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Powerica Ltd
Capital Goods - Electrical EquipmentIPO
₹395 - 395
We are an integrated power solutions provider specialising in diesel generator sets ("DG sets"), medium speed large generators ("MSLG"), and related services. Our comprehensive product range spans capacities from 7.5 kVA to 10,000 kVA, serving the primary and standby power needs of varied industries. Leveraging our expertise, we expanded into the wind power sector in 2008 as an independent power producer and have since developed capabilities as an engineering, procurement, and construction contractor, as well as an operation and maintenance service provider for balance of plant.
Lot37Min Invest₹14,615Face Value₹5Issue Size₹1,100 CrFresh Issue₹700 CrOffer for Sale₹400 CrListing Price₹375CMP₹495
Timeline
24 Mar
Bidding opens
27 Mar
Bidding closes
30 Mar
Allotment
1 Apr
Refund & demat credit
2 Apr
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹1,100 Cr2.79 Cr shares
Fresh Issue₹700 Cr
Offer for Sale₹400 Cr
Face Value₹5
Lot Size37 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,6151-13 lots
sNII₹2,04,610from 14 lots
bNII₹10,08,435from 69 lots
Managers & Registrar
Lead ManagerICICI Securities Limited
Co-ManagerIIFL Capital Services Limited, Nuvama Wealth Management Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrNaresh Oberoi Family TrustPRMTR70,88,608280.00Kabir and Kimaya Family Private TrustPRMTR30,37,974120.00Total1,01,26,582400.00
Shareholding
CategoryPre IPOPost IPOPromoter Group99.07%77.2%Public0.93%22.8%
Objects of the Issue
- Prepayment/repayment of certain outstanding borrowings availed by our Company, in part or full
- General corporate purposes
Anchor Book
Bid Date23-Mar-2026Shares83,39,239Amount₹329 Cr30-day lock-in28-Apr-202690-day lock-in27-Jun-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 2,378 | 2,210 | 2,653 | 3,012 | 3,176 |
| Operating ProfitCr | 347 | 362 | 336 | 376 | 397 |
| OPM% | 14.6 | 16.4 | 12.7 | 12.5 | 12.5 |
| PBTCr | 200 | 341 | 253 | 287 | 295 |
| PATCr | 120 | 226 | 172 | 277 | 291 |
| EPS | 32 | 18 | 15 | 24 | 25 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 17 | 14 | 14 | 63 | - |
| ReservesCr | 858 | 899 | 1,071 | 1,928 | - |
| BorrowingsCr | 279 | 182 | 312 | 572 | - |
| Fixed AssetsCr | - | - | 865 | 1,211 | - |
| Total AssetsCr | 2,126 | 2,085 | 2,415 | 3,931 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 257 | 283 | 256 | 453 | - |
| Investing Cash FlowCr | -99 | -14 | -346 | -1,394 | - |
| Financing Cash FlowCr | -165 | -268 | 86 | 1,001 | - |
| Net Cash FlowCr | -6 | 2 | -4 | 60 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Established position in the generator set market.
- Collaborations and alliances with established industry players.
- Strong technical and execution capabilities.
- Experienced and proven management team.
- Balanced business portfolio with strong financial performance.
Strategies · as stated in the DRHP
- Capitalize on Continued Demand for Generator Sets.
- Continue to Develop our Wind Power Business and diversify further into wind solar hybrid projects.
- Continue to Develop our Allied Businesses and RECD Business through our Associate.
- Further Develop and Strengthen our Alliances to Improve our position in India.
- Continuously evaluate expansion opportunities, considering policy and consumer base attractiveness.
Risks · as stated in the DRHP
- The company is significantly dependent on its Generator Set Business, which contributed 85.00%, 86.30%, and 82.79% of the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively. Any negative developments affecting the company's Generator Set Business could have a material adverse impact on its business, financial condition, results of operations and prospects.
- The company relies on its business collaborations, including with Cummins for engines and alternators for the company's DG sets. Revenue from sale of DG sets powered by Cummins engines accounted for 70.39%, 71.04% and 56.77% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. Similarly, the company relies on Hyundai for the supply of MSLG sets. Any supply disruption from such partners could adversely impact the company's business and results of operations.
- The independent power producer ("IPP") operations in our Wind Power Business which contributed 7.56%, 9.90% and 8.76% of the company's total revenue from operations for Fiscals 2025, 2024 and 2023, respectively, rely on key relationships with OEMs to facilitate supply of components and effective O&M services across most of its Operational Wind Power Projects, as well as for future IPP developments. Any deterioration in these relationships, or performance or financial failure of our OEMs, could adversely affect the company's business, results of operations, and financial condition.
- The company has historically relied, and may continue to relies, on Cummins India and the company's top five suppliers for a significant portion of its materials and components. If these key suppliers fails to deliver the required quantities, meet delivery schedules, or adhere to specified quality standards or technical specifications, the company's business operations and financial condition could be adversely affected.
- The company is dependents on its power purchase agreements ("PPAs") to sell power and generate the company's revenue from operations. Furthermore, the terms of our PPAs may expose us to certain risks that may affect its future results of operations and cash flows.
- Some of the land lease agreements for the company's wind power projects have shorter terms than the corresponding power purchase agreements ("PPAs") entered into for the respective projects. The expiry and non-renewal of such land lease agreements prior to the end of the relevant PPA could potentially result in the premature termination of the corresponding PPA, which may have a material adverse effect on its business, cash flows, financial condition and results of operations.