Incorporated in 2005, IC Electricals Company Limited is engaged in the manufacturing of electronic equipment for railway applications and in providing engineering solutions to Indian Railways.
The company offers a diverse range of electronic products including regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, all compliant with the latest technical standards.
In addition, the company manufactures key railway components, including alternators, traction motors, and permanent magnet alternators with controllers. IC Electricals also undertakes turnkey railway electrification projects, covering design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems.
The company primarily operates on a Business-to-Government (B2G) model, serving government departments and ministries, including the Ministry of Railways. Its key product offerings include Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), Regulated Battery Chargers, and GPS-based Passenger Announcement & Passenger Information Systems (PAPIS).
IC Electricals has successfully executed multiple railway electrification projects such as the Gorakhpur–Kaptanganj–Valmiki Nagar section under the North Eastern Railway and the Ara–Sasaram section under the East Central Railway.
As of May 31, 2026, the company employs 288 permanent staff members.
Competitive Strength:
- Strong focus on Research & Development
- Experienced management team with a proven track record
- Dedicated service centers or representatives are in every state capital, ensuring customer queries are addressed within 24 hours.
- Well-equipped manufacturing facilities.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding the working capital requirements of the Company | ₹34 |
| General Corporate Purposes | — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 193 | 160 | 144 |
| Revenue | 144 | 122 | 100 |
| PAT | 14 | 9 | 5 |
| EBITDA | 26 | 18 | 12 |
| Net Worth | 66 | 52 | 33 |
| Reserves | 50 | 36 | 27 |
| Total Borrowing | — | — | — |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 2,286,000 | — |
| NII / HNI | — | 698,400 | — |
| Retail (RII) | — | 1,612,800 | — |
| Market Maker | — | 242,400 | — |
| Total | — | 4,839,600 | — |
* Amount calculated at upper price band (₹0) · ** Total includes all investor categories
- 1 Initiation of Refund 02 Jul 2026
- 2 Credit of Shares to Demat 02 Jul 2026
- Pre-issue EPS of ₹7 compares to post-issue EPS of ₹5 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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