Powerica IPO
LISTEDMAINBOARDAVOIDListing Performance
▼ 1.00%
Issue Price
₹395
Listing Price
₹391
Listed On
02 Apr 2026
- Price Band
- ₹375 – ₹395
- Lot Size
- TBA
- Lot Value
- TBA
- Open Date
- 24 Mar 2026
- Close Date
- 27 Mar 2026
Powerica — Live Stock Performance
IPO Timeline
Issue Opens
24 Mar 2026 · Tue
Issue Closes
27 Mar 2026 · Fri
Bidding Cut-off (UPI Mandate)
27 Mar 2026 · 5:00 PM IST
Allotment
30 Mar 2026 · Mon
Listing
02 Apr 2026 · Thu
About Powerica
Powerica is an Indian company with a diversified business portfolio comprising a Generator Set Business (diesel generator sets powered by Cummins engines, medium-speed large generator sets in collaboration with Hyundai, and allied products) and a Wind Power Business (independent power producer operations with 330.85 MW installed capacity and EPC/O&M services). The company has been operating its Generator Set Business since 1984 and has expanded significantly into renewable energy through wind power generation.
The company generates revenue primarily through the sale of diesel generator sets and related products/services (80.50% of revenue) and wind power generation through independent power producer operations and engineering, procurement, construction and operations & maintenance contracts.
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: NSE, BSE
Strengths (6)
- •Established market presence in DG sets since 1984 with comprehensive capacity range
- •Strategic alliances with industry leaders including Cummins, Hyundai, GE Vernova, and Vestas
- •Three captive manufacturing facilities enabling direct control over quality and supply chain
- •Experienced management team with tenure exceeding 15 years driving consistent growth
- •Diversified customer base across commercial, infrastructure, manufacturing, and data centre sectors
- •Integrated business model combining manufacturing, sales, installation, and after-sales services
Risk Factors (6)
- •Heavily dependent on Generator Set Business (82.79% of revenue); negative developments could materially impact operations.
- •Reliant on Cummins engines (56.77% of revenue); supply disruption would adversely affect business.
- •IPP wind power operations depend on OEM relationships; deterioration could adversely impact business.
- •Company and promoters impleaded in civil suit regarding family arrangement and equity shares.
- •Dependent on key suppliers including Cummins India; supply failures could adversely affect operations.
- •Require compliance with restrictive covenants in financing agreements; non-compliance risks accelerated repayment.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▼ Listed -1.0%Listed below issue price with -1.0% on listing day. Risks cited in the DRHP appear to have weighed on sentiment.
Pre-listing prediction: AVOID
IPO Details
| Registrar | MUFG Intime India Pvt. Ltd. |
| Exchange | NSE, BSE |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹1100.00 Cr |
| Fresh Issue | ₹700.00 Cr |
| OFS Size | ₹400.00 Cr |
| Lead Managers | ICICI Securities Limited, IIFL Capital Services Limited, Nuvama Wealth Management Limited |
Company Fundamentals
9 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹54.41 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Powerica offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Powerica's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Powerica's filing.
Source: Powerica offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Naresh Oberoi Family Trust₹280.00 Cr
- Kabir and Kimaya Family Private Trust₹120.00 Cr
Source: Powerica offer document (DRHP/RHP).
Board & Management
Board of Directors (9)
- Bharat Oberoi
Chairman and Managing Director
- Pradeep Omprakash Gupta
Whole-time Director
- Renu Naresh Oberoi
Whole-time Director
- Jai Ram Oberoi₹0.80 Cr p.a.
Whole-time Director
Bachelor's in economics and public health from Emory University; Master's in epidemiology from Columbia University
Associated since 2022, more than 3 years in generator set industry
- Maheswar Sahu₹0.10 Cr p.a.
Independent Director
Bachelor's in electrical engineering from Regional Engineering College, Rourkela; Master's in social science from University of Birmingham
Joined Indian Administrative Services in 1980, over 33 years in Government of India and Government of Gujarat roles
- Udaya Shankar Jena₹0.09 Cr p.a.
Independent Director
Master's in economics from Jawaharlal Nehru University
More than 20 years in management roles; associated with SBI Gilts Limited and Societe Generale
- Sowmya Chaturvedi
Independent Director
Bachelor's in engineering (instrumentation) from University of Pune; Post graduate executive management from S.P. Jain Institute of Management and Research; Future leaders programme from NUS Business School
More than 14 years in power and energy generation sector
- Sunil Godwin Lobo₹0.07 Cr p.a.
Independent Director
Bachelor's in commerce from University of Bombay; Post graduate diploma in business administration from K.J. Somaiya Institute of Management Studies and Research
More than 29 years in corporate and investment banking; director at BNP Paribas
- Tapan Ray
Independent Director
Bachelor of technology in mechanical engineering from IIT Delhi; Executive masters in international trade from Indian Institute of Foreign Trade
Retired Indian Administrative Officer; served as secretary to Ministry of Corporate Affairs; non-executive chairman of Central Bank of India; managing director and group CEO of GIFT City
Key Managerial Personnel (2)
- Anita Praful Renuse₹0.19 Cr p.a.
Company Secretary and Compliance Officer
Bachelor's in commerce from University of Mumbai; Associate member of Institute of Company Secretaries of India
Associated since August 1, 2022; more than 15 years in legal, compliance and secretarial functions
- Ritesh Kumar Agrawal
Group Chief Financial Officer
Final examination of Institute of Chartered Accountants of India; Bachelor's in commerce from Sambalpur University
Associated since July 21, 2025; more than 16 years in finance sector; previously CFO at Hero Motors Limited and Ethos Limited
Source: Powerica offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from Powerica's filing.
Use of IPO Proceeds
Total allocation: ₹525.00 Cr (excludes issue expenses)
Promoters
Bharat Oberoi
Managing Director
Pre-issue: 0.51%
Renu Naresh Oberoi
Pre-issue: 0.17%
Jai Ram Oberoi
Pre-issue: 0%
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Powerica Limited | — | 15.26 | 15.37 | 99.76 |
| Cummins India Limited | 64.13 | 72.15 | 26.45 | 272.78 |
| Kirloskar Oil Engines Limited | 43.24 | 33.71 | 15.85 | 212.6 |
| NTPC Green Energy Limited | 129.4 | 0.67 | 2.58 | 21.88 |
| Acme Solar Holdings Limited | 50.74 | 4.55 | 5.59 | 74.54 |
| Adani Green Energy Limited | 101.53 | 8.37 | 11.9 | 76.62 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 15 | 17.82 |
| Tax | Promoters | 2 | 0.13 |
The company faces material civil litigation involving promoters Bharat Oberoi and Renu Naresh Oberoi related to a family arrangement agreement and equity share buyback transaction, with claims totaling ₹0.13 crore. Additionally, the company is involved in disputes over land title and regulatory matters concerning wind turbine installations, including proceedings before the Gujarat High Court and forest regulatory authorities.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Pvt. Ltd.→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 2,653.27 | 175.83 | 15.26 | — | 17.53% |
| FY24 | 2,210 | 226.11 | — | — | — |
| FY23 | 2,378.26 | 106.45 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 2,422.42 | 2,356.77 | 2,710.93 |
| EBITDA | 333.21 | 362.45 | 345.66 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
25.9x
Price ÷ EPS
EPS (FY25)
₹15
Earnings per share
RoNW
17.53%
Return on net worth
ROCE
27.02%
as reported in filing
EBITDA margin
13.0%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Subscription Status
Subscription data will appear once bidding begins.
Allotment Statistics
Basis of Allotment
Category-wise subscription & allotment ratio
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Related IPOs
Documents
Frequently Asked Questions
When is the Powerica IPO opening?
The Powerica IPO opens on 24 Mar 2026 and closes on 27 Mar 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Powerica IPO?
The price band for the Powerica IPO is ₹375 to ₹395. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Powerica IPO?
The minimum lot size is TBA shares with a minimum investment of not yet announced. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Powerica IPO today?
The latest Grey Market Premium for Powerica is ₹-4 (-1.01%). GMP is unofficial data and is not a guarantee of listing price.
When will the Powerica IPO list on NSE and BSE?
The Powerica IPO is expected to list on 02 Apr 2026 on NSE, BSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Powerica IPO allotment status?
The registrar for this IPO is MUFG Intime India Pvt. Ltd.. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Powerica IPO a mainboard or SME issue?
Powerica is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Powerica IPO?
You can apply for the Powerica IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Powerica IPO?
Based on the current GMP of ₹-4, the expected listing price of Powerica is ₹391 (issue price ₹395 + GMP ₹-4). Note that GMP is unofficial grey market data and actual listing price may differ.
Should I subscribe to Powerica IPO?
Based on our algorithmic analysis, Powerica IPO is rated AVOID with medium confidence. Listed below issue price with -1.0% on listing day. Risks cited in the DRHP appear to have weighed on sentiment. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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