IC Electricals Company Limited is engaged in the manufacturing of electronic equipment for railway applications and provides specialized engineering solutions to Indian Railways. The company focuses on developing advanced railway electronics and executing railway electrification projects across India.
Its product portfolio includes Electronic Rectifier-cum-Regulating Units (ERRU), Regulated Battery Chargers, Vigilance Control Devices (VCD), emergency lights, inverters, microprocessor-based control systems, alternators, traction motors, and GPS-based Passenger Announcement & Passenger Information Systems (PAPIS).
Apart from manufacturing, the company also undertakes turnkey railway electrification projects, covering design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems.
IC Electricals primarily operates on a Business-to-Government (B2G) model, serving government departments including the Ministry of Railways, and has completed major railway projects across multiple railway zones in India.
As of May 31, 2026, the company had 288 permanent employees, highlighting its strong operational capabilities and growing presence in India’s railway infrastructure sector.
IC Electricals Company IPO – Details
| IPO Opening Date | 25 June 2026 |
| IPO Closing Date | 30 June 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 48,39,600 Shares Worth ₹47.91 Crore Fresh Issue: 48,39,600 Shares Worth ₹47.91 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹94 – ₹99 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Skyline Financial Services Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
IC Electricals Company IPO – Date Schedule
| IPO Open Date | 25 June 2026 |
| IPO Close Date | 30 June 2026 |
| Basis of Allotment | 01 July 2026 |
| Initiation of Refund | 02 July 2026 |
| Credit of Shares to Demat | 02 July 2026 |
| IPO Listing Date | 03 July 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 30, 2026 |
IC Electricals Company IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,37,600 |
| Retail (Max) | 2 | 2400 | ₹2,37,600 |
| S-HNI (Min) | 3 | 3600 | ₹3,56,400 |
| S-HNI (Max) | 8 | 9600 | ₹9,50,400 |
| B-HNI (Min) | 9 | 10800 | ₹10,69,200 |
Competitive Strength
- Strong focus on Research & Development.
- Experienced management team with a proven track record.
- Dedicated service centers or representatives are in every state capital, ensuring customer queries are addressed within 24 hours.
- Well-equipped manufacturing facilities.
Company Promoters
- Mr. Sunil Kumar Verma
- Mrs. Renu Verma
- M/s SHBD LLP
- M/s Safe System India Private Limited
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹99.75 Cr | ₹93.72 Cr | ₹4.62 Cr | ₹27.11 Cr |
| 31 March 2025 | ₹122.39 Cr | ₹109.75 Cr | ₹9.41 Cr | ₹36.12 Cr |
| 31 March 2026 | ₹143.81 Cr | ₹124.88 Cr | ₹14.10 Cr | ₹50.20 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 23.88% |
| ROCE | 18.18% |
| RoNW | 23.88% |
| PAT Margin | 9.84% |
| EBITDA Margin | 17.83% |
| Price to Book Value | 2.09 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 10.50 | 7.72 |
| P/E (x) | 9.42 | 12.82 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding the working capital requirements of the Company. | ₹33.60 |
| General Corporate Purpose. | – |
✅Strengths
- Strong presence in railway electronics & electrification sector.
- Diversified product portfolio for railway applications.
- Works directly with Indian Railways & government projects.
- Expertise in turnkey railway infrastructure projects.
⚠️Risks
- Heavy dependency on Indian Railways contracts.
- Revenue depends on government tender approvals.
- Project delays can impact cash flow & margins.
- Business concentrated mainly in a single sector (railways).
IC Electricals Company IPO Promoter Holding
| Pre-Issue Share Holding | 82.92% |
| Post Issue Share Holding | 60.94% |
IC Electricals Company IPO Prospectus
Company Contact Information
| IC Electricals Company Limited 156 DSIDC, Okhla INDL, Area Phase, North Delhi, New Delhi, 110020 Phone: +91 011 490507 Email: info@icelectricals.in Website: https://www.icelectricals.in/ |
IC Electricals Company IPO Registrar
| Skyline Financial Services Pvt. Ltd. Phone: 02228511022 Email: ipo@skylinerta.com Website: https://www.skylinerta.com/ipo.php |
IC Electricals Company IPO Lead Manager(s)
| 1. Nexgen Financial Solutions Private Limited |
IC Electricals Company IPO FAQ
| What is the IC Electricals Company IPO? IC Electricals Company IPO is an SME IPO. The issue is priced at ₹94 – ₹99 per equity share. The IPO is to be listed on NSE SME. |
| When will IC Electricals Company IPO open? The IPO is to open on 25 June 2026 for QIB, NII and Retail Investors. |
| What is IC Electricals Company IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the IC Electricals Company IPO Size? IC Electricals Company IPO size is ₹47.91 Crore. |
| What are the IC Electricals Company IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,37,600, while the maximum bid is 2400 Shares for ₹2,37,600. |
| What is the IC Electricals Company IPO Allotment Date? IC Electricals Company IPO allotment date is 01 July 2026. |
| What is the IC Electricals Company IPO Listing Date? IC Electricals Company IPO listing date is 03 July 2026. The IPO is to be listed on the NSE SME. |
