Susan Electricals India Limited IPO

Susan Electricals India Ltd. was incorporated in 2007 and is engaged in the manufacturing of aluminium and copper-based electrical winding wires, conductors and power cables in various specifications, sizes and configurations.

The product portfolio includes winding wires and strips for transformers, motors and alternators, aluminium stranded conductors for overhead power distribution, and LT/HT power cables including PVC, XLPE and LT AB cables. The company operates three manufacturing facilities in Ghaziabad, Uttar Pradesh and sold products across 7 states in FY2026 including Uttar Pradesh, Jharkhand, Madhya Pradesh and Karnataka. As of April 30, 2026, the company has 216 permanent employees. Promoters Vishal Jain and Mahak Jain hold 92.47% pre-IPO stake.

The issue comprises a fresh issue of ₹60.22 Cr and OFS of ₹10.16 Cr at a price band of ₹120-127 per share, implying a post-issue market cap of ₹258.20 Cr.

Proceeds will fund capital expenditure for manufacturing expansion (₹10.29 Cr) and working capital requirements (₹33.00 Cr). At the upper band the IPO is valued at a post-issue P/E of 14.15x FY26 earnings, which appears attractively priced given the 98% revenue growth and 223% PAT growth in FY26. Key strengths include multi-state DISCOM registrations, RDSS and rural electrification tailwinds and strong ROE of 64.64%; key risks include high debt (₹66.72 Cr, D/E of 1.73), thin PAT margin of 6.77% and customer concentration in government utilities.