IPO Overview
Since its establishment in 2007, Susan Electricals India has been a leading manufacturer of aluminium and copper-based electrical winding wires, conductors, and power cables. The company manufactures winding wires and strips used in transformers, motors, alternators, coils, and other electrical equipment, as well as aluminium stranded conductors for overhead power distribution networks. It also makes power cables, including Low Tension (LT) Cables, PVC insulated cables, XLPE insulated cables, LT Aerial Bunched (AB) cables, and High Tension (HT) Cables in diverse specifications and sizes. The company primarily serves state electricity distribution companies (DISCOMs), EPC contractors, and businesses engaged in the power infrastructure sector. Apart from manufacturing, the company also undertakes trading of aluminium rods and wires and provides job work services. It operates three manufacturing facilities in Ghaziabad, Uttar Pradesh, and has a presence across multiple states including Uttar Pradesh, Jharkhand, Madhya Pradesh, and Karnataka.
The company is now launching its SME IPO on the BSE SME platform to raise ₹70.38 crore. The IPO comprises a fresh issue of 47.42 lakh equity shares aggregating to ₹60.22 crore and an Offer for Sale (OFS) of 8.00 lakh equity shares aggregating to ₹10.16 crore. The price band is ₹120–₹127 per share, with a lot size of 2,000 shares. The IPO opens on 11 June 2026 and closes on 15 June 2026, with listing expected on 18 June 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 11 June 2026 |
| IPO Close Date | 15 June 2026 |
| Allotment Date | 16 June 2026 (Expected) |
| Refund Initiation | 17 June 2026 |
| Credit to Demat | 17 June 2026 |
| Listing Date | 18 June 2026 (Tentative) |
| Price Band | ₹120 – ₹127 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,54,000 (1 lot = 2,000 shares) |
| Issue Size | ₹70.38 crore |
| Fresh Issue | 47.42 lakh shares (₹60.22 crore) |
| Offer For Sale (OFS) | 8.00 lakh shares (₹10.16 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The IPO includes an Offer for Sale of 8.00 lakh equity shares aggregating to ₹10.16 crore. The OFS proceeds will go to the selling shareholders and not to the company. The promoters of the company are Vishal Jain and Mahak Jain.
Objects of the Issue (Fund Utilization)
The fresh issue proceeds of ₹60.22 crore will be utilized by the company for the following purposes:
- Capital expenditure for expansion of manufacturing capacity
- Working capital requirements
- Repayment / prepayment of existing borrowings
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Seren Capital Pvt. Ltd.
- Registrar to the Issue: Mudra RTA Ventures Private Limited
- Email: [email protected]
- Website: https://mudrarta.com/
Promoters & Management
- Promoter: Mr. Vishal Jain
- Promoter: Ms. Mahak Jain
The promoters have built the company since 2007 with deep expertise in the electrical wires, cables, and conductors manufacturing domain, serving both government utilities and private EPC contractors.
Company Details
Susan Electricals operates as an integrated manufacturer of aluminium and copper-based electrical wires, conductors, and power cables used in the power distribution ecosystem. Its product portfolio includes low tension (LT) cables (up to 1.1 kV), high tension (HT) cables, aerial bunched (AB) cables, aluminium and copper winding wires, and conductors used in transformers, motors, and transmission networks. The business is largely B2G and B2B driven, with a significant dependence on state-owned electricity distribution utilities (DISCOMs).
Sectors Served:
- Power Distribution & Transmission
- Infrastructure & EPC Companies
- Electrical Equipment Manufacturers
- Government / DISCOM Utilities
Key Products Manufactured:
- Aluminium & Copper Winding Wires and Strips
- Aluminium Stranded Conductors (for overhead networks)
- LT Cables (PVC insulated, XLPE insulated, AB Cables)
- HT (High Tension) Cables
- Aluminium Rods and Wires (Trading)
Manufacturing Facilities:
- Three manufacturing facilities in Ghaziabad, Uttar Pradesh. As of 31 January 2026, the company had a total of 193 employees.
Geographic Presence:
- Operations span multiple states including Uttar Pradesh, Jharkhand, Madhya Pradesh, and Karnataka.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹103.59 | ₹0.76 |
| FY25 | ₹136.05 | ₹5.65 |
| FY26 (Est.) | ₹269.96 | ₹18.25 |
| 9M FY26 (Dec 2025) | — | ₹38.69 (reported) |
Key Financial Metrics
- Revenue surged from ₹136.05 crore in FY25 to ₹269.96 crore in FY26, while PAT jumped from ₹5.65 crore to ₹18.25 crore — reflecting exceptional growth momentum.
- For 9 months of FY26 ended December 31, 2025, the company earned a net profit of ₹38.69 crore on total income of ₹236.50 crore.
- Average EPS for last two fiscals: ₹25.00 | Average RoNW: 23.17% | P/BV: 2.44x (based on NAV of ₹140.81 per share as of December 31, 2025).
- P/E ratio: 15.51x (based on FY26 annualised earnings) | 28.44x (based on FY25 earnings) — issue appears fully priced at the upper band.
Company Strengths
- Operates in a sector directly linked to India’s power infrastructure expansion, transmission upgrades, rural electrification, and government-backed utility spending.
- Exceptional revenue and profit growth in FY26 — revenue nearly doubled and PAT tripled year-on-year
- Integrated manufacturer with a diversified product portfolio across LT cables, HT cables, winding wires, and conductors
- Established relationships with DISCOMs and EPC contractors, which can support future growth opportunities.
- Three manufacturing facilities in Ghaziabad providing strong production capacity and scalability
- A significant portion of IPO proceeds is earmarked for working capital and manufacturing expansion, which should strengthen operational capabilities.
Key Risks & Challenges
- Overall borrowings stood at ₹242.57 crore as of December 31, 2025 — a high debt level that raises concerns about financial leverage.
- The company posted a lower net profit of ₹28.13 crore in FY25 due to an extraordinary item of ₹16.97 crore, and its 9M FY26 bumper profit of ₹38.69 crore raises questions about sustainability going forward.
- Historically, government orders have dominated the revenue mix, reflecting strong participation in tender-based procurement — making the business highly dependent on government spending cycles.
- Very low profitability in earlier years (PAT of only ₹0.76 crore in FY24) — demonstrates earnings volatility
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Concentration of all three manufacturing facilities in Ghaziabad, UP — geographic and operational concentration risk
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
