, 2026 – June 15, 2026
- Lot Size: 1,000 Shares (Note: Retail Minimum Application is 2 Lots / 2,000 Shares)
- Issue Size: 55,42,000 Equity Shares / ~₹70.38 Crores
- Fresh Issue: 42,84,000 Shares (~₹54.41 Cr)
- Offer for Sale (OFS): 8,00,000 Shares (~₹10.16 Cr)
- Registrar: Mudra RTA Ventures Private Limited
- Listing Exchange: BSE SME
IPO Reservation:
The offering comprises a total issue size of 55,42,000 shares.
After removing the 458,000 shares kept for the Market Maker, a net total of 5,084,000 shares is available to the public and will be shared out like this:
- Anchor Offer: Up to 60% of the QIB portion (with 40% of this reserved for Mutual Funds, Life Insurance, and Pension Funds).
- QIB Portion: Maximum 50% of the Net Offer.
- NII Portion: Minimum 15% of the Net Offer (split 1/3rd for applications up to ₹10 Lakhs, and 2/3rd for applications above ₹10 Lakhs).
- RII Portion: Minimum 35% of the Net Offer.
What is the Current Grey Market Premium for the Susan Electricals India IPO?
Visit our GMP hub to track this issue and others. Keep in mind that the Grey Market Premium changes daily based on buyer interest.
Because SEBI, NSE, and BSE do not monitor it, this rate is not official. Investors should never base their choices just on GMP.
What is the Official Timeline and Key Dates for the Susan Electricals India IPO?
Check this key schedule below to plan out your cash for this stock issue:
- IPO Open Date: Thursday, June 11, 2026
- IPO Close Date: Monday, June 15, 2026
- Basis of Allotment Date: Tuesday, June 16, 2026
- Refund Initiation Date: Wednesday, June 17, 2026
- Credit of Shares: Wednesday, June 17, 2026
- Listing Date: Thursday, June 18, 2026
What Are The Objectives of Susan Electricals India IPO?
The company plans to use the money raised from the new shares for these main goals:
- Capital Expenditure: The company will spend a big share of the funds to enlarge its Ghaziabad factory. This involves installing a new Continuous Catenary Vulcanization (CCV) line to manufacture high-margin, higher-voltage cables.
- Working Capital: A substantial amount will be deployed to meet the intensive day-to-day operational and working capital requirements typical when dealing with state-owned DISCOMs.
- General Corporate Purposes: The rest of the money will be used for daily business costs and unexpected needs.
(Note: The company will not get any of the money raised from the Offer for Sale portion.).
How are the Finances of Susan Electricals India Looking??
Here is a summary of the company's financial history from its official reports.
(Figures in ₹ Crores)
Particulars | Period Ended 31 Dec 25 (9M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 154.12 | 136.05 | 103.59 | 77.56 |
Profit After Tax (PAT) | 7.93 | 5.65 | 0.76 | 0.40 |
EBITDA | 15.93 | 12.00 | 3.64 | 1.80 |
Total Borrowing | 74.05 | 45.27 | 24.79 | 14.71 |
Assets | 121.06 | 73.68 | 38.08 | 33.58 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated exceptional revenue scaling, growing from ₹77.56 Crores in FY23 to ₹136.05 Crores in FY25.
The momentum accelerated significantly in the 9-month stub period ending December 2025, reaching ₹154.12 Crores, driven by massive government electrification infrastructure initiatives and higher sales volumes.
Profit After Tax (PAT):
Profitability surged remarkably, jumping from ₹0.40 Crores in FY23 to ₹5.65 Crores in FY25, and hitting ₹7.93 Crores in just nine months of FY26.
This bottom-line growth reflects the benefits of operating leverage as the company processed larger orders from government utilities.
EBITDA:
Operational efficiency improved markedly, with EBITDA expanding from ₹1.80 Crores in FY23 to ₹12.00 Crores in FY25.
The EBITDA margin expansion (up to 10.36% in the recent stub period) highlights the company's ability to maintain pricing power while controlling employee costs.
Total Borrowing:
To fund the heavy working capital demands and inventory needs necessary to execute large DISCOM orders, total borrowings escalated sharply from ₹14.71 Crores in FY23 to ₹74.05 Crores by December 2025.
This rising debt level is a critical metric to monitor.
Assets:
The company's total assets grew fast, jumping from ₹33.58 Crores in FY23 to ₹121.06 Crores by December 2025.
This massive expansion is predominantly fuelled by an increase in current assets, specifically the inventory and trade receivables required to support the lengthy payment cycles of government clients.
What Are The P/E Ratio and Peer Comparison?
To understand the valuation, we look at the Price-to-Earnings (P/E) ratio calculated at the upper price band.
- Issue Price (Upper Band): ₹127
- EPS (FY25): ₹5.71
- P/E Ratio: ~22.24x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Income (₹ Lakhs) |
Susan Electricals India | 22.24 | 31.43 | 5.71 | 13,605.00 |
Prime Cable Industries | 14.00 | 69.16 | 5.46 | 14,110.47 |
Divine Power Energy | 63.19 | 10.63 | 4.54 | 34,219.18 |
V-Marc India | 43.48 | 19.05 | 15.29 | 90,624.14 |
Analysis:
Susan Electricals is entering the market at a P/E multiple of approximately 22.24x based on its FY25 EPS.
When compared to the industry average P/E of roughly 38.60x, the issue appears to be priced at a significant discount to larger peers like V-Marc India (43.48x) and Divine Power Energy (63.19x).
Furthermore, Susan Electricals boasts a highly superior Return on Net Worth (RoNW) of 31.43% compared to these larger peers, suggesting excellent capital utilisation, although it slightly trails Prime Cable Industries.
What is The Industry Outlook of Susan Electricals?
Growth Potential: The Indian wire and cable industry is experiencing robust structural tailwinds. Massive government investments under schemes like the Revamped Distribution Sector Scheme (RDSS) and Saubhagya 2.0 aim to drastically upgrade rural and urban power distribution networks.
Market Trends: There is a distinct shift towards higher-voltage and technologically advanced cables. Suppliers with established vendor registrations and the capability to manufacture High Tension (HT) cables are best positioned to capture these high-margin government tenders.
What Are The Strengths and Risks of Susan Electricals India IPO?
Strengths:
- High Return Ratios: A stellar RoNW of over 31% indicates exceptional management of shareholder equity and strong profitability metrics.
- Government Approvals: Possessing crucial vendor registrations across numerous states allows direct participation in high-value infrastructure tenders.
- Strategic Expansion: The IPO funds targeted for the new CCV line will allow the company to capture the growing, higher-margin High Tension cable market.
Risks:
- Negative Cash Flows: The company has consistently posted negative cash flows from operating activities (-₹8.41 Crores in 9M FY26) due to the severe working capital requirements of dealing with government DISCOMs.
- Extreme Concentration: Over 95% of revenue in FY25 came from the top 10 customers, and over 51% in recent periods relies entirely on Government DISCOMs, exposing the business to payment delays and tender cycles.
- High Debt Levels: The rapid surge in borrowings to over ₹74 Crores (resulting in a high D/E ratio of 2.63x) highlights the intense capital requirements needed to sustain current growth rates.
Key Considerations for Investors
Please make sure you check the lowest investment limit before you apply.
- Minimum Application: The minimum retail order is 2 lots or 2,000 shares, totaling ₹2,54,000, with each single lot containing 1,000 shares.. Note: This cost is higher than the usual ₹2 Lakh retail cap. This means the category is actually aimed at small-HNI buyers.
- Valuation vs. Risk: At ~22.2x P/E, the pricing leaves room for upside compared to industry averages, especially given the superior return ratios. However, the high debt and negative cash flows from operations are factors to weigh carefully.
- Client Base: The heavy reliance on government tenders provides large volumes but often involves prolonged payment cycles, necessitating strong working capital management.
Important IPO Resources links
1. IPO Data analytics and research page.
2. IPO GMP vs Listing Accuracy Study 2026
3. IPO Allotment Status – How to Check Allotment Status of IPO Shares
4. Latest IPO Subscription Status
Key Takeaways
- IPO Price: ₹127 per share (Upper Band).
- Min Investment: ₹2,54,000 (2,000 Shares).
- Valuation: P/E of ~22.24x (Discount to Industry Average).
- Financials: Revenue ₹136 Cr (FY25); High Debt.
- Listing: BSE SME platform on June 18, 2026.
FAQs on Susan Electricals India IPO
What is today's Grey Market Premium for the Susan Electricals India IPO?
GMP shifts daily with market mood. Check our dedicated GMP page for the latest trends..
What is the share price range for the Susan Electricals India IPO?
Investors can buy shares within a fixed price range of ₹120 to ₹127 each.
What is Susan Electricals India IPO allotment date?
You can expect the final share allotment results on Tuesday, June 16, 2026.
How to check the allotment status of Susan Electricals India IPO?
Investors can use the BSE IPO allotment portal or the website of Mudra RTA Ventures Private Limited (the Registrar) to verify the status. For more details check our dedicated IPO allotment status page.
What is Susan Electricals India IPO listing date?
The shares are tentatively scheduled to list on Thursday, June 18, 2026.
Investment Perspective on Susan Electricals India IPO
Susan Electricals India presents a high-growth opportunity in the power infrastructure sector, backed by strong government tailwinds and impressive return ratios.
While the valuation appears attractive relative to broader industry peers, prospective investors must carefully consider the substantial debt levels, negative operating cash flows, and the high minimum investment ticket size before participating.
Disclaimer:
This article is only meant to inform you about the market. Please talk to a SEBI-registered advisor before you spend any money.
