What does ICSA (India) Limited do?

ICSA (India) Limited specializes in IT and automation solutions for the power sector, specifically focusing on Transmission & Distribution (T&D) automation, distribution transformer monitoring, energy audit systems, and smart metering solutions for electricity utilities.

Is ICSA (India) Limited currently listed?

ICSA was formerly listed on both BSE and NSE. Trading in its shares has been suspended by the exchanges following financial and regulatory non-compliance. Its ISIN is INE162C01014 but shares are effectively illiquid.

Why is ICSA's share price only ₹2?

The ₹2 share price reflects the company's severe financial distress following a period of high leverage, alleged financial irregularities, and subsequent suspension of stock exchange trading. The company went through significant operational difficulties post-2010.

What technology solutions did ICSA develop?

ICSA developed proprietary solutions including Distribution Transformer Management Systems (DTMS), Automatic Meter Reading (AMR) systems, Distribution Automation systems, and energy audit platforms specifically designed for Indian state electricity boards and utilities.

Who promoted ICSA India?

ICSA (India) Limited was promoted primarily by P. Gopal Reddy and associates, who built it into a mid-size power sector IT company before the company encountered financial and regulatory difficulties.

How do I buy ICSA (India) Limited unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for ICSA (India) Limited?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell ICSA (India) Limited shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

ICSA (India) Limited Unlisted Share Price | Buy ICSA (India) Limited Pre-IPO Shares — wisefolio

Investment Thesis

ICSA (India) Limited is a cautionary tale in Indian mid-cap IT history – a once-pioneering power sector automation company that was undone by over-leverage and financial mismanagement. With trading suspended and business largely dormant, the shares at ₹2 carry near-total capital risk. It is suitable only as a deep-distress or information-research subject, not for investment.

Pros

Pioneer in India's power sector IT and automation domain with specialized expertise in T&D (Transmission & Distribution) solutions
Developed proprietary technologies for Distribution Transformer Monitoring (DTM) and Energy Audit systems with significant IP
Early mover in smart metering and AMR (Automatic Meter Reading) solutions for Indian electricity utilities
Served major government and state electricity board customers providing strong reference credentials
Incorporated in 1994 with three decades of domain experience in power sector automation

Cons

Company was listed on BSE and NSE but trading was suspended following financial difficulties and regulatory non-compliance
Share price at ₹2 (deep below face value) reflects severe financial distress and investor loss
Company reportedly faced serious financial irregularities and SEBI/stock exchange enforcement actions
Highly overleveraged balance sheet with significant debt burden that constrained operational recovery
Exit of key management and disruption of business operations following the financial crisis
Loss of major contracts and customer relationships due to the company's financial instability

Business Segments

Distribution Transformer Monitoring

Design, manufacture, and deployment of electronic monitoring systems for distribution transformers used by state electricity boards to prevent failures and reduce commercial losses.

Energy Audit & AMR Systems

Automatic Meter Reading (AMR) and energy audit solutions enabling electricity utilities to measure and reduce AT&C (Aggregate Technical and Commercial) losses.

Distribution Automation

SCADA and distribution automation systems for substations and feeder management in power distribution networks.

Revenue Model

ICSA's revenue was generated through government/utility tenders for power sector IT automation systems. Revenue was project-based (BOQ-driven contracts) with maintenance and AMC contracts providing recurring income. The company's revenue collapsed following loss of creditworthiness and inability to execute contracts.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

India's massive power sector modernization under Smart Grid and PM Gati Shakti programs could theoretically provide new contract opportunities if the company revives

A strategic investor or acquirer taking over the company's IP and technical assets could unlock latent value

Debt restructuring under IBC framework could potentially provide a clean slate for revival

Industry Tailwinds

Recent Developments

Trading Suspension Continues

ICSA India shares continue to remain suspended on BSE and NSE due to non-compliance with stock exchange listing obligations and financial reporting requirements.

2022-2023

Comparable Companies

CompanyTypeTickerMkt Cap

Genus Power Infrastructures LimitedListedGENUSPOWER.NS~₹8,000 crore

Techno Electric & Engineering CompanyListedTECHNO.NS~₹8,500 crore

Genus Power Infrastructures LimitedListed

GENUSPOWER.NS · ~₹8,000 crore

Techno Electric & Engineering CompanyListed

TECHNO.NS · ~₹8,500 crore

Frequently Asked Questions

About ICSA (India) Limited

ICSA (India) Limited is a Hyderabad-based IT company incorporated on 1 February 1994, specialising in technology solutions for India's power sector. With CIN L72200TG1994PLC016969, the company was a pioneer in transmission and distribution (T&D) infrastructure solutions, providing energy audit software, automated meter reading systems, and IT solutions for electricity distribution companies. The company operated through two divisions: Software (IT solutions for power sector) and Power (electrical infrastructure). ICSA developed innovative energy management solutions for discoms (distribution companies) helping them reduce AT&C (aggregate technical and commercial) losses, which was a priority for India's power sector reform. The company was listed on BSE and NSE. However, ICSA has faced severe financial distress and appears to have completed a liquidation process. The company has not been operationally active for several years. Its pioneering work in India's power sector IT solutions preceded the broader digitisation of the energy sector. Any investment in ICSA shares carries extreme risk of complete capital loss given the company's apparent liquidation status.

Key Milestones

1994: Incorporated as ICSA (India) Limited in Hyderabad, Telangana; began operations in power sector automation

Late 1990s: Won early contracts with state electricity boards for distribution automation solutions

Common questions about unlisted shares

How do I buy ICSA (India) Limited unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

ICSA (India) Limited

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