Powerica Limited sold 7,689 diesel generator (DG) sets powered by Cummins engines in FY25, highlighting surging demand for reliable power in India’s industrial and commercial sectors. Now, the Mumbai-based integrated power solutions provider is gearing up to raise ₹1,100 crore through its maiden IPO, aiming to fuel growth in high-demand segments such as data centres and electric vehicle (EV) charging infrastructure.
Even as India pushes forward with clean energy, uninterrupted power remains critical. Data centre capacity is set to soar from 1.4 GW in FY2025 to 4.7 GW by FY2030, while EV charging demand is projected to jump from 3.6 GW to 10.8 GW. “We are selling more and more KVA (kilovolt-amperes) than we sold last year. Now data centres and EV charging infrastructure are expected to drive future growth of the company,” Bharat Oberoi, chairman and managing director of Mumbai-based Powerica Ltd, told the businessline during his visit to Ahmedabad on Thursday. While the sale of DG sets worth over Rs 1,870 crore accounted for 70 per cent of the company’s revenues in FY25, the company has already sold 4,194 DG sets worth Rs 920 crore in the first half of FY26.
IPO details and debt reduction plans
Powerica, which is coming to market with an IPO at a price band of ₹375–₹395 per share, is raising ₹1,100 crore, including a fresh issue of ₹700 crore and an offer-for-sale of ₹400 crore by promoter entities. The integrated power solutions provider specialises in diesel generator (DG) sets and medium speed large generators (MSLG), spanning 7.5 kVA to 10,000 kVA for diverse industrial and commercial applications. As an original equipment manufacturer for Cummins India Limited, with a four-decade-long partnership, Powerica plans to use a significant portion of the IPO proceeds to repay debt, thereby reducing outstanding borrowings of ₹1,214.25 crore as of February 2026.
Orders rolling in for data centres across India
Orders are already rolling in. The company is supplying DG sets to data centres in Mumbai, Hyderabad, Chennai, Delhi, including a marquee 60-unit project in Navi Mumbai. “We are supplying DG sets for data centres in Mumbai, Hyderabad, Chennai, Delhi. The biggest one which we will be completing is in Navi Mumbai,” Oberoi added.
Rising EV charging networks boost DG demand
With EV charging networks expected to multiply fivefold by 2030, demand for backup power is only set to rise. As EV charging networks expand—from about 20,000 stations currently to 100,000–150,000 by 2030—pressure on local grids is expected to intensify, especially at high-capacity fast-charging hubs. This is likely to drive further demand for standby DG systems to ensure uptime and reliability. “Though the diesel generator market in India is growing at 10.5 per cent CAGR, the demand for diesel generators in data centres is growing at 24 per cent,” he added.
Diversification into renewable energy and operational footprint
Beyond its core generator business, Powerica has also diversified into renewable energy, operating as an independent power producer in the wind segment. It currently owns 12 wind projects in Gujarat with a total capacity of 330.85 MW and is developing an additional 52.70 MW project, taking its total portfolio to 383.55 MW. The company manufactures DG sets and related systems across facilities in Bengaluru, Silvassa and Khopoli, supported by a network of 19 sales offices and 43 authorised dealers. It reported revenue of ₹2,653.27 crore and net profit of ₹175.83 crore in FY25, reflecting steady growth in its operations.