Shivalic Power Control
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Jun 2024 – 26 Jun 2024
- Listing date
- 01 Jul 2024
- Face value
- ₹10 per share
- Issue price
- ₹100 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹64.32 Cr
- Market cap at offer price
- ₹241 Cr
- Promoter holding
- 96.63% → 70.86% pre-issue → post-issue
- ISIN
- INE0T7B01010
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corporate Capitalventures Pvt.Ltd.
- Registered office
- Plot No.72, Sector-68, IMT, Ballabgarh-, Haryana
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 | 18,28,800 | — | — |
| Market maker | 3,36,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,20,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,40,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,60,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,80,000 |
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 (₹) | 4.05 | 4.20 |
| P/E (×) | 24.69 | 23.81 |
| Price to book (×) | 5.58 | — |
| Market cap | — | ₹241 Cr |
Key performance indicators
- Return on net worth
- 28.33%
- ROCE
- 19.20%
- Debt / equity
- 1.09
- PAT margin
- 11.96%
- NAV per share
- ₹17.93
- Price to book
- 5.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shivalic Power Control
Shivalic Power Control Limited, incorporated in 2004 and converted to a public company in January 2024, manufactures a diversified range of electric panels including PCC Panels, IMCC Panels, Smart Panels, MCC Panels, DG synchronisation panels, Outdoor panels, HT Panels up to 33KV, VFD Panels, Power Distribution Boards, Bus Duct and LT & HT APFC Panels. The company operates a 1,25,000 square feet in-house manufacturing unit and is authorized by industry leaders such as L&T, Siemens, Schneider Electric and TDK to manufacture fully type-tested panels. With a dedicated team of engineers, the company manufactures Techno Modular Design – Fully Bolted Panels with Aluminium and Copper Bus Bar, utilizing advanced design capabilities to serve major clients including Hewlett Packard, DCM Shriram, Reliance Cement, Kalpataru Power Transmission, Jindal Steel & Power, JSW, Bikaji Foods, and Dabur across sectors such as Sugar, Papers, Cement, Steel, FMCG, and Automobile.
Company Analysis
from RHPShivalic Power Control Limited is an ISO-certified manufacturer of low and high tension electric control panels with 20 years of operating history, serving over 500 clients across 15+ industrial sectors in India and internationally.
Shivalic Power Control Limited, incorporated in 2004 and converted to a public company in January 2024, manufactures a diversified range of electric panels including PCC Panels, IMCC Panels, Smart Panels, MCC Panels, DG synchronisation panels, Outdoor panels, HT Panels up to 33KV, VFD Panels, Power Distribution Boards, Bus Duct and LT & HT APFC Panels. The company operates a 1,25,000 square feet in-house manufacturing unit and is authorized by industry leaders such as L&T, Siemens, Schneider Electric and TDK to manufacture fully type-tested panels. With a dedicated team of engineers, the company manufactures Techno Modular Design – Fully Bolted Panels with Aluminium and Copper Bus Bar, utilizing advanced design capabilities to serve major clients including Hewlett Packard, DCM Shriram, Reliance Cement, Kalpataru Power Transmission, Jindal Steel & Power, JSW, Bikaji Foods, and Dabur across sectors such as Sugar, Papers, Cement, Steel, FMCG, and Automobile.
Objects of the Issue
- To meet out the working capital requirements of the company ₹3,002.75 Lakh p.19
- Funding for procurement of new machineries ₹581.55 Lakh p.19
- Civil construction of warehouse by shedding the roof ₹182.30 Lakh p.19
- To meet out the inorganic growth through unidentified acquisition for Company ₹575.00 Lakh p.19
- General Corporate Expenses p.19
- To meet the working capital requirements of the company ₹3,002.75 Lakhs p.71
- Funding for capital expenditure - procurement of new machineries ₹581.55 Lakhs p.71
- Funding for capital expenditure - construction of new assembly line by shedding the roof ₹182.30 Lakhs p.71
- To meet out the inorganic growth through unidentified acquisition for Company ₹575.00 Lakhs p.71
- General Corporate Expenses [●] p.71
- Not disclosed in this part of document
- Funding capex for new assembly line on roof of existing manufacturing unit p.228
Issue Structure
- Total Issue
- 64,32,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 64,32,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ 95 to ₹ 100 PER EQUITY SHARE OF FACE VALUE OF ₹ 10/- EACH
- Lot Size
- Minimum of 1200 Equity Shares and multiples of 1200 Equity Shares thereafter
- Face Value
- ₹ 10 per Equity Share
Business Model
The company manufactures and assembles electric control panels and switchgear products based on customer specifications and purchase orders. Revenue is generated through the sale of diversified electric panels to industrial clients. The company works on a purchase order basis without long-term contracts with customers.
Business Segments
SWOT Analysis
- • 20 years of operating history in electric panel manufacturing with ISO certification(p.18)
- • Diverse product portfolio and manufacturing capabilities across multiple panel types(p.18)
- • Authorized by multiple leading industry OEMs for manufacturing and assembly(p.18)
- • Established customer base across 15+ industrial sectors and multiple countries(p.18)
- • Strong track record serving 500+ clients across major industries(p.18)
- • Technology-driven approach with focus on advanced product design and modular manufacturing(p.18)
- • ISO-certified manufacturing with rigorous quality control across international standards(p.105)
- • Strategic partnerships with major OEMs enabling direct procurement and cost advantages(p.111)
- • Proprietary Techno Modular Design with fully bolted zero-welding panels offering durability and customization(p.108)
- • Marquee customer base including multinational corporations demonstrating market validation(p.105)
- • Advanced manufacturing infrastructure with automated machinery and significant production capacity(p.105)
- • Experienced promoter leadership with 24 years industry expertise and strong technical background(p.112)
- • ISO-certified manufacturer with 20-year operating history(p.202)
- • Authorizations from leading industry players for type-tested panel manufacturing(p.202)
- • Diversified product range and manufacturing capability(p.202)
- • Proprietary Techno Modular Design differentiating from traditional manufacturers(p.202)
- • Diverse customer base across 15+ industrial sectors and geographies(p.202)
- • Significant improvement in profitability with rising EBITDA margins(p.125)
- • Strong PAT margin improvement indicating operational efficiency gains(p.125)
- • Direct OEM partnerships with established discounts(p.207)
- • Reduced competition in large-value orders due to high barriers to entry(p.208)
- • Economies of scale improving profit margins(p.208)
- • Strong financial growth trajectory(p.209)
- • Revenue diversification away from single-state dependency(p.208)
- • Customized CAPEX products provide competitive advantage(p.210)
- • Heavy dependence on top 10 customers representing 40.77% of current revenues(p.27)
- • Significant inventory and trade receivables as percentage of current assets creating working capital strain(p.26)
- • Negative cash flows from operations in recent period(p.28)
- • High dependence on limited number of suppliers (top 5 represent 62.35% of purchases)(p.30)
- • Significant contingent liabilities through bank guarantees of Rs. 694.87 Lakh(p.25)
- • Short-term borrowings of Rs. 2,529.88 Lakhs repayable on demand(p.28)
- • Promoter litigation with tax proceedings against one promoter(p.20)
- • Delayed statutory compliance filings including GST, TDS, EPFO returns with penalties incurred(p.33)
- • Heavy dependence on single punching machine creating operational bottleneck(p.76)
- • Significant concentration risk with top 10 customers representing 40.77% of revenue(p.123)
- • High debt-equity ratio of 1.09 indicating significant financial leverage(p.85)
- • Low capacity utilization at 30.56% as of December 2023 indicating underutilized assets(p.106)
- • High inventory concentration and working capital requirement(p.194)
- • Increasing receivables burden extending credit to customers(p.194)
- • Significant short-term borrowing dependence(p.166)
- • Material concentration with single largest customers(p.125)
- • Significant financial indebtedness with promoter loans(p.218)
- • High concentration of debt in working capital facilities(p.218)
- • Pending tax matters against the company(p.220)
- • Outstanding customer recovery litigation(p.220)
- • Material customer defaults on large orders(p.221)
- • Global electric control panel market expected to grow at 7.3% CAGR to $7.79 billion by 2028(p.18)
- • Indian electrical equipment market growing at 11.68% CAGR through 2027(p.19)
- • Low voltage switchgear market in India growing at over 5% CAGR with trend towards intelligent/smart solutions(p.19)
- • Utilization of IPO proceeds for working capital expansion and capital expenditure(p.19)
- • Strategic opportunity for inorganic growth through acquisitions funded by IPO proceeds(p.19)
- • Increasing focus on energy efficiency and sustainability driving demand for advanced panels(p.18)
- • Growing renewable energy integration creating demand for control panels(p.18)
- • Expanding data centre market providing new customer segment with high margins(p.109)
- • Pursuing higher-margin EPC projects alongside manufacturing activities(p.110)
- • Global expansion leveraging past export experience and cost competitiveness(p.110)
- • Acquisition opportunities to consolidate market position and expand product portfolio(p.78)
- • Growing electric control panel market with 7.3% CAGR driven by factory automation and Industry 4.0(p.101)
- • India's switchgear market growing at 5% CAGR with infrastructure and renewable energy investments(p.104)
- • Expansion into large orders segment with higher margins(p.195)
- • International expansion in emerging markets(p.202)
- • Growth in industrial sectors reliant on electrical control solutions(p.202)
- • Captured significant order from RBI Data Centre Bhubaneswar(p.135)
- • Exploration of new application domains for panels(p.202)
- • Strategy to bid for higher order values to gain competitive edge(p.208)
- • Growth linked to infrastructure, capex and real estate sectors expansion(p.208)
- • Expansion through new assembly line to increase production capacity(p.229)
- • Higher margin realization from OEM discount negotiation(p.210)
- • Potential migration to main board following capital expansion(p.248)
- • Risk of forward integration by OEMs to directly manufacture panels, disrupting revenue(p.29)
- • Heavy geographic concentration in Haryana (44.69% of revenues) vulnerable to state policy changes(p.29)
- • No long-term supply agreements with raw material suppliers creating price and supply risk(p.30)
- • 100% dependence on third-party transportation providers with associated supply chain risks(p.33)
- • Vulnerability to machinery breakdown and manufacturing facility disruptions(p.32)
- • Indian inflation volatility increasing operational costs(p.41)
- • Regulatory changes and compliance requirements increasing costs(p.37)
- • Political instability and changes in economic liberalization policies affecting business conditions(p.39)
- • Natural disasters and calamities could disrupt operations and impact Indian economy(p.41)
- • Intense competition from established OEMs and unorganized sector players(p.102)
- • Cybersecurity threats to power generation and control systems creating operational risk(p.103)
- • Scarcity of skilled technical professionals hampering expansion and execution capacity(p.102)
- • Volatility in raw material and commodity prices affecting margins and project economics(p.72)
- • Economic slowdown in India limiting discretionary industrial and commercial spending(p.94)
- • Dependence on external transporters for product delivery creating service delivery risk(p.120)
- • Regulatory changes in labor and employment laws(p.131)
- • Environmental compliance and pollution control obligations(p.127)
- • Dependence on raw material supply chains and input price volatility(p.206)
- • Competition from large established manufacturers(p.203)
- • Foreign exchange and capital market volatility impacts(p.203)
- • Industry cyclicality tied to infrastructure and capex spending(p.211)
- • Commodity price volatility affecting input costs(p.210)
- • Future costs and revenues dependent on external demand-supply dynamics(p.212)
- • Exposure to customer credit risk and payment defaults(p.221)
- • Competition from existing and potential competitors(p.213)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Amit Kanwar Jindal | Promoter | 82.38% | 60.41% |
| Sapna Jindal | Promoter | 14.25% | 10.45% |
| Amit Kanwar Jindal | Promoter | 82.38% | 60.41% |
| Sapna Jindal | Promoter | 14.25% | 10.45% |
| Amit Kanwar Jindal | Promoter/Managing Director | 82.38% | — |
| Sapna Jindal | Promoter/Whole Time Director | 14.25% | — |
| Amit Kanwar Jindal | Promoter | — | — |
| Sapna Jindal | Promoter/Director | — | — |
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.