Susan Electricals India Ltd. IPO (BSE SME)
IPO dates: 11–15 Jun 2026 | Listing: 18 Jun 2026 
Price band: ₹120–₹127 | Issue size: ₹70.38 Cr (Fresh: ₹60.22 Cr | OFS: ₹10.16 Cr) 
Lot size: 1,000 shares | Exchange: BSE SME 
Quick take: Electrical conductors and power cables manufacturer raising money for facility expansion and working capital. Key debate is whether the sharp FY26 jump in revenue and profit is sustainable in a commodity-linked cables business.

What the company does

Business: Susan Electricals India manufactures electrical conductors and power cables.
Wins with: Supply of conductors and power cables for power distribution, industrial, and infrastructure use.
Growth driver: Expansion of the existing manufacturing facility at Sahibabad, Uttar Pradesh, plus working capital support.
Key metric: Revenue growth, EBITDA margin, debtor days, and working capital efficiency.

How it makes money

Primary: Revenue comes from sales of electrical conductors and power cables.
Secondary: Product mix and scale benefits from expanded capacity can support margins over time.
Single line: The business earns by supplying conductors and power cables to industrial and infrastructure customers.

Financials that matter

What changed:

• Revenue rose from ₹103.48 Cr in FY24 to ₹135.74 Cr in FY25 and ₹269.36 Cr in FY26.

• PAT increased from ₹0.75 Cr in FY24 to ₹5.65 Cr in FY25 and ₹18.25 Cr in FY26.

• Debtor days improved from 49.1 to 33.9 days, which supports working capital efficiency.

IPO structure & signal check

Signal: The issue is mostly fresh capital, with proceeds focused on expansion and working capital.

Valuation context

At upper band (₹127):
Market cap: About ₹258 Cr based on listed market cap indication.
Post-IPO EPS: ₹8.97.
Stock P/E indication: 14.2x on Screener reference.
Valuation Q: Whether the business can sustain FY26 growth and margins once expansion-led growth normalizes.

Differentiators

• Strong recent profit growth and revenue scale-up.

• Improving debtor days and better working capital efficiency.

• Capacity expansion at Sahibabad to support growth.

• Exposure to power, industrial, and infrastructure demand.

Key risks

• Profitability: Recent FY26 earnings jump may be difficult to sustain.

• Commodity exposure: Copper and aluminium input price swings can affect margins.

• Working capital: Even with better debtor days, cables manufacturing remains working-capital intensive.

• Execution: Expanded facility must convert into sustained revenue and return ratios.

Post-listing watchlist

Track over 2–4 quarters:

• Growth: Revenue contribution from the expanded Sahibabad facility.

• Margins: Whether EBITDA margin near 11.91% and PAT margin near 6.77% can hold.

• Cash flow: Working capital trends and debtor days after expansion.

• Balance sheet: Whether higher scale improves return ratios further.

• Demand: Order momentum from power, infrastructure, and industrial customers.

Closing:
This IPO is a bet on electrical conductors and power cables growth backed by expansion and working capital support. The main question is whether the strong FY26 revenue and profit surge can continue after listing.