IC Electricals has ₹165.97 crore railway work underway

IC Electricals is executing nine railway Contracts Division projects worth ₹165.97 crore, with seven scheduled to finish between 20 November and 24 December 2026. The portfolio includes railway electrification, traction sub-stations and overhead-equipment modifications, following 18 completed projects with an aggregate disclosed value of ₹213.74 crore.

What railway contracts has IC Electricals completed?

IC Electricals has completed 18 Contracts Division projects valued at ₹213.74 crore in aggregate. The presentation identifies the 10 largest completed projects, together worth ₹181.56 crore, leaving ₹32.18 crore represented by the other eight completed contracts. The disclosed work spans Bihar, Uttar Pradesh, Punjab, Jammu and Kashmir, Himachal Pradesh and Chhattisgarh.

The largest completed assignment was a ₹41.39 crore contract for the Central Organization for Railway Electrification, Danapur, in Bihar. It covered design, supply, erection, testing and commissioning of 25 kilovolt (kV), 50 hertz (Hz), single-phase alternating-current (AC) electrification, including overhead equipment (OHE) and traction sub-station (TSS) work. The next two projects were valued at ₹36.92 crore in Gorakhpur and ₹34.73 crore in Ambala, taking the top three to ₹113.05 crore.

The completed record includes work other than new electrification. A ₹19.09 crore Northern Railway assignment covered OHE, switching-post, sub-station and supervisory control and data acquisition modifications for doubling between Amethi and Pratapgarh. IC Electricals also lists two preventive and breakdown-maintenance contracts in Chhattisgarh worth ₹7.06 crore and ₹5.89 crore, indicating that its disclosed completed portfolio includes construction, upgrades and maintenance.

Which railway projects is IC Electricals executing now?

IC Electricals is executing nine listed railway contracts worth ₹165.97 crore, with the ₹30.63 crore Bagalkot-Wandal second-line electrification project its largest disclosed assignment. South Western Railway, Hubballi is the principal for that contract, while Northern Railway is the principal for the other eight projects. Their start dates range from 13 February 2021 to 31 July 2025.

Seven projects carrying a combined listed value of ₹126.74 crore are scheduled for completion during November or December 2026. The two remaining contracts are the ₹23.32 crore Amb-Andaura TSS, estimated to finish on 30 May 2027, and the ₹19.04 crore Kashi Yard project, estimated to finish on 19 July 2027. The schedule therefore places most listed execution milestones in the final six weeks of 2026.

What work does IC Electricals perform under these contracts?

IC Electricals describes the Contracts Division as a turnkey provider of 25 kV AC OHE and power-supply installation projects. Its stated delivery model covers detailed engineering and design, procurement and supply-chain management, execution and erection, plus testing and commissioning. The presentation says the division has electrified more than 700 track kilometres across multiple railway zones.

The ongoing portfolio shows several applications of that model. The Lucknow-Kanpur contract involves feeder wire for a 2x25 kV system to raise speed to 160/200 kmph, while the Delhi Division assignment involves replacement of overaged OHE and modifications for 160 kmph operations. The ₹13.53 crore Amausi-Manak Nagar project is another OHE-modification assignment for 160/200 kmph high-speed work.

The ₹23.32 crore Amb-Andaura project adds a double-circuit 132 kV/27 kV, 21.6/30.24 megavolt-ampere TSS on the Nangaldam-Talwara section. The ₹19.04 crore Kashi Yard contract combines 50 Hz, 2x25 kV OHE work with modification of existing OHE for yard remodelling and a third line between Shivpur and Varanasi. These contracts show that the current pipeline includes both line expansion and upgrades to existing railway electrical infrastructure.

How does the contracts portfolio fit IC Electricals’ wider business?

IC Electricals reported an order book of ₹231.06 crore as of 30 September 2026, compared with ₹165.97 crore across the nine specifically listed ongoing projects. The presentation does not reconcile the two figures, so the order-book amount should not be assumed to consist only of those nine contracts. It displays the Contracts Division at 42%, Electronics at 30% and Rotating Machines at 28%, without defining the measure used for those shares.

The Electronics Division lists products including 4.5 kilowatt and 25 kilowatt electronic rectifier-cum-regulating units, regulated battery chargers, emergency-light units and vigilance control devices. The Rotating Machines Division produces alternators, traction motors and motor coils. Alongside the contracts work, these products place IC Electricals across railway electrical equipment, onboard systems and electrification services.

IC Electricals says its quality management system is aligned with ISO 9001:2015 and that products are tested and approved to Indian Railways and Research Designs and Standards Organisation specifications. Management’s stated strategy includes pursuing rail contracts in speed enhancement, network expansion, high-speed corridors and freight corridors. It also plans to use proceeds and internal resources to strengthen working capital and intends to seek additional working-capital limits.

Conclusion

IC Electricals’ disclosed completed-project value of ₹213.74 crore across 18 contracts exceeds the ₹165.97 crore value of its nine listed ongoing projects. The current portfolio remains centred on railway electrification, but its mix includes a ₹23.32 crore traction sub-station, 2x25 kV systems, feeder-wire installation and OHE changes linked to higher operating speeds.

The key disclosed execution dates are the seven estimated completions from 20 November to 24 December 2026, followed by the Amb-Andaura and Kashi Yard projects in May and July 2027. Management’s plan to strengthen working capital and obtain additional limits is the stated item to watch alongside progress on the ₹231.06 crore order book reported on 30 September 2026.