IC Electricals Co.IPO

Incorporated in August 2005, IC Electricals Co. manufactures electrical/electronic equipment and components for Indian Railway. The company's products include power regulators and battery chargers for trains and engine starters, emergency lights for train and passenger safety, inverter products, microprocessor-based control systems, vigilance control devices, alternators for locomotives, traction motors for trains, and permanent magnet alternators with control devices. The company also provides a full range of turnkey railway electrical services through the design and purchase of 25kV AC (overhead) electrical equipment, as well as traction substations.

The company operates in the business to government (B2G) segment and earns over 80% of its total revenue from the government, primarily from the Ministry of Railways. It operates through three separate business units: Electronics (associated with electronic systems), rotating machines (associated with the design and manufacture of mechanical products), and contracts (associated with delivering turn-key railway electrification projects through the design and purchase of AC overhead electrical equipment). All of the company's manufacturing facilities are located in the Bahadrabad Industrial Area of Haridwar, Uttarakhand.

In FY26, the contract division contributed 40.94% of the total revenue followed by the Electronics Division at 30.37% and Rotating Machines Division at 28.68%. The Electronics division has presented good growth as its revenue increased from just 8.18% in FY24 to 21.14% in FY25 and further to 30.37% in FY26 whereas the Rotating Machines Division's revenue decreased from 44.69% to 28.68% in the same period.

Uttarakhand is the largest contributing state to standalone revenue with 59.01% followed by Uttar Pradesh at 13.90% of total revenues, and Punjab at 8.57%. Government accounted for 82.01% of revenues in FY26, while non-government 17.99% of revenues. The total installed capacity for the company is 30,384 units, and its actual production has been steadily grown from 10,294 units in FY24 with 33.88% utilisation to 14,779 units in FY26 with 48.64% utilisation.