Powerica IPO- Company Analysis
Powerica Limited is managing an initial public offering of Rs. 1,100 Cr, which is categorised under the Mainboard IPO section. It is a power solutions company offering primary and secondary power solutions through diesel generator sets (DG sets).
Powerica manufactures generator sets with a capacity range of 7.5 kVA to 10,000 kVA to suit the diverse needs of different industries and applications.
Portfolio:
- Wind Power Segment.
- Generator Set Segment.
- Retrofit Emission Control Devices (RECD).
Powerica IPO Details
Powerica IPO is opening for subscription on March 24, 2026, and closing on March 27, 2026. The IPO allotment will take place on March 30 and the refund will be processed, if applicable, on April 1, 2026.
This new Mainboard IPO of Powerica is of Rs. 1,100 Cr, which constitutes a fresh issue of 1.77 Cr shares (Rs. ₹700.00 Cr) and an offer for sale of 1.01 Cr shares valued at Rs. 400.00 Cr.
As per expectations, the Powerica IPO will be listed on the BSE and NSE on April 2, 2026
The Powerica IPO price band is Rs. 375 to Rs. 395.
IPO Timetable (Tentative)
| Events | Date |
| IPO Opening Date | Mar 24, 2026 |
| IPO Closing Date | Mar 27, 2026 |
| IPO Allotment Date | Mar 30, 2026 |
| Refund Initiation | Apr 01, 2026 |
| IPO Listing Date | Apr 02, 2026 |
Industry Overview
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Company Financials
(Amount in Cr)
| Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,414.83 | 2,084.91 | 2,125.81 |
| Total Income | 2,710.93 | 2,356.77 | 2,422.42 |
| Profit After Tax | 175.83 | 226.11 | 106.45 |
| EBITDA | 345.66 | 362.45 | 333.21 |
| NET Worth | 1,085.60 | 912.49 | 794.60 |
| Reserves and Surplus | 1,070.95 | 898.67 | 777.88 |
| Total Borrowing | 300.80 | 177.52 | 278.88 |
Cash Flows
(Amount in Cr)
| Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | 247.41 | 283.38 | 252.17 |
| Net Cash Flow Investing Activities | (336.75) | (13.75) | (93.74) |
| Net Cash Flow Financing Activities | 85.57 | (267.79) | (164.80) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The company intends to utilize the Net Proceeds from the Issue for the following purposes:
To repay and/ or prepay the whole or part of some of the Company’s outstanding borrowings. ~ Rs. 525 Cr.
Listed Peers of Powerica Ltd.
| Name of Company | Face Value (₹) | Basic EPS (₹) | PE Ratio (x) |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 43.24 |
| NTPC Green Energy Limited | 10 | 0.67 | 129.40 |
| Acme Solar Holdings Limited | 2 | 4.55 | 50.74 |
| Adani Green Energy Limited | 10 | 8.37 | 101.53 |
| Cummins India Limited | 2 | 72.15 | 64.13 |
Valuation
| KPI | Value |
| ROE | 17.53% |
| ROCE | 27.02% |
| Debt/Equity | 0.24 |
| RoNW | 15.37% |
| PAT Margin | 6.49% |
| EBITDA Margin | 13.03% |
| Price to Book Value | 3.96 |
Evaluation of P/E Ratio
Taking into account the period ending in FY 2025 with an EPS of Rs. 15.26 relative to the prior year, the P/E ratio comes out to 25.88x.
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IPO's Strengths
- Generator Establish Market Position
- Collaborations and Association with Renowned Industry Icons
- Robust Execution and Technical Competence
- Large and Diverse Customer Base
- Experienced and Successful Management
IPO's Weaknesses
- Litigation Risk
- Supplier Dependency Risk
- PPA Dependency Risk
Powerica IPO GMP (Grey Market Premium)
Powerica IPO GMP GMP is ₹13 as of 19 Mar 2026 during the writing of this information.
Powerica IPO Summary
| IPO Opening & Closing Date | 24 Mar, 2026 to 27 Mar, 2026 |
| Face Value | Rs. 5 per Share |
| Issue Price | Rs. 375 to Rs. 395 per Share. |
| Lot Size | 37 Shares |
| Issue Size | 2,78,48,100 Shares (Rs. 1100 Cr) |
| Offer for Sale | 1,01,26,582 Shares (Rs. 400 Cr) |
| Fresh Issue | 1,77,21,518 Shares (Rs. 700 Cr) |
| Listing at | BSE, NSE |
| Issue Type | Bookbuild issue IPO |
| Registrar | MUFG Intime India Pvt. Ltd. |
IPO Lot Details
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 13 Lots |
| HNI (Min) | 14 Lots |
Powerica IPO Allotment Status
You can access your assigned Powerica IPO allotments by checking the official website of the registrar or the website of the BSE. Here are your links.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Powerica Ltd.
- Naresh Chander Oberoi
- Bharat Oberoi
- Renu Naresh Oberoi
- Jai Ram Oberoi
- Naresh Oberoi Family Trust
- Bharat Oberoi Family Trust
- Kabir and Kimaya Family Private Trust
| Pre-Issue Promoter Shareholding | 99.99% |
| Post-Issue Promoter Shareholding | - |
IPO Lead Managers
- ICICI Securities Ltd.
Dividend Policy
The company has made dividend payments of Rs. 2.75 per equity share on 01-10-2025.
Conclusion
Powerica Limited IPO offers investors an opportunity to participate in the growing power backup and energy solutions segment in India, backed by solid industry relations and a wide range of products. Long-term investors can find the IPO reasonably priced compared to its direct competitors, with steady increasing return ratios and financial performance providing a good risk-reward balanced opportunity.
That said, investors should look into the risks associated with dependence on suppliers and income derived from projects before making any investment.
Disclaimer: The information provided in this blog is for educational and informational purposes only and should not be considered as investment advice, research, or a recommendation to buy, sell, or hold any securities. Stock market investments are subject to market risks. Readers are advised to read all scheme-related documents carefully and consult their financial advisor before making any investment decisions.
To Apply for the IPO, Click Here.
To Read the Prospectus of the company, click here to download the DRHP.
