About Powerica IPO
Powerica IPO Details
The Powerica IPO is structured as a 100% book-built issue with a total offer size of up to ₹1,100 crore, comprising a fresh issue worth up to ₹700 crore and an offer for sale (OFS) worth up to ₹400 crore, with a face value of ₹5 per share.
The price band of this issue is set at ₹375 to ₹395 per share and the lot size for an application is 37. The IPO will open for subscription from March 24 to 27, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as April 2, 2026. The book-running lead managers (BRLMs) for this issue are ICICI Securities Ltd., IIFL Capital Services Ltd. and Nuvama Wealth Management Ltd., while the registrar to the issue is MUFG Intime India Pvt. Ltd.
Powerica IPO Date & Timeline
As of now, the official Powerica IPO date for the opening and closing of the subscription process is March 24-27, 2026, while the listing date is fixed for April 2, 2026 (tentative). The company filed its DRHP on August 8, 2025. The actual dates were announced after SEBI approvals were received. After the subscription process closes (after 27th March, 2026), the actual dates will follow the basis of allotment, refunds, credit of shares to demat accounts, and, finally, the listing of the shares on the stock exchanges.
Powerica IPO Timeline
| IPO Open Date | Tue, Mar 24, 2026 |
| IPO Close Date | Fri, Mar 27, 2026 |
| Tentative Allotment | Mon, Mar 30, 2026 |
| Initiation of Refunds | Wed, Apr 1, 2026 |
| Credit of Shares to Demat | Wed, Apr 1, 2026 |
| Tentative Listing Date | Thu, Apr 2, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Powerica IPO Details
| Detail | Description |
|---|---|
| IPO Date | 24 to 27 Mar, 2026 |
| Listing Date | - |
| Face Value | ₹ 5 per share |
| Issue Price Band | ₹ 375 to ₹ 395 |
| Lot Size | 37 Shares |
| IPO Type | Fresh Capital & OFS |
| Total Issue Size | 2,78,48,100 shares (agg. up to ₹ 1,100 Cr) |
| Fresh Issue(Ex Market Maker) | 1,77,21,518 shares (agg. up to ₹ 700 Cr) |
| Offer for Sale | 1,01,26,582 shares of ₹5 (agg. up to ₹ 400 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 10,88,25,400 shares |
| Share Holding Post Issue | 12,65,46,918 shares |
Powerica IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Powerica IPO GMP is currently trading at ₹7, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹402, which is 1.77% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹395 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹72 and a lot size of 37 shares.
Powerica GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | ₹395.00 | 7₹2 | - |
Company Background
Powerica Ltd. was incorporated as 'Consolidated Power Systems Private Limited' on May 4, 1984. The company was converted into a public limited company in June 1988 and was later renamed 'Powerica Ltd.' in 1989. Over the last four decades, the company has evolved from being a private company to becoming one of the prominent players in the power solutions business. The company has emerged as an integrated group with a strong footprint in the business of standby power manufacturing and renewable energy generation.
Operations & Product Range
Powerica Ltd. divides its operations into two major business segments. In the standby power segment, Powerica is a major manufacturer of Diesel Generator (DG) sets with the help of its long-term partnership with Cummins India Ltd. The DG sets range from 7.5 kVA to 3750 kVA, fulfilling all kinds of industrial and commercial requirements. In the renewable energy segment, Powerica acts as an independent power producer (IPP), setting up wind power projects across India.
Facilities & Capacity
Powerica Ltd. has a solid infrastructure for manufacturing and energy generation, with its existing DG set plants supported by a strong supply chain network. As of March 31, 2025, Powerica Ltd. has recorded an installed capacity of wind power at 279.55 MW located in the wind-suitable states of Gujarat, Tamil Nadu and Maharashtra. The company also offers Operations & Maintenance (O&M) services for 9 wind projects with a capacity of 245.20 MW.
Brands & Market Presence
Powerica Ltd. operates under the brand name "Powerica" and has managed to establish itself as a force to be reckoned with in the market with its wide sales network. As of March 31, 2025, 19 sales and marketing offices and 126 sales personnel across India supported the company's DG set business. This capacity is supplemented by the presence of 32 authorized dealers through joint authorization certificates with Cummins. It caters to customers across various industries such as data centers, healthcare, manufacturing, government and defense.
Revenue Streams & Business Model
Powerica Ltd. generates revenue through its diversified business model, focusing on the provision of power solutions. The company, as a leading manufacturer of Cummins diesel generators, generates revenue by selling its products as well as offering after-sales service contracts. The company is also an independent power producer (IPP), utilizing its massive investment in wind farm projects to sell energy to state utilities.
For FY25, the company recorded a total revenue from operations of ₹2,653 crore and Profit After Tax (PAT) of ₹185 crore with a margin of 6.49%. The company has also maintained its debt-equity ratio at 0.24x as on 31st March 2025. The company's Return on Equity (ROE) stood at 17.53% for FY25.
Management & Shareholding
The management team of Powerica Ltd. comprises the Chairman and Managing Director, Mr. Naresh Chander Oberoi, who has been responsible for the growth of the company. Before the IPO, the promoter group, which includes the Oberoi family and their family trusts, held the majority of the stake. However, after the IPO, the company's stake is expected to be diluted due to the fresh issue of shares and the shares issued by the promoter trusts.
Board & Key Management
The board of directors and key management of Powerica Ltd. comprise experienced professionals who are responsible for managing different strategic functions of the firm. CS Anita Praful Renuse oversees the firm's compliance with regulatory standards necessary for its public listing, while Ritesh Kumar Agrawal serves as the Group CFO for the firm, ensuring all the financial work and future planning of financial growth.
Powerica IPO Financial Information
Latest Revenue
1,474.87
₹ Crore
Profit After Tax
134.55
₹ Crore
Net Worth
1,214.52
₹ Crore
Total Borrowing
571.95
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 2,729.73 | 1,474.87 | 134.55 | 1,214.52 | 1,158.99 | 571.95 | |||
| 31 Mar 2025 | 2,414.83 | 2,710.93 | 175.83 | 1,085.60 | 1,072.15 | 300.80 | |||
| 31 Mar 2024 | 2,084.91 | 2,356.77 | 226.11 | 912.49 | 899.04 | 177.52 | |||
| 31 Mar 2023 | 2,125.81 | 2,422.42 | 106.45 | 794.60 | 778.05 | 278.88 | |||
| Amount in ₹ Crore | |||||||||
Powerica Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 11.60% |
| ROCE | 13.90% |
| Debt/Equity | 0.40 |
| RoNW | 10.62% |
| PAT Margin | 9.12% |
| EBITDA Margin | 15.23% |
| Price to Book Value | 3.54 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 16.16 | 21.26 |
| P/E (x) | 24.45 | 18.58 |
Powerica IPO Objectives
Powerica Ltd. intends to utilize the IPO proceeds from the fresh issue for the following key objectives:
- • Repayment of debt (in part or in full)
- • Funding capital expenditures of its subsidiary for the expansion of manufacturing facilities
- • Investment in future projects and infrastructure upgradation
- • General corporate purposes
Powerica IPO Review
Powerica Ltd. offers a comprehensive business model that connects the conventional concept of standby power with the new concept of green energy evolution. The key strength of the company is its long-term relationship with Cummins, which gives it a major competitive advantage in the high-capacity DG set business—a segment that is highly essential in the data center and manufacturing industries. Simultaneously, the wind energy business provides the company with a predictable revenue stream through long-term power purchase agreements (PPA).
From a financial perspective, the company has demonstrated good margins and a low debt profile, reporting revenue of ₹2,653 crore for FY25, although its net profit has declined by 26% year-on-year to ₹166.8 crore due to a sharp decline in other income and an increase in operating expenses, which is not good news for the capital-intensive industry.
However, potential investors should note that the company has certain aspects that need attention, like the non-exclusive agreement with Cummins, as well as the regulatory environment with respect to the wind power business. On an overall basis, Powerica, with its brand name and two vertical businesses, is a major player in the Indian power infrastructure space.
Conclusion
Powerica IPO is an opportunity for investors to invest in a growing company that has been working in the industry for decades (since 1984), with a powerful vision of designing a new definition of customer satisfaction and positively steering the renewable energy program in sync with the National Climate Change Green Energy. This issue solely aims to invest in its subsidiary for expansion and to fund the general corporate purposes of strengthening the balance sheet and financial statements.
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Competitive Strengths
A strong relationship with Cummins India for high-quality engine technology
An integrated business model that includes the manufacture of standby power and renewable energy generation
Large domestic sales and service network through 19 marketing offices and 32 authorized dealers
Large domestic sales and service network through 19 marketing offices and 32 authorized dealers
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 37 | 14615 |
| Individual investors (Retail) (Max) | 13 | 481 | 189995 |
| S-HNI (Min) | 14 | 518 | 204610 |
| S-HNI (Max) | 68 | 2516 | 993820 |
| B-HNI (Min) | 69 | 2553 | 1008435 |