सुसान इलेक्ट्रिकल्स की लिस्ट ₹186, 53.78% तक

2007 में एल्युमिनियम और कॉपर आधारित उत्पादों के निर्माता के रूप में स्थापित सुसान इलेक्ट्रिकल्स इंडिया लिमिटेड ने गुरुवार, 18 जून, 2026 को BSE SME पर एक शानदार शुरुआत की. सुसान इलेक्ट्रिकल्स का शेयर मूल्य ₹186.00 पर खुला, जो ₹127.00 की इश्यू प्राइस से 46.46% के प्रीमियम का प्रतिनिधित्व करता है, ₹195.30 (53.78% तक) पर पहुंच गया.

Susan Electricals Listing Details

Susan Electricals launched its IPO at ₹120-127 per share with minimum investment of 2,000 shares costing ₹2,54,000 raising ₹70.38 crore comprising fresh issue of ₹60.22 crore and offer for sale of ₹10.16 crore including ₹19.34 crore from anchor investors. The IPO received exceptional response with subscription of 216.63 times - retail investors at 207.56 times, NII exceptionally strong at 336.00 times (bNII 389.07 times, sNII 229.86 times), QIB at 142.65 times, total applications of 2,28,249 indicating strong investor appetite for electrical cables manufacturer serving power distribution utilities.

फर्स्ट-डे ट्रेडिंग परफॉर्मेंस

Listing Price: Susan Electricals stock price opened at ₹186.00 representing premium of 46.46% from issue price, hit upper circuit at ₹195.30 (up 53.78%), with VWAP at ₹186.36. The stellar listing delivered exceptional gains for IPO investors with turnover of ₹52.70 crore, traded volume of 28.28 lakh shares, delivery of 100%, and market capitalisation of ₹397.06 crore against pre-IPO market cap of ₹258.20 crore.

ग्रोथ ड्राइवर और चैलेंज

ग्रोथ ड्राइवर्स:

• Explosive Revenue Growth: Revenue surging 98% from ₹136.05 crore in FY25 to ₹269.96 crore in FY26, PAT growing 223% from ₹5.65 crore to ₹18.25 crore reflecting strong execution in power distribution segment.
• Government Infrastructure Tailwinds: Well-positioned to benefit from RDSS (Revamped Distribution Sector Scheme) and rural electrification projects with multi-state DISCOM vendor registrations providing access to government tender opportunities.
• Strong Return Ratios: Exceptional ROE of 64.64%, ROCE of 29.05%, and RoNW of 47.42% demonstrating efficient capital deployment despite competitive market dynamics.

विकलांगता:

• Bumper Profits Raise Eyebrows: Analyst flags bumper profits from FY25 onwards (PAT jumping from ₹0.76 crore in FY24 to ₹18.25 crore in FY26) raising concerns over sustainability of exceptional growth trajectory.
• High Leverage: Total borrowings of ₹66.72 crore against net worth of ₹38.48 crore indicates elevated debt levels requiring careful working capital management as operations scale.
• Competitive Segment Risk: Operating in highly competitive and fragmented electrical cables segment may curtail margins going forward; issue appears aggressively priced at post-IPO P/E of 14.15x.

IPO की आय का उपयोग

• Working Capital: ₹33.00 crore for funding working capital requirements to support expanded operations.
• Capital Expenditure: ₹10.29 crore for expansion of existing manufacturing facility at Plot No.18/31, Sahibabad, Ghaziabad.
• सामान्य कॉर्पोरेट उद्देश्य: शेष राशि.

फाइनेंशियल परफॉर्मेंस

• Revenue: ₹269.96 crore for FY26, growth of 98% from ₹136.05 crore in FY25, reflecting strong demand from DISCOMs, infrastructure and EPC companies across 7 states including Uttar Pradesh, Jharkhand, Madhya Pradesh, and Karnataka for winding wires, conductors, and power cables.
• निवल लाभ: ₹18.25 crore in FY26 representing 223% growth from ₹5.65 crore in FY25 and massive expansion from ₹0.76 crore in FY24, with post-IPO EPS of ₹8.97 and P/E of 14.15x. Investors tracking Susan Electricals share price should note exceptional 217x subscription with 2.28 lakh applications reflecting strong investor confidence in RDSS and rural electrification theme, though analyst warns bumper profits raise eyebrows over sustainability in competitive cables segment resulting in cautious "well-informed/risk seekers" recommendation despite stellar 54% listing day gains.