| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 103.48 | 135.74 | 269.36 |
| Expenses | 102.50 | 128.21 | 245.34 |
| Other Income | 0.11 | 0.31 | 0.61 |
| Total Revenue | 103.59 | 136.05 | 269.96 |
| Profit Before Tax | 1.09 | 7.84 | 24.62 |
| Net Profit | 0.76 | 5.65 | 18.25 |
Susan Electricals
Susan Electricals IPO
₹2,40,000
15.73 xOver-subscribedBidding Dates 11 Jun, 26 -15 Jun, 26
Min Investment ₹2,40,000
Lot Size1,000
Price Range ₹120 – ₹127
Issue Size ₹70.38 Cr.
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IPO Subscription Details
Retail Subscription Details
18.17 x
Non-Institutional Buyers (sHNI)
15.48 x
Non-Institutional Buyers (bHNI)
24.11 x
Qualified Institutional Buyers (QIB)
7.31 x
Total15.73 x
15.73 x IPO Timeline
IPO Offer Start
11 Jun,26
IPO Offer Ends
15 Jun,26
Allotment Finalisation
16 Jun,26
Refund Initiation
17 Jun,26
Listing of Shares
18 Jun,26
IPO Analysis
Strengths
The company has obtained vendor registration approvals from various state-owned power distribution utilities (DISCOMs) across 8 states including Jharkhand, Gujarat, Uttar Pradesh, Bihar, Madhya Pradesh, Andhra Pradesh, and Rajasthan, enabling participation in tenders and supporting scalability of operations.
The company operates three in-house manufacturing facilities in Ghaziabad, Uttar Pradesh with BIS certifications for 8 product categories and ISO certifications (9001:2015, 45001:2018, 14001:2015) ensuring compliance with quality standards.
The company derived revenue from 14 States and 1 Union Territory in fiscal 2026, with key markets contributing ₹26,318.03 lakhs (97.70% of total revenue), reducing dependence on single geographic market and mitigating regional demand variations.
Risks
The company derives a major portion of revenue from Government customers, particularly state-owned electricity distribution utilities (DISCOMs), with Government entities accounting for 35.78%, 49.40%, and 90.55% of revenue in FY 2024, 2025, and 2026 respectively. Any reduction in Government expenditure, adverse changes in procurement policies, or failure to secure tenders may adversely affect business operations and cash flows.
The company derives majority revenue from a limited number of customers, with top 10 customers accounting for 63.68%, 95.94%, and 98.00% of revenue in FY 2026, 2025, and 2024 respectively. Any reduction in orders from such customers may adversely affect business, financial condition, and cash flows.
The company has experienced negative cash flows from operating activities of ₹971.42 lakhs, ₹1,839.33 lakhs, and ₹549.22 lakhs in FY 2026, 2025, and 2024 respectively. Sustained negative cash flow could impact growth and business operations significantly.
Objectives
The company proposes to expand its existing manufacturing capabilities and enhance production capacity for cables segment, including High Tension cables and Medium Voltage Covered Conductor cables, through construction of additional shed and installation of new CCV Line and rigid stranding machine.
The company requires additional working capital for funding its incremental working capital requirements to support business expansion, with funds proposed to be utilized over financial years for inventory, trade receivables, and other operational needs.
The company intends to deploy the balance proceeds for general corporate purposes including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, and meeting exigencies in ordinary course of business.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 38.08 | 73.68 | 130.05 |
| Current Assets | 26.67 | 59.10 | 109.25 |
| Fixed Assets | 11.41 | 14.58 | 20.80 |
| Total Equity & Liabilities | 38.08 | 73.68 | 130.05 |
| Total Liabilities | 31.87 | 55.70 | 91.57 |
| Current Liabilities | 29.99 | 54.63 | 89.91 |
| Non Current Liabilities | 1.88 | 1.07 | 1.66 |
| Total Equity | 6.21 | 17.98 | 38.48 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.23 | 0.63 | -0.12 |
| Investing Activities | -4.57 | -4.07 | -7.56 |
| Operating Activities | -5.49 | -18.39 | -9.71 |
| Financing Activities | 10.29 | 23.09 | 17.15 |
About Susan Electricals
Susan Electricals India Limited, incorporated in 2007, is engaged in manufacturing aluminium and copper-based electrical winding wires, conductors and cables in various specifications. The company manufactures low tension (LT) cables, high tension (HT) cables, Medium Voltage Covered Conductor (MVCC) cables, winding wires and strips, and aluminium conductors. The company primarily...more
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Managing DirectorVishal Jain
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