IC Electricals IPO
Market Sentiment
IPO Details
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Financial Analysis
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 99.75 | 122.39 | 143.81 |
| Expense | 93.72 | 109.75 | 124.88 |
| Profit (PAT) | 4.62 | 9.41 | 14.10 |
| Total Assets | 143.89 | 160.04 | 193.44 |
Promoters: Mr. Sunil Kumar Verma, Mrs. Renu Verma, M/s SHBD LLP and M/s Safe System India Private Limited
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,34,22,000 | 73.52% |
Strengths & Risks
- Revenue grew 18% in the latest reported year.
- Solid profit margin — 9.8%.
- Strong return on equity — 25%.
No major red flags in the available data.
Auto-generated from live GMP, subscription, valuation and financial data. Informational only — not investment advice. Always read the RHP before applying.
Company Information
IC Electricals Limited, founded in 2005, is one of the leading engineering and manufacturing companies for the Indian railways. The firm manufactures Electronic systems, Rotating machines, and Railway electrification solutions used in railway operations. The company operates its business under a Business-to-Government (B2G) model, usually earning revenue from government agencies, railway production units, and railway-related OEMs. Its product portfolio includes a diverse range of railway products, including electronic rectifier-cum-regulating units (ERRUs), battery chargers, vigilance control devices, passenger information systems, emergency lighting systems, alternators, traction motors, and specialized traction motor components. Along with railway products manufacturing, IC Electricals also offers turnkey railway electrification solutions where they design, supply, install, test, and launch 25 kV AC overhead equipment and traction substations.
| Purpose | Amount (Cr) |
|---|---|
| Funding the working capital requirements of the Company | 33.60 |
| General Corporate Purpose | 7.01 |
Resources & Documents
IC Electricals Co.Ltd., 156 DSIDC, Okhla INDL, Area Phase, North Delhi, New Delhi, 110020
IC Electricals is preparing a sme offering. The SME issue is scheduled to open for subscription on June 25, 2026 — 5 days from now.
IC Electricals Limited, founded in 2005, is one of the leading engineering and manufacturing companies for the Indian railways. The firm manufactures Electronic systems, Rotating machines, and Railway electrification solutions used in railway operations.
The issue is promoted by Mr. Sunil Kumar Verma, Mrs. Renu Verma, M/s SHBD LLP and M/s Safe System India Private Limited with NEXGEN Financial Solutions Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding the working capital requirements of the Company (Rs 34 crore) and General Corporate Purpose (Rs 7 crore).
On fundamentals, the company is posting revenue growth of 17.5%, a profit margin of 9.8%, return on equity of 24.9% in its most recent reported period. Listed peers in this segment include Hind Rectifiers Ltd (P/E 99.50x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
All figures below — GMP history, subscription tiers, financials and peers — are aggregated from public disclosures. Always apply through your own broker after reading the RHP.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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