IC Electricals Company Ltd IPO
Consumer Durables
Price Band
₹94 – ₹99
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹237600
Issue Size
₹47.91Cr
Opens
2026-07-03
Closes
2026-07-07
Listing
10-07-2026
Subscription Status
Qualified Institutional Buyers
234.87 x
Non-Institutional Investor
558.48 x
Retail Individual Investor
355.43 x
Total
378.58 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0XE501015
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
IC Electricals Company Limited is involved in the manufacturing of electronic equipment for railway applications, providing engineering solutions to Indian Railways. The company offers products such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices. It also manufactures railway components, including alternators, traction motors, and permanent magnet alternators with controllers. The company undertakes turnkey railway electrification projects, covering the design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems. Its revenue is derived from manufacturing activities, value-added operations, and service-related contracts, which are executed by its Contract Division. The company holds approved supplier registrations with various professional directorates under the Research, Design & Standards Organisation of the Ministry of Railways. It primarily operates on a business-to-government model, with the majority of its revenue coming from government departments and ministries such as the Ministry of Railways. The registered office of the company is located in Okhla Industrial Area, New Delhi.
Pros
- • The company has a dedicated research & development team that focuses on developing new product lines and enhancing the quality and performance of existing products. The company claims that its R&D initiatives have helped reduce costs by designing products adaptable for both domestic and international markets and by implementing manufacturing processes that minimise resource wastage.
- • The company's manufacturing facility is located in Haridwar, Uttarakhand, and is claimed to be equipped with modern technological advancements. The company states that its operational processes are designed to reduce overall manufacturing time and ensure timely delivery of products.
- • The company is led by a senior management team, which it claims has long-standing industry experience across commercial, engineering, and technical domains.
Cons
- • The company's business is substantially dependent on contracts awarded by the Ministry of Railways and its affiliated entities, including Indian Railways and various government-linked organisations. On a consolidated basis, revenue from government customers stood at Rs 117.31 crore (82.01%), Rs 99.33 crore (81.50%), and Rs 67.23 crore (67.74%) in FY26, FY25, and FY24, respectively. Any reduction in railway sector spending, adverse policy changes, or an inability to maintain its historical level of business with Indian Railways or other government entities could materially affect the company's operations and financial condition.
- • The company and its promoters are involved in certain outstanding legal proceedings before relevant authorities. Any adverse outcome in these proceedings could affect the company's business, financial condition, and reputation.
- • The top 10 customers of the company contributed Rs 72.06 crore (50.38%), Rs 76.97 crore (63.15%), and Rs 55.16 crore (55.58%) to consolidated revenue from operations in FY26, FY25, and FY24, respectively. Any loss of a major customer or significant reduction in business from these clients could adversely affect the company's cash flow, liquidity, and overall financial performance.
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