India’s railway infrastructure is undergoing a significant transformation, supported by the Government’s continued investment in railway modernisation, electrification, signalling systems, passenger safety, and indigenous manufacturing. As Indian Railways accelerates its transition towards a fully electrified network and adopts advanced electronic systems, demand for specialised railway equipment manufacturers and engineering solution providers continues to grow. This creates substantial opportunities for companies offering innovative railway technologies and turnkey electrification solutions.
Against this backdrop, IC Electricals Company Limited is set to open its IPO on July 3, 2026. The company manufactures railway electronic equipment and provides engineering and electrification solutions primarily to Indian Railways. Here is a detailed insight into IC Electricals Company Limited, its IPO, and the industry outlook.
About IC Electricals Co. Ltd.
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 manufactures a wide range of railway electronic products, including Electronic Rectifier-cum-Regulating Units (ERRU), Regulated Battery Chargers, Vigilance Control Devices (VCD), Emergency Lights, Inverters, Microprocessor-based Control Systems, and GPS-based Passenger Announcement and Passenger Information Systems (PAPIS), all designed in accordance with the latest railway technical standards.
Apart from manufacturing, the company undertakes turnkey railway electrification projects involving the design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems. It also manufactures key railway components such as alternators, traction motors, and permanent magnet alternators with controllers.
IC Electricals primarily follows a Business-to-Government (B2G) business model, serving government departments and ministries, particularly the Ministry of Railways. The company has successfully executed several railway electrification projects, including the Gorakhpur to Kaptanganj to Valmiki Nagar section under North Eastern Railway and the Ara to Sasaram section under East Central Railway.
The company operates well equipped manufacturing facilities and maintains dedicated service centres or representatives in every state capital to ensure customer queries are addressed within 24 hours. As of May 31, 2026, IC Electricals had 288 permanent employees.
IC Electricals Co. Ltd. IPO Details
With the IPO launch, IC Electricals Company Limited intends to utilise the net proceeds towards strengthening its business operations and supporting future growth initiatives.
The IPO is entirely a fresh issue of equity shares, enabling the company to strengthen its capital base and support future expansion while meeting general corporate requirements.
Important IPO Timeline
| Particulars | Details |
|---|---|
| IPO Open Date | July 3, 2026 |
| IPO Close Date | July 7, 2026 |
| Allotment Date (Tentative) | July 8, 2026 |
| Initiation of Refunds | July 9, 2026 |
| Credit of Shares to Demat | July 9, 2026 |
| Listing Date (Tentative) | July 10, 2026 |
Key IPO Details
Here is the table on the IC Electricals IPO Review:
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹99 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 48,39,600 shares (aggregating up to ₹47.91 Cr) |
| Fresh Issue | 48,39,600 shares (aggregating up to ₹47.91 Cr) |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Capital Only |
| Listing At | NSE SME |
| Market Capitalisation (Pre IPO) | ₹180.79 Cr |
| Shareholding Pre Issue | 1,82,62,400 shares |
| Shareholding Post Issue | 2,31,02,000 shares |
| Book Running Lead Manager | NEXGEN Financial Solutions Pvt. Ltd. |
| Registrar | Skyline Financial Services Pvt. Ltd. |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
Lot Size of IC Electricals IPO
Here is the table of lot sizes for each category of investors:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual Investors (Min) | 2 | 2,400 | ₹2,37,600 |
| Individual Investors (Max) | 2 | 2,400 | ₹2,37,600 |
| HNI (Min) | 3 | 3,600 | ₹3,56,400 |
IC Electricals Co. Ltd. Financials
IC Electricals has demonstrated healthy financial growth in recent years. The company’s revenue increased by 18%, while Profit After Tax (PAT) rose by 50% between FY2025 and FY2026, reflecting strong business momentum supported by railway infrastructure projects and increasing demand for railway electronic equipment.
Its growth has been driven by its diversified railway product portfolio, turnkey project execution capabilities, dedicated research and development, and long standing relationships with Indian Railways.
Other financial details of the company include the following:
Key Company Financials
Refer to the Red Herring Prospectus for the complete consolidated financial statements, as the detailed financial table is not included in the available information.
IC Electricals Co. Ltd.: Industry Outlook
• Indian Railways continues to invest heavily in railway electrification, signalling, passenger safety, and network modernisation under various government infrastructure programmes.
• Increasing electrification of railway routes is creating sustained demand for traction systems, overhead equipment, battery chargers, electronic controllers, and related railway infrastructure.
• The Government’s focus on indigenous manufacturing under the Make in India initiative is expected to support domestic manufacturers of specialised railway equipment.
• Modernisation of passenger amenities through GPS based Passenger Announcement and Passenger Information Systems is driving demand for advanced railway electronics.
• Growing investments in railway safety systems, automation, and preventive maintenance are creating long term opportunities for engineering solution providers.
• IC Electricals’ strong research and development capabilities, experienced management team, nationwide service network, well equipped manufacturing facilities, and specialised railway engineering expertise position the company to benefit from the long term growth of India’s railway infrastructure sector.
Conclusion
IC Electricals Company Limited presents an interesting investment opportunity because of its established presence in India’s railway electronics and railway engineering sector. The company has built strong expertise in manufacturing specialised railway equipment while also executing turnkey electrification projects for Indian Railways.
Its growing financial performance, diversified railway product portfolio, strong research and development capabilities, and extensive service network provide a solid platform for future growth as railway infrastructure investment continues to increase across India.
However, potential investors should also consider risks such as dependence on government contracts, project execution risks, competitive pressures within the railway engineering industry, and the company’s ability to sustain its recent improvement in profitability. As with any SME IPO, investors should carefully evaluate their investment objectives and risk appetite before making an investment decision.
