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Powerica IPO

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Powerica IPO

Power Generation/Distribution
listed
₹13,875Min. investment
  1. Pre-apply
    20 Mar
  2. Bid start
    24 Mar
  3. Bid end
    27 Mar
  4. Allotment
    30 Mar
  5. Release of funds
    1 Apr
  6. Demat transfer
    1 Apr
  7. Listing
    2 Apr

Powerica Limited IPO Details

SectorPower Generation/Distribution
Price range₹375 – ₹395
IPO type
Regular
Lot size37 shares
Issue size₹1,100Cr
Red Herring Prospectus
Read
Market Cap
₹4,998CrLower than sector avg
RevenueApr 20NaN - Mar 20FY
₹2,653.2CrLower than sector avg
Growth rate3Y CAGR
5.62%Higher than sector avg

Powerica Limited IPO Overview

Powerica Limited IPO date

Powerica Limited IPO will open for subscription on March 24, 2026, and the closing date for the IPO is March 27, 2026. After this, investors are expected to be updated about the allotment status on March 30, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on April 1, 2026. The shares will be listed on the NSE and the BSE on Thursday, April 2, 2026.

Powerica Limited IPO price band

The IPO includes an offer for sale. The IPO price band has been set between ₹375 and ₹395 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹700 crore and an offer for sale of ₹400 crore. Powerica IPO listing price will be determined on April 2, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Powerica Limited IPO lot size

Powerica Limited IPO details have been declared. The minimum lot size for an application is 37 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹1,100 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹2,653.2Cr
This sector
₹7,783.3Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
5.62%
This sector
0.01%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹175.8Cr
This sector
₹1,281.2Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹4,998Cr
This sector
₹38,103.65Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
25.88
This sector
45.35
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.24
This sector
2.10
Compare with companies

Objectives

Repayment of loan
75.00%
General corporate purposes
25.00%

Strength and Weakness

Established position in the generator set market

The company has been engaged in the business of DG sets since its incorporation in 1984. It presents across a wide suite of DG sets with capacities ranging from 7.5 kVA to 3,750 kVA. The company owns and operates three manufacturing facilities for its DG sets business for strong quality control, supply chain efficiency, and faster time-to-market. They are one of the OEMs for Cummins and have maintained a relationship with them for 4+ decades.

Collaborations with industry players

The company has long-standing alliances with global established leaders like Cummins (40+ years), Hyundai (since 2014), GE Vernova (since 2019), and Vestas (since 2010), etc. Notably, a joint development agreement with GE Vernova is formed to construct and own renewable power projects in India, specifically the 2,000 MW wind-solar hybrid project in Gujarat.

Diversified customer base

The company has long-term PPAs with its customers, which provide strong visibility on stable cash flows. Its principal offtake customers include state electricity boards such as GUVNL and the SECI, which acts as an intermediary power procurer. Of its 12 operational wind power projects with a combined installed capacity of 330.85 MW, 10 projects with an aggregate installed capacity of 228.25 MW have PPAs with GUVNL. Two projects of 102.60 MW have PPAs with SECI.

Strong technical and execution capabilities

The company has built robust in-house engineering capabilities, including CNC fabrication systems, 3D modelling for complex project design, and advanced project lifecycle management for wind power. As of September 30, 2025, the company’s manufacturing, projects, design and engineering team of its generator set business consisted of 467 personnel and 126 personnel in the Wind Power Business.

Healthy wind power operating metrics

The company’s operational wind power projects show impressive performance metrics. For H1FY26, average plant availability was 98.72%, which has been consistently above 98% during FY23 - FY25. For the same time frame, the average plant load factor was 32.84%, compared to 26.78% for FY25; both metrics indicate improved asset utilisation over time.

About Powerica Limited

Powerica Limited is an integrated power solutions firm that has been in operation for more than 40 years, starting as a diesel generator (DG) set manufacturer in 1984. It operates through two primary divisions: the generator set business and the wind power business. In addition, Powerica's associate firm, Platino Automotive, creates retrofit emission control devices (RECDs) used to provide comprehensive solutions for reducing emissions from existing DG sets.
The company has three manufacturing plants in Bengaluru, Silvassa and Khopoli, occupying 50,585 sq m, 39,395 sq. m, and 85,570 sq m space respectively. As of September 2025, the capacity usage rate was estimated to be approximately 82% for Bengaluru and approximately 83% for Silvassa.
The DG set business is the main segment of the business's operation. It offers a wide range of generators powered by Cummins engines, with a capacity range from 7.5 kVA to 3,750 kVA, covering the whole range of low to high-horsepower applications. The company has an established (over 40 years) non-exclusive arrangement with Cummins India for the procurement of key elements such as alternators and engines.
Powerica entered the large generator market in 1996 via an alliance with H-D Hyundai Heavy Industries, which manufactured Medium-speed Large Generators (MSLGs) with a capacity of 3,000 kVA to 10,000 kVA that can be operated either individually or in parallel as per customer requirements.
The company began its renewable energy initiatives as an Independent Power Producer (IPP) in 2008, with its first project in Gujarat at a capacity of 4.8 MW and continues to grow with a total of 330.85 MW from 12 wind projects located exclusively in Gujarat. All projects operate under long-term Power Purchase Agreements (PPA) with GUVNL and SECI for a minimum of 25 years and an average remaining useful life of approximately 18 years, providing consistent and predictable cash flow for a long-term future.
The company has established a solid national presence throughout India with 19 sales offices and 43 authorised dealers, employing 123 persons in sales. Its diverse customer base spans multiple industries, including real estate, healthcare, hospitality, banks, infrastructure, manufacturing, IT/data centres, government and defence. The customer base is very well diversified, with the top 10 customers representing approximately 22.7% of total sales in the DG business, thus reducing the company's dependency on a single customer.
The company is currently building a 52.7 MW wind project (Orchid Phase II) at a tariff of ₹3.81/unit, expected to be operational by March 2027. The company has an extensive list of upcoming projects as well - there are approximately 280 MW of renewable energy projects (both wind and solar) currently planned in Gujarat by Powerica, which has developed EPC capabilities to execute Balance of Plant (BoP) EPC work on wind projects. Since 2012, it has completed over 450.4 MW of total projects, consisting of 254.5 MW of its own projects and 195.9 MW of third-party projects. Currently, the company has 435.6 MW of third-party projects in construction, with an additional 150 MW order already received. In addition to project execution, Powerica also provides O&M services for 296.5 MW of operational renewable energy through 10 projects. In addition to its renewable energy business, its 50% ownership in Platino Automotive places the company in the emissions control business; they produce RECDs for DG sets, with capacities ranging from 125 kVA to 10,000 kVA, for all major manufacturers. RECDs (receivers for emissions control devices) manufactured by Platino are compliant with the ARAI/ICAT certifications.
The booming growth of data centres, which is expected to reach 4.7 GW of capacity by FY30 at a CAGR of ~27.4%, the rapid rollout of EV charging infrastructure, and increased defence and government spending on critical infrastructure are all significant factors driving strong long-term demand for DG sets and MSLGs across LHP, MHP, and HHP segments. On the renewable energy side, India's abundant onshore wind generation potential of 1,164 GW, an aggressive government expectation for the allocation of 10 GW of new onshore wind generation resources annually going forward through SECI and NTPC, a growing trajectory of Renewable Purchase Obligations to achieve 6.94% share of overall new onshore wind generation by FY30, and the emergence of hybrid onshore wind-solar generation solutions are creating a very large policy-backed pipeline for Independent Power Producers (IPPs) and EPC opportunities, especially in Gujarat.
This company aims to take advantage of the increasing demand for DG sets because of data centres, electric vehicle (EV) infrastructure, and the reliability of the electrical grid system. As well, they plan to aggressively add to their existing wind energy portfolio with new project awards and active execution of projects already in the pipeline. They are also focusing on hybrid renewable projects to lower costs and improve overall efficiency.
Now, Powerica Limited is launching its initial public offering (IPO), which consists of a fresh issue of ₹700 crore and an offer for sale of ₹400 crore. The total issue size of the IPO is ₹1,100 crore, and its shares will be listed on the NSE and BSE.

How to pre-apply for the Powerica IPO?

You can pre-apply for the Powerica IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Powerica IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for the Powerica IPO?

If you are interested in this investment opportunity but unsure how to apply for the Powerica IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Powerica IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Powerica IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check the Powerica IPO allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Powerica IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Powerica IPO allotment status will be mentioned.

IPO Analysis

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Powerica IPO
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Powerica IPO Subscription Status

Date
QIB
NII
Retail
Total
24-Mar-26
0.0 times (X)
0.01 times (X)
0.02 times (X)
0.01 times (X)
25-Mar-26
0.0X
0.01X
0.04X
0.03X
27-Mar-26
1.7X
0.43X
0.14X
1.44X

Latest News on Powerica IPO

news logo
Powerica IPO: The initial share sale is a mix of new equity shares aggregating to ₹700 crore and an offer for sale (OFS) component of ₹400 crore by promoters Kabir and Kimaya Family Private Trust and Naresh Oberoi Family Trust.

2 min read

news logo
Under the OFS, Naresh Oberoi Family Trust and Kabir and Kimaya Family Private Trust would offload shares to the tune of ₹490 crore and ₹210 crore, respectively.

2 min read

news logo
Powerica IPO: The ₹1,100 crore initial share sale, with a price band of ₹375 to ₹395 apiece, is a combination of a fresh issue of shares aggregating to ₹700 crore and an offer for sale (OFS) of ₹400 crore by promoters Naresh Oberoi Family Trust and Kabir and Kimaya Family Private.

3 min read

news logo
Powerica IPO allotment: The ₹1,100 crore book-build issue was a mix of a fresh issuance of shares aggregating to ₹700 crore and an offer for sale of ₹400 crore by promoters Kabir and Kimaya Family Private Trust and Naresh Oberoi Family Trust.

3 min read

Frequently asked questions

How to invest in the Powerica IPO ?

Investors can apply for the Powerica IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Powerica IPO ?

The issue size of the Powerica IPO is 1100 Cr.

What is 'pre-apply' for Powerica IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Powerica IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.