Powerica Ltd.
POWERICAMainboard
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Overview
Powerica Limited is an integrated power solutions provider specializing in diesel generator (DG) sets and medium-speed large generators (MSLG), with a product range from 7.5 kVA to 10,000 kVA. Building on its expertise since 1984, the company diversified into the wind power sector in 2008, operating as an independent power producer (IPP) and also offering engineering, procurement, and construction (EPC) and operation and maintenance (O&M) services for balance of plant.
Opening Date
Mar 24, 2026
Closing Date
Mar 27, 2026
Listing Date
Apr 02, 2026
IPO Type
Mainboard
IPO Status
Closed
Issue Size
1100 Cr
Fresh Issue
700 Cr
Offer for Sale
400 Cr
Price Band
₹375 - ₹395
Lot Size
37
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
IPO Objective
The main objectives of the issue are to utilize the net proceeds from the Fresh Issue for the following purposes:
- •
Prepayment or repayment, in part or full, of certain outstanding borrowings availed by the Company for its wind power projects, amounting to an estimated ₹525.00 crores, to reduce indebtedness and debt servicing costs.
- •
Funding general corporate purposes, which may include but are not limited to financing growth opportunities, strategic initiatives, meeting working capital requirements, and other business exigencies as approved by the Board.
Key Performance Indicator
P/E Ratio
24.45
EPS
16.16
ROE
11.6%
ROCE
13.9%
RONW
10.62%
Debt to Equity Ratio
—
PAT Margin
9.12%
EBITDA Margin
15.23%
P/B
3.54
SWOT Analysis
Strengths
- •
Established market position in the generator set business since 1984, with a comprehensive product range from 7.5 kVA to 3,750 kVA.
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Long-standing collaborations with global industry leaders such as Cummins, Hyundai, GE Vernova, and Vestas, enhancing technical capabilities.
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Strong in-house technical and execution capabilities in both DG set manufacturing and end-to-end wind power project development.
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Experienced and proven management team, promoters, and Board of Directors with deep industry knowledge and a long operational track record.
Weaknesses
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Significant dependence on the Generator Set Business, which contributed approximately 85% of revenue from operations in Fiscal 2025.
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High reliance on key suppliers, particularly Cummins for engines and alternators, posing a risk of supply chain disruptions.
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Lack of long-term agreements with a majority of customers and suppliers in the Generator Set Business, leading to potential demand and supply volatility.
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Revenue from the wind power business is dependent on long-term Power Purchase Agreements (PPAs), which are exposed to counterparty risks and potential termination.
Opportunities
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Growing demand for reliable standby power in India driven by rapid urbanization, infrastructure development, and persistent grid unreliability.
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Expansion of high-growth sectors like data centres, telecom (5G rollout), and EV charging infrastructure, which require uninterrupted power solutions.
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Supportive government policies promoting renewable energy, including a 500 GW target by 2030, creating significant opportunities for wind and hybrid power projects.
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The global 'China plus one' strategy, which is encouraging diversification of supply chains, presenting an opportunity for Indian manufacturers to increase exports.
Threats
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Emergence of alternative technologies like Battery Energy Storage Systems (BESS) and green hydrogen, which could act as substitutes for traditional DG sets.
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Implementation of stricter environmental and emission regulations (e.g., CPCB-IV+), leading to increased compliance costs and potential price escalations.
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Volatility in the prices and availability of key raw materials such as steel, copper, and diesel fuel, which can impact manufacturing costs and margins.
- •
Potential adverse changes in government policies, regulations, tax regimes, or incentive structures affecting both the generator set and renewable energy industries.
Subscription Rate
Frequently Asked Questions about Powerica Ltd.
Powerica Limited is an integrated power solutions provider specializing in diesel generator (DG) sets and medium-speed large generators (MSLG), with a product range from 7.5 kVA to 10,000 kVA. Building on its expertise since 1984, the company diversified into the wind power sector in 2008, operating as an independent power producer (IPP) and also offering engineering, procurement, and construction (EPC) and operation and maintenance (O&M) services for balance of plant.
The Powerica Ltd. IPO is scheduled to open for subscription on Mar 24, 2026 and close on Mar 27, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the Powerica Ltd. IPO is ₹375 to ₹395. Investors can place bids within this range once the issue opens.
The minimum lot size for the Powerica Ltd. IPO is 37 shares. The minimum investment amount ₹14,615.
The total issue size of the Powerica Ltd. IPO is approximately ₹1,100.00. Issue size represents the total value of shares offered to the public.
As per the latest available information, the Powerica Ltd. IPO has been subscribed 0.03 times. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the Powerica 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 Powerica Ltd. are expected to list on stock exchanges on Apr 02, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the Powerica Ltd. IPO are proposed to be used for The main objectives of the issue are to utilize the net proceeds from the Fresh Issue for the following purposes:, Prepayment or repayment, in part or full, of certain outstanding borrowings availed by the Company for its wind power projects, amounting to an estimated ₹525.00 crores, to reduce indebtedness and debt servicing costs., Funding general corporate purposes, which may include but are not limited to financing growth opportunities, strategic initiatives, meeting working capital requirements, and other business exigencies as approved by the Board.
Before applying for the Powerica Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
