Susan Electricals India Limited
Susan Electricals India Limited is a Ghaziabad-based manufacturer of aluminium and copper electrical winding wires, conductors, and power cables, primarily supplying state-owned DISCOMs and EPC companies. The company is raising ₹70.38 crores through an SME IPO listing on BSE SME.
Overview
About the Company
Incorporated in 2007 and headquartered in New Delhi with manufacturing operations in Ghaziabad, Uttar Pradesh, Susan Electricals India Limited specialises in producing aluminium and copper-based electrical winding wires, conductors, and power cables across a wide range of specifications and configurations. Its product lineup covers winding wires and strips for use in transformers, motors, alternators and coils, aluminium stranded conductors for overhead distribution networks, low tension (LT) PVC and XLPE insulated cables, LT aerial bunched cables, and high tension (HT) cables. The company runs three manufacturing units in Ghaziabad at Site-IV Industrial Area, Sahibabad, and SSGT Road. Its primary customers are state-owned electricity distribution companies (DISCOMs), infrastructure and EPC firms, and businesses in the wires and cables sector. It also trades in aluminium wires and rods and offers job work services for winding wire processing. During FY26, products were sold across seven states including Uttar Pradesh, Jharkhand, Madhya Pradesh, and Karnataka. As of April 30, 2026, the company employed 216 permanent staff.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Capital expenditure for expanding the existing manufacturing facility at Plot No. 18/31, Sahibabad, Ghaziabad, Uttar Pradesh — estimated at ₹7.72 crores.
- › Funding incremental working capital requirements of the business — estimated at ₹33.00 crores.
- › General corporate purposes.
✅ Strengths
- ✓ The company produces a broad range of electrical wires, cables and conductors catering to multiple end-use applications across power distribution and motor winding segments.
- ✓ It holds multi-state vendor registrations and approvals with state-owned DISCOMs, giving it strong access to government and utility procurement tenders.
- ✓ The business is well-positioned to benefit from government-driven programmes such as RDSS and rural electrification initiatives.
- ✓ It holds BIS licences and ISO certifications covering quality, environmental and occupational safety management systems.
- ✓ The company has a geographically diversified customer base spanning multiple Indian states, supporting scalable growth.
- ✓ Operations are led by experienced promoters with more than two decades of industry expertise.
⚠️ Risks
- ! A large share of revenue is generated from government-owned electricity distribution utilities, creating dependence on the public sector.
- ! Business performance relies heavily on successfully winning and executing government and institutional tender contracts.
- ! Revenue concentration among a limited number of customers exposes the company to client attrition risk.
- ! The industry is highly competitive, with pressure from both established and new entrants in the wires and cables space.
- ! Any failure to execute planned expansion and growth strategies could negatively impact future business and financial performance.