Susan Electricals India Ltd IPO
Trading
Price Band
₹120 – ₹127
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹254000
Issue Size
₹70.38Cr
Opens
2026-06-11
Closes
2026-06-15
Listing
18-06-2026
Subscription Status
Qualified Institutional Buyers
142.65 x
Non-Institutional Investor
210.44 x
Retail Individual Investor
205.39 x
Total
191.07 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE2L0V01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Susan Electricals India Limited, incorporated in 2007, is a manufacturer of aluminium and copper-based electrical winding wires, conductors, and cables used across power distribution and electrical infrastructure applications. The company’s product portfolio includes low tension (LT) cables, LT aerial bunched (AB) cables, high tension (HT) cables, winding aluminium and copper wires and strips, and aluminium conductors manufactured according to prescribed industry specifications. The company primarily caters to state-owned electricity distribution utilities (DISCOMs), EPC contractors, infrastructure companies, and participants in the electrical wires and cables industry. Its products are used in power distribution networks, transformer and motor winding applications, overhead transmission lines, and underground cabling projects. The company also undertakes trading of aluminium wires and rods, and provides job work services related to processing winding wires and strips. Susan Electricals operates three manufacturing facilities located in Ghaziabad, Uttar Pradesh. The company is ISO 9001:2015 certified for quality management, ISO 14001:2015 for environmental management, and ISO 45001:2018 for occupational health and safety management, reflecting its focus on quality, operational efficiency, and compliance with industry standards. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding of capital expenditure towards expansion of existing manufacturing facility situated at Plot No. 18/31, Sahibabad, Ghaziabad, Uttar Pradesh — Rs 10.29 crore Funding of working capital requirements — Rs 33 crore General corporate purposes
Pros
- • The company claims to operate three manufacturing facilities in Ghaziabad, Uttar Pradesh, for the production of electrical wires, conductors, and cables. It states that its facilities are supported by BIS product approvals and ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. The company believes that its integrated manufacturing setup helps it maintain product quality, meet utility procurement requirements, and support efficient execution of customer orders.
- • The company states that it serves customers across seven states, namely Uttar Pradesh, Delhi, Madhya Pradesh, Telangana, Haryana, Rajasthan, and Jharkhand. Revenue from these states amounted to Rs 263.18 crore (97.70%) in FY26. The company claims that its presence across multiple regions reduces dependence on a single market and provides access to a broader customer base in the power infrastructure sector.
- • The company states that its promoter, Vishal Jain, has over 22 years of experience in the electrical wires, cables, conductors, and winding wires industry. It claims that this industry experience supports operational management, customer relationships, and business expansion initiatives.
Cons
- • The company derives a significant portion of its revenue from government entities, primarily state-owned electricity distribution utilities (DISCOMs). Revenue from government customers contributed Rs 96.38 crore (35.78%) in FY26, Rs 67.05 crore (49.40%) in FY25, and Rs 93.70 crore (90.55%) in FY24. Any reduction in government spending, changes in tender eligibility criteria, delays in procurement, or inability to secure future contracts could adversely affect revenue growth, profitability, and business operations.
- • The company derives a substantial portion of its manufacturing revenue from low tension (LT) cables. Revenue from LT cables stood at Rs 79.55 crore (29.53% of revenue from operations) in FY26, Rs 74.34 crore (54.76%) in FY25, and Rs 13.12 crore (12.67%) in FY24. In comparison, winding aluminium wires and strips contributed Rs 46.75 crore (17.36%) in FY26, Rs 36.73 crore (27.06%) in FY25, and Rs 52.11 crore (50.35%) in FY24. Any decline in demand for LT cables could materially impact revenue, capacity utilisation, and profitability.
- • The company commenced manufacturing of LT cables in FY24 and HT cables in FY26, resulting in a limited operating track record in these product categories. As a relatively new entrant, it may face challenges related to production scaling, quality consistency, regulatory approvals, technical compliance, and customer acceptance. Any operational inefficiencies or delays in securing orders could adversely impact growth and profitability.
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