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HomeIPOPowerica Limited

About Powerica Limited

Powerica Limited is a power solutions company that deals with diesel generator sets (DG sets) for main and backup power needs. The company provides a wide range of generator sets with varying capacities from 7.5 kVA to 10,000 kVA, catering to the specific needs of different industries. Business Segments: Generator Set Business Division: Diesel Generator Sets (DG Sets) driven by Cummins Engines: Low Horse Power ranging from 7.5 kVA to 160 kVA. Medium Horse Power ranging from 180 kVA to 500 kVA. High Horse Power above 500 kVA.It has 3 manufacturing facilities located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli, Maharashtra. Wind Power Business Division:As of March 31, 2025, we own and operate 11 wind power projects in the state of Gujarat with a total installed capacity of 279.55 MW. Retrofit Emission Control Devices (RECD) through our Associate Company, Platino Automotive.

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National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Antala Industries

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Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Powerica Limited

Powerica Limited

Open Date

Mar 24, 2026

Close Date

Mar 27, 2026

listed

Min Investment

₹14,615

Lot Size

37 Shares

Issue Size

₹1100 Cr

Price Range

₹375 - ₹375

Listing Date

Apr 2, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹7(+1.87%)GMP
1.77%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Powerica Limited IPO - Issue Objectives

The company will use ₹525 crore for repayment of the outstanding loan availed by the business. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Repayment of loan

75%

General corporate purposes

25%

1

Repayment of loan

The company will use ₹525 crore for repayment of the outstanding loan availed by the business.

75.00%
2

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

25.00%

IPO Subscription Status

QIB
4.74x
NII
0.47x
Individual
0.15x
Total
1.53x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Powerica Limited

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue1,474.872,710.932,356.772,422.42
EBITDA220.42345.66362.45333.21
Expenses
Profit After Tax134.55175.83226.11106.45
Assets2,729.732,414.832,084.912,125.81
Net Worth1,214.521,085.60912.49794.60
Reserves1,158.991,070.95898.67777.88
Borrowing571.95300.80177.52278.88

Powerica Limited - Promoter(s)

Naresh Chander Oberoi

Bharat Oberoi

Renu Naresh Oberoi

Jai Ram Oberoi

Naresh Oberoi Family Trust

Bharat Oberoi Family Trust

Kabir and Kimaya Family Private Trust

Pre Issue Share Holding

99.99%

Post Issue Share Holding

77.99%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Established position in the generator set market

The company has been engaged in the business of DG sets since its incorporation in 1984. It presents across a wide suite of DG sets with capacities ranging from 7.5 kVA to 3,750 kVA. The company owns and operates three manufacturing facilities for its DG sets business for strong quality control, supply chain efficiency, and faster time-to-market. They are one of the OEMs for Cummins and have maintained a relationship with them for 4+ decades.

02

Collaborations with industry players

The company has long-standing alliances with global established leaders like Cummins (40+ years), Hyundai (since 2014), GE Vernova (since 2019), and Vestas (since 2010), etc. Notably, a joint development agreement with GE Vernova is formed to construct and own renewable power projects in India, specifically the 2,000 MW wind-solar hybrid project in Gujarat.

03

Diversified customer base

The company has long-term PPAs with its customers, which provide strong visibility on stable cash flows. Its principal offtake customers include state electricity boards such as GUVNL and the SECI, which acts as an intermediary power procurer. Of its 12 operational wind power projects with a combined installed capacity of 330.85 MW, 10 projects with an aggregate installed capacity of 228.25 MW have PPAs with GUVNL. Two projects of 102.60 MW have PPAs with SECI.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Dependence on Cummins India

The company has relied entirely on Cummins India Limited for engines/alternators for its DG Sets. Also, 63.60% and 70.39% of total revenue from operations for H1FY26 and FY25, respectively, are attributable to Cummins-powered DG sets. The OEM authorisation from Cummins is an annual renewal and non-exclusive, which allows Cummins to appoint additional OEMs and/or sell directly into Powerica’s markets. Deterioration of the relationship with Cummins could result in a substantial interruption to operations.

02

Wind power business dependent on OEM relationships

All 12 of Powerica's operational wind power projects in Gujarat, with an overall installed capacity of 330.85 MW, are highly dependent on OEMs (Vestas and GE Renewable to provide O&M services. The contracts are long-term, ranging from 5 to 20 years each, with no assurances on renewal terms that are favourable to Powerica. Based on the OEM's financial distress/ insolvency / or a shift in their strategic direction would likely cause increased downtime, increased penalties under PPAs, and subsequent loss of revenue.

Contact Details

Powerica Limited

9th Floor, Bakhtawar, Nariman Point, Mumbai, Maharashtra - 400021.

02243152525
investorrelations@powericaltd.com
https://powericaltd.com

Registrar Contact Details

MUFG Intime India Pvt.Ltd.

+91-22-4918 6270
powerica.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Powerica Limited IPO - FAQs

Powerica Limited IPO is a Mainboard IPO. The issue is priced at 375-₹395. The minimum order quantity is 37 Shares. The IPO opens on 24 Mar, and closes on 27 Mar. MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-03-20
  • Bidding Starts2026-03-24
  • Bidding Ends2026-03-27
  • Allotment Finalisation2026-03-30
  • Release of Funds2026-04-01
  • Demat Transfer2026-04-01
  • Listing2026-04-02
04

Strong technical and execution capabilities

The company has built robust in-house engineering capabilities, including CNC fabrication systems, 3D modelling for complex project design, and advanced project lifecycle management for wind power. As of September 30, 2025, the company’s manufacturing, projects, design and engineering team of its generator set business consisted of 467 personnel and 126 personnel in the Wind Power Business.

05

Healthy wind power operating metrics

The company’s operational wind power projects show impressive performance metrics. For H1FY26, average plant availability was 98.72%, which has been consistently above 98% during FY23 - FY25. For the same time frame, the average plant load factor was 32.84%, compared to 26.78% for FY25; both metrics indicate improved asset utilisation over time.

03

Geographic concentration

All 12 operational wind power projects, including the under-development project, are located entirely within the State of Gujarat. Thus, the entire portfolio of Independent Power Producers (IPPs) is sensitive to disruptions in the region.

04

High upfront costs in the wind business

The wind energy business requires a large amount of upfront capital investment before generating any income. For the Khambhaliya Wind Farm (SECI 6) project, the commissioning of the wind farm was delayed from April 2020 until June 2022 as a result of COVID-19, changes in government policy and regulatory delays. Future projects will experience the same risks associated with having capital locked up prior to generating revenues, cost overruns, and possible additional debt financing, which may cause returns to not be as high as expected.

05

Stringent emission standards (CPCB IV+)

Due to the CPCB IV+ emission regulations coming into effect, & compliant DG Sets have been priced approximately 15 - 20% higher. Failure to timely and effectively transition its product offerings to meet CPCB IV norms, or significant increases in its production costs due to these norms, could materially and adversely affect our market share, sales volume, profitability, and overall financial condition.