Susan Electricals IPO GMP at Rs 15 on Day 1 of Subscription — Expected Listing Price Rs 142, Potential Gain 11.81%
- June 11, 2026
- Posted by: Ankit Jaiswal
- Category: IPO
Susan Electricals IPO GMP: Rs 15 (peak Rs 18 before opening). Issue price Rs 127. Expected listing: Rs 142 (+11.81%). BSE SME IPO. Issue size Rs 70.38 crore (Fresh Rs 60.22 Cr + OFS Rs 10.16 Cr). Price band Rs 120-127. Lot: 2,000 shares. FY26 revenue Rs 269.96 crore (+98.44%). FY26 PAT Rs 18.25 Cr. P/E 14.15x. Key risk: negative operating cash flow all 3 years.
The Susan Electricals IPO GMP stands at Rs 15 on the first day of subscription, implying an expected listing price of Rs 142 and a potential gain of 11.81% over the issue price of Rs 127. The Susan Electricals IPO GMP had touched a peak of Rs 18 before the IPO opened for bidding, indicating early grey market enthusiasm, though it has since settled at Rs 15 as subscription begins. Susan Electricals India Limited is an electrical wires, cables, and conductors manufacturer serving India’s power infrastructure sector, with an impressive FY26 revenue nearly doubling to Rs 269.96 crore from Rs 136.05 crore in the previous year. The company raises Rs 70.38 crore through this BSE SME IPO, comprising a fresh issue of Rs 60.22 crore and an OFS of Rs 10.16 crore. While the growth numbers are strong, investors should weigh the Susan Electricals IPO GMP signal against the critical red flag of three consecutive years of negative operating cash flow despite reporting accounting profits.
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Susan Electricals IPO GMP: Grey Market Snapshot
| GMP Metric | Value |
|---|---|
| Current GMP (Day 1) | Rs 15 |
| GMP Range (last 3 days) | Rs 0 to Rs 18 (peak Rs 18) |
| Issue Price (upper band) | Rs 127 |
| Expected Listing Price | Rs 142 (Rs 127 + Rs 15 GMP) |
| Estimated Listing Gain | 11.81% over issue price Rs 127 |
| Gain Per Lot (2,000 shares) | Rs 30,000 (Rs 15 per share x 2,000) |
| Note | GMP is unofficial, not SEBI-regulated. Subject to rapid changes. |
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Susan Electricals IPO: Complete Details
| Parameter | Details |
|---|---|
| Company | Susan Electricals India Limited |
| IPO Type | SME IPO (BSE SME platform) |
| Issue Structure | Fresh Issue + OFS |
| Fresh Issue | 47.42 lakh shares = Rs 60.22 crore |
| OFS | 8.00 lakh shares = Rs 10.16 crore |
| Total Issue Size | Rs 70.38 crore |
| Total Shares on Offer | 55.42 lakh equity shares |
| Face Value | Rs 10 per share |
| Price Band | Rs 120 to Rs 127 per share |
| Lot Size | 2,000 shares |
| Minimum Application (Retail) | Rs 2,54,000 (1 lot = 2,000 shares at Rs 127) |
| Quota Split | QIB: 50% | NII: 15% | Retail: 35% |
| Lead Manager | Seren Capital Pvt. Ltd. |
| Registrar | Mudra RTA Ventures Private Limited |
| Industry | Electrical Wires, Cables and Conductors (Power Infrastructure) |
| Manufacturing Facility | Ghaziabad |
| Subscription Window | Open for 5 days (currently Day 1) |
Susan Electricals: Business Overview
Susan Electricals India is an integrated electrical cables and wires manufacturer operating in the power infrastructure segment. Its product range covers the full spectrum of electrical connectivity: LT and HT cables, aerial bunched cables for overhead distribution, winding wires for transformers and motors, and conductors for transmission networks. The company’s B2G (government) and B2B (enterprise) model is anchored in DISCOM partnerships, which provide recurring revenue through tender-based procurement, as well as EPC contractor clients. The Ghaziabad manufacturing facility supports the entire product range and will be expanded using IPO proceeds of Rs 7.72 crore. Revenue also includes a trading component (aluminium rods and wires), which contributed approximately 38.8% of total revenue and carries lower margins than manufactured products.
Susan Electricals Financials: FY24-FY26
| Financial Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Revenue | Rs 269.96 crore | Rs 136.05 crore | Rs 103.59 crore |
| YoY Revenue Growth | +98.44% | +31.33% | NA |
| PAT (Net Profit) | Rs 18.25 crore | Rs 5.65 crore | Rs 0.76 crore |
| EBITDA | Rs 32.08 crore | NA | Rs 3.64 crore |
| EBITDA Margin | 11.91% | NA | 3.51% |
| RoE | 64.64% | NA | NA |
| RoCE | 29.05% | NA | NA |
| Operating Cash Flow | -Rs 9.71 crore | -Rs 18.39 crore | -Rs 5.49 crore |
| P/E at Rs 127 (FY26 EPS) | 14.15x | NA | NA |
| P/BV (NAV Rs 24.68) | 5.15x | NA | NA |
The Critical Red Flag: Negative Operating Cash Flow
Despite the exceptional revenue and profit growth reflected in the Susan Electricals IPO GMP and subscription interest, investors must pay close attention to the operating cash flow trajectory. In all three reported fiscal years, the company generated negative operating cash flow: FY24 (-Rs 5.49 crore), FY25 (-Rs 18.39 crore), and FY26 (-Rs 9.71 crore). This means the company’s accounting profits are not converting to cash, with capital instead being absorbed by rapidly expanding trade receivables and working capital. Government DISCOM customers typically have long payment cycles, which explains the cash trap. This is a structural concern that the Rs 33 crore working capital allocation from IPO proceeds partially addresses, but does not eliminate.
Susan Electricals IPO GMP: Analyst Assessment
From the Susan Electricals IPO GMP and fundamental perspective, the issue presents a split picture. On the positive side: FY26 revenue growth of 98.44%, PAT growth from Rs 0.76 crore (FY24) to Rs 18.25 crore (FY26), P/E of 14.15x at the issue price of Rs 127 is reasonable for the power infrastructure manufacturing space, and India’s power sector capex cycle (rural electrification, grid upgrades, renewables integration) provides structural demand support. On the risk side: negative cash flows across all three years, high working capital intensity, competitive segment with thin margins on manufacturing, and a significant trading revenue mix reduce the quality of earnings.
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Conclusion
The Susan Electricals IPO GMP of Rs 15, implying a potential listing gain of 11.81%, reflects moderate grey market interest in this power infrastructure cables and wires manufacturer. The company’s exceptional FY26 growth story and reasonable P/E of 14.15x are positives, but the three-year streak of negative operating cash flow is a material concern that well-informed investors must weigh carefully. Track live Susan Electricals IPO GMP and subscription updates on Univest. Consult a SEBI-registered advisor before investing in any SME IPO.
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Disclaimer: Grey market premium (GMP) data is sourced from unofficial secondary market sources and is not a SEBI-regulated indicator. GMP is not indicative of actual listing price. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776). SME IPOs carry higher risk than mainboard issues. Consult a SEBI-registered advisor before investing.
Frequently Asked Questions
What is the Susan Electricals IPO GMP today?
Ans. The Susan Electricals IPO GMP is Rs 15 on the first day of subscription. At a grey market premium of Rs 15 over the upper price band of Rs 127, the expected unofficial listing price is approximately Rs 142, indicating a potential listing gain of 11.81% for allottees. The Susan Electricals IPO GMP had reached a peak of Rs 18 before subscription opened, implying some initial enthusiasm has moderated slightly. GMP is an unofficial indicator and does not guarantee the actual listing price.
Should you apply for the Susan Electricals IPO?
Ans. Susan Electricals India is an electrical wiring and cables manufacturer in the power infrastructure segment. The company delivered exceptional FY26 revenue growth of 98.44% to Rs 269.96 crore and PAT of Rs 18.25 crore. At P/E of 14.15x on FY26 earnings, the valuation appears reasonable relative to the growth delivered. However, the key red flag is three consecutive years of negative operating cash flow despite reporting accounting profits, as capital is being consumed by working capital expansion. The Susan Electricals IPO GMP of Rs 15 suggests moderate listing gain potential. Consider the negative cash flow risk carefully before investing in this SME IPO.
What does Susan Electricals India do?
Ans. Susan Electricals India Limited, incorporated in 2007 and headquartered in New Delhi with manufacturing at Ghaziabad, is an integrated manufacturer of aluminium and copper-based electrical winding wires, conductors, and power cables. Its product portfolio includes low tension (LT) cables (up to 1.1 kV), high tension (HT) cables, LT aerial bunched cables, medium voltage covered conductor (MVCC) cables, and aluminium and copper winding wires and strips used in transformers, motors, and power distribution networks. The company primarily serves DISCOMs (state electricity distribution companies), EPC contractors, and electrical equipment manufacturers.
What are the IPO proceeds being used for?
Ans. The Susan Electricals India IPO fresh issue of Rs 60.22 crore will be utilised for: expanding the Ghaziabad manufacturing facility (Rs 7.72 crore capital expenditure), funding working capital requirements (Rs 33 crore), and general corporate purposes. The OFS component of Rs 10.16 crore goes to selling shareholders and does not benefit the company. The working capital allocation is the largest single use, reflecting the company’s high receivables cycle from government DISCOM customers.
What are the key risks in the Susan Electricals IPO?
Ans. The primary risk in the Susan Electricals IPO is consistently negative operating cash flow across FY24, FY25, and FY26 (FY24: -Rs 5.49 crore, FY25: -Rs 18.39 crore, FY26: -Rs 9.71 crore) despite reporting accounting profits. This means profits are trapped in receivables and working capital rather than converting to cash, a red flag in the highly competitive and low-margin electrical wire and cable segment. Additional risks include: high customer concentration (DISCOMs = government customers on tender basis with long payment cycles), fragmented and competitive sector, revenue from aluminium rod trading contributing 38.8% (lower margin), and pre-IPO profit trajectory raising sustainability questions.
