Susan Electricals India IPO – Company Analysis
Susan Electricals India IPO is an SME IPO worth ₹70.38 crore launched through the book-building process. The company, Susan Electricals India Limited, manufactures power cables, conductors, and electrical winding wires made from copper and aluminum in various sizes, combinations, and industry standards.
The company offers a diverse range of electrical products, including:
Aluminum stranded conductors used in overhead power distribution networks.
Winding wires and strips used in transformers, motors, alternators, coils, and other electrical equipment.
High Tension (HT) power cables for higher-grade power distribution systems.
Low Tension (LT) cables such as PVC and XLPE insulated cables (up to 1.1 kV).
Low Tension Aerial Bunched (LT AB) cables.
Its primary customers include state-owned electricity distribution companies (DISCOMs), infrastructure companies, EPC contractors, and businesses operating in the electrical wires, cables, and conductors industry.
Susan Electricals India IPO Details
The Susan Electricals India IPO opening date is 11 June 2026, while the issue will close on 15 June 2026. The IPO allotment is expected on 16 June 2026, and refunds are scheduled to begin on 17 June 2026.
The ₹70.38 crore SME IPO consists of:
Fresh Issue: 0.47 crore shares aggregating ₹60.22 crore.
Offer for Sale (OFS): 0.08 crore shares aggregating ₹10.16 crore.
The Susan Electricals India IPO listing date is expected to be 18 June 2026, with listing proposed on the BSE SME platform.
Susan Electricals India IPO Price Band
Price Band: ₹120 to ₹127 per share
Face Value: ₹10 per share
Susan Electricals India IPO Important Dates
| Event | Date |
|---|---|
| IPO Opening Date | 11 June 2026 |
| IPO Closing Date | 15 June 2026 |
| IPO Allotment Date | 16 June 2026 |
| Refund Initiation | 17 June 2026 |
| IPO Listing Date | 18 June 2026 |
Company Financials
Financial Performance (₹ Crore)
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | 130.05 | 73.68 | 38.08 |
| Total Income | 269.96 | 136.05 | 103.59 |
| Profit After Tax (PAT) | 18.25 | 5.65 | 0.76 |
| EBITDA | 32.08 | 12.00 | 3.64 |
| Net Worth | 38.48 | 17.98 | 6.21 |
| Reserves & Surplus | 22.89 | 12.96 | 3.23 |
| Total Borrowings | 66.72 | 45.27 | 24.79 |
Key Financial Highlights
Revenue increased significantly from ₹103.59 crore in FY2024 to ₹269.96 crore in FY2026.
PAT grew from ₹0.76 crore to ₹18.25 crore during the same period.
Net worth improved substantially, reflecting business expansion and profitability growth.
Cash Flow Analysis
Cash Flow Statement (₹ Lakh)
| Net Cash Flow | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Operating Activities | (971.42) | (1,839.33) | (549.22) |
| Investing Activities | (755.92) | (406.65) | (456.93) |
| Financing Activities | 1,715.08 | 2,308.54 | 1,029.43 |
Revenue Bifurcation
Revenue bifurcation details are available in the company's Red Herring Prospectus (RHP).
Objectives of the Issue
The company intends to utilize the net proceeds from the IPO for the following purposes:
1. Manufacturing Facility Expansion
Funding capital expenditure for expansion of the existing manufacturing facility located at Plot No. 18/31, Sahibabad, Ghaziabad, Uttar Pradesh.
Amount: Approximately ₹10.29 crore
2. Working Capital Requirements
Funding additional working capital needs to support future business growth.
Amount: Approximately ₹33 crore
3. General Corporate Purposes
The remaining funds will be used for general corporate requirements.
Listed Peers of Susan Electricals India Limited
| Company Name | Face Value (₹) | Basic EPS (₹) | PE Ratio (x) |
|---|---|---|---|
| Prime Cable Industries Limited | 5 | 6.68 | 16.77 |
| Divine Power Energy Limited | 10 | 10.83 | 46.35 |
| V-Marc India Limited | 10 | 40.97 | 27.90 |
Susan Electricals India IPO Valuation
| KPI | Value |
|---|---|
| ROE | 64.64% |
| ROCE | 29.05% |
| RoNW | 47.42% |
| PAT Margin | 6.77% |
| EBITDA Margin | 11.91% |
| Price to Book Value | 5.15 |
P/E Ratio Analysis
Considering FY2026 earnings and an EPS of ₹11.96, the IPO is valued at a Price-to-Earnings (P/E) ratio of 10.61x.
Susan Electricals India IPO Strengths
Strong Market Position
DISCOM-approved vendor registrations across multiple states.
Strong access to utility and government contract opportunities.
Well-positioned to benefit from rural electrification initiatives and RDSS projects.
Established quality standards, technical expertise, and compliance capabilities.
Susan Electricals India IPO Risks & Weaknesses
Client Concentration Risk
The company has a high dependence on a limited number of customers. Any loss of major clients could impact revenue growth.
Tender-Based Business Model
Business performance is influenced by government and utility tenders, creating revenue uncertainty.
Raw Material Price Volatility
Fluctuations in copper and aluminum prices may affect profitability and margins.
Susan Electricals India IPO GMP Today
The Susan Electricals India IPO GMP (Grey Market Premium) is ₹41 as of 11 June 2026 at the time of writing.
Note: GMP is unofficial and can change frequently based on market sentiment.
Susan Electricals India IPO Summary
| Particulars | Details |
|---|---|
| IPO Opening Date | 11 June 2026 |
| IPO Closing Date | 15 June 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹120 to ₹127 per share |
| Lot Size | 1,000 shares |
| Issue Size | 55,42,000 shares (₹70 crore) |
| Offer for Sale | 8,00,000 shares (₹10 crore) |
| Fresh Issue | 42,84,000 shares (₹54 crore) |
| Listing Exchange | BSE SME |
| Issue Type | Book Built Issue |
| Registrar | Mudra RTA Ventures Private Limited |
Susan Electricals India IPO Lot Size
Retail Category
Minimum Application: 2 Lots
Shares: 2,000
Investment Amount: ₹2,54,000
HNI Category
Minimum Application: 3 Lots
Shares: 3,000
Investment Amount: ₹3,81,000
Susan Electricals India IPO Allotment Status
Investors can check their Susan Electricals India IPO allotment status through:
Registrar's official website
BSE IPO allotment portal
Promoters and Management
Promoters
Vishal Jain
Mahak Jain
Shareholding Pattern
| Particulars | Percentage |
|---|---|
| Pre-Issue Promoter Holding | 92.47% |
| Post-Issue Promoter Holding | 66.97% |
IPO Lead Manager
Seren Capital Pvt. Ltd.
Dividend Policy
The company has not declared or paid any dividend during the last three financial years.
Conclusion: Should You Apply for Susan Electricals India IPO?
Susan Electricals India IPO provides investors exposure to India's growing electrical infrastructure, power cable, and conductor manufacturing industry. The company has demonstrated strong revenue growth, improving profitability, expanding net worth, and plans for capacity expansion.
However, investors should also consider risks such as customer concentration, tender-based business dependency, and raw material price fluctuations before making an investment decision.
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Final Thoughts
We hope this detailed Susan Electricals India IPO Analysis helped you understand the company's business model, financial performance, valuation, strengths, risks, GMP, and IPO details.
Before investing in any IPO, consult your financial advisor and carefully read the company's prospectus.
Apply for the IPO through your Demat Account and stay updated with upcoming IPOs for better investment opportunities.
