IC Electricals H1 FY27 Results Overview

IC Electricals Company Limited (NSE SME: ICELCO) released its unaudited half‑year results for the period ended 30 September 2026 (H1 FY27). On a standalone basis, revenue from operations reached ₹73.22 crore, marking a 32.0% year‑on‑year increase from ₹55.48 crore in H1 FY26. EBITDA rose to ₹15.61 crore, a 97.8% jump from ₹7.89 crore, expanding the EBITDA margin to 21.3% from 14.2% (a rise of 710 basis points). Profit before tax climbed to ₹10.76 crore (+122.1% YoY) and profit after tax more than doubled to ₹7.56 crore (+114.2% YoY), lifting the PAT margin to 10.3% (up 396 bps). Basic earnings per share (EPS) stood at ₹4.82, an 83.3% increase.

Consolidated figures showed revenue of ₹75.47 crore (+36.1% YoY), EBITDA of ₹16.28 crore (+102.3% YoY) with a 21.6% EBITDA margin, profit before tax of ₹11.40 crore (+128.1% YoY), and profit after tax of ₹8.03 crore (+124.7% YoY). Consolidated PAT margin improved to 10.6% and basic EPS rose to ₹5.00, a 90.8% increase.

Operational Highlights

  • Gross margin improved by 616 bps to 44.3% on a standalone basis.
  • Material cost fell to 55.7% of revenue from 61.9% a year earlier, while employee cost grew only 10.2% against 32.0% revenue growth, indicating strong operating leverage.
  • The Manufacturing segment contributed ₹49.20 crore (67% of standalone revenue) with an EBIT margin of 27.4% (up from 24.6% in FY26). The Contract segment contributed ₹24.02 crore with an EBIT margin of 13.1% (up from 12.9% in FY26).

Balance‑Sheet Strength

  • Post‑IPO, standalone net worth increased 70.6% to ₹112.15 crore from ₹65.74 crore as of 31 March 2026.
  • Total borrowings declined to ₹64.45 crore from ₹74.14 crore, halving the debt‑equity ratio to 0.57x from 1.13x.
  • Current ratio improved to 2.05x and interest coverage rose to 3.25x.

Order Book and Liquidity

  • Pending orders rose 31.6% to ₹231.06 crore as of 30 September 2026, compared with ₹175.62 crore on 31 March 2026, representing roughly 1.6 times FY26 revenue and providing strong visibility for the upcoming quarters.

Management Commentary

Managing Director Sunil Kumar Verma highlighted that the half‑year performance reflects better material efficiency, strong operating leverage, and a growing share of higher‑margin manufacturing business, where EBIT margin improved to 27.4%. He noted that IPO proceeds have markedly strengthened the balance sheet, with net worth now exceeding ₹112 crore and the debt‑equity ratio halved, giving the company financial headroom to fund working capital and pursue larger orders. The expanded order book of ₹231 crore, up nearly 32% since March, offers clear revenue visibility. The company will continue focusing on profitable growth across railway electronics, rotating machines, and electrification, supported by in‑house R&D and manufacturing facilities in Haridwar.

About IC Electricals

IC Electricals designs and manufactures railway electrical and electronic equipment, rotating machines, and electrification solutions. With over two decades of experience, the firm operates three manufacturing facilities in Haridwar and maintains in‑house R&D, serving both domestic and international markets.

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