Powerica IPO opens today: Check price band, issue details, analysts' reviews, GMP & more

The initial public offering (IPO) of Powerica opens for bidding on Tuesday, March 24. The power solutions player is offering its shares in the range of Rs 375-395 apeice and investors can apply for minimum 37 equity shares and its multiples thereafter. The issue will close for bidding Friday, March 27.

The Rs 1,100 crore-IPO of Powerica includes a fresh share sale of Rs 700 crore and an offer-for-sale (OFS) of up to 1.01 crore equity shares worth Rs 400 crore. The net proceeds from the fresh issue shall be utilized towards repayment of debt and general corporate purposes.

Mumbai-based Powerica is a power solutions company specializing in diesel generator sets (DG sets) for main and backup use. It offers 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.

Ahead of its IPO, Powerica raised Rs 329.40 crore from 17 anchor investors as it allocated 83,39,239 equity shares for Rs 395 apiece. SBI Mutual Fund (MF), Magnum Hybrid Long Short Fund, HDFC MF, ICICI Prudential MF, Kotak Mahindra MF, Quant MF, Custody Bank of Japan, Ashoka Whiteoak MF, Bandhan MF, Kotak Mahindra Life Insurance, Edelweiss Life Insurance and more.

For the six months ended on September 31, 2025, Powerica reported a net profit of Rs 134.55 crore, with a revenue of Rs 1,474.87 crore. The company clocked a net profit of Rs 175.83 crore with a revenue of Rs 2,710.93 crore for the financial year 2024-25. At the current valuations, Powerica commands a market capitalization of close to Rs 5,000 crore.

Powerica has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors will get 35 per cent of the reservation in the issue. Last heard, the company was commanding a grey market premium of Rs 5 apeice, suggesting a flat listing for the investors.

ICICI Securities, IIFL Capital Services and Nuvama Wealth Management are the book running lead managers of Powerica IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on April 2, Thursday. Here's what a host of brokerage firms say about the IPO of Powerica:  

SBI Securities Rating: Subscribe

The IPO is valued at 19.4 times annualized FY26 earnings on post-issue capital. Although the revenue has grown only at a mid-single digit CAGR of 5.6 per cent between FY23-FY25, growth has picked up during FY26, said SBI Securities.

"Demand for Diesel Generator sets remains strong, led by data centers and backup power applications. The company has strong long term relationships with Cummins, Hyundai, Schneider Electric, GE Vernova and Vestas. We recommend investors to 'subscribe' to the issue for the long term," it added.  

Canara Bank Securities Rating: Subscribe Powerica offers a diversified power solutions platform, combining DG sets, MSLG, and renewable energy, supported by its Cummins partnership and strong manufacturing base. Renewable operations provide stable cash flows, while MSLG and EPC projects drive growth visibility, said Canara Bank Securities.

Key risks include dependence on Cummins, long gestation in MSLG, and regulatory challenges in renewables, along with long term disruption to DG sets. Valuation appears attractive versus peers, and given its strong positioning and growth outlook, a 'subscribe for long-term investment' rating is recommended," it added.  

Choice Broking Rating: Subscribe Powerica is perfectly aligned to capture the momentum with its efficient power portfolio, already drawing 12-13 per cent of its revenue from the high-velocity data center segment. It is demanding pre & post-money P/E multiple of 27.2 times and 31.7 times, which is at discount to the peer average, said Choice Broking.

"However, with almost debt-free operations resulting from the utilization of IPO funds, the demand pre & post-money P/E multiple comes out to around 23 times and 26 times, respectively, which we feel is attractive for a company delivering essential power solutions and services. Thus we assign a 'subscribe' rating for the issue," it added.  

Swastika Investmart Rating: Neutral Powerica is reasonably valued at 24.45 times P/E vs higher-valued peers. The company reported inconsistency in its top and bottom lines for the reported periods. At just 12.76 times in FY25, margins are quite modest and declining from 15.38 per cent in FY24 — a red flag for operational efficiency, said Swastika Investmart.

"Both net profit and Ebitda margins are shrinking simultaneously, suggesting rising cost pressures. Revenue grew 15 per cent YoY in FY25, showing demand traction, but not translating to bottom-line growth. Apply with caution, suitable for risk-tolerant, long-term investors. Not ideal for pure listing gain seekers given declining profits and legal overhangs," it added.  

BP Equities Rating: Subscribe Powerica has demonstrated steady improvement, with revenue growing at a CAGR of 5.6 per cent and PAT at 28.5 per cent over FY23-FY25. During the same period, its PAT margin expanded from to 6.6 per cent, said BP Equities. "It is valued at a P/E multiple of 25.9 times based on FY25 earnings, which appears fairly priced compared to its peers," it added with a 'subscribe' rating.  

Ventura Securities Rating: Subscribe Powerica primarily derives revenue from domestic markets through dealer networks and institutional clients, while also catering to select export markets. Its business model focuses on order-based execution, optimizing product mix and expanding higher-capacity DG offerings to improve realizations and operational efficiency, said Ventura Securities.

"India’s power backup and distributed generation market continues to witness steady demand driven by industrial growth, infrastructure development, increasing need for uninterrupted power supply and expansion in data centers and commercial establishments," it added with a 'subscribe' rating.  

Equivision Rating: Avoid Powerica's revenue growth is driven by strong HHP DG set sales and Wind EPC execution, while profitability remains operationally stable despite lower PAT due to absence of one-off gains, with normalized RoE and RoCE, reflecting sustainable performance. The business remains highly dependent on key OEM relationships, said Equivision.

"Powerica faces high segment concentration, with 85 per cent of FY25 revenue from the generator set business, while fixed-tariff wind PPAs limit cost pass-through, potentially pressuring margins over the long term," it added with an 'avoid' rating.