Susan Electricals deploys Rs 48.87 crore of IPO proceeds

Susan Electricals India Limited deployed Rs 48.87 crore of its Rs 60.22 crore net fresh-issue proceeds by September 30, 2026, or about 81% within months of its June 18, 2026 listing on BSE Limited’s small and medium enterprises platform. Susan Electricals’ largest use was Rs 24.95 crore for working-capital requirements.

How much IPO money had Susan Electricals used by September 2026?

Susan Electricals had used Rs 48.87 crore by September 30, 2026 and had Rs 11.35 crore unutilised from the Rs 60.22 crore it received from the fresh issue. The initial public offering, or IPO, included 47,42,000 fresh equity shares and 8,00,000 offer-for-sale shares, each issued at Rs 127, with listing on June 18, 2026.

The disclosed utilisation period ran from the June 18, 2026 listing to September 30, 2026. Based on the company’s stated figures, 81% of the fresh-issue proceeds had been used and 19% remained. The offer-for-sale portion was made by selling shareholders, while the Rs 60.22 crore net proceeds reported by Susan Electricals relate to the fresh issue.

Where did Susan Electricals deploy the IPO proceeds?

Susan Electricals deployed Rs 24.95 crore for working capital, against a proposed allocation of Rs 33.00 crore, making it the largest use of IPO funds at September 30, 2026. The Rs 8.05 crore unutilised working-capital balance represented most of the total Rs 11.35 crore remaining proceeds.

Susan Electricals used Rs 8.69 crore for the expansion of its existing manufacturing facility at Plot No. 18/31, Sahibabad, from a proposed Rs 10.29 crore. The company manufactures aluminium- and copper-based electrical winding wires, conductors and cables in various specifications, sizes and configurations, and Rs 1.61 crore remained under the expansion allocation.

Susan Electricals also deployed Rs 7.27 crore for general corporate purpose, compared with Rs 8.94 crore proposed, leaving Rs 1.67 crore. Issue-related expenses, including goods and services tax and applicable taxes, were almost fully used at Rs 7.96 crore against Rs 7.98 crore, with only Rs 2.93 lakh unutilised.

What changed in Susan Electricals’ balance sheet after the IPO?

Susan Electricals’ total equity increased to Rs 105.68 crore at September 30, 2026 from Rs 38.48 crore at March 31, 2026. Share capital rose to Rs 20.33 crore from Rs 15.59 crore, while reserves and surplus increased to Rs 85.35 crore from Rs 22.89 crore during the same period.

Susan Electricals reported cash and bank balances of Rs 30.55 crore at September 30, 2026, compared with Rs 85.37 lakh at March 31, 2026. However, Rs 25.90 crore of the September balance was held under lien, including Rs 25.14 crore securing cash-credit or overdraft facilities and Rs 76.77 lakh held as margin money against bank guarantees.

The cash-flow statement reported cash and cash equivalents of Rs 4.65 crore at September 30, 2026 because restricted deposits were excluded. Susan Electricals also held Rs 18.57 crore of current investments, including Rs 5.62 crore of mutual funds pledged with Standard Chartered Bank as security for a cash-credit facility.

How did Susan Electricals perform in the first half of 2026-27?

Susan Electricals reported revenue from operations of Rs 202.06 crore for the half year ended September 30, 2026, compared with Rs 69.67 crore in the corresponding period of 2025. Profit after tax rose to Rs 13.15 crore from Rs 4.53 crore, while profit before tax increased to Rs 17.71 crore from Rs 6.01 crore.

In the three months ended September 30, 2026, Susan Electricals reported revenue of Rs 106.71 crore, compared with Rs 95.36 crore in the June 2026 quarter and Rs 44.51 crore in the September 2025 quarter. Quarterly profit after tax was Rs 6.76 crore, against Rs 6.39 crore in June 2026 and Rs 4.94 crore a year earlier.

Susan Electricals’ net cash generated from operating activities was Rs 6.02 crore for the half year ended September 30, 2026, compared with net cash used of Rs 10.72 crore a year earlier. Investing activities used Rs 65.45 crore, including Rs 9.99 crore for fixed assets and Rs 25.90 crore in lien or margin-money deposits, while financing activities generated Rs 63.22 crore.

What remains to be deployed from Susan Electricals’ IPO proceeds?

Susan Electricals had Rs 11.35 crore to deploy after September 30, 2026, comprising Rs 8.05 crore for working capital, Rs 1.61 crore for the Sahibabad expansion and Rs 1.67 crore for general corporate purpose. The utilisation disclosure did not state a completion deadline or a revised allocation for these remaining amounts.

The expansion allocation was 84% utilised by September 30, 2026, compared with 76% for working capital and 81% for general corporate purpose. The deployment gap was therefore concentrated in working capital, while issue-related expenses had only Rs 2.93 lakh left from their Rs 7.98 crore allocation.

Susan Electricals’ current assets rose to Rs 206.04 crore at September 30, 2026 from Rs 109.25 crore at March 31, 2026. Trade receivables increased to Rs 96.07 crore from Rs 46.31 crore, inventories rose to Rs 51.88 crore from Rs 50.66 crore, and short-term borrowings increased to Rs 114.67 crore from Rs 65.18 crore.

Conclusion

Susan Electricals deployed most of its fresh-issue proceeds in the first reported period after the June 18, 2026 listing, with working capital receiving Rs 24.95 crore and the Sahibabad manufacturing expansion receiving Rs 8.69 crore. The utilisation occurred alongside first-half revenue of Rs 202.06 crore and profit after tax of Rs 13.15 crore.

The next item to watch is deployment of the remaining Rs 11.35 crore across working capital, expansion and general corporate purpose. Susan Electricals gave no completion date for the balance at September 30, 2026, so subsequent financial-results disclosures would show whether the stated IPO objects are fully funded or revised.