Susan Electricals IPO is a book-built SME public issue through which Susan Electricals India Limited plans to raise capital for expanding its business operations and supporting future growth. The company operates in the electrical manufacturing industry and has built its presence by developing a broad range of wires, cables, conductors, and allied electrical products that cater to residential, commercial, industrial, and infrastructure projects.
Since its establishment, the company has steadily strengthened its manufacturing capabilities by investing in modern production facilities, improving product quality, and expanding its product portfolio. With a customer-focused approach and emphasis on consistent quality, Susan Electricals has developed long-term relationships across various segments of the electrical industry while supplying products that meet stringent quality and safety requirements.
The company continues to benefit from the increasing demand for power infrastructure, industrial development, urbanization, and electrification projects across India. As investments in transmission, distribution, renewable energy, and real estate continue to rise, the demand for reliable electrical wires and cable solutions is expected to remain strong, creating additional growth opportunities for established manufacturers.
The Susan Electricals IPO gives investors an opportunity to participate in the company’s next phase of growth. The proceeds from the issue are proposed to be utilized for expansion-related requirements, strengthening working capital, and meeting other corporate objectives that support the company’s long-term business strategy.
This detailed Susan Electricals IPO review includes important information such as issue details, IPO dates, reservation, lot size, promoter holding, GMP, subscription status, allotment status, listing performance, company profile, financial information, key ratios, strengths, risks, registrar details, and frequently asked questions to help investors evaluate the public issue more effectively.
Susan Electricals IPO Details
| Particulars | Details |
|---|---|
| IPO Name | Susan Electricals IPO |
| Company Name | Susan Electricals India Limited |
| Issue Type | Book Built Issue (SME IPO) |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹120 to ₹127 per Equity Share |
| Issue Size | ₹70.38 Crore |
| Fresh Issue | 47,42,000 Equity Shares aggregating to ₹60.22 Crore |
| Offer for Sale | 8,00,000 Equity Shares aggregating to ₹10.16 Crore |
| Total Shares Offered | 55,42,000 Equity Shares |
| Lot Size | 1,000 Shares |
| Minimum Investment | ₹1,27,000 |
| Listing Exchange | BSE SME |
| Market Maker Portion | 4,58,000 Equity Shares |
| Registrar | Mudra RTA Ventures Private Limited |
| Book Running Lead Manager | GYR Capital Advisors Private Limited |
| Promoters | Vishal Jain and Mahak Jain |
The Susan Electricals IPO consists of both a fresh issue of equity shares and an offer for sale. Through the fresh issue, the company intends to raise additional capital to support its planned business objectives, while the offer for sale provides an opportunity for an existing shareholder to partially divest ownership. This combination allows the company to strengthen its financial resources while maintaining promoter participation in the business.
The public issue is being offered through the book-building process, allowing eligible investors to submit bids within the notified price band. After completion of the subscription period, the basis of allotment is finalized according to applicable regulations before the company’s equity shares are listed on the BSE SME platform.
Investors evaluating the Susan Electricals IPO should consider multiple aspects instead of relying only on market sentiment. Factors such as the company’s operating performance, manufacturing capabilities, growth strategy, industry outlook, financial position, valuation, and future expansion plans can provide a more comprehensive understanding of the investment opportunity. The following sections of this review examine each of these areas in detail to help investors make a well-informed decision.
Susan Electricals IPO Dates & Timeline
The Susan Electricals IPO follows the standard SME IPO process, beginning with the opening of the subscription window and concluding with the listing of the company’s equity shares on the BSE SME platform. Investors should keep track of these important dates to ensure timely application submission and to monitor the allotment and listing process.
| Event | Date |
|---|---|
| IPO Opens | 11 June 2026 |
| IPO Closes | 15 June 2026 |
| Basis of Allotment | 16 June 2026 |
| Refunds Initiation | 17 June 2026 |
| Shares Credited to Demat Account | 17 June 2026 |
| Listing Date | 18 June 2026 |
| Listing Exchange | BSE SME |
Applicants should complete the application process before the issue closes. After the subscription period ends, the registrar finalizes the basis of allotment, following which successful applicants receive shares in their demat accounts before trading begins on the stock exchange.
Susan Electricals IPO Reservation
The issue has been allocated among various investor categories in accordance with the applicable SEBI regulations for SME IPOs. This allocation ensures participation from institutional investors, non-institutional investors, retail investors, and the designated market maker.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% of the Net Issue |
| Non-Institutional Investors (NII) | Not Less Than 15% of the Net Issue |
| Retail Individual Investors (RII) | Not Less Than 35% of the Net Issue |
| Market Maker | 4,58,000 Equity Shares |
The reservation structure is designed to maintain a balanced allocation among different categories of investors while supporting an efficient price discovery process through the book-building mechanism.
Susan Electricals IPO Lot Size
The minimum application size for the Susan Electricals IPO has been fixed at 1,000 equity shares. Investors can apply in multiples of the prescribed lot size depending on their investment category.
| Application Category | Lot(s) | Shares | Investment Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 1,000 | ₹1,27,000 |
| Retail (Maximum) | 1 | 1,000 | ₹1,27,000 |
| HNI / NII (Minimum) | 2 | 2,000 | ₹2,54,000 |
Retail investors can submit only one lot application under the retail category, while applications exceeding the retail investment limit fall under the Non-Institutional Investor (NII) category.
Susan Electricals IPO Promoter Holding
The promoters continue to hold a significant stake in the company even after the public issue. Promoter shareholding before and after the IPO is shown below.
| Particulars | Shareholding |
|---|---|
| Promoter Holding Before IPO | 100.00% |
| Promoter Holding After IPO | 73.46% |
Although the promoter stake reduces after the issue due to the fresh issue and offer for sale, the promoters will continue to retain management control and remain actively involved in the company’s future growth.
Susan Electricals IPO GMP
The Grey Market Premium (GMP) represents the premium at which IPO shares are traded in the unofficial market before listing. Many investors track the GMP to understand prevailing market sentiment; however, it should not be treated as a guaranteed indicator of listing performance.
The Susan Electricals IPO GMP may fluctuate daily depending on investor demand, market conditions, and overall sentiment towards SME IPOs. Since the grey market is unofficial and unregulated, GMP can change rapidly and may not accurately reflect the actual listing price.
Investors should therefore evaluate the IPO based on the company’s fundamentals, financial performance, business prospects, valuation, and industry outlook rather than relying solely on grey market trends.
Susan Electricals IPO Subscription Status
The Susan Electricals IPO received an encouraging response from investors across all categories, reflecting strong interest in the public issue. Category-wise subscription details are provided below.
| Category | Subscription (Times) |
|---|---|
| Qualified Institutional Buyers (QIB) | 142.65x |
| Non-Institutional Investors (NII) | 210.55x |
| Retail Individual Investors (RII) | 207.56x |
| Total Subscription | 192.06x |
The strong subscription across all investor categories indicates healthy demand for the issue. Institutional participation, along with significant interest from retail and non-institutional investors, contributed to the overall subscription of the IPO. While strong subscription often reflects positive market sentiment, investors should continue to evaluate the company’s long-term business prospects before making investment decisions.
Susan Electricals IPO Allotment Status
The basis of allotment for the Susan Electricals IPO was finalized after the close of the subscription period. Applicants can check their allotment status online using their PAN, Application Number, or DP Client ID through the registrar’s online portal.
Successful applicants received equity shares in their demat accounts before the listing date, while investors who were not allotted shares received refunds or the release of blocked funds as per the IPO schedule. The allotment process was carried out in accordance with the applicable regulations governing SME public issues.
Susan Electricals IPO Listing Performance
The Susan Electricals IPO made its stock market debut on the BSE SME platform after the completion of the allotment process. The listing performance provides investors with an overview of how the stock performed on its first trading day.
| Particulars | Details |
|---|---|
| Issue Price | ₹127 per Share |
| Listing Price | ₹170.00 per Share |
| Listing Gain | ₹43.00 per Share |
| Listing Gain (%) | 33.86% |
| Closing Price on Listing Day | ₹178.50 per Share |
The shares listed at a premium over the issue price, reflecting positive investor sentiment towards the company at the time of listing. However, listing gains represent only the initial market response. Investors should also consider the company’s operational performance, financial strength, industry outlook, and long-term growth potential while evaluating it as an investment opportunity.
About Susan Electricals India Limited
Susan Electricals India Limited is an Indian manufacturer of electrical conductors, winding wires, cables, and allied products used across the power, industrial, and infrastructure sectors. The company has developed a diversified product portfolio that serves the requirements of transformer manufacturers, electrical equipment producers, EPC contractors, power utilities, and various industrial customers.
With years of manufacturing experience, the company has focused on maintaining consistent product quality, improving operational efficiency, and expanding its production capabilities. Its manufacturing processes are supported by modern machinery, quality control systems, and testing facilities to ensure that products comply with applicable industry standards.
The company has gradually expanded its presence by supplying products to customers across multiple states in India. Its emphasis on timely deliveries, technical expertise, and customer satisfaction has helped it establish long-term business relationships with clients operating in different industries.
Susan Electricals continuously works towards enhancing manufacturing efficiency, strengthening its product range, and improving its market presence. By investing in technology, production capacity, and quality management, the company aims to meet the growing demand for electrical products driven by infrastructure development, industrial expansion, renewable energy projects, and increasing power consumption.
As India continues to invest heavily in strengthening its power transmission and distribution network, the company expects to benefit from rising demand for quality electrical conductors, winding wires, and cable solutions. Its growth strategy focuses on expanding its customer base, increasing production capacity, and maintaining high product standards to support long-term business development.
Business Model
Susan Electricals India Limited follows a business-to-business (B2B) manufacturing model, supplying electrical products primarily to industrial and commercial customers. The company’s revenue is generated through the manufacturing and sale of conductors, winding wires, power cables, and other electrical products used in the transmission, distribution, and utilization of electrical energy.
Its business model is built around manufacturing excellence, quality assurance, customer-centric operations, and efficient supply chain management. The company focuses on delivering products that meet customer specifications while maintaining consistency in quality and delivery schedules.
Some of the important aspects of the company’s business model include:
- Manufacturing a diversified portfolio of electrical products.
- Serving customers across multiple industrial sectors.
- Maintaining long-term relationships with business clients.
- Following stringent quality control procedures throughout production.
- Procuring raw materials from established suppliers.
- Expanding production capacity to meet growing market demand.
- Continuously improving manufacturing processes through technology and operational efficiency.
The company also emphasizes inventory management, procurement planning, and cost optimization to improve operational performance and maintain profitability. By combining manufacturing capabilities with quality assurance and customer service, Susan Electricals aims to strengthen its position in the electrical manufacturing industry.
Product Portfolio
Susan Electricals India Limited manufactures a wide range of products designed for power generation, transmission, distribution, and industrial applications. Its diversified product portfolio enables the company to cater to different customer requirements across various industries.
The company’s major product offerings include:
- Aluminium Conductors
- Aluminium Alloy Conductors
- ACSR (Aluminium Conductor Steel Reinforced)
- AAAC (All Aluminium Alloy Conductors)
- AAC (All Aluminium Conductors)
- Covered Conductors
- LT Aerial Bunched (AB) Cables
- XLPE Power Cables
- PVC Power Cables
- Aluminium Winding Wires
- Copper Winding Wires
- Paper Covered Conductors
- Strip Conductors
- Bare Conductors
- Customised Electrical Conductors
These products are widely used by:
- Power transmission companies
- Electricity distribution utilities
- Transformer manufacturers
- Electrical equipment manufacturers
- EPC contractors
- Renewable energy projects
- Infrastructure developers
- Industrial manufacturing units
The company continues to broaden its product range in line with changing customer requirements and technological advancements within the electrical industry.
Industry Overview
India’s electrical equipment and cable industry plays a vital role in supporting economic growth, industrialization, and infrastructure development. Rising investments in power generation, renewable energy, smart cities, railway electrification, metro projects, and urban infrastructure continue to create significant demand for electrical conductors, cables, and allied products.
The government’s continued focus on strengthening the national power transmission and distribution network has further accelerated the demand for reliable electrical infrastructure. Expansion of renewable energy capacity, rural electrification initiatives, and modernization of ageing electrical networks are expected to provide long-term opportunities for manufacturers operating in this sector.
Growing industrial activity and increasing electricity consumption across residential, commercial, and industrial segments have also contributed to higher demand for quality electrical products. As businesses continue to invest in manufacturing facilities, commercial infrastructure, and energy-efficient technologies, the requirement for high-performance conductors, winding wires, and power cables is expected to remain strong.
The industry is also witnessing greater emphasis on product quality, safety standards, technological innovation, and operational efficiency. Manufacturers with diversified product portfolios, advanced production capabilities, established customer relationships, and strong quality management systems are better positioned to benefit from future industry growth.
With increasing infrastructure investments and sustained demand from the power sector, India’s electrical manufacturing industry is expected to offer attractive growth opportunities over the coming years. Companies that continue to expand their manufacturing capabilities, improve product quality, and strengthen customer relationships are likely to benefit from these favourable market trends.
Susan Electricals IPO Financial Information
The financial performance of Susan Electricals Limited provides an overview of the company’s operational growth, profitability, and financial position over the reported periods. Reviewing the financial statements and key financial ratios enables investors to assess the company’s business performance, capital structure, and earnings potential before making an investment decision.
The financial information below is based on the company’s reported financial statements.
Statement of Assets, Liabilities and Equity
| Particulars (₹ in Lakhs) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Assets | 21,613.47 | 16,408.91 | 12,703.56 |
| Total Liabilities | 14,084.39 | 10,728.15 | 8,571.62 |
| Total Equity | 7,529.08 | 5,680.76 | 4,131.94 |
The company’s asset base has expanded over the reported financial years, reflecting the growth of its business operations. At the same time, shareholders’ equity has strengthened, indicating an improvement in the company’s overall financial position.
Statement of Profit and Loss
| Particulars (₹ in Lakhs) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 34,862.75 | 26,918.44 | 19,874.63 |
| EBITDA | 3,214.82 | 2,438.17 | 1,746.59 |
| Profit Before Tax (PBT) | 2,786.41 | 2,096.74 | 1,481.83 |
| Profit After Tax (PAT) | 2,068.53 | 1,553.96 | 1,096.42 |
Susan Electricals Limited has reported consistent growth in revenue and profitability during the reported period. The improvement in earnings reflects higher business activity, operational efficiency, and better utilisation of resources.
Susan Electricals IPO Key Financial Ratios
| Ratio | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| EBITDA Margin | 9.22% | 9.06% | 8.79% |
| PAT Margin | 5.93% | 5.77% | 5.52% |
| Return on Equity (ROE) | 27.47% | 27.35% | 26.54% |
| Return on Capital Employed (ROCE) | 30.12% | 28.96% | 27.44% |
| Debt to Equity Ratio | 1.87 | 1.89 | 2.07 |
| Earnings Per Share (EPS) (₹) | 13.74 | 10.32 | 7.28 |
| Net Asset Value (NAV) (₹) | 50.02 | 37.74 | 27.45 |
The financial ratios indicate the company’s profitability, capital efficiency, and leverage over the reported years. Investors should analyse these metrics together with the company’s business model, industry outlook, and risk factors to gain a comprehensive understanding of its long-term investment potential.
Susan Electricals IPO Strengths
Susan Electricals India Limited has steadily expanded its operations by strengthening its manufacturing capabilities, widening its product portfolio, and serving customers across multiple industries. The company also benefits from growing demand for electrical products driven by infrastructure development and power sector investments. Some of the key strengths of the company are outlined below.
- Diversified Product Portfolio
The company manufactures aluminium and copper-based winding wires, conductors, power cables, and other electrical products, enabling it to serve customers across various industrial and infrastructure segments. - Established Manufacturing Infrastructure
Susan Electricals operates manufacturing facilities equipped with modern production equipment and quality testing systems that support efficient manufacturing and consistent product quality. - Wide Customer Base
The company supplies its products to transformer manufacturers, electrical equipment manufacturers, EPC contractors, state electricity distribution companies, and infrastructure businesses, reducing dependence on a single customer segment. - Focus on Quality Standards
Stringent quality control procedures are followed throughout the manufacturing process to ensure that products meet industry specifications and customer requirements. - Experienced Management Team
The company is led by promoters and senior professionals with extensive experience in the electrical manufacturing industry, enabling better operational and strategic decision-making. - Growing Financial Performance
Over the last three financial years, the company has reported significant growth in revenue and profitability, reflecting improving business operations and increasing market demand. - Favourable Industry Outlook
Rising investments in power transmission, renewable energy, industrial development, and infrastructure projects are expected to create long-term opportunities for manufacturers of electrical conductors and cables.
Susan Electricals IPO Risk Factors
Every investment carries certain risks, and investors should carefully evaluate them before making an investment decision. Along with its growth opportunities, Susan Electricals India Limited also faces several business and industry-related risks.
- Raw Material Price Volatility
The company uses aluminium, copper, and other commodities as key raw materials. Significant fluctuations in their prices may affect manufacturing costs and profit margins. - Dependence on Infrastructure and Power Sector Demand
A slowdown in infrastructure projects, industrial investments, or power sector spending could reduce demand for the company’s products. - Intense Industry Competition
The electrical products industry includes numerous organized and unorganized manufacturers, leading to pricing pressure and competitive challenges. - Working Capital Intensive Operations
Manufacturing operations require substantial working capital for inventory management, procurement of raw materials, and receivables, which may impact liquidity if not managed efficiently. - Customer Concentration Risk
A significant reduction in orders from major customers or delays in project execution could affect revenue generation. - Economic and Regulatory Risks
Changes in government policies, taxation, environmental regulations, or economic conditions may influence business performance and operational costs. - Execution Risk for Expansion Plans
The company intends to expand its manufacturing capabilities using a portion of the IPO proceeds. Any delay in implementation could affect expected business growth.
Susan Electricals IPO Registrar Details
Investors can contact the registrar for matters relating to IPO applications, allotment status, refunds, demat credit, and other investor services.
| Particulars | Details |
|---|---|
| Registrar | Mudra RTA Ventures Private Limited |
| Website | https://www.mudrarta.com |
| mailto:[email protected] | |
| Contact Number | tel:+919870297591 |
The registrar is responsible for processing IPO applications, finalising the basis of allotment, initiating refunds where applicable, and ensuring successful credit of allotted shares to investors’ demat accounts.
Susan Electricals IPO Conclusion
The Susan Electricals IPO provides investors with an opportunity to participate in a company operating in India’s expanding electrical manufacturing industry. Supported by a diversified product portfolio, established manufacturing capabilities, and improving financial performance, the company has positioned itself to benefit from increasing demand from the power, industrial, and infrastructure sectors.
The company’s strong revenue growth, improving profitability, and plans to utilise the IPO proceeds for business expansion indicate a focus on long-term development. At the same time, investors should carefully consider factors such as raw material price fluctuations, working capital requirements, competition, and execution risks before making an investment decision.
Overall, investors should evaluate the company’s business fundamentals, financial position, industry outlook, valuation, and individual investment objectives rather than relying solely on short-term market sentiment. A well-informed investment decision should always be based on thorough research and personal risk tolerance.
Susan Electricals IPO FAQs
What is the Susan Electricals IPO?
Susan Electricals IPO is a book-built SME public issue through which Susan Electricals India Limited raised funds to support its business expansion and other corporate objectives.
What is the price band of the Susan Electricals IPO?
The price band for the Susan Electricals IPO was ₹120 to ₹127 per equity share.
What is the minimum investment required for the Susan Electricals IPO?
The minimum application size was 2,000 equity shares, requiring an investment of ₹2,54,000.
Where are the shares of Susan Electricals listed?
The equity shares of Susan Electricals India Limited are listed on the BSE SME platform.
Who are the promoters of Susan Electricals India Limited?
The promoters of the company are Vishal Jain and Mahak Jain.
What does Susan Electricals India Limited manufacture?
The company manufactures aluminium and copper-based winding wires, conductors, power cables, and other electrical products used in power transmission, distribution, and industrial applications.
Who is the registrar of the Susan Electricals IPO?
Mudra RTA Ventures Private Limited is the registrar to the issue.
Is the Susan Electricals IPO suitable for long-term investors?
The suitability of the IPO depends on an investor’s financial goals, risk appetite, and assessment of the company’s business model, financial performance, valuation, and future growth prospects.
