New Delhi, 02 April (H.S.):
Shares of Powerica Limited, a company manufacturing diesel generator sets and venturing into wind power business, entered the stock market today with a sharp decline, deeply disappointing its IPO investors. Issued at ₹395 per share through the IPO, the stock listed at ₹375 on BSE—a 5.06% discount—and at ₹366 on NSE—a 7.34% discount.
Post-listing buying support lifted the shares to ₹388.95, but selling pressure dragged them down to ₹365.10. By 11:30 AM trading, the stock was at ₹370 on BSE and ₹370.45 on NSE, placing IPO investors in losses exceeding 6%.
IPO Details
The ₹1,100 crore IPO opened for subscription from March 24 to 27 and received a tepid response, achieving only 1.53 times overall subscription. The qualified institutional buyers (QIB) portion was subscribed 4.74 times, non-institutional investors (NII) just 0.47 times, retail investors a mere 0.16 times, and the employee portion 1.30 times. It comprised 2,78,48,100 shares of ₹5 face value: 1,77,21,518 fresh shares worth ₹700 crore and 1,01,26,582 shares worth ₹400 crore via offer for sale, with fresh issue proceeds earmarked for debt repayment, working capital, and general corporate purposes.
Financial Performance
As per claims in the Draft Red Herring Prospectus (DRHP) filed with SEBI, the company's financial health has shown mild fluctuations. Net profit rose from ₹106.45 crore in FY 2022-23 to ₹226.11 crore in FY 2023-24 before declining to ₹175.83 crore in FY 2024-25; for H1 FY 2025-26 (April–September 30, 2025), it stood at ₹134.55 crore.
Revenue exhibited modest ups and downs: ₹2,422.42 crore in FY 2022-23, dipping to ₹2,356.77 crore in FY 2023-24, rebounding to ₹2,710.93 crore in FY 2024-25, and ₹1,474.87 crore in H1 FY 2025-26.
Debt and Reserves Trends
Debt levels fluctuated: ₹278.88 crore at FY 2022-23 end, reducing to ₹177.52 crore in FY 2023-24, rising to ₹300.80 crore in FY 2024-25, and climbing to ₹571.95 crore by September 30, 2025. Reserves and surplus grew steadily: ₹777.88 crore in FY 2022-23, ₹898.67 crore in FY 2023-24, ₹1,070.95 crore in FY 2024-25, and ₹1,158.99 crore by September 30, 2025.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased from ₹333.21 crore in FY 2022-23 to ₹362.45 crore in FY 2023-24, eased to ₹345.66 crore in FY 2024-25, and was ₹220.42 crore as of September 30, 2025.
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Hindusthan Samachar / Jun Sarkar
