Susan Electricals IndiaShare price, financial results, shareholding and management
- Market cap
- ₹418 cr
- Stock P/E
- 23.2peers 11.4
- Book value
- ₹19.2
- Price to book
- 10.71
- EV / operating profit
- -
- Market cap to sales
- 1.55
- ROCE · FY26
- 37.9%
- ROE · FY26
- 63.2%
- ROE, 3-year average
- 45.1%
- Operating margin · FY26
- 12.0%peers 7.5%
- Sales growth, 3 years
- 51.1%
- Profit growth, 3 years
- 162.1%
- Debt to equity
- 1.72peers 0.63
- Borrowings
- ₹67 cr
- Interest cover
- 4.6×
- Cash from business / op. profit
- -31%
- Debtor days
- 63
- Pledged
- 0.00%
- Promoter holding
- 66.97%
- Change in promoter holding
- -
- Shareholders
- 1,247
- 52-week high / low
- ₹367 / ₹181
- 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.
Susan Electricals India share price chart
Close on 6 Nov 2026 · -3.36% on the day · Vol 52,000
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
- -30.9%
- 3 months
- -11.6%
- Traded a day, 20 days
- ₹2.56 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +99% | +200% |
| 3 years, a year | +51% | +162% |
About Susan Electricals India: business, products and customers
Susan Electricals India makes winding wires, aluminium conductors and power cables at three units in Ghaziabad, and supplies them to state electricity distribution companies, the contractors who build power networks and other wire and cable firms. It also trades aluminium rod and wire, and its shares trade on BSE SME.
Susan Electricals India was set up in 2007 by Vishal Jain, who had traded aluminium and copper winding wire since 2004. Unit I on SSGT Road, Ghaziabad draws and enamels aluminium and copper into winding wire and strip used in transformers; Units II and III at Sahibabad make low tension cables and, since FY26, high tension cables and covered overhead (MVCC) cables. Most work is won in government tenders from power distribution companies, with goods inspected at the plant by the buyer's inspector before dispatch, and the rest goes to private contractors and wire and cable firms.
The business model shapes the numbers. Aluminium and copper are the main cost and are priced by the market, so revenue moves with metal prices and the company keeps a spread for drawing, insulating and armouring the metal. A large slice of revenue is aluminium rod and wire bought and passed on to other firms, which adds to sales with little margin. Tender supplies need inspection before dispatch and distribution companies pay on their own cycles, so stock and money owed by customers grow with sales and are funded with bank debt.
Read more about the business
The offer document names Prime Cable Industries, Divine Power Energy, V-Marc India and JD Cables as organised players in its field, all makers of wires and cables for power networks. Larger rivals have longer histories, stronger brands and more money.
What is new: the company listed on BSE SME in the first quarter of FY27, added high tension and MVCC cables in FY26, and is adding capacity that it says will raise cable output from 7,500 km to 12,000 km a year from February 2027.
From the offer document (red herring prospectus, 2026), the Q1 FY27 earnings call of August 2026, the September 2026 investor presentation and the Crisil Ratings note of September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 51% a year over three years.
- It earns a high return on the money it uses: ROCE 38% in FY26.
- The promoters own a large part of the company: 66.97%.
To watch
- Commercial operation of the expansion to 12,000 km a year, due from February 2027 (Investor presentation, September 2026, p.7).
- Supply of the ₹142.39 cr order book held at June 2026 (Earnings call, August 2026, p.4).
- The share of traded aluminium in revenue (Offer document, p.23).
- Operating cash flow and borrowings after the listing money (Offer document, p.259; Crisil Ratings note, September 2026, p.1).
- 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.
Susan Electricals India revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Susan Electricals India profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 49 | 55 | 78 | 103 | 135 | 269 |
| Expenses | 48 | 54 | 77 | 99 | 123 | 237 |
| Operating profit | 1 | 1 | 1 | 4 | 12 | 32 |
| OPM | 1.8% | 2.2% | 1.7% | 3.5% | 9.0% | 12.0% |
| Other income | 0 | 0 | 0 | 0 | 0 | 1 |
| Interest | 1 | 1 | 1 | 2 | 4 | 7 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 2 |
| Exceptional and other items | · | · | 1 | · | 1 | 1 |
| Profit before tax | 0 | 0 | 1 | 1 | 8 | 25 |
| Tax rate | -33.0% | 11.0% | 0.0% | 0.0% | 25.0% | 28.0% |
| Net profit | 0 | 0 | 1 | 1 | 6 | 18 |
| EPS ₹ | 1.07 | 2.54 | 3.19 | 2.55 | 11.25 | 11.71 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Susan Electricals India 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
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 1.8% | 2.2% | 1.7% | 3.5% | 9.0% | 12.0% |
| Tax rate | -33.0% | 11.0% | 0.0% | 0.0% | 25.0% | 28.0% |
| ROCE | · | 10.1% | 12.5% | 12.2% | 25.5% | 37.9% |
| ROE | · | 0.0% | 40.0% | 22.2% | 50.0% | 63.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Susan Electricals India 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 take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Susan Electricals India balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.75 | 1 | 2 | 3 | 5 | 16 |
| Reserves | 1 | 1 | 1 | 3 | 13 | 23 |
| Net worth | 1.75 | 2 | 3 | 6 | 18 | 39 |
| Borrowings | 4 | 12 | 15 | 25 | 45 | 67 |
| Other liabilities | 16.25 | 15 | 16 | 7 | 11 | 24 |
| Total liabilities | 22 | 29 | 34 | 38 | 74 | 130 |
| Fixed assets | 0 | 0 | 6 | 10 | 10 | 13 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 22 | 29 | 28 | 28 | 64 | 117 |
Susan Electricals India cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0 | 4 | -5 | -18 | -10 |
| Cash from investing | 0 | 0 | -3 | -5 | -4 | -8 |
| Cash from financing | 0 | 0 | -2 | 10 | 23 | 17 |
| Net cash flow | 0 | 0 | -1 | 0 | 1 | -1 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 91 | 139 | 100 | 46 | 68 | 63 |
| Inventory days | 18 | 17 | 15 | 42 | 93 | 83 |
| Days payable | 135 | 106 | 78 | 25 | 25 | 31 |
| Cash conversion cycle | -27 | 50 | 38 | 63 | 135 | 115 |
| Working capital days | -4 | 65 | -2 | -13 | 9 | 25 |
Susan Electricals India peers and competitors
Listed SME companies in the same industryBy sales, Susan Electricals India is number 29 of the 156 listed SME companies in industrial products.
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 |
|---|---|---|---|---|---|---|
| Ecoline Exim | 368 | 18.2 | 278 | 20.2 | 8.7% | 0.36 |
| Sharp Chucks and Machines | 115 | 12.5 | 274 | 9.2 | 12.1% | 1.13 |
| Sati Poly Plast | 17 | 4.8 | 273 | 3.5 | 2.7% | 0.62 |
| Susan Electricals India | 418 | 23.2 | 269 | 18 | 12.0% | 1.72 |
| P S Raj Steels | 74 | 8.3 | 266 | 9 | 4.9% | 0.01 |
| Kaka Industries | 309 | 16.3 | 263 | 19 | 13.0% | 1.25 |
| M P K Steels (I) | 85 | 14.2 | 259 | 6 | 4.1% | 0.33 |
| GSM Foils | 94 | 4.7 | 258 | 19.8 | 11.5% | 0.60 |
| Super Iron Foundry | 85 | 5.0 | 256 | 17 | 13.0% | 0.64 |
| Auro Impex & Chemicals | 51 | 12.3 | 250 | 4.2 | 3.6% | 0.83 |
| Uma Converter | 33 | 10.5 | 249 | 3.2 | 6.3% | 0.97 |
| Median of the 10 others | 85 | 11.4 | 261 | 9.1 | 7.5% | 0.63 |
Susan Electricals India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share.
Susan Electricals India 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.
| Jun 26 | |
|---|---|
| Promoters | 66.97% |
| Foreign investors (FIIs) | 2.12% |
| Indian institutions (DIIs) | 13.46% |
| Number of shareholders | 1,247 |
Susan Electricals India study: the business from its own documents
Read from 6 of the company's own documentsSusan Electricals India key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹269.4 cr
- Revenue from operations in FY26, about double FY25's ₹135.7 cr, with profit after tax of ₹18.2 cr.Offer document, p.23; Investor presentation, September 2026, p.16
- Traded goods
- 38.38%
- Share of FY26 revenue from goods bought and passed on, mostly aluminium rod, against 14.38% in FY25.Offer document, p.23
- Cables
- About 38%
- Share of FY26 revenue from cables made in-house: low tension 29.53%, MVCC 7.12% and high tension 1.41%.Offer document, p.22; our arithmetic
- Order book
- ₹142.39 cr
- Unexecuted orders at June 2026, mostly to be supplied over about three months, with a further ₹150 cr in the pipeline.Earnings call, August 2026, p.4
- Capacity
- 7,500 km → 12,000 km
- Cable capacity a year now and after the expansion due for commercial operation from February 2027.Investor presentation, September 2026, p.7
Show 5 more facts
- Cable plant use
- 93.65%
- Use of Unit II in FY26; the newer Unit III ran at 64.13% in its first year and the winding wire unit at 57.23%.Offer document, p.147
- Top ten customers
- 63.68%
- Share of FY26 revenue, down from 95.94% in FY25; the largest customer gave 9.65%.Offer document, p.147 and p.148
- Uttar Pradesh
- 47.04%
- Share of FY26 revenue from Uttar Pradesh, down from 86.85% in FY25 as Delhi and Madhya Pradesh grew.Offer document, p.133
- Cash from operations
- -₹9.7 cr
- Operating cash flow in FY26 as receivables and stock rose; it has been negative in each of the last three years.Offer document, p.259
- Credit rating
- Crisil BBB
- Long-term rating with a stable outlook on ₹137 cr of bank facilities, assigned in September 2026.Crisil Ratings note, September 2026, p.1
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 says its unexecuted order book was ₹142.39 cr at June 2026, mostly to be supplied over about three months, with an active pipeline of ₹150 cr; it bids for ₹800 to ₹1,200 cr of tenders and expects to win about 15% to 20%. It plans capital spending of ₹15 to ₹20 cr in FY27, mainly on machinery, with the expansion to 12,000 km a year due for commercial operation from February 2027. Management said it would not give a revenue figure for FY27 and aims to raise the share of high tension and MVCC cables, which it says can earn higher margins than its other products.
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.
The company earns a spread on turning aluminium and copper into wires and power cables for electricity distribution companies and contractors, and also passes on traded aluminium.
Its weak spots are tender pricing, metal price swings, and money tied up in stock and customer dues that keeps cash flow negative.
WatchCan it set its own prices?No: most orders are won in price-based tenders and metal is the main cost.
AverageHow strong is it against rivals?Vendor approvals from distribution companies and new high tension and MVCC lines help it qualify for tenders, but larger cable makers compete for the same work.
AverageWho are its customers?Distribution companies, contractors and wire firms, now spread wider than before but still mostly in a few states.
WatchDoes it need a lot of money?Yes: growth has been funded with borrowing because stock and dues rise with every new order, though the plant itself is cheap to expand.
AverageCan it keep finding new work?It has a sizeable order book and pipeline, but the orders are short and each has to be won again in a tender.
WatchDo good and bad years swing a lot?Sales and profit have jumped in recent years, but they rest on tender wins, metal prices and how much aluminium it trades.
Who runs Susan Electricals India?
Promoters, directors and officers; tap a name for the background
VJVishal JainPromoter, Chairman and Managing Director
Bachelor of Commerce from the University of Delhi (2002); traded aluminium and copper winding wire through the proprietorship Suvish Insulation from 2004 and set up the company in 2007. Over 22 years in wires and cables; oversees overall operations, finance and governance. The offer document records Vishal Jain as the spouse of Mahak Jain.
Offer document, p.170 and p.184MJMahak JainPromoter
Bachelor of Arts (Hons) from the University of Delhi (2007), with more than 6.5 years in the electrical wire and cable industry; proprietor of SMV Enterprises in the same trade since 2022.
Offer document, p.183VKVinod Kumar PujariWhole-Time Director
B.Com (1999) and LLB (2002) from Chaudhary Charan Singh University, Meerut, with over 25 years in production management and government tenders; joined as General Manager in 2010 and now oversees production planning and government tenders.
Offer document, p.170LSLalit SharmaWhole-Time Director
Bachelor of Arts from the University of Delhi (2001), with over 21 years in production management in wires and cables, mostly at A.P. Industries; joined in February 2024 and oversees production and sales.
Offer document, p.170SKSushil Kumar PoddarIndependent Director
Chartered accountant in practice since 1997 with over 29 years in audit, taxation, accounting and compliance, with A. S. Poddar & Associates.
Offer document, p.170SJSonal JainIndependent Director
Company secretary since 2009 with an LLB from Chaudhary Charan Singh University (2012) and over 16 years in secretarial compliance and governance; company secretary of Pioneer Fabricators since 2024.
Offer document, p.170 and p.171VPVed PrakashChief Financial Officer
Bachelor of Commerce from Chaudhary Charan Singh University (1994) with over 32 years in finance and accounts.
Offer document, p.179Susan Electricals India latest news and announcements
Announcements · Documents · Corporate actionsSusan Electricals India announcements
6 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under regulation 74(5) of SEBI (Depositories and Participants) Regulation 2018PDF ↗
- OthersOutcome of the Board Meeting Dated 28.09.2026PDF ↗
- Insider Trading / SASTIntimation of closure of Trading window in terms of SEBI (Prohibition of Insider Trading ) Regulation 2015PDF ↗
- Company UpdateDear Sir/Madam, We wish to inform you that pursuant to Regulation 30(6) of the SEBI Listing Regulations, the schedule of Analyst/Institutional Investor MeetingPDF ↗
- Company UpdateIntimation regarding Resignation of Secretarial auditor of the CompanyPDF ↗
- Others1. Purchase of land situated at Mauza Jaunmani, District Baghpat, Uttar Pradesh for a proposed consideration of approximately INR 22,00,00,000/- (Rupees Twenty PDF ↗
Susan Electricals India annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 Sept 2026 ↗read
- Credit ratings ↗read
Susan Electricals India 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 Susan Electricals India's data · 8
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 82 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 (2,03,30,795 shares).
- !The FY26 results imply 1,60,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹11.25) and FY26 (₹11.71) 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, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Susan Electricals India
What does Susan Electricals India do?
Susan Electricals India makes winding wires, aluminium conductors and power cables at three units in Ghaziabad, and supplies them to state electricity distribution companies, the contractors who build power networks and other wire and cable firms. It also trades aluminium rod and wire, and its shares trade on BSE SME.
What is the share price of Susan Electricals India?
₹206 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Susan Electricals India?
₹418 cr at the close on 6 Nov 2026, on 2,03,30,795 shares.
What is the P/E of Susan Electricals India?
23.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Susan Electricals India's revenue and profit?
Revenue ₹269 cr and profit after tax ₹18 cr in FY26.
Who are the promoters of Susan Electricals India?
Vishal Jain, Mahak Jain; promoters held 66.97% at 30 June 2026.
What is Susan Electricals India's website?
seil.net.in
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Built from 3 investor presentations, 1 offer document, 1 earnings call transcript, 1 credit rating note, 6 exchange announcements, 1 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.