Powerica Ltd IPO
Capital Goods - Electrical Equipment
Price Band
₹375 – ₹395
Lot Size
37
Minimum Bid Quantity
37
Minimum Investment
₹14615
Issue Size
₹1100Cr
Opens
2026-03-24
Closes
2026-03-27
Listing
02-04-2026
Subscription Status
Qualified Institutional Buyers
4.5 x
Non-Institutional Investor
0.44 x
Retail Individual Investor
0.14 x
Employees
1.22 x
Total
1.45 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE921L01032
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Powerica Limited is an integrated power solutions provider engaged in the manufacturing and supply of diesel generator sets for primary and standby power applications, along with operations in the wind power sector. The company’s offerings include diesel generator (DG) sets powered by Cummins engines, medium-speed large generators developed in collaboration with HD Hyundai Heavy Industries, and allied products such as acoustic enclosures, control panels, and installation services. It also operates as an independent power producer and provides engineering, procurement, and construction (EPC) and operations and maintenance (O&M) services for balance-of-plant (BOP) in wind power projects. Powerica operates manufacturing facilities in Bengaluru, Silvassa, and Khopoli and supports its operations through a network of sales offices and authorised dealers across India.
Pros
- • Powerica Limited has been in the DG set business since 1984 and claims to offer generator sets across a wide range of capacities. Its portfolio ranges from 7.5 kVA to 10,000 kVA, including DG sets and medium-speed, large-generator offerings, giving it a presence across multiple use cases and industries.
- • The company claims to have long-standing relationships with established industry players, including Cummins, Hyundai, GE Vernova, Vestas, Schneider Electric, and 8.2 Consulting AG. These associations support its product range across generator sets, wind power projects, control panels, and related technical services.
- • Powerica operates three manufacturing facilities for its DG set business in Bengaluru, Silvassa, and Khopoli. This in-house manufacturing setup gives it greater control over production, inventory, delivery timelines, and quality processes than businesses that rely more on outsourced manufacturing.
Cons
- • The company derives a significant portion of its revenue from its generator set business, which contributed Rs 1,165.16 crore (80.50%), Rs 2,255.19 crore (85.00%), Rs 1,907.20 crore (86.30%), and Rs 1,968.87 crore (82.79%) to total revenue in the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Any demand drop in the DG set market or a shift towards alternative power solutions could negatively impact the company’s business.
- • The company is highly dependent on Cummins for both its revenue and supply chain, as DG sets powered by Cummins engines contributed Rs 920.62 crore (63.60%), Rs 1,867.56 crore (70.39%), Rs 1,570.02 crore (71.04%), and Rs 1,350.17 crore (56.77%) to total revenue in the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Additionally, procurement from Cummins India accounted for Rs 664.75 crore (51.13% of total expenses), Rs 1,154.81 crore (46.84%), Rs 969.01 crore (48.07%), and Rs 793.63 crore (35.71%) during the same periods. Any disruption in this relationship, including supply constraints, pricing changes, or termination of agreements, can adversely affect the company’s operations and financial condition.
- • The company’s wind power business remains concentrated in Gujarat, where all 12 of its operational wind power projects are located. Any adverse regulatory, environmental, political, or operational developments in Gujarat can negatively impact the company’s power generation, project execution, and financial performance.
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