powerica-ltd

Founded in 1984, Powerica is a leading integrated power solutions provider in India. The company has a long-standing association of over 40 years as an Original Equipment Manufacturer (OEM) for Cummins India.

Business Verticals

• Generator Set Business: Manufactures and sells diesel generator (DG) sets ranging from 7.5 kVA to 10,000 kVA. It serves industries such as healthcare, data centers, and manufacturing.

• Wind Power Division: Operates as an Independent Power Producer (IPP). As of March 2025, it owns 11 wind power projects in Gujarat with a total capacity of 279.55 MW.

• EPC & O&M Services: Provides Engineering, Procurement, and Construction (EPC) and Operation & Maintenance (O&M) services, specifically for the balance of plant in wind power projects.

• Emission Control: Through its associate company, Platino Automotive, it offers Retrofit Emission Control Devices (RECD) to meet stricter environmental norms.

Track Record

• Revenue Growth: Total income grew from $2,356.77 Cr (FY24) to $2,710.93 Cr (FY25).

• Profitability: While revenue increased, PAT saw a dip from $226.11 Cr (FY24) to $175.83 Cr (FY25), primarily due to higher operational expenses and segment-specific challenges.

• Manufacturing Strength: Operates three state-of-the-art manufacturing facilities in Bengaluru (Karnataka), Silvassa (Dadra and Nagar Haveli), and Khopoli (Maharashtra).

• Market Standing: Ranked as one of the top players in the Indian DG set market with a diversified client base including GE Vernova and Schneider Electric.

Powerica Ltd IPO GMP

As of March 20, 2026, the Grey Market Premium (GMP) is approximately $13.

Note: At the upper price band of $395, the estimated listing price is $408, representing a modest potential gain of 3.29%. GMP activity has just begun and may fluctuate once the Anchor Investor round (scheduled for March 23) concludes.

Powerica Ltd IPO Allotment Status

The allotment is scheduled to be finalized on Mar 30, 2026.

Check Powerica Allotment Status To check your status online, visit: [Check Allotment Status Here]

You can verify your status via:

• Registrar's website (MUFG Intime India Pvt Ltd)

• NSE/BSE official portals

• Using your PAN number or Application ID

Strengths

• Decades of Expertise: Over 40 years of operational history and a strong brand reputation in the power backup industry.

• Strategic Partnership: Long-term collaboration with Cummins India provides a significant competitive edge in engine technology and reliability.

• Diversified Revenue: The mix of conventional DG sets and renewable wind energy provides a balanced revenue stream.

• Healthy Financials: Maintains a comfortable debt-to-equity ratio (0.24) and strong return ratios (ROCE of 27.02% in FY25).

Weakness

• High Segment Dependency: Over 80% of revenue is derived from the generator set business, making the company vulnerable to shifts in that specific market.

• Profitability Pressure: Recent financials show a decline in PAT margins (6.49% in FY25 vs 9.59% in FY24) despite rising revenues.

• Regulatory Risks: Increasing global and domestic push toward "Green Energy" could impact the long-term demand for diesel-based power solutions.

• Supplier Concentration: Heavy reliance on key partners like Cummins and Hyundai for critical components.

How the Company Will Use IPO Money

The fresh issue proceeds (₹700 Cr) will be utilized for:

• Debt Repayment: $525.00 crores for the prepayment or repayment of certain outstanding borrowings to strengthen the balance sheet.

• General Corporate Purposes: The remaining funds will be used for operational expenses and strategic initiatives.

Lead Manager & Registrar

• Lead Managers: ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management.

• Registrar: MUFG Intime India Pvt Ltd (formerly Link Intime) Phone: +91 22 4918 6200 Email: powerica.ipo@linkintime.co.in