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IC Electricals Company Limited, incorporated 2005 and headquartered in Okhla Industrial Area, New Delhi, is an established electrical/electronics solutions provider for Indian Railways, manufacturing regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems and vigilance control devices, plus turnkey electrification and engineering services. Order book of ₹158.48 Cr (product + project divisions) as of Aug 31, 2025. Heavily dependent on Indian Railways as principal customer. Revenue ₹143.81 Cr (FY26) vs ₹122.39 Cr (FY25); PAT ₹14.10 Cr vs ₹9.41 Cr. Fresh issue of up to 48.40 lakh equity shares (45.97 lakh net to public after market-maker reservation), no OFS. Promoters hold 66.31% pre-issue. Final subscription 420.09x overall (post-close): retail 372.51x, QIB 241.75x, NII 764.38x. Listed on NSE SME Jul 10, 2026 at ₹166.00, up 67.68% over issue price of ₹99; touched high ₹174.30 (+76.06%).