{"id":113654,"date":"2026-06-11T00:50:00","date_gmt":"2026-06-10T19:20:00","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=113654"},"modified":"2026-06-10T23:17:13","modified_gmt":"2026-06-10T17:47:13","slug":"susan-electricals-ipo-gmp-day1","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/","title":{"rendered":"Susan Electricals IPO GMP at Rs 15 on Day 1 of Subscription \u2014 Expected Listing Price Rs 142, Potential Gain 11.81%"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>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.<\/em><\/p>\n<p>The <strong>Susan Electricals IPO GMP<\/strong> 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 <strong>Susan Electricals IPO GMP<\/strong> 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&#8217;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 <strong>Susan Electricals IPO GMP<\/strong> signal against the critical red flag of three consecutive years of negative operating cash flow despite reporting accounting profits.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=susan-electricals-ipo-gmp\"><strong>Click Here &#8211; Get Free IPO Research From Univest<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#Susan_Electricals_IPO_GMP_Grey_Market_Snapshot\" title=\"Susan Electricals IPO GMP: Grey Market Snapshot\">Susan Electricals IPO GMP: Grey Market Snapshot<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#Susan_Electricals_IPO_Complete_Details\" title=\"Susan Electricals IPO: Complete Details\">Susan Electricals IPO: Complete Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#Susan_Electricals_Business_Overview\" title=\"Susan Electricals: Business Overview\">Susan Electricals: Business Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#Susan_Electricals_Financials_FY24-FY26\" title=\"Susan Electricals Financials: FY24-FY26\">Susan Electricals Financials: FY24-FY26<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#The_Critical_Red_Flag_Negative_Operating_Cash_Flow\" title=\"The Critical Red Flag: Negative Operating Cash Flow\">The Critical Red Flag: Negative Operating Cash Flow<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#Susan_Electricals_IPO_GMP_Analyst_Assessment\" title=\"Susan Electricals IPO GMP: Analyst Assessment\">Susan Electricals IPO GMP: Analyst Assessment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#What_is_the_Susan_Electricals_IPO_GMP_today\" title=\"What is the Susan Electricals IPO GMP today?\">What is the Susan Electricals IPO GMP today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#Should_you_apply_for_the_Susan_Electricals_IPO\" title=\"Should you apply for the Susan Electricals IPO?\">Should you apply for the Susan Electricals IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#What_does_Susan_Electricals_India_do\" title=\"What does Susan Electricals India do?\">What does Susan Electricals India do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#What_are_the_IPO_proceeds_being_used_for\" title=\"What are the IPO proceeds being used for?\">What are the IPO proceeds being used for?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/susan-electricals-ipo-gmp-day1\/#What_are_the_key_risks_in_the_Susan_Electricals_IPO\" title=\"What are the key risks in the Susan Electricals IPO?\">What are the key risks in the Susan Electricals IPO?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Susan_Electricals_IPO_GMP_Grey_Market_Snapshot\"><\/span><strong>Susan Electricals IPO GMP: Grey Market Snapshot<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"width: 100%; border-collapse: collapse; font-size: 14px;\">\n<thead>\n<tr>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">GMP Metric<\/th>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">Value<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Current GMP (Day 1)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 15<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">GMP Range (last 3 days)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 0 to Rs 18 (peak Rs 18)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Issue Price (upper band)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 127<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Expected Listing Price<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 142 (Rs 127 + Rs 15 GMP)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Estimated Listing Gain<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">11.81% over issue price Rs 127<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Gain Per Lot (2,000 shares)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 30,000 (Rs 15 per share x 2,000)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Note<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">GMP is unofficial, not SEBI-regulated. Subject to rapid changes.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div style=\"background: #E8EAFF; border-radius: 14px; padding: 22px 26px 18px; margin: 24px 0; cursor: pointer;\">\n<p style=\"font-size: 18px; font-weight: bold; color: #0a0a23; margin: 0 0 8px;\">Track Susan Electricals IPO and All Active IPOs on Univest<\/p>\n<p style=\"font-size: 14px; color: #3a3a5c; margin: 0 0 10px;\">Univest tracks live GMP, subscription status, and listing day performance for all SME and mainboard IPOs.<\/p>\n<ul style=\"margin: 0 0 12px 18px; color: #3a3a5c; font-size: 14px; line-height: 1.8;\">\n<li>Live Susan Electricals IPO GMP and subscription tracking<\/li>\n<li>All active SME IPOs with GMP, review, and allotment guidance<\/li>\n<li>Post-listing performance analysis on Univest<\/li>\n<\/ul>\n<p style=\"font-size: 14px; color: #3a3a5c; margin: 0 0 12px;\">Explore the latest <a style=\"color: #3b7fff; font-weight: bold;\" href=\"https:\/\/univest.in\/user\/payment?planType=ALL_PRO%20PLANS\">Top Stock Picks<\/a> on Univest<\/p>\n<p><a style=\"display: inline-block; background: #3B7FFF; color: #fff; font-size: 14px; font-weight: 600; padding: 10px 22px; border-radius: 50px; text-decoration: none;\" href=\"https:\/\/univest.in\/user\/payment?planType=ALL_PRO%20PLANS\" target=\"_blank\" rel=\"noopener\">See the Picks \u2192<\/a><\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Susan_Electricals_IPO_Complete_Details\"><\/span><strong>Susan Electricals IPO: Complete Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"width: 100%; border-collapse: collapse; font-size: 14px;\">\n<thead>\n<tr>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">Parameter<\/th>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Company<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Susan Electricals India Limited<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">IPO Type<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">SME IPO (BSE SME platform)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Issue Structure<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Fresh Issue + OFS<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Fresh Issue<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">47.42 lakh shares = Rs 60.22 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">OFS<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">8.00 lakh shares = Rs 10.16 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Total Issue Size<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 70.38 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Total Shares on Offer<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">55.42 lakh equity shares<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Face Value<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 10 per share<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Price Band<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 120 to Rs 127 per share<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Lot Size<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">2,000 shares<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Minimum Application (Retail)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 2,54,000 (1 lot = 2,000 shares at Rs 127)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Quota Split<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">QIB: 50% | NII: 15% | Retail: 35%<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Lead Manager<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Seren Capital Pvt. Ltd.<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Registrar<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Mudra RTA Ventures Private Limited<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Industry<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Electrical Wires, Cables and Conductors (Power Infrastructure)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Manufacturing Facility<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Ghaziabad<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Subscription Window<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Open for 5 days (currently Day 1)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Susan_Electricals_Business_Overview\"><\/span><strong>Susan Electricals: Business Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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&#8217;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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Susan_Electricals_Financials_FY24-FY26\"><\/span><strong>Susan Electricals Financials: FY24-FY26<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"width: 100%; border-collapse: collapse; font-size: 14px;\">\n<thead>\n<tr>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">Financial Metric<\/th>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">FY26<\/th>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">FY25<\/th>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">FY24<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Total Revenue<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 269.96 crore<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 136.05 crore<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 103.59 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">YoY Revenue Growth<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">+98.44%<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">+31.33%<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">PAT (Net Profit)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 18.25 crore<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 5.65 crore<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 0.76 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">EBITDA<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 32.08 crore<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 3.64 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">EBITDA Margin<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">11.91%<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">3.51%<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">RoE<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">64.64%<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">RoCE<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">29.05%<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Operating Cash Flow<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">-Rs 9.71 crore<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">-Rs 18.39 crore<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">-Rs 5.49 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">P\/E at Rs 127 (FY26 EPS)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">14.15x<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">P\/BV (NAV Rs 24.68)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">5.15x<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NA<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"The_Critical_Red_Flag_Negative_Operating_Cash_Flow\"><\/span><strong>The Critical Red Flag: Negative Operating Cash Flow<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the exceptional revenue and profit growth reflected in the <strong>Susan Electricals IPO GMP<\/strong> 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&#8217;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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Susan_Electricals_IPO_GMP_Analyst_Assessment\"><\/span><strong>Susan Electricals IPO GMP: Analyst Assessment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>From the <strong>Susan Electricals IPO GMP<\/strong> 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&#8217;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.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Research Susan Electricals IPO and All Power Sector Stocks on Univest<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>Susan Electricals IPO GMP<\/strong> 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&#8217;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 <strong>Susan Electricals IPO GMP<\/strong> and subscription updates on Univest. Consult a SEBI-registered advisor before investing in any SME IPO.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Susan Electricals IPO GMP and all SME IPO updates live on Univest.<\/em><\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> 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.<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Susan_Electricals_IPO_GMP_today\"><\/span><strong>What is the Susan Electricals IPO GMP today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_you_apply_for_the_Susan_Electricals_IPO\"><\/span><strong>Should you apply for the Susan Electricals IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Susan_Electricals_India_do\"><\/span><strong>What does Susan Electricals India do?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_IPO_proceeds_being_used_for\"><\/span><strong>What are the IPO proceeds being used for?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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&#8217;s high receivables cycle from government DISCOM customers.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_risks_in_the_Susan_Electricals_IPO\"><\/span><strong>What are the key risks in the Susan Electricals IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the Susan Electricals IPO GMP today?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"Should you apply for the Susan Electricals IPO?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"What does Susan Electricals India do?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"What are the IPO proceeds being used for?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"What are the key risks in the Susan Electricals IPO?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Susan Electricals IPO GMP at Rs 15 on Day 1. Expected listing Rs 142 (+11.81%). BSE SME. FY26 revenue doubled to Rs 270 crore, PAT Rs 18.25 crore. Negative cash flow risk. Analysis.<\/p>\n","protected":false},"author":34,"featured_media":113660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1281],"tags":[1352],"class_list":["post-113654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-ipo-gmp"],"metadata":{"rank_math_internal_links_processed":["1"],"_edit_lock":["1781113783:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["1281"],"rank_math_seo_score":["80"],"rank_math_title":["Susan Electricals IPO GMP Day 1: Rs 15, Estimated Listing Rs 142"],"rank_math_description":["Susan Electricals IPO GMP stands at Rs 15 on Day 1, implying expected listing Rs 142 (+11.81%). BSE SME IPO, Rs 70.38 crore issue. 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