Biocon Electric files DRHP with SEBI for IPO of 59 lakh equity shares

Biocon Electric Limited, a maker of electrical products, has taken a key step towards an initial public offering (IPO). The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The proposed IPO comprises 59 lakh equity shares, and the company proposes to list them on the main boards of BSE and NSE.

Of the 59 lakh shares, 48 lakh will be a fresh issue. The remaining 11 lakh shares will come through an Offer For Sale (OFS) by promoter selling shareholders. The face value of each share is Rs 10. The company has proposed to use Rs 62.57 crore of the net proceeds of the fresh issue for working capital requirements. The remaining amount will be used for general corporate purposes. GYR Capital Advisors Private Limited is the book running lead manager to the IPO, and Bigshare Services Private Limited has been appointed registrar.

The company's distribution network spans the country. At the end of March 2026, it had 1,915 non-exclusive channel partners across 25 states and 4 Union Territories. These include 1,531 dealers and 384 distributors. It also has 15 storage facilities and depots, 4 C&F partners and 4 commission stockist agents. Of the 1,915 channel partners, 1,427 are in South India, which is considered a key market in the company's network.

Biocon Electric makes, sells and distributes a range of electrical products. These include insulation tape, LED and other lighting, wires and cables, switches, accessories and switchgear. The company's portfolio had 1,541 SKUs in financial year 2025, against 1,031 in financial year 2024. More than 10,000 electricians were registered on the company's Biocon E-Pay app at the end of March 2026.

According to the DRHP, the company performed well in financial year 2026. Revenue from operations was Rs 1,967.337 crore, against Rs 1,426.242 crore in financial year 2025, a rise of 37.94%. EBITDA was Rs 256.382 crore and net profit was Rs 141.405 crore. EBITDA grew 17.58% and net profit 22.96%. Profit margins, however, slipped slightly against revenue. In financial year 2026, the EBITDA margin was 12.94% and the PAT margin was 7.19%.

At the end of March 2026, the company's net worth stood at Rs 659.16 crore. Net worth recorded a compound annual growth rate (CAGR) of 28.23% over the past two years. Revenue in financial year 2026 also includes a one-time trading deal in aluminium rods. The deal brought the company Rs 25.27 crore, which is 12.84% of total revenue.

The company has cited a Dun & Bradstreet report in the DRHP. It projects strong growth ahead for India's wire and cable market. The market, at about Rs 963.8 billion in financial year 2026, is projected to reach Rs 1,868.1 billion by financial year 2031. The market's CAGR over this period is expected to be 14.2%. The branded wire and cable segment is projected to grow at a CAGR of 15.2% and the unbranded segment at 10.6%. Biocon Electric could therefore benefit from the growing market for branded electrical products.

Biocon Electric was founded in 2019. Its registered office is in Delhi and its corporate office is in Bengaluru. The company has three manufacturing plants, in Delhi, Ghaziabad and Vasai. It offers a portfolio of more than 1,500 products for the residential, commercial, industrial and infrastructure sectors. The proposed IPO is expected to help meet the company's expansion and working capital needs. The price band, opening date, lot size and other details of the IPO have not yet been announced.