Revenue leapt from ₹103.48 crore in FY2024 to ₹269.36 crore in FY2026 and profit after tax hit ₹18.25 crore. Yet operating cash flow stayed negative for three straight years, including ₹9.71 crore in FY2026.
Incorporated in 2007, Susan Electricals listed on BSE SME in June 2026 after a heavily oversubscribed ₹70.38 crore IPO. It makes winding wires, conductors and power cables for DISCOMs, EPC contractors and other manufacturers.
Management is deliberately shrinking low-margin winding wires. They fell from 47.74% of revenue in Q1 FY2026 to 24.39% by Q1 FY2027, while LT cables and conductors rose from 46.70% to 65.68%.
Revenue from operations climbed from ₹103.48 crore in FY2024 to ₹135.74 crore in FY2025, then leapt to ₹269.36 crore in FY2026 — a 98.44% pre-IPO surge driven by capacity scaling and private-sector penetration.
EBITDA margin expanded from 3.51% in FY2024 to 11.91% in FY2026. Profit after tax jumped from ₹0.76 crore to ₹18.25 crore, while ROE reached 64.64% and ROCE approached 37%.
Growth has been hungry for cash. Trade receivables rose from ₹13.03 crore in FY2024 to ₹46.31 crore in FY2026, and current liabilities swelled from ₹29.99 crore to ₹89.91 crore, tying up capital in the working-capital cycle.
Cash flow from operations was negative every year: ₹3.49 crore in FY2024, ₹18.39 crore in FY2025 and ₹9.71 crore in FY2026. In FY2026, a ₹42.66 crore working-capital build wiped out ₹32.95 crore of operating profit.
The fresh issue raised ₹60.22 crore. Of that, ₹33 crore went into working capital, ₹7.72–10 crore to Unit III expansion, and ₹20 crore to general corporate purposes — a capital bridge while the business tries to convert paper profit into cash.
Repeat customers fell from 89.47% in FY2024 to 45.09% in FY2026 as private EPC work became project-based. Aluminium and copper drive over 86% of revenue, and employee attrition hit 60.08%, adding execution risk.
The decisive test is whether Susan Electricals can collect faster, control inventory and turn high-margin cable growth into positive free cash flow. Monitor debtor days and the cash-flow-to-liabilities ratio over the next four quarters. Read the full analysis.
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