Sanjay Bambhaniya · Jun 8, 2026

Susan Electricals India IPO Review | APPLY or AVOID?

SME Book Build Listed

Electric Equipments

BSE SME

Price Band

₹120 - ₹127

Issue Size

₹70.38 Cr

Lot Size

1,000 shares

Min. Investment

₹1,27,000

Live GMP ₹43

33.86% Est. Listing: ₹170

SIP Calc Compare

IPO Timeline

DRHP FILED February 28, 2026

OPEN June 11, 2026

CLOSE June 15, 2026

ALLOTMENT June 16, 2026

LISTING June 18, 2026

IPO DETAILS REVIEW GMP SUBSCRIPTION ALLOTMENT STATUS

Susan Electricals India Ltd. started in 2007. It operates in the Electric Equipments industry and provides electrical winding wires, conductors, and power cables to its customers across India. This business is based in New Delhi. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio. Susan Electricals India Limited shows rapid growth but the margin sustainability remains a key point to consider investors. (The sudden bumper profits from Fiscal 2025 onwards look highly unusual and raise valid doubts about long-term business performance.)

✅ Strengths

Strong financial revenue expansion – Revenue doubled within one year)
Strategic product mix diversification (Expands further into high-margin cables)
Favorable infrastructure industry trends
Improving operating profit margins – EBITDA margins show continuous gains)
Robust customer base diversification
Healthy return on equity (Excellent asset utilization tracking observed)

⚠️ Challenges

Heavy state sector dependence as DISCOMs command major business shares
High raw material trading – Aluminium trading limits manufacturing margins)
Intense working capital requirements (Operations require heavy cash levels)
Uncollected sales strain the company’s liquidity with large government project receivables
Highly fragmented market segment (Intense local competition hurts pricing)
Historical earnings ask looks quite high)

Financial Update

The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹135.74 crore increased from ₹103.48 crore in previous year. The net profit for the same period was ₹5.65 crore increased from ₹0.76 crore in previous year. Assets increased by 93.46% compared to the previous year. The firm records total revenue of ₹269.36 crore and net profit of ₹18.25 crore for Fiscal 2026. The bottom line performance jumps by a massive 222.83% in the latest fiscal period. This sudden financial expansion looks heavily exaggerated to demand a high valuation for the public market. This trend should be carefully studied prior to any investment.

IPO Valuation

The upper price band is ₹127. This price leads to a Price-to-Earnings (P/E) ratio of 14.16. The average P/E for the industry is 18.34. The company values its public offer at an aggressive P/E band when you check past records. The asking price translates to a pre-issue P/E ratio of 10.62 based on basic financial details. The management asks for a premium pricing compared to smaller traditional wire peers. The issue price seems aggressively valued based on historic results.

IPO Objective

Company will use Offer proceeds to meet stated objectives:

To fund capital expenditure requirements for expansion of existing facility costing ₹10.29 crore
To meet the working capital requirements of the electrical business costing ₹33.00 crore
To manage general corporate purposes for the overall enterprise operations

Promoters & Lead Manager

Promoters are Vishal Jain and Mahak Jain.
The lead manager handled seven public issues during the last two fiscal periods.
Zero out of these seven listings closed below the initial offer price on listing dates.
Mudra RTA Ventures Pvt. Ltd. functions as the official registrar to this public issue.

Peer Comparison

Below is the comparison of the company with its listed peers using data from (June 08, 2026). The promoters compared the business with Prime Cable and Divine Power along with V-Marc India. Prime Cable trades at a P/E ratio of 16.77 while Divine Power trades at a high P/E ratio of 46.35. V-Marc India trades at a P/E ratio of 27.90 based on recent market pricing. These entities operate on different metrics and do not offer a fair match.

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Susan Electricals India	5.71	5.71	11.94		31.43
Prime Cable Industries	5.46	5.46	10.63	14	69.16	7.6
Divine Power Energy	4.54	4.54	36.22	63.19	10.63	7.94
V-Marc India	15.29	15.29	77.58	43.48	19.05	8.62

Financial data sourced from annual reports and stock exchange data, using restated financial statements for 2024-25. NAV per share (closing net worth divided by weighted average number of paid-up equity shares) and RoNW (net profit after tax divided by closing net worth).

IPO Review & Analyst Rating

The wire manufacturer relies significantly on trading activities which pressure its operating margins. The business faces high payment risks because government-linked electrification projects block working capital. The lead merchant banker displays a reliable history with zero recent discount listings.

Analyst Name	Recommendation
Univest Analysts	Cautious / Watch Subscription
Overall	Cautious to Moderately positive view

Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.

Sanjay Bambhaniya

Sanjay has 8+ years of experience in data-driven IPO insights. His expertise in digital marketing and web development complements his financial knowledge and helps him to develop effective fintech solutions. He is an entrepreneur and director who helps investors understand complex primary market trends in easy-to-understand IPO reports, news, and updates.

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