Geojit Financial Services, has come out with its report on Powerica Ltd The research firm has recommended to “ Subscribe” the ipo in its research report as on March 24, 2026.

Subscribe for Powerica Ltd IPO; Geojit Financial Services

IPO

Geojit Financial Services, Powerica Ltd

Powerica Ltd, founded in 1984, is an integrated power solutions provider focused on diesel generator sets (DG sets) for primary and standby power. A long-standing OEM partner of Cummins India, the company also operates in the medium speed large generator (MSLG) segment through a collaboration with HD Hyundai Heavy Industries. The company manufactures generator sets ranging from 7.5 kVA to 10,000 kVA across its Bengaluru, Silvassa, and Khopoli plants. Powerica has diversified into renewables with 330.8 MW of wind assets in Gujarat and also offers emission control solutions via its associate, Platino Automotive. The DG market in India has grown at a 17% CAGR over the past two years, reaching ₹14,449cr in FY25, and is expected to grow at a 10% CAGR to ₹23,803cr by FY30, supported by infrastructure development, telecom expansion, industrial growth, and data centers.

Valuation and Outlook

With healthy ROE of 17.5% and an improved D/E ratio, the balance sheet should be able to support project execution in the wind sector. Hence we assign a Subscribe rating for a long-term investment horizon.

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