Powerica IPO 2026: Date, Price Band, GMP, Lot Size, Review & Should You Apply?
The Powerica IPO is set to open for subscription on March 24, 2026, and will close on March 27, 2026. The company aims to raise ₹1,100 crore through this public offering.
Powerica Ltd is a well-known power solutions provider specializing in diesel generator sets (DG sets) and also operates a wind power portfolio in Gujarat.
With strong infrastructure demand and growing power requirements in India, many investors are evaluating whether Powerica IPO can deliver listing gains or long-term value.
In this detailed analysis, we cover Powerica IPO dates, price band, GMP, financials, strengths, risks, and investment verdict.
Powerica IPO Key Details
Complete schedule: March 24 - April 2, 2026
| Particular | Details |
|---|---|
| IPO Opening Date | March 24, 2026 |
| IPO Closing Date | March 27, 2026 |
| Listing Date | April 2, 2026 |
| Price Band | ₹375 – ₹395 |
| Face Value | ₹5 per share |
| Lot Size | 37 shares |
| Minimum Investment | ₹14,615 |
| Issue Size | ₹1,100 crore |
| Listing Exchange | BSE, NSE |
| Registrar | MUFG Intime India Pvt Ltd |
| Lead Managers | ICICI Securities, IIFL Capital, Nuvama Wealth |
Powerica IPO Timeline
March 24 - April 2, 2026 | 6 key milestones
| Event | Date |
|---|---|
| IPO Opens | March 24, 2026 |
| IPO Closes | March 27, 2026 |
| Allotment Finalization | March 30, 2026 |
| Refund Initiation | April 1, 2026 |
| Shares Credited | April 1, 2026 |
| Listing Date | April 2, 2026 |
Powerica IPO Price Band & Lot Size
The price band for Powerica IPO is ₹375 to ₹395 per share.
Investors must apply for a minimum of 37 shares, and applications can be made in multiples of this lot.
Retail Investment
| Application | Shares | Amount |
|---|---|---|
| Minimum | 37 | ₹14,615 |
| Maximum | 481 | ₹1,89,995 |
HNI Investment
| Category | Shares | Amount |
|---|---|---|
| sNII | 518 | ₹2,04,610 |
| bNII | 2,553 | ₹10,08,435 |
Retail investors can apply up to ₹2 lakh and can bid at cut-off price.
Powerica IPO GMP (Grey Market Premium)
As of now, Powerica IPO GMP is yet to stabilize in the grey market. GMP typically reflects the expected listing premium or discount based on demand in the unofficial market.
Investors should note that GMP is speculative and not an official indicator.
For daily GMP updates, track the IPO Ji platform.
About Powerica Limited
Powerica Ltd is a power solutions company focused on diesel generator sets and renewable energy generation.
The company offers DG sets with capacities ranging from 7.5 kVA to 10,000 kVA, serving industries, commercial buildings, and infrastructure projects.
Business Segments
Generator Set Division
Powerica manufactures DG sets powered by Cummins engines.
Product categories include:
- Low Horsepower: 7.5 kVA – 160 kVA
- Medium Horsepower: 180 kVA – 500 kVA
- High Horsepower: Above 500 kVA
Manufacturing facilities are located in:
- Bengaluru
- Silvassa
- Khopoli
Wind Power Division
Powerica also owns 11 wind power projects in Gujarat, with a total installed capacity of 279.55 MW.
This diversification into renewable energy adds long-term sustainability to the company’s revenue mix.
Powerica Financial Performance
| Year | Revenue (₹ Cr) | Profit After Tax (₹ Cr) |
|---|---|---|
| FY23 | 2,422 | 106 |
| FY24 | 2,356 | 226 |
| FY25 | 2,710 | 175 |
| Sep 2025 | 1,474 | 134 |
The company has demonstrated stable revenue growth with improving margins.
Key Financial Ratios
| Metric | Value |
|---|---|
| ROE | 17.53% |
| ROCE | 27.02% |
| EBITDA Margin | 15.23% |
| PAT Margin | 9.12% |
| Debt / Equity | 0.40 |
Powerica IPO Peer Comparison
| Company | P/B Ratio | P/E Ratio | RoNW | Revenue (₹ Cr) |
|---|---|---|---|---|
| Powerica | N/A | N/A | 15.3% | N/A |
| Cummins India | 17.01 | 64.1 | 26.4% | N/A |
| Kirloskar Oil Engines | 6.85 | 43.2 | 15.8% | N/A |
| NTPC Green Energy | 4.10 | 129.4 | 2.58% | N/A |
| Acme Solar | 3.09 | 50.7 | 5.59% | N/A |
| Adani Green Energy | 11.1 | 101.5 | 11.9% | N/A |
Powerica IPO Objectives
The company plans to utilize the IPO proceeds mainly for debt repayment.
| Objective | Amount |
|---|---|
| Debt repayment | ₹525 crore |
| General corporate purposes | Remaining proceeds |
Reducing debt could strengthen the company’s balance sheet and improve profitability.
Powerica IPO Strengths
1. Strong Position in Generator Market
Powerica has built a strong reputation in the DG set industry with Cummins engine partnerships.
2. Diversified Business Model
Revenue comes from both generator manufacturing and renewable wind power assets.
3. Strong Technical Expertise
The company has decades of experience in power solutions and infrastructure projects.
4. Large Customer Base
Powerica serves multiple industries including:
- Manufacturing
- Infrastructure
- Commercial buildings
- Utilities
Risks to Consider
1. Dependence on Infrastructure Demand
Demand for DG sets is linked to industrial and infrastructure growth.
2. Competition in Power Equipment Market
The company faces competition from large power equipment manufacturers.
3. Renewable Energy Transition
Increasing renewable adoption may gradually reduce reliance on diesel generators in the long term.
Powerica IPO Valuation
| Metric | Value |
|---|---|
| EPS (Post IPO) | ₹21.26 |
| P/E Ratio | ~18.58 |
| Market Cap | ₹4,998 crore |
Compared with similar industrial companies, Powerica IPO valuation appears moderate.
Investment View
- Short Term: Listing gains possible depending on GMP and market sentiment
- Long Term: Suitable for investors bullish on India’s infrastructure and power sector growth
How to Apply for Powerica IPO
Investors can apply using:
- Net banking ASBA
- UPI through broker apps
- IPO Ji App
Track GMP, allotment status, and subscription data directly on the IPO Ji platform.
FAQs on Powerica IPO
When will Powerica IPO open?
Powerica IPO will open for subscription on March 24, 2026.
What is the price band of Powerica IPO?
The price band is ₹375 to ₹395 per share.
What is the lot size of Powerica IPO?
The minimum application lot size is 37 shares.
When will Powerica IPO be listed?
The shares are expected to list on April 2, 2026 on NSE and BSE.
What is the minimum investment for Powerica IPO?
Retail investors need ₹14,615 to apply for one lot.
Powerica IPO enters the market as a mid-size industrial power solutions company with diversified energy assets.
With India witnessing rising infrastructure investment and energy demand, companies in the power equipment sector could benefit from long-term growth trends.
Investors should evaluate financial performance, sector outlook, and IPO valuation before applying.
