IC Electricals Co.Ltd.
ICELSME
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Overview
IC Electricals Company Limited designs, manufactures and supplies electrical and electronic equipment for railway applications in India. The company serves Indian Railways and related OEMs with products such as rectifier-cum-regulating units, battery chargers, emergency lighting systems, inverters, microprocessor-based control systems, vigilance devices, alternators, traction motors and associated rotating machine components. It also executes turnkey railway electrification projects covering design, supply, erection, testing and commissioning of 25 kV AC overhead equipment and traction substation systems, supported by in-house manufacturing facilities in Haridwar and approvals from railway authorities including RDSO-related registrations.
Opening Date
Jun 25, 2026
Closing Date
Jun 30, 2026
Listing Date
Jul 03, 2026
IPO Type
SME
IPO Status
Upcoming
Issue Size
—
Fresh Issue
0 Cr
Offer for Sale
0 Cr
Price Band
—
Lot Size
—
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
IPO Objective
The main objectives of the issue are to strengthen IC Electricals Company Limited’s operating capacity and support its long-term growth as a railway-focused engineering company.
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Funding working capital requirements of the company, particularly to support higher inventory, receivables and execution needs arising from growth in the railway electronics, rotating machines and EPC electrification divisions, including the need to service existing and upcoming orders.
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Meeting margin money and liquidity requirements linked to railway contracts, including performance and security bank guarantees, earnest money deposits, retention-related funding and other project execution obligations that tie up capital for extended periods.
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Supporting procurement efficiency and smoother supply-chain execution by enabling timely payments to suppliers, better stock planning for specialized railway components and improved readiness for longer-duration railway electrification contracts.
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Meeting general corporate purposes, including strategic initiatives, strengthening market presence, brand building, operational enhancement and addressing business contingencies, subject to applicable regulatory limits on such utilization.
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Obtaining listing benefits on the NSE Emerge platform, which the company believes will enhance corporate image, improve visibility, strengthen credibility with customers and stakeholders, and create a public market for its equity shares.
Key Performance Indicator
P/E Ratio
—
EPS
7.01
ROE
23.88%
ROCE
18.18%
RONW
23.88%
Debt to Equity Ratio
—
PAT Margin
9.84%
EBITDA Margin
17.83%
P/B
—
SWOT Analysis
Strengths
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Established railway-focused product portfolio spanning electronic systems, rotating machines and electrification services, enabling participation across multiple segments of rail infrastructure and rolling stock needs.
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Predominantly B2G operating model with business linked to Indian Railways and related government-backed demand, supporting market relevance in a specialized sector.
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In-house manufacturing and design capabilities supported by three Haridwar facilities, allowing better control over production, customization and quality for railway applications.
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Consistent financial growth in recent years, with rising revenue, PAT and EBITDA margins on both standalone and consolidated bases, indicating improving operating scale.
Weaknesses
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Business concentration in the railway sector and significant dependence on government and railway-linked procurement can expose the company to tender delays, certification cycles and policy-driven spending patterns.
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Working capital intensity is high, especially in the EPC division, due to longer project cycles, elevated inventory levels, receivable delays, bank guarantee margins and retention money blocked for extended periods.
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Operating cash flows have remained negative in the recent reported years despite profit growth, highlighting pressure from receivables, inventory build-up and other working capital demands.
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A large part of revenue is tied to compliance-driven and inspection-based deliveries, where delays in approvals, certification or project execution can defer billing and collections.
Opportunities
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Ongoing railway electrification, modernization, safety upgrades and expansion of metro, coach and traction systems can increase demand for the company’s specialized electrical and electronic products.
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Growing railway order book and rising unexecuted order value create scope for scaling manufacturing output and execution services if working capital is strengthened effectively.
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Expansion in turnkey electrification and traction-related components offers cross-selling potential across product manufacturing and project services within the railway ecosystem.
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Public listing may improve brand visibility, customer confidence and access to capital, supporting larger bids, geographic expansion and better participation in future railway projects.
Threats
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Project timelines and payments in government-funded railway contracts can be delayed due to budgeting, administrative approvals, site availability and policy changes, affecting execution and cash conversion.
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Stringent technical standards, inspections and regulatory compliance requirements in railway systems increase the risk of delays, additional costs or exclusion if specifications evolve or approvals are prolonged.
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Competition from larger or better-capitalized railway equipment and EPC players may affect pricing, tender wins, supplier terms and scalability in both manufacturing and contract businesses.
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High dependence on bank facilities, guarantees and collateral-backed limits means tighter credit conditions, higher financing costs or reduced banking support could constrain growth and profitability.
Subscription Rate
Frequently Asked Questions about IC Electricals Co.Ltd.
IC Electricals Company Limited designs, manufactures and supplies electrical and electronic equipment for railway applications in India. The company serves Indian Railways and related OEMs with products such as rectifier-cum-regulating units, battery chargers, emergency lighting systems, inverters, microprocessor-based control systems, vigilance devices, alternators, traction motors and associated rotating machine components. It also executes turnkey railway electrification projects covering design, supply, erection, testing and commissioning of 25 kV AC overhead equipment and traction substation systems, supported by in-house manufacturing facilities in Haridwar and approvals from railway authorities including RDSO-related registrations.
The IC Electricals Co.Ltd. IPO is scheduled to open for subscription on Jun 25, 2026 and close on Jun 30, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the IC Electricals Co.Ltd. IPO is yet to be announced. Investors can place bids within this range once the issue opens.
The minimum lot size for the IC Electricals Co.Ltd. IPO is yet to be announced shares. The minimum investment amount will be known once the price band is finalized.
The total issue size of the IC Electricals Co.Ltd. IPO is will be disclosed closer to the issue opening. Issue size represents the total value of shares offered to the public.
As per the latest available information, the IC Electricals Co.Ltd. IPO has been subscribed data will be available once the issue opens. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the IC Electricals Co.Ltd. IPO is not available as of now. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of IC Electricals Co.Ltd. are expected to list on stock exchanges on Jul 03, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the IC Electricals Co.Ltd. IPO are proposed to be used for The main objectives of the issue are to strengthen IC Electricals Company Limited’s operating capacity and support its long-term growth as a railway-focused engineering company., Funding working capital requirements of the company, particularly to support higher inventory, receivables and execution needs arising from growth in the railway electronics, rotating machines and EPC electrification divisions, including the need to service existing and upcoming orders., Meeting margin money and liquidity requirements linked to railway contracts, including performance and security bank guarantees, earnest money deposits, retention-related funding and other project execution obligations that tie up capital for extended periods., Supporting procurement efficiency and smoother supply-chain execution by enabling timely payments to suppliers, better stock planning for specialized railway components and improved readiness for longer-duration railway electrification contracts., Meeting general corporate purposes, including strategic initiatives, strengthening market presence, brand building, operational enhancement and addressing business contingencies, subject to applicable regulatory limits on such utilization., Obtaining listing benefits on the NSE Emerge platform, which the company believes will enhance corporate image, improve visibility, strengthen credibility with customers and stakeholders, and create a public market for its equity shares.
Before applying for the IC Electricals Co.Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
