Susan Electricals India IPO is a book-built SME public issue worth ₹70.38 crore, comprising a fresh issue of 47.42 lakh shares aggregating to ₹60.22 crore and an offer for sale (OFS) of 8 lakh shares valued at ₹10.16 crore.
The IPO will open for subscription on June 11, 2026, and close on June 15, 2026. The basis of allotment is likely to be finalised on June 16, 2026, while the shares are expected to be listed on the BSE SME platform on June 18, 2026.
The company has fixed a price band of ₹120–₹127 per share. Investors can bid in lots of 1,000 shares. Retail investors are required to apply for a minimum of 2,000 shares, translating into an investment of ₹2.54 lakh at the upper price band. For HNI investors, the minimum application size is 3,000 shares (three lots), requiring an investment of ₹3.81 lakh.
Seren Capital Pvt. Ltd. is acting as the book-running lead manager to the issue, while Mudra RTA Ventures Private Limited has been appointed as the registrar
Susan Electricals India IPO Objectives
The company plans to utilise the net proceeds from the IPO for the following purposes:
- Expansion of Manufacturing Capacity: Around ₹10.29 crore will be invested in expanding its existing manufacturing facility located in Sahibabad, Ghaziabad, Uttar Pradesh.
- Working Capital Requirements: The largest portion, ₹33 crore, will be used to meet the company's growing working capital needs and support business operations.
- General Corporate Purposes: The remaining funds will be allocated towards general corporate requirements and other business-related initiatives.
About Susan Electricals India Limited
Founded in 2007, Susan Electricals India Ltd. is engaged in the manufacturing of aluminium and copper-based electrical winding wires, conductors, and power cables catering to various industrial and power distribution applications. Its product range includes winding wires and strips used in transformers, motors, alternators, coils, and other electrical equipment, along with aluminium stranded conductors for overhead power transmission and distribution networks. The company also manufactures low-tension (LT) and high-tension (HT) power cables, including PVC and XLPE insulated cables as well as aerial bunched cables.
The company's customer base comprises state-owned power distribution companies (DISCOMs), EPC contractors, infrastructure firms, and businesses operating in the wires and cables industry. Besides manufacturing, it is involved in trading aluminium wires and rods and provides job-work services related to the processing of winding wires and strips.
Susan Electricals operates three manufacturing facilities in Ghaziabad, Uttar Pradesh, and marketed its products across seven Indian states during FY26, including Uttar Pradesh, Jharkhand, Madhya Pradesh, and Karnataka. As of April 30, 2026, the company employed 216 permanent staff members.
The company’s key strengths include its vendor registrations and approvals across multiple state DISCOMs, strong access to government and utility tenders, and its positioning to benefit from power sector initiatives such as the Revamped Distribution Sector Scheme (RDSS) and rural electrification projects. Its established manufacturing expertise, adherence to quality standards, and expanding geographical presence further support its growth prospects.
Industry Outlook
- The Indian wires and cables market is expected to expand significantly, growing from approximately USD 10.32 billion to USD 22.35 billion, driven by rising infrastructure development and power sector investments.
- Government-led initiatives, including power grid modernisation and rural electrification programs, continue to generate strong demand for electrical cables, conductors, and related products.
- Demand for Low Tension (LT) and High Tension (HT) cables, along with aluminium and copper-based winding wires used in transformers, motors, and other electrical equipment, is increasing across industries.
- Susan Electricals derives a substantial portion of its revenue from government and institutional tenders, reflecting its strong presence in the public utility segment.
- The company is well-positioned to benefit from ongoing investments in the power distribution sector and infrastructure expansion projects across India.
- However, the electrical wires and cables industry remains highly fragmented and competitive, which may put pressure on pricing and profit margins.
- The company also faces customer concentration risks, as a significant share of its business depends on government agencies and institutional clients. Any slowdown in public spending or changes in procurement policies could affect its revenue growth and operations.
How To Apply for the Susan Electricals India 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 Susan Electricals India 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.
How To Check the Allotment Status of Susan Electricals India 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.
Contact Details of Susan Electricals India Limited
Registered office: Susan Electricals India Ltd. Address- 1703, Nirmal Tower, 26, Barakhamba Road, Connaught Plaza, New Delhi, New Delhi, 110001
Phone:0120-4331296
E-mail:office@seil.net.in
Susan Electricals India IPO Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 25,39,000 | 49.94% | 45.81% |
| ├─ Anchor Investor Portion | 15,23,000 | – | 27.48% |
| └─ QIB (Ex-Anchor) Portion | 10,16,000 | – | 18.33% |
| NII (HNI) Shares Offered | 7,65,000 | 15.05% | 13.80% |
| ├─ bNII (Above ₹10 lakh) | 5,10,000 | – | 9.20% |
| └─ sNII (₹2 lakh to ₹10 lakh) | 2,55,000 | – | 4.60% |
| Retail Individual Investors (RII) | 17,80,000 | 35.01% | 32.12% |
| Market Maker Reservation | 4,58,000 | – | 8.26% |
| Total Issue Size | 55,42,000 | 100.00% | 100.00% |
Susan Electricals India IPO Lot Size Details
| Application Category | Lots | Shares | Investment Amount |
| Individual Investors (IND) – Min | 2 | 2,000 | ₹2,54,000 |
| Individual Investors (IND) – Max | 2 | 2,000 | ₹2,54,000 |
| S-HNI – Min | 3 | 3,000 | ₹3,81,000 |
| S-HNI – Max | 7 | 7,000 | ₹8,89,000 |
| B-HNI – Min | 8 | 8,000 | ₹10,16,000 |
Susan Electricals India IPO Promoter Holding
The promoters of the company include Vishal Jain and Mahak Jain.
| Share Holding Pre-Issue | 92.47% |
| Share Holding Post Issue | 66.97% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Susan Electricals India IPO
| KPI | FY26 (as of March 31, 2026) |
| Return on Equity (ROE) | 64.64% |
| Return on Capital Employed (ROCE) | 29.05% |
| Return on Net Worth (RoNW) | 47.42% |
| PAT Margin | 6.77% |
| EBITDA Margin | 11.91% |
| Price to Book Value (P/BV) | 5.15x |
Susan Electricals India IPO Registrar and Lead Managers
Susan Electricals India IPO Lead Managers
- Seren Capital Pvt.Ltd
Registrar for Susan Electricals India IPO
Mudra RTA Ventures Private Limited
- Contact Number: +919870297591
- Email Address: ipo@mudrarta.com
Financial Performance of Susan Electricals India Limited
| Particulars | FY26 (Mar 31, 2026) | FY25 (Mar 31, 2025) | FY24 (Mar 31, 2024) |
| Total Assets | 130.05 | 73.68 | 38.08 |
| Total Income | 269.96 | 136.05 | 103.59 |
| Profit After Tax (PAT) | 18.25 | 5.65 | 0.76 |
| EBITDA | 32.08 | 12.00 | 3.64 |
| Net Worth | 38.48 | 17.98 | 6.21 |
| Reserves & Surplus | 22.89 | 12.96 | 3.23 |
| Total Borrowings | 66.72 | 45.27 | 24.79 |
Susan Electricals India Limited Peer Comparison
| Company Name | EPS (Basic) (₹) | EPS (Diluted) (₹) | NAV per Share (₹) | P/E (x) | RoNW (%) | P/BV Ratio (x) |
| Susan Electricals India | 11.96 | 11.96 | 24.68 | NA | 47.42 | NA |
| Prime Cable Industries Ltd. | 6.68 | 6.68 | 33.17 | 16.77 | 20.14 | 3.39 |
| Divine Power Energy Ltd. | 10.83 | 10.83 | 51.71 | 46.35 | 20.69 | 9.84 |
| V-Marc India Ltd. | 40.97 | 40.97 | 118.55 | 27.90 | 34.56 | 9.69 |
Strengths and Opportunities of Susan Electricals India Limited
- Susan Electricals has built long-standing relationships with state-owned DISCOMs and EPC contractors, helping secure a steady flow of orders and repeat business.
- The company offers a broad range of electrical products, including LT and HT cables, aluminium and copper winding wires, conductors, and other specialized solutions catering to residential, commercial, and industrial applications.
- Its operations are supported by three manufacturing units located in Ghaziabad and Sahibabad, Uttar Pradesh, enabling efficient production processes and stringent quality control.
- Ongoing investments in power transmission networks, grid modernization, rural electrification, and underground cabling projects are expected to drive sustained demand for the company's products.
- While the company already has a presence across several states, including Uttar Pradesh, Madhya Pradesh, Delhi, Telangana, and Rajasthan, expanding into new markets could further strengthen its growth trajectory.
- A portion of the IPO proceeds will be used to expand manufacturing facilities and support working capital requirements, which could help increase production capacity and improve operational efficiency.
- Continued focus on electrification and infrastructure development by the government presents long-term opportunities for growth in the wires, cables, and conductors segment.
Risks and Threats of Susan Electricals India Limited
- A significant portion of the company's revenue comes from state-owned electricity distribution companies (DISCOMs) and government-linked tenders. Any reduction in infrastructure spending, changes in procurement policies, or inability to secure new contracts could adversely affect revenue and cash flows.
- Susan Electricals has a concentrated customer base, with a large share of its revenue generated from a limited number of clients. In FY25, the top 10 customers contributed more than 95% of total revenue, making the business vulnerable to order cancellations, lower demand, or payment delays from key customers.
- The company relies heavily on copper and aluminium for manufacturing its cables, conductors, and winding wires. Fluctuations in global metal prices can impact profitability, particularly in segments where pricing flexibility is limited.
- The company witnessed a sharp improvement in profitability from FY25 onwards. Sustaining these higher margins may be challenging due to intense competition and pricing pressures within the industry.
- Operations are working-capital intensive, as payments from government entities and institutional customers can often be delayed, potentially affecting cash flows and liquidity.
- Susan Electricals has only recently expanded its manufacturing capabilities into LT and HT cables. As these product categories have a relatively limited operating track record, the company may face execution, operational, or market acceptance challenges.
