Chamunda Electrical
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Feb 2025 – 06 Feb 2025
- Listing date
- 11 Feb 2025
- Face value
- ₹10 per share
- Issue price
- ₹50 per share
- Lot size
- 3,000 shares
- Listing at
- NSE
- Total issue size
- ₹14.60 Cr
- Market cap at offer price
- ₹55.02 Cr
- Promoter holding
- 97.46% → 71.61% pre-issue → post-issue
- ISIN
- INE11HG01018
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Shop No.113, 114, Sakar Building Opp.Petrol Pump, Near Railway Fatak, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,22,000 | — | — |
| Market maker | 1,65,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹50
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,50,000 |
| S-HNI (min) | 2 | 6,000 | ₹3,00,000 |
| S-HNI (max) | 6 | 18,000 | ₹9,00,000 |
| B-HNI (min) | 7 | 21,000 | ₹10,50,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.01 | 3.41 |
| P/E (×) | 16.61 | 14.66 |
| Price to book (×) | 10.59 | — |
| Market cap | — | ₹55.02 Cr |
Key performance indicators
- Return on net worth
- 41.54%
- ROCE
- 36.82%
- Debt / equity
- 0.78
- PAT margin
- 12.21%
- NAV per share
- ₹8.89
- Price to book
- 10.59
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Chamunda Electrical
Chamunda Electrical Limited was incorporated on June 25, 2013 as a private limited company and converted to a public limited company on July 23, 2024. The Company is engaged in the business of providing specialized services including operation and maintenance of substations up to 66 KV, testing and commissioning of electrical substations up to 220 KV, and solar power generation park of 1.5 MW capacity. Within its scope, it includes erection of EHV class equipments, structures and equipments, earthing, control cable works and other associated works for substations up to 220 KV. The Company derives substantial revenue from Operation, Maintenance, Testing and Commissioning of Electrical Sub-stations activity, which accounted for 85.45%, 96.38%, 92.78%, and 97.22% of revenue from operations in the period ended December 31, 2024, and fiscal years 2024, 2023 and 2022 respectively.
Company Analysis
from RHPChamunda Electrical Limited provides specialized services of operation and maintenance of electrical substations up to 66 KV, testing and commissioning of electrical substations up to 220 KV, and solar power generation in the power sector.
Chamunda Electrical Limited was incorporated on June 25, 2013 as a private limited company and converted to a public limited company on July 23, 2024. The Company is engaged in the business of providing specialized services including operation and maintenance of substations up to 66 KV, testing and commissioning of electrical substations up to 220 KV, and solar power generation park of 1.5 MW capacity. Within its scope, it includes erection of EHV class equipments, structures and equipments, earthing, control cable works and other associated works for substations up to 220 KV. The Company derives substantial revenue from Operation, Maintenance, Testing and Commissioning of Electrical Sub-stations activity, which accounted for 85.45%, 96.38%, 92.78%, and 97.22% of revenue from operations in the period ended December 31, 2024, and fiscal years 2024, 2023 and 2022 respectively.
Objects of the Issue
- Capital Expenditure (Purchase of New Testing Kit and Equipment's) ₹120.51 lakhs p.27
- Working Capital ₹550.00 lakhs p.27
- Repayment of Term Loans and Cash Credit ₹285.07 lakhs p.27
- General corporate purposes p.27
- Capital Expenditure - Purchase of New Testing Kit and Equipment's ₹120.51 lakhs p.80
- Funding the working capital requirements of the company ₹550.00 lakhs p.80
- Repayment of Term Loans and Cash Credit ₹285.07 lakhs p.80
- General Corporate Purposes [●] p.80
- Issue Expenses [●] p.80
- Not specified in this document part
Issue Structure
- Total Issue
- Upto 29,19,000 Equity Shares aggregating up to ₹ [•] lakhs
- Fresh Issue
- Upto 29,19,000 Equity Shares of face value of ₹ 10/- each aggregating up to ₹ [•] lakhs
- Offer for Sale
- Nil
- Price Band
- Not yet finalized; to be decided by the Company in consultation with the Book Running Lead Manager
- Lot Size
- [●] Equity Shares and in multiples thereof (to be determined)
- Face Value
- ₹ 10/- per Equity Share
Business Model
The Company earns revenue from providing specialized services of operation and maintenance of substations, testing and commissioning of electrical substations, and solar power generation. Revenue from operations for the period ended December 31, 2024 was ₹1,829.02 lakhs, with the Operation, Maintenance, Testing and Commissioning of Electrical Sub-stations activity contributing ₹1,562.82 lakhs.
Business Segments
SWOT Analysis
- • Established in Operation, Maintenance, Testing and Commissioning of Electrical Sub-stations with deep expertise(p.26)
- • Long-standing relationships with government customers in power sector(p.34)
- • Market leadership with top customer contributing 70.67% of revenues(p.37)
- • Strong and growing financial performance with PAT increase(p.19)
- • Over a decade of industry experience with strong execution capabilities(p.119)
- • Advanced testing and commissioning equipment and skilled workforce(p.121)
- • Scalable business model with strong work order book(p.122)
- • Experienced promoters and senior management team(p.120)
- • Strong financial performance and improved profitability(p.115)
- • Improved debt-to-equity ratio and financial stability(p.119)
- • Over a decade of industry experience with proven execution capabilities(p.126)
- • Strong leadership and experienced senior management team(p.127)
- • Advanced testing equipment and skilled workforce for precision(p.127)
- • Scalable business model with solid work order book(p.127)
- • Large fleet of sophisticated and modern equipment for project execution(p.132)
- • Over 600 engineers and supervisors for complex project handling(p.130)
- • Growing revenue trajectory with strong EBITDA margins(p.212)
- • Improved operational efficiency and PAT margin expansion(p.213)
- • Strong profitability recovery with positive EBITDA in recent years(p.212)
- • Strong net worth and equity base with improved capital structure(p.201)
- • Specialized expertise in high-voltage electrical substation work up to 220 KV(p.212)
- • Minimal collection risk with majority undisputed trade receivables considered good(p.197)
- • Long-term contracts with government clients provide revenue stability(p.225)
- • Extreme customer concentration - top 10 customers contribute 100% of revenues(p.34)
- • Heavy dependence on single customer GETCO for majority of revenue(p.37)
- • Working capital intensive business with execution risks(p.35)
- • Geographically concentrated operations - 84.97% revenue from Gujarat(p.37)
- • No directors have experience as directors of public listed companies(p.43)
- • Offices not owned but leased from promoter(p.38)
- • Outstanding litigation involving company with ₹61.40 lakhs at stake(p.39)
- • High dependence on government sector clients(p.116)
- • Increasing trade receivables and working capital requirements(p.91)
- • Limited capital base and reliance on borrowings for funding expansion(p.93)
- • Geographical concentration with limited presence outside Gujarat and DNH(p.127)
- • Dependence on government contracts and key clients(p.127)
- • Capital-intensive operations in EHV and solar segments(p.127)
- • Heavy reliance on skilled labour for complex projects(p.127)
- • Extreme revenue concentration with top client generating 70.67% of revenue(p.128)
- • Very high concentration of revenue from single customer(p.225)
- • Outstanding income tax demand from past years unresolved(p.203)
- • Outstanding GST dispute with significant final demand(p.203)
- • Significant outstanding litigation with major financial exposure(p.228)
- • High debt-equity ratio and significant outstanding borrowings(p.207)
- • Declining current ratio indicating working capital pressure(p.205)
- • Dependent on related party loans from directors(p.198)
- • India's power generation growth creating demand for substation services(p.26)
- • Government investment in solar power sector(p.26)
- • Long-term electricity generation growth trajectory(p.26)
- • Expansion into international markets(p.41)
- • Diversification beyond single service offering(p.26)
- • Expansion into renewable energy sector, particularly solar power(p.115)
- • Growing demand for power sector infrastructure and O&M services(p.109)
- • India's renewable energy expansion target and government support(p.110)
- • Expansion into private sector client base(p.116)
- • Opportunity to establish NABL-accredited testing laboratory(p.85)
- • Growing number of substations requiring O&M services(p.114)
- • Expansion in renewable energy sector, particularly solar power(p.127)
- • Government initiatives for infrastructure and energy development(p.127)
- • Strategic partnerships and joint ventures for larger projects(p.127)
- • NABL-certified lab development for enhanced service offerings(p.128)
- • Geographic expansion and customer base diversification(p.124)
- • Focus on EHV erection, testing and commissioning for new market opportunities(p.124)
- • Projected significant revenue growth of approximately 35% in FY 2025(p.213)
- • Expansion of project portfolio with new client contracts from major energy corporations(p.214)
- • Growing demand for renewable energy and solar power generation services(p.212)
- • Plan to improve credit management and reduce trade receivables as percentage of sales(p.214)
- • Full debt repayment planned for FY 2025 to reduce finance costs(p.213)
- • Access to capital markets through IPO listing enabling strategic investments(p.231)
- • Dependence on government tender bidding process with no guarantee of award(p.35)
- • Pre-qualification criteria discretion by clients(p.35)
- • Risk of project delays and cost overruns with penal clauses(p.36)
- • Regulatory changes and compliance requirements(p.35)
- • Labour availability and unionization risks(p.38)
- • Indian economic slowdown and macroeconomic volatility(p.47)
- • Interest rate fluctuations affecting borrowing costs(p.48)
- • Natural calamities and force majeure events(p.46)
- • Concentration of revenue from single major client(p.116)
- • Regulatory changes and policy uncertainties in power sector(p.107)
- • Increasing competition in power sector O&M and testing services(p.114)
- • Rising commodity and equipment costs(p.105)
- • Dependence on project-based revenue and contract renewals(p.120)
- • Regulatory changes affecting renewable energy and infrastructure projects(p.128)
- • Intense competition in power and renewable energy markets(p.128)
- • Economic downturns reducing infrastructure spending and project delays(p.128)
- • Rapid technological advancements requiring continuous investment(p.128)
- • Supply chain disruptions affecting project execution timelines and costs(p.128)
- • Skilled labour shortage affecting project execution capability(p.128)
- • Heavy dependence on government sector customers (99.89% of revenue)(p.213)
- • Exposure to regulatory changes and government policies affecting business(p.214)
- • Labour-intensive business model vulnerable to wage inflation and labour shortages(p.212)
- • Competition from existing and potential competitors in the industry(p.214)
- • Vulnerability to project delays and non-fulfillment causing penalties and contract terminations(p.213)
- • Exposure to inflation, interest rates and economic cyclicality(p.214)
- • Technology evolution risks requiring continuous capability upgrades(p.214)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Chiragkumar Natvarlal Patel | Promoter | 53.04% | — |
| Mr. Natvarbhai K Rathod | Promoter | 21.48% | — |
| Mrs. Purnikaben C Patel | Promoter | 8.60% | — |
| Mr. Chiragkumar Natvarlal Patel | Promoter | 53.04% | [●] |
| Mr. Natvarbhai K Rathod | Promoter | 21.48% | [●] |
| Mrs. Purnikaben C Patel | Promoter | 08.60% | [●] |
| Mrs. Shantaben Natvarbhai Rathod | Promoter Group | 13.33% | [●] |
| Chiragkumar Natvarlal Patel | Promoter | 53.04% | — |
| Natvarbhai K Rathod | Promoter | 21.48% | — |
| Purnikaben C Patel | Promoter | 8.60% | — |
| Chiragkumar Natvarlal Patel | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.