A Ghaziabad-based aluminium and copper winding wire manufacturer plans to raise Rs 64.57 crore via the BSE SME platform.
Susan Electricals India Ltd., a manufacturer of aluminium and copper-based electrical winding wires, conductors, and cables, opens for subscription on June 11 with the issue closing on June 15. The company is listing on the BSE SME platform.
What the Company Does
Incorporated and operating from three manufacturing facilities in Ghaziabad, Uttar Pradesh, Susan Electricals manufactures winding wires used primarily by DISCOMs (electricity distribution companies), EPC contractors, and electrical equipment manufacturers.
The company’s product portfolio covers winding wires in aluminium and copper for transformer cores, motors, generators, and other electrical applications — a market that rides directly on India’s power infrastructure expansion. As of April 30, 2026, it had 216 permanent employees. The company’s primary customers are government entities and state-owned DISCOMs, though this share declined from 90.55% in FY24 to 35.78% in FY26 as private sector (EPC and trading) share grew.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 11, 2026 |
| Issue Closes | June 15, 2026 |
| Listing | BSE SME (June 18, 2026) |
| Price Band | Rs 120 – Rs 127 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 64.57 crore |
| Fresh Issue | Rs 54.41 crore |
| OFS | Rs 10.16 crore |
| Lot Size | 1,000 shares (min 2 lots = 2,000 shares) |
| Min. Retail Investment | Rs 2,54,000 |
| BRLM | Seren Capital Pvt. Ltd. |
| Registrar | Mudra RTA Ventures Pvt. Ltd. |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 103.48 | 135.74 | 269.36 |
| PAT | 0.75 | 5.65 | 18.25 |
| PAT Margin | 0.73% | 4.16% | 6.77% |
| CFO | (5.49) | (18.39) | (9.71) |
Revenue doubled in FY26 to Rs 269.36 crore from Rs 135.74 crore in FY25 — a 98% jump in a single year. PAT followed at Rs 18.25 crore from Rs 5.65 crore. These numbers are dramatic by any measure. However, a critical red flag is that operating cash flows have been consistently negative across all three years — FY24: -Rs 5.49 cr, FY25: -Rs 18.39 cr, FY26: -Rs 9.71 cr.
This means the company’s profits are entirely locked up in unpaid receivables and inventory rather than translating into cash. Total outstanding borrowings stood at Rs 66.72 crore and trade receivables ballooned from Rs 13.03 crore in FY24 to Rs 46.31 crore in FY26. Additionally, the margins outperform listed peers, raising sustainability concerns.
BRLM Track Record: This is the 8th mandate from Seren Capital. Of the last 7 listings, 1 opened at par and the rest with premiums ranging from 17.07% to 48.73%.
Risks to Consider
Three consecutive years of negative operating cash flows is a fundamental concern — paper profits are being generated but are entirely tied up in receivables and inventory, creating a cash trap. Total debt of Rs 66.72 crore compounds this. The FY26 revenue explosion driven by a shift toward low-margin trading revenue (which grew from Rs 19.51 crore to Rs 103.37 crore in FY26) raises questions about the quality and sustainability of recent earnings. The company also has a history of ROC compliance delays.
Analyst View
Analysts note that while the company has posted growth in its top and bottom lines, bumper profits from FY25 onwards raise eyebrows in a highly competitive and fragmented segment, and margins outperform listed peers. The issue appears aggressively priced based on recent financial data, note analysts.