IC Electricals CompanyShare price, financial results, shareholding and management
- Market cap
- ₹214 cr
- Stock P/E
- 15.2peers 28.9
- Book value
- ₹34.5
- Price to book
- 3.39
- EV / operating profit
- -
- Market cap to sales
- 1.49
- ROCE · FY26
- 22.2%
- ROE · FY26
- 25.0%
- ROE, 3-year average
- 23.8%
- Operating margin · FY26
- 19.0%peers 16.0%
- Sales growth, 3 years
- +17.2%
- Profit growth, 3 years
- +55.6%
- Debt to equity
- 1.19peers 0.34
- Borrowings
- ₹75 cr
- Interest cover
- 3.4×
- Cash from business / op. profit
- -41%
- Debtor days
- 90
- Pledged
- 0.00%
- Promoter holding
- 60.94%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 815
- High / low since listing
- ₹183 / ₹96
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
IC Electricals Company share price chart
Close on 6 Nov 2026 · -1.35% on the day · Vol 55,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -2.2%
- 3 months
- -20.2%
- Since IPO
- +18.1%
- Traded a day, 20 days
- ₹1.02 cr
- Taken for delivery
- 62%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +17% | +56% |
| 3 years, a year | - | - |
About IC Electricals Company: business, products and customers
IC Electricals Company makes electrical and electronic equipment that goes into trains, such as alternators, battery chargers and emergency lights, and puts up overhead power lines for railway electrification. Its main customer is Indian Railways, and its shares trade on NSE Emerge.
IC Electricals Company was set up in Delhi in 2005 and works in three divisions. The electronics division makes power regulators, battery chargers, emergency lights, driver alertness devices and GPS passenger announcement systems for coaches and locomotives; the rotating machines division makes alternators, traction motors and traction motor coils.
The contracts division designs, supplies, erects and commissions overhead power lines and traction substations for railway electrification, and says it has electrified more than 700 track kilometres. Most work is won through Indian Railways tenders on the online IREPS portal, with an inspection by the railways before each dispatch.
Read more about the business
All manufacturing is done at three leased units in the Bahadrabad industrial area of Haridwar, two of them sub-leased from the promoter company Safe System India. The company holds approved supplier registrations from the railways' standards body, RDSO, and listed on NSE Emerge in July 2026, raising money mainly for working capital.
From the red herring prospectus (June 2026) and the credit rating notes of CARE Ratings and Infomerics (March 2026).
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 22% in FY26.
- The promoters own a large part of the company: 60.94%.
To watch
- Delivery of the ₹181.1 cr order book in hand at 31 May 2026 (Red herring prospectus, p.29).
- Use of the ₹33.6 cr of IPO money set for working capital (Red herring prospectus, p.130).
- Billing and collection of the ₹21.1 cr of work done but not billed at March 2026 (Red herring prospectus, p.407).
- Whether the lease on the Plot E-88 Haridwar unit, which ran up to July 2026, has been renewed (Red herring prospectus, p.212).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
IC Electricals Company revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
IC Electricals Company profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 99 | 122 | 143 |
| Expenses | 86 | 102 | 116 |
| Operating profit | 13 | 20 | 27 |
| OPM | 13.0% | 16.0% | 19.0% |
| Other income | 0 | 0 | 1 |
| Interest | 7 | 7 | 8 |
| Depreciation | 0 | 0 | 1 |
| Profit before tax | 6 | 13 | 19 |
| Tax rate | 16.7% | 30.8% | 26.3% |
| Net profit | 5 | 9 | 14 |
| EPS ₹ | 11.77 | 6.98 | 10.49 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
IC Electricals Company profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 13.0% | 16.0% | 19.0% |
| Tax rate | 16.7% | 30.8% | 26.3% |
| ROCE | · | 21.7% | 22.2% |
| ROE | · | 22.5% | 25.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
IC Electricals Company debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
IC Electricals Company balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 4 | 13 | 13 |
| Reserves | 27 | 36 | 50 |
| Net worth | 31 | 49 | 63 |
| Borrowings | 48 | 56 | 75 |
| Other liabilities | 65 | 55 | 55 |
| Total liabilities | 144 | 160 | 193 |
| Fixed assets | 3 | 3 | 3 |
| Capital work in progress | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Other assets | 141 | 157 | 190 |
IC Electricals Company cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | -1 | -10 | -11 |
| Cash from investing | 0 | 0 | -1 |
| Cash from financing | 2 | 10 | 12 |
| Net cash flow | 1 | 0 | 0 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 132 | 83 | 90 |
| Inventory days | 429 | 389 | 436 |
| Days payable | 295 | 164 | 173 |
| Cash conversion cycle | 266 | 308 | 354 |
| Working capital days | 90 | 135 | 148 |
IC Electricals Company peers and competitors
Listed SME companies in the same industryBy sales, IC Electricals Company is number 19 of the 55 listed SME companies in industrial manufacturing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Adisoft Technologies | 493 | 21.5 | 166 | 22.9 | 18.0% | 0.30 |
| Energy Mission Machineries (India) | 135 | 11.3 | 161 | 11.9 | 14.0% | 0.31 |
| Merritronix | 796 | 49.8 | 156 | 16 | 17.0% | 0.81 |
| Prizor Viztech | 1,421 | 67.7 | 153 | 21 | 22.0% | 0.57 |
| Kalyani Cast-Tech | 837 | 49.2 | 150 | 17 | 15.0% | 0.01 |
| Purple Wave Infocom | 421 | 32.4 | 146 | 13 | 14.0% | 0.30 |
| Tipco Engineering India | 638 | 25.5 | 145 | 25 | 26.0% | 0.41 |
| Emkay Tools | 1,232 | 21.0 | 144 | 58.7 | 55.7% | 0.00 |
| IC Electricals Company | 214 | 15.2 | 143 | 14 | 19.0% | 1.19 |
| Captain Technocast | 546 | 42.0 | 130 | 13 | 13.0% | 0.38 |
| FX Multitech | 182 | 15.1 | 126 | 12 | 15.0% | 0.68 |
| Median of the 10 others | 592 | 29 | 148 | 16.5 | 16.0% | 0.34 |
IC Electricals Company shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
IC Electricals Company shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jul 26 | Sep 26 | |
|---|---|---|
| Promoters | 60.94% | 60.94% |
| Foreign investors (FIIs) | 2.00% | 0.56% |
| Indian institutions (DIIs) | 7.09% | 3.69% |
| HNIs (over ₹2 lakh each) | 8.36% | 12.72% |
| Small holders (up to ₹2 lakh) | 13.56% | 10.20% |
| Companies and others | 8.05% | 11.89% |
| Number of shareholders | 1,082 | 815 |
The named holders are at 30 Sept 2026, beside 9 July 2026, each under the group the pattern files them in.
IC Electricals Company study: the business from its own documents
Read from 4 of the company's own documentsIC Electricals Company so far
From the company's own record
- 10 July 2026Listed on NSE Emerge at ₹99
- 1 Sept 2026Order worth ₹6.00 cr
- 30 Sept 2026Promoters at 60.94%
- 10 July 2026Highest close since listing, ₹174.30
IC Electricals Company key facts from the filings
Each figure with the document it comes from
- Order book
- ₹181.1 cr
- Unexecuted orders at 31 May 2026, more than a year of sales; new orders of ₹218.2 cr were added in FY26.Red herring prospectus, p.29
- Government customers
- 82.01%
- Share of FY26 consolidated revenue from government bodies, up from 67.74% in FY24.Red herring prospectus, p.26
- Largest customer
- 16.09%
- Share of FY26 revenue from the single largest customer, down from 30.80% in FY25; the top ten gave 50.38%.Red herring prospectus, p.31
- Plant use
- 48.64%
- Pieces made in FY26 against an installed capacity of 30,384 pieces, up from 33.88% in FY24.Red herring prospectus, p.248
- Unbilled work
- ₹21.1 cr
- Revenue booked in FY26 for work done but not yet billed, against ₹8.4 cr in FY25.Red herring prospectus, p.407
Show 5 more facts
- IPO money for working capital
- ₹33.6 cr
- Amount of the fresh issue set aside to fund working capital, the main use of the IPO money.Red herring prospectus, p.130
- Exports
- 3.56%
- Share of FY26 consolidated revenue from exports, down from 9.81% in FY24.Red herring prospectus, p.251
- Credit rating
- CARE BB+
- Stable outlook on long-term bank loans, assigned in March 2026; the note calls liquidity stretched.CARE Ratings note, 5 Mar 2026, p.1 and p.2
- Workforce
- 288
- Permanent employees at 31 May 2026, of whom 147 work in the contracts division.Red herring prospectus, p.249 and p.250
- Factories leased from promoter firm
- 2 of 3
- Two of the three Haridwar units are sub-leased from the promoter company Safe System India; one costs ₹2.75 lakh a month.Red herring prospectus, p.212
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company states an unexecuted order book of ₹181.1 cr at 31 May 2026, up from ₹101.3 cr at March 2025. CARE Ratings noted in March 2026 that the company expected FY26 revenue of ₹135 cr to ₹140 cr; the prospectus later reported a higher figure.
| What management said | When | What happened |
|---|---|---|
| Revenue of ₹135 cr to ₹140 cr in FY26 | CARE Ratings note, March 2026 | ₹143.0 cr consolidated revenue from operations in FY26 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
IC Electricals Company earns its money making railway electrical parts in its own plants and putting up power lines for railway electrification, with Indian Railways as the main payer.
Its weak spots are that work is won on the lowest price in tenders and that a lot of money stays locked in stock, deposits and bills waiting to be paid.
WatchCan it set its own prices?No. Most contracts go to the lowest bidder who meets the technical rules, so the company may have to bid at thin margins.
AverageHow strong is it against rivals?Railway approvals and two decades of supply help it qualify for tenders, but bigger firms with more research money compete for the same work.
AverageWho are its customers?Mostly government railway bodies, which pay reliably but slowly; the reliance on any single customer has eased.
WatchDoes it need a lot of money?Yes. Stock is held for months, the railways keep deposits and guarantees for years, and growth has been funded with loans and the IPO.
StrongCan it keep finding new work?Orders in hand grew sharply in the latest year, and the plants have room to make more without new building.
AverageDo good and bad years swing a lot?Railway orders have come in every year, but each year depends on winning new tenders and on when contract milestones can be billed.
Who runs IC Electricals Company?
Promoters, directors and officers; tap a name for the background
SKSunil Kumar VermaPromoter and Managing Director · holds 7.41%
Holds a post graduate diploma in business management from the Institute of Management Technology, Ghaziabad, and a Bachelor of Science from the University of Meerut, with over 31 years in the electrical industry. With the company since 2005. Also a director of Safe Coils India, Safe Insulation Technologies and Safe System India. The prospectus states Sunil Kumar Verma is the spouse of Renu Verma and the father of Davisha Verma.
Red herring prospectus, p.271, p.275, p.277 and p.290RVRenu VermaPromoter and Non-Executive Director · holds 4.26%
Holds a Bachelor of Architecture from the Indian Institute of Architects, Bombay, and has practised as an independent architect in Delhi since 1994. Associated with the company since inception in general administration, policy and compliance; an executive director from February 2024 and non-executive since March 2025.
Red herring prospectus, p.272 and p.275DVDavisha VermaPromoter and Chief Financial Officer
Holds a B.Tech in electronics and communication engineering from Jaypee University of Information Technology and an MBA in telecom management (systems and finance) from Symbiosis International University. Earlier worked at Ernst & Young LLP in risk and finance advisory; Chief Financial Officer since November 2024.
Red herring prospectus, p.288 and p.295AVAakansha VermaPromoter · holds 2.22%
Holds a B.Tech in computer science from Jaypee Institute of Information Technology, Noida, and a post graduate programme in data science engineering from Great Lakes Institute of Management, with over five years in technical leadership, delivery management, operations and customer service.
Red herring prospectus, p.295SSSavita SachdevaPromoter and Non-Executive Director · holds 3.06%
Holds a Bachelor of Education from Maharshi Dayanand University (1980). Worked at Safe System India from 1995 in administration and planning, rising to Assistant Vice President, and has been a director there since 2015; on the company's board since July 2017.
Red herring prospectus, p.272, p.275 and p.296RVRahul VarmaWhole Time Director (Director, Technical)
Holds a Bachelor of Engineering in electronics from Bhopal University and an M.S. in power electronics from IIT Madras. Served as Deputy Director and Head at CEERI, Pilani, working on projects with BHEL, ADE and NSTL; with the company since 2018 and whole time director since June 2024.
Red herring prospectus, p.273 and p.275SVSanjai VishwakarmaNon-Executive Director
Holds a Bachelor of Engineering in electronics and telecommunication from North Maharashtra University, Jalgaon. Senior Manager (R&D) from 1995 to 2005, then Director (Technical) from November 2005; non-executive since April 2025.
Red herring prospectus, p.272 and p.275SPSanjay PandeyIndependent Director
A chartered accountant since 1984 with 40 years in practice covering audit, taxation, finance, public issues and project finance. On the board since April 2025.
Red herring prospectus, p.274 and p.276BRBhaskar Reddy DasariIndependent Director
Holds a post graduate diploma in business management from the Institute of Management Technology, Ghaziabad, with over 17 years across power, renewable energy, manufacturing and infrastructure. Director and COO of WindStream Energy Technologies India since 2021; on the board since December 2024.
Red herring prospectus, p.274 and p.276IC Electricals Company latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters unchanged at 60.94%.
- 1 Sept 2026: order worth ₹6.00 cr announced.
IC Electricals Company announcements
4 on record, latest first; each opens the filing on the exchange
IC Electricals Company annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 7 Jan 2025 ↗read
- Credit ratings ↗read
- Credit ratings ↗read
IC Electricals Company share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on IC Electricals Company's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 67 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,82,61,600 shares).
- !The FY26 results imply 1,30,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹11.77) and FY25 (₹6.98) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about IC Electricals Company
What does IC Electricals Company do?
IC Electricals Company makes electrical and electronic equipment that goes into trains, such as alternators, battery chargers and emergency lights, and puts up overhead power lines for railway electrification. Its main customer is Indian Railways, and its shares trade on NSE Emerge.
What is the share price of IC Electricals Company?
₹117 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of IC Electricals Company?
₹214 cr at the close on 6 Nov 2026, on 1,82,61,600 shares.
What is the P/E of IC Electricals Company?
15.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are IC Electricals Company's revenue and profit?
Revenue ₹143 cr and profit after tax ₹14 cr in FY26.
Who are the promoters of IC Electricals Company?
Sunil Kumar Verma, Renu Verma, Davisha Verma, Aakansha Verma, Savita Sachdeva; promoters held 60.94% at 30 Sept 2026.
What was the IPO price of IC Electricals Company?
₹99 a share; it listed on 10 July 2026.
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Built from 3 credit rating notes, 1 offer document, 4 exchange announcements, 2 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.