Powerica Limited IPO
🟢 Open NowIPOGenie Score — Powerica Limited
Our 5-factor scoring model: Financial Quality (30) + Subscription (25) + GMP (20) + Business (15) + Risk (10). Total: 39/100 — Avoid.
Weak indicators: Low GMP ₹4. Score 39/100 — high risk.
Live Subscription Status
(Updated 2× daily from BSE+NSE)GMP History — Powerica Limited
| Date | GMP (₹) | GMP (%) | Est. Listing | Trend |
|---|---|---|---|---|
| 24 Mar | +₹4 | 1.01% | ₹399 | — |
| 21 Mar | +₹4 | 1.01% | ₹399 | |
| 19 Mar | +₹5 | 1.27% | ₹400 | — |
IPOGenie Review — Powerica Limited
Powerica operates in 2 segments: (1) Generator Set Business — manufactures DG sets for hospitals, data centres, telecom, construction; 3 plants in Bengaluru, Silvassa, Khopoli. (2) Wind Power IPP — 11 wind projects in Gujarat with 279.55 MW capacity under PPAs with GUVNL and SECI. Revenue FY2025: Rs 2,710.93 crore (up 15% YoY). PAT FY2025: Rs 175.83 crore (down from Rs 226.11 cr in FY2024 due to higher interest costs from wind expansion).
Verdict: Subscribe. Established DG market leader with growing renewable energy portfolio. Data centre boom drives DG demand. Wind power adds long-term optionality. PAT dip in FY2025 is transitory — from higher interest costs that will reduce as loans are repaid using IPO proceeds (Rs 525 crore for debt repayment). Reasonable at 28x PE.
Strengths
- Largest Cummins OEM in India with 40+ year partnership — strong moat
- Data centre and telecom boom driving DG demand structurally
- 279 MW operational wind power with long-term PPAs
- IPO proceeds Rs 525 crore for debt repayment improves margins going forward
Risks
- PAT declined YoY in FY2025 due to higher debt costs
- DG sets face long-term risk from grid reliability improvements and EVs
- High total debt of Rs 1,800+ crore from wind expansion
Powerica Limited IPO — Complete Details
| Open Date | 24 March 2026 |
| Close Date | 27 March 2026 |
| Allotment Date | 30 March 2026 |
| Listing Date | 2 April 2026 |
| Price Band | ₹375 – ₹395 per share |
| Face Value | ₹5 per share |
| Lot Size | 37 shares |
| Min. Investment (Retail) | ₹14,615 |
| Issue Size | ₹1100 Crores |
| Fresh Issue | ₹700 Crores |
| Offer for Sale (OFS) | ₹400 Crores |
| Listing Exchange | NSE, BSE |
| IPO Type | Mainboard IPO (NSE + BSE) |
| Issue Type | Book Built |
| Registrar | MUFG Intime India Pvt Ltd |
| Lead Manager(s) | ICICI Securities Ltd, IIFL Capital Services Ltd, Nuvama Wealth Management Ltd |
| Anchor Allocation | ₹330 Crores |
| Promoter Holding (Pre-IPO) | 71.2% |
Powerica Limited — Financial Snapshot
Use of IPO Proceeds
- 1Prepayment/repayment of outstanding borrowings: Rs 525 crore
- 2General corporate purposes
IPO Documents
⚠️ Always read the RHP before investing — it contains all material risk factors and financial disclosures.