IC Electricals IPO is a book-built issue aggregating to ₹47.91 crore and consists entirely of a fresh issue of 48.39 lakh equity shares. The IPO will open for subscription on June 25, 2026, and close on June 30, 2026. The basis of allotment is expected to be finalised on July 1, 2026, while the shares are scheduled to be listed on the NSE SME platform on July 3, 2026.
The company has fixed a price band of ₹94 to ₹99 per share. Investors can apply for a minimum lot of 1,200 shares, with retail investors required to apply for at least 2 lots, translating into a minimum investment of ₹2.38 lakh at the upper price band.
For HNI investors, the minimum application size is three lots or 3,600 shares, requiring an investment of ₹3.56 lakh. NEXGEN Financial Solutions Private Limited is acting as the book-running lead manager to the issue, while Skyline Financial Services Private Limited has been appointed as the registrar. Mansi Share & Stock Broking Private Limited will serve as the market maker for the IPO.
Industry Outlook
- The Union Budget 2025-26 aims to support long-term economic growth through a combination of demand stimulation, investment promotion, and inclusive development.
- The new tax regime, which provides zero tax liability for individuals earning up to ₹12 lakh annually, is likely to improve household savings and boost consumer spending.
- India's railway network, one of the largest in the world, has increasingly adopted advanced electrical and electronic systems to improve locomotive efficiency, safety, and performance.
- Growing railway electrification has accelerated the demand for sophisticated electrical and electronic equipment in locomotives.
- Railway locomotives are designed to cater to diverse operational requirements, including passenger services, freight transportation, and high-speed rail operations across varying terrains and climatic conditions.
- Electrical systems play a crucial role in powering locomotives, enhancing operational reliability, and supporting modern railway infrastructure.
- Railway electrification in India began on February 3, 1925, with the launch of the first electric train operating on a 1,500 V DC system between Bombay Victoria Terminus and Kurla Harbour.
- Chennai (then Madras) became the second metropolitan city to adopt electric traction on May 11, 1931, under the Southern Railway network.
- At the time of India's independence, the country had only 388 kilometers of electrified railway tracks, highlighting the substantial expansion achieved over the decades.
IC Electricals IPO Objectives
IC Electricals plans to utilise the net proceeds from the IPO for the following purposes:
- IC Electricals plans to utilize the net proceeds from the IPO primarily to support its working capital requirements, with an allocation of ₹33.60 crore.
- The company will also use a portion of the funds for general corporate purposes, helping strengthen its overall business operations and growth initiatives.
- The total estimated utilization of IPO proceeds amounts to ₹33.60 crore.
About IC Electricals Limited
Established in 2005, IC Electricals Company Limited specializes in manufacturing electronic equipment for railway applications and delivering engineering solutions to Indian Railways. The company offers a wide range of products, including regulators, battery chargers, emergency lighting systems, inverters, microprocessor-based control systems, and vigilance control devices that comply with modern technical standards. It also manufactures critical railway components such as alternators, traction motors, and permanent magnet alternators with controllers. Beyond manufacturing, the company undertakes turnkey railway electrification projects involving the design, supply, installation, testing, and commissioning of 25 kV AC overhead equipment and traction substations.
Operating primarily under a Business-to-Government (B2G) model, IC Electricals serves various government departments and ministries, with Indian Railways being its key customer. Its major products include Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), Regulated Battery Chargers, and GPS-enabled Passenger Announcement and Passenger Information Systems (PAPIS).
The company has successfully completed several railway electrification projects, including the Gorakhpur–Kaptanganj–Valmiki Nagar route under North Eastern Railway and the Ara–Sasaram section under East Central Railway. As of May 31, 2026, it had a workforce of 288 permanent employees.
The company's strengths include a strong emphasis on research and development, an experienced management team, advanced manufacturing facilities, and an extensive service network with representatives in every state capital, enabling prompt customer support within 24 hours.
How To Check the Allotment Status of the IC Electricals IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for IC Electricals IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IC Electricals IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of IC Electricals
Registered Office: IC Electricals Co.Ltd. Address -156 DSIDC, Okhla INDL, Area Phase, North Delhi, New Delhi, 110020
Phone: +91 011 490507
E-mail: info@icelectricals.in
IC Electricals IPO Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 22,86,000 | 49.73% | 47.24% |
| └─ Anchor Investor Shares Offered | 13,68,000 | – | 28.27% |
| └─ QIB (Ex. Anchor) Shares Offered | 9,18,000 | – | 18.97% |
| NII (HNI) Shares Offered | 6,98,400 | 15.19% | 14.43% |
| └─ bNII (> ₹10 Lakh) | 4,64,400 | – | 9.60% |
| └─ sNII (< ₹10 Lakh) | 2,34,000 | – | 4.84% |
| Retail Shares Offered (RII) | 16,12,800 | 35.08% | 33.33% |
| Market Maker Shares Offered | 2,42,400 | – | 5.01% |
| Total Shares Offered | 48,39,600 | 100.00% | 100.00% |
IC Electricals IPO Promoter Holding
The promoters of the company are Mr Sunil Kumar Verma, Mrs Renu Verma, M/s SHBD LLP and M/s Safe System India Private Limited.
| Share Holding Pre-Issue | 82.92% |
| Share Holding Post Issue | 60.94% |
Key Performance Indicators for IC Electricals IPO
| KPI | Mar 31, 2026 |
| ROE | 23.88% |
| ROCE | 18.18% |
| RoNW | 23.88% |
| PAT Margin | 9.84% |
| EBITDA Margin | 17.83% |
| Price to Book Value (P/BV) | 2.09x |
IC Electricals IPO Prospectus
IC Electricals IPO Registrar and Lead Managers
IC Electricals IPO Lead Managers
- NEXGEN Financial Solutions Pvt.Ltd
Registrar for IC Electricals IPO
Skyline Financial Services Pvt.Ltd.
- Contact Number: 02228511022
- Email Address: ipo@skylinerta.com
Financial Performance of IC Electricals Limited
| Particulars | FY26 (Mar 31 2026) | FY25 (Mar 31 2025) | FY24 (Mar 31 2024) |
| Assets (₹ Cr) | 193.44 | 160.04 | 143.89 |
| Total Income (₹ Cr) | 143.81 | 122.39 | 99.75 |
| Profit After Tax (PAT) (₹ Cr) | 14.10 | 9.41 | 4.62 |
| EBITDA (₹ Cr) | 25.66 | 18.34 | 12.14 |
| Net Worth (₹ Cr) | 65.74 | 51.71 | 33.22 |
| Reserves & Surplus (₹ Cr) | 50.20 | 36.12 | 27.11 |
IC Electricals Limited Peer Details Comparison
| Company Name | EPS (Basic) (₹) | EPS (Diluted) (₹) | NAV per Share (₹) | P/E (x) | RoNW (%) | P/BV Ratio (x) |
| IC Electricals Co. Ltd. | 10.49 | 10.49 | 47.40 | NA | 24.88 | NA |
| Hind Rectifiers Limited | 13.10 | 13.10 | 59.88 | 99.50 | 24.62 | 20.15 |
Strengths and Opportunities of IC Electricals IPO
- Established in 2005, IC Electricals has developed strong expertise in railway electronics and electrification, manufacturing products such as traction motors, alternators, and vigilance control devices, while also executing turnkey railway electrification projects.
- The company is an approved supplier to the Ministry of Railways and RDSO, providing it with a significant competitive advantage and creating high entry barriers for new market participants.
- It has demonstrated consistent financial growth, reporting revenue of ₹143.81 crore and profit after tax of ₹14.10 crore in FY26, supported by a relatively attractive post-issue valuation.
- A dedicated R&D facility in Haridwar and a well-established sales and service network help the company maintain product quality, regulatory compliance, and efficient customer support.
- The government's continued focus on railway modernisation, safety enhancement, and complete network electrification is expected to create substantial long-term growth opportunities for the company.
- Management is increasingly focusing on higher-margin electronic products while reducing exposure to lower-margin business segments, which could improve overall profitability.
- A major portion of the IPO proceeds, amounting to ₹33.60 crore, will be utilised for working capital requirements, enabling the company to support larger projects and execute a growing order pipeline more effectively.
Risks and Threats of IC Electricals IPO
- The company derives a significant portion of its revenue from Indian Railways and related entities. Any reduction in railway spending, delays in project approvals, policy changes, or lower tender activity could adversely impact business performance.
- IC Electricals operates in a tender-driven environment where securing contracts depends on competitive pricing, technical capabilities, and timely project execution. As a result, revenue growth may fluctuate across different periods.
- Infrastructure and government projects often involve extended payment cycles, which can increase receivables and place pressure on working capital requirements.
- As the shares will be listed on the NSE SME platform, investors should be aware that SME stocks generally experience lower trading volumes and higher price volatility compared to mainboard-listed companies.
- The absence of closely comparable listed peers makes valuation assessment more challenging. Investors should evaluate the company's fundamentals and long-term prospects rather than relying solely on recent earnings growth or grey market premium trends.
