Susan Electricals India IPO Review

Live status (18 Jun 2026): Subscription closed on 15 June and was strongly oversubscribed, led by QIB demand (7.01x by Day 2). Allotment was finalised on 16 June. The stock lists today, 18 June 2026, on BSE SME. In the final days the grey market premium sat around ₹50 over the ₹127 issue price (estimates ranged from ₹30 to ₹52 across sources), pointing to an estimated listing near ₹175–180 — roughly a 38–40% gain. GMP is unofficial and can change sharply.

About the Company

Every transformer, every electric motor, every overhead power line running to a village needs winding wire and cable inside it. Someone has to make that unglamorous but essential stuff. Susan Electricals is one of those makers.

Set up in 2007 in Ghaziabad, Uttar Pradesh, the company manufactures aluminium and copper-based winding wires, conductors and power cables the kind used in transformers, motors, alternators and power distribution networks. It runs three plants in Ghaziabad, and also trades aluminium wire and does job work on the side.

Its main customers aren't households. They're state-owned electricity distribution companies the DISCOMs along with EPC contractors and infrastructure firms. That ties the business to India's power-distribution spending, including the government's large RDSS scheme to upgrade the grid. Promoter Vishal Jain has run this for over two decades. Track its GMP, subscription and listing data on the IPO GMP Live homepage.

Financial Snapshot

The growth here is eye-catching. Revenue went from ₹104 crore in FY24 to ₹136 crore in FY25 to ₹270 crore in FY26, it nearly doubled in the latest year. Profit shot up even harder, from ₹0.76 crore in FY24 to ₹5.65 crore in FY25 to ₹18.25 crore in FY26. That's a 24-fold jump in profit in two years.

Margins improved alongside it. FY26 EBITDA was ₹32 crore, and return on net worth is high at around 47%. On the surface, this looks like a small company firing on all cylinders.

But here's the catch, and it's a big one. Despite all that reported profit, operating cash flow has been negative every single year minus ₹5.49 crore in FY24, minus ₹18.39 crore in FY25, and minus ₹9.71 crore in FY26. In plain terms, the profit is on paper, but cash is going out, not coming in. That's typical of a working capital heavy business that has to fund inventory and receivables to keep growing.

It also carries about ₹66.72 crore of debt. So while the profit chart looks fantastic, the cash and balance-sheet picture is the part I'd watch hardest. Fast growth that doesn't throw off cash needs constant funding.

Strengths

• Profit growth is exceptional. Revenue rose from ₹104 crore to ₹270 crore and net profit from ₹0.76 crore to ₹18.25 crore in just two years. For a company this small, that's a remarkable ramp in both scale and profitability.
• The price isn't stretched. At roughly 14 times FY26 earnings, with EPS of about ₹8.97 and return on net worth near 47%, the IPO is reasonably valued a refreshing change from the sky-high multiples many SME issues ask for.
• It rides a real spending wave. Supplying DISCOMs links it to India's ₹3.03 lakh crore RDSS programme to upgrade power distribution. The company also widened its reach to 14 states in FY26, reducing dependence on any single market.
• Credentials and experience back it up. Susan holds ISO 9001, 14001 and 45001 certifications plus BIS licences, and promoter Vishal Jain brings over 22 years in the wires-and-cables industry both of which help in winning utility tenders.

Risks

• Cash flow doesn't match the profit. Operating cash flow was negative in FY24 (–₹5.49 crore), FY25 (–₹18.39 crore) and FY26 (–₹9.71 crore). A business that reports rising profit but keeps burning operating cash is the single biggest thing to watch here.
• It's working-capital and debt heavy. With about ₹66.72 crore of debt and high working-capital needs, the company has to keep funding its own growth. Any tightening in credit or a delay in customer payments would bite quickly.
• Raw materials and customers are concentrated risks. Aluminium and copper prices swing, and a large chunk of revenue depends on government DISCOMs and tenders government customers were about 36% of FY26 revenue. Lost tenders or input-price spikes hit margins directly.
• It's a small, illiquid SME with a sudden jump. This lists on BSE SME, where trading is thin and the minimum application is about ₹2.54 lakh. FY26's near-doubling of revenue is impressive but abrupt, and one strong year doesn't prove the growth is durable.

Should You Apply, Hold, or Sell?

The subscription is over and the stock lists today, 18 June, on BSE SME. The grey market premium hovered around ₹50 over the ₹127 issue price in the final days, pointing to an estimated listing near ₹175–180 though GMP is unofficial and the figures varied a lot by source.

If you got an allotment — the listing pop looks decent on paper, so booking part of the gain is sensible. The valuation at about 14x earnings isn't stretched, but the negative cash flows mean I wouldn't hold blindly for the long term without seeing that fixed.

If you missed it — wait. Don't buy on listing-day excitement. Watch a couple of quarters to see whether cash flow turns positive and the growth holds.

Honest take: genuinely strong profit growth at a fair price, undercut by cash that doesn't match the profit promising, but verify before you commit.

IPO Objects of the Issue

The fresh issue raised ₹60.22 crore. The ₹10.16 crore offer-for-sale went to the selling shareholder, so the company received nothing from that part.

Contact Details

Susan Electricals India Ltd. Ghaziabad, Uttar Pradesh, India (three units: Site-IV Industrial Area, Sahibabad, SSGT Road) Lead Manager: Seren Capital Pvt. Ltd. · Market Maker: Mansi Share & Stock Broking Pvt. Ltd.

IPO Registrar — Mudra RTA Ventures Pvt. Ltd.

Related IPO reviews: Tata Capital IPO · Bajaj Housing Finance IPO · Hyundai Motor India IPO · Zepto IPO

This page is not investment advice. GMP is indicative only and unofficial. Please consult a SEBI-registered financial advisor before investing.