PW
Powerica Limited
India's leading independent power solutions company manufacturing diesel generator sets, gas-based power systems, and renewable energy solutions since 1983.
₹375–₹395
Price Band
37 Shares
Lot Size
₹14615
Min Investment
1 lot @ ₹395
₹1100 Cr
Issue Size
-₹15
GMP Today
Est. ₹380 (-3.8%)
1.53×
Subscribed
Day 3
₹5
Face Value
Grey Market Premium (GMP)
Updated 27 Mar · 17:00 IST-₹15
Current GMP
Grey Market Premium
₹380
Est. Listing Price
Upper band + GMP
-3.80%
Expected Return
From upper band ₹395
GMP Trend
⚠️ Disclaimer: GMP is an unofficial grey market indicator and does not guarantee listing performance.
Subscription Status
Day 3 · 27 Mar 20264.74×
QIB
Qualified Institutional
0.47×
NII / HNI
Non-Institutional
0.16×
Retail
Individual Investors
| Category | Shares Offered | Shares Bid | Subscription | Progress |
|---|---|---|---|---|
| QIB | – | 4.74× | ||
| NII | – | 0.47× | ||
| Retail | – | 0.16× | ||
| Total | – | – | 1.53× |
About the Company
Powerica Limited is a Mumbai-based independent power solutions company incorporated in 1983, engaged in manufacturing and supply of diesel generator (DG) sets, gas-based power systems, and renewable energy solutions. The company serves enterprise clients across sectors including data centres, telecom, manufacturing, and infrastructure. As a Cummins OEM partner and Schneider Electric manufacturing partner, Powerica has a strong institutional client base across India. The IPO raised ₹1,100 crore — ₹700 crore fresh issue and ₹400 crore OFS — though the stock listed at a 5-7% discount to the issue price.
Founded
1983
Headquarters
Mumbai, India
Industry
Power Solutions / DG Sets / Renewable Energy
Issue type
Fresh Issue + OFS
Promoters
Naresh Oberoi, Bharat Oberoi and family trusts
✅ Strengths
- Industry leader in DG sets — strong brand and long-standing OEM relationships
- Revenue grew from ₹2,422 Cr (FY23) to ₹2,711 Cr (FY25) with improving margins
- PAT of ₹176 Cr in FY25 with EBITDA margin of ~12.8%
- Growing renewable energy segment adds long-term diversification
- Large institutional client base in high-growth data centre segment
⚠️ Risks
- Listed at a 5–7% discount — IPO priced too aggressively despite weak subscription
- IPO barely subscribed 1.53x; retail portion was just 0.16x — poor demand signal
- PAT declined from ₹226 Cr (FY24) to ₹176 Cr (FY25) — earnings regression
- Revenue concentration in cyclical infrastructure/capex sectors
- Promoter holding of 77.2% post-IPO still relatively high
Financial Performance
FY23 · FY24 · FY25Revenue (₹ Cr)
PAT (₹ Cr)
FY23
FY24
FY25
| Metric | FY23 | FY24 | FY25 | Growth (YoY) |
|---|---|---|---|---|
| Revenue (₹ Cr) | 2422 | 2357 | 2711 | Stable |
| EBITDA (₹ Cr) | 323 | 363 | 346 | Stable |
| PAT (₹ Cr) | 106 | 226 | 176 | Stable |
| EBITDA Margin | 13.3% | 15.4% | 12.8% | – |
| ROE | – | – | 17.5% | – |
Analyst Review
5
/ 10 overall
Avoid ❌
Listed at discount — better entry awaited
Allotment & Listing
✓
24 Mar
IPO Opens
Subscription window opens for all categories
✓
27 Mar
IPO Closes
Last day to apply – 5:00 PM deadline
✓
30 Mar
Allotment Date
Basis of allotment to be finalized
1 Apr
Refund Initiation
Unallotted funds credited to bank accounts
1 Apr
Credit to Demat
Shares credited to allottees' demat accounts
2 Apr
Listing Day 🎯
Expected listing on NSE & BSE at 10:00 AM
🎯 Listing Performance
₹395
Issue Price
₹375
Listing Price
0.0%
Listing Gain
₹369
Current Price