Powerica Limited’s Initial Public Offering to open on Tuesday, March 24, 2026
FinTech BizNews Service
Mumbai, March 18, 2026: Powerica Limited (the “Company”) has fixed the price band of Rs375 to Rs 395 per Equity Share of face value Rs 5/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, March 24, 2026, for subscription and close on Friday, March 27 2026.
Investors can bid for a minimum of 37 Equity Shares and in multiples of 37 Equity Shares thereafter.
The IPO is a fresh issue up to Rs 700 crore and an offer-for-sale for up to Rs 400 crore by promoters - Naresh Oberoi Family Trust and Kabir and Kimaya Family Private Trust.
The Company is an integrated power solutions provider specializing in diesel generator sets (“DG sets”), for both primary and standby applications. As one of the original equipment manufacturers for Cummins India Limited (“Cummins India”, along with its affiliates,
“Cummins”), the Company has maintained a relationship with them for over four decades.
The Company commenced its DG sets business in 1984, and subsequently expanded its
generator set portfolio to include medium speed large generators (“MSLG”) in 1996. The
Company continues to develop this segment through a collaboration with HD Hyundai Heavy
Industries Co., Limited (“Hyundai”) on a non-exclusive basis. By integrating its DG set and
MSLG offerings, the Company provides a comprehensive range of generator sets with
capacities ranging from 7.5 kVA to 10,000 kVA, designed to meet the distinctive
requirements of diverse industries and applications.
As of the date of the Red Herring Prospectus, its generator set business comprises of DG
sets powered by Cummins engines, MSLG offerings in collaboration with Hyundai, and
certain allied business activities (“Generator Set Business”).
Building on its experience in the Generator Set Business, the Company entered the wind
power sector in 2008 as an independent power producer (“IPP”). Subsequently, the
Company developed capabilities as an engineering, procurement and construction (“EPC”)
contractor as well as an operation and maintenance (“O&M”) service provider for balance of
plant (“BoP”).
As of the date of the Red Herring Prospectus, its operations in the wind power sector
includes developing and operating IPP projects as well as undertaking EPC and O&M
activities for BoP primarily within the wind power industry.
As of the date of the Red Herring Prospectus, the Company owns and operates 12 wind
power projects in Gujarat, with a total installed capacity of 330.85 MW (“Operational Wind
Power Projects”). In addition to its Operational Wind Power Projects, the Company is
constructing a wind power project of 52.70 MW in Gujarat that will take its IPP portfolio to a
total installed capacity of 383.55 MW.
The Company manufactures DG sets along with auxiliary items, including acoustic
enclosures, fuel and exhaust systems, and customised control panel systems. Its offering
comprises of comprehensive high speed generator solutions, powered by Cummins engines,
covering the design, marketing, manufacturing, testing, supply, installing, and commissioning
of DG sets ranging from 7.5 kVA to 3,750 kVA.
As of the date of the Red Herring Prospectus, the Company operates three manufacturing
facilities located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli,
Maharashtra.
Its extensive sales network supports effective customer engagement and market
penetration. As on September 30, 2025, its network comprised 19 sales/marketing offices in
addition to its registered and corporate offices, supported by a sales and marketing team of
123 personnel. As on September 30, 2025, the Company also engages with 43 authorised
dealers, by issuing joint authorization certificates with Cummins and itself, for providing
prompt service across a wide range of market segments.
The Company’s revenue from operations for the six-months ended September 30, 2025 was
Rs 1,447.44 crore and its net profit was Rs 134.55 crore.
Its revenue from operations was Rs 2,653.27 crore during FY25 as against Rs 2,378.26
crore during FY23.
Its net profit was Rs 175.83 crore during FY25 as against Rs 106.45 crore during FY23.
ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities
Limited) and Nuvama Wealth Management Limited are the book-running lead managers,
and MUFG Intime India Private Limited (Formerly Link Intime India Private Limited) is the
registrar of the offer.
