Susan Electricals India IPO Review: Price Band Rs 120-127, GMP Rs 18, Rs 70.38 Crore Issue — Should You Apply?

The Susan Electricals IPO opens for subscription tomorrow, June 11, 2026, offering investors access to this Ghaziabad-based manufacturer of aluminium and copper-based electrical winding wires and power cables. Priced at Rs 120-127 per share, the Susan Electricals India IPO is a Rs 70.38 crore BSE SME issue with a grey market premium of Rs 18, implying a potential listing gain of 14.17%. This Susan Electricals IPO review analyses the business, financials, valuation, and investment case ahead of the opening tomorrow.

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About Susan Electricals India Limited

Susan Electricals India Limited was incorporated in 2007 and operates three manufacturing facilities in Ghaziabad, Uttar Pradesh. The company manufactures aluminium and copper-based electrical winding wires, strips, stranded conductors, and power cables used in transformers, motors, alternators, power distribution networks, and industrial electrical projects. It also derives incremental revenue from trading of aluminium rods and wires (38.8% of 9M FY26 revenue). The business is primarily B2G and B2B, with significant dependence on state-owned electricity distribution utilities (DISCOMs) and EPC contractors.

Parameter	Details
IPO Type	SME Book Build Issue
Exchange	BSE SME
Issue Size	Rs 70.38 crore (Fresh Rs 60.22 Cr + OFS Rs 10.16 Cr)
Price Band	Rs 120-127 per share
Face Value	Rs 10 per share
Lot Size	2,000 shares
Retail Min. Investment	Rs 2,54,000 (2,000 shares at Rs 127)
Open Date	June 11, 2026
Close Date	June 15, 2026
Allotment Date	June 16, 2026
Listing Date	June 18, 2026 (BSE SME)
GMP (Jun 9-10, 2026)	Rs 18 → expected listing Rs 145 (+14.17%)
Registrar	Purva Sharegistry (India) Pvt. Ltd.
BRLM	Seren Capital Pvt. Ltd.
Revenue FY24	Rs 103.59 crore
Revenue FY25	Rs 136.05 crore (+31.3%)
PAT FY24	Rs 0.76 crore
PAT FY25	Rs 5.65 crore (+643% YoY)
Employees	193 (as of Jan 31, 2026)
Promoters	Vishal Jain, Mahak Jain
Business	Aluminium/copper winding wires, conductors, power cables + aluminium trading
Key Customers	DISCOMs, EPC contractors, electrical equipment manufacturers
Peer P/E	Prime Cable 14.7x | Divine Power 46.3x | V-Marc India 35.0x

Susan Electricals IPO Financials: Strong Growth, Margin Surge

The Susan Electricals IPO financials show rapid growth in both revenue and profitability. Revenue grew 31.3% from Rs 103.59 crore in FY24 to Rs 136.05 crore in FY25. More strikingly, PAT surged from a near-negligible Rs 0.76 crore in FY24 to Rs 5.65 crore in FY25, a 643% increase, driven by improved product mix, operating leverage, and margin recovery. However, analysts at IPOWatch have flagged that the margins outperform listed peers, raising questions about sustainability. The company has issued equity shares in the price range of Rs 125-417 between March 2019 and May 2026, and issued a bonus of 9:1 in August 2025, which has significantly diluted the per-share cost base.

Power Sector Tailwinds Support Susan Electricals IPO

The Susan Electricals India IPO benefits from India’s massive investment in power transmission and distribution (T&D) infrastructure. The government’s Revamped Distribution Sector Scheme (RDSS) and PM Surya Ghar free electricity scheme are driving sustained demand for winding wires, conductors, and power cables. With capacity expansion planned using IPO proceeds, Susan Electricals is positioning itself to capture a larger share of DISCOM procurement. Peer V-Marc India trades at PE 35x, suggesting the Susan Electricals IPO may be attractively valued relative to the sector.

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Key Risks for the Susan Electricals IPO

The Susan Electricals IPO carries risks that investors must assess. High DISCOM dependence means revenue is vulnerable to payment delays from state utilities, a common issue in the Indian power distribution ecosystem. The trading component (38.8% of 9M FY26 revenue from aluminium rods/wires) is lower-margin and less defensible than manufacturing. IPOWatch noted that outperforming margins vs listed peers raises sustainability concerns. This is the 8th mandate from BRLM Seren Capital; out of 7 prior listings, 1 was at par and the rest at premiums of 17-48.73%, a track record investors should note.

Conclusion

The Susan Electricals India IPO offers a play on India’s T&D infrastructure expansion at Rs 120-127 per share on BSE SME. GMP of Rs 18 suggests a listing price of approximately Rs 145 (+14.17%). The 643% PAT growth in FY25 is compelling, but DISCOM dependence and margin sustainability are key risks. Chanakya Nipothi recommends “Subscribe for Listing Gain and Medium-Term Investment.” Consult a SEBI-registered advisor before applying to the Susan Electricals IPO.

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Frequently Asked Questions

What is the Susan Electricals India IPO price band?

Ans. The Susan Electricals India IPO price band is Rs 120 to Rs 127 per share. The minimum lot size is 2,000 shares. Retail investors must apply for a minimum of 2,000 shares (1 lot), requiring an investment of Rs 2,54,000 at the upper price band of Rs 127.

When does the Susan Electricals India IPO open?

Ans. The Susan Electricals India IPO opens on June 11, 2026, and closes on June 15, 2026. Allotment is expected on June 16. Shares will be credited on June 17, with listing on BSE SME on June 18, 2026.

What is the Susan Electricals IPO GMP today?

Ans. The Susan Electricals IPO GMP is Rs 18 per share as of June 9-10, 2026. Based on this GMP, the expected listing price is approximately Rs 145, representing a potential listing gain of 14.17% over the issue price of Rs 127. GMP is unofficial and unregulated by SEBI.

What does Susan Electricals India do?

Ans. Susan Electricals India Limited, incorporated in 2007 and headquartered in Ghaziabad, Uttar Pradesh, manufactures aluminium and copper-based electrical winding wires, conductors, and power cables. The company’s products are used in transformers, motors, alternators, coils, and power distribution networks. It also trades in aluminium rods and wires (38.8% of 9M FY26 revenue). The company primarily serves DISCOMs, EPC contractors, and electrical equipment manufacturers.

Should I apply for the Susan Electricals India IPO?

Ans. Susan Electricals India shows strong financial growth — revenue grew 31.3% from Rs 103.59 crore in FY24 to Rs 136.05 crore in FY25, and PAT surged 643% from Rs 0.76 crore to Rs 5.65 crore. The power sector tailwinds from India’s T&D infrastructure expansion support the business case. Analyst firm Chanakya Nipothi assigned a ‘Subscribe for Listing Gain and Medium-Term Investment’ rating. However, the DISCOM dependence, outperforming margins versus peers, and trading revenue mix are risks. At Rs 127, P/E is moderate for the sector. GMP of Rs 18 suggests decent listing potential. This is not investment advice.