Artemis Electricals and Projects Limited is a specialized Indian infrastructure and electrical solutions provider. Historically recognized as a manufacturer of energy-efficient LED lighting, the company is currently undergoing a fundamental strategic pivot. It is transitioning from a traditional manufacturing-heavy model toward **high-value infrastructure projects, civil construction, and green energy technology**, specifically the establishment of a **Lithium-ion battery** manufacturing ecosystem. --- ### **Strategic Pivot: From Manufacturing to Infrastructure Projects** The company has intentionally shifted its operational focus to prioritize **projects and project-related works** over pure-play manufacturing. This transition is reflected in the current utilization of its physical assets and capital allocation. * **Operational Status:** Manufacturing activities at the **Vasai (East), Thane** factory have been scaled down to **minimal or negligible levels** as of **2023-2025**. Resources are now concentrated on executing large-scale work contracts for engineering and civil infrastructure. * **Project Portfolio:** The company engages in civil construction, infrastructure contracting, and specialized electrical installations for commercial and government sectors. * **Green Energy Ambitions:** Artemis is actively experimenting with and improving patents for **green power projects**, aligning its long-term strategy with national sustainability goals. --- ### **Core Product Portfolio: Energy-Efficient Lighting Solutions** Despite the shift toward projects, Artemis maintains a robust portfolio of LED and solar products, primarily marketed through its in-house brand and OEM partnerships (including **Bajaj**). These products offer up to **70% energy savings** compared to traditional CFL lighting. | Product Category | Wattage Range | Primary Applications | | :--- | :--- | :--- | | **LED Focus Lights** | **6W - 30W** | Residential and commercial accent lighting | | **'MOON' Surface Lights** | **6W - 18W** | Corridors, government offices, and residential spaces | | **'APOLLO' Down Lights** | **12W - 18W** | Specialized indoor and architectural lighting | | **LED Panel Lights** | **12W - 18W** | Plastic body variants for commercial interiors | | **AC Street Lights** | **24W - 180W** | Arterial roads, junctions, and civic centers | | **Solar & Flashlights** | **Various** | Portable and renewable illumination solutions | --- ### **Flagship Capital Project: Lithium-ion Battery Plant** A central pillar of the company’s future growth is the establishment of a **Lithium-ion battery plant** at the Artemis Complex in Vasai. This project is being executed through a related-party contract with **Electroforce (India) Limited (EIL/EIPL)**. * **Investment Status:** As of **December 31, 2025**, the company has deployed significant capital into this project, reflected in **Capital Work in Progress (CWIP)** and **Capital Advances**. * **Commissioning Timeline:** The project has faced successive delays. Originally targeted for **March 2024**, the timeline was revised to **September 2025**, then **March 2026**, and the current management target now stands at **March 2027**. * **Financial Commitment:** By March 2024, **35.54%** of the contract value had been paid as advances. Ad-hoc payments continue as the project moves toward the commissioning phase. --- ### **Financial Performance and Capital Structure** The company’s financial trajectory shows a period of recovery followed by a recent contraction in revenue as the business model transitions. #### **Consolidated Financial Summary** | Metric (₹ in Lakhs) | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :--- | :--- | :--- | | **Income from Operations** | **4,135.92** | **5,821.80** | **3,432.95** | | **Net Profit / (Loss)** | **388.86** | **628.59** | **(1,185.17)** | | **Revenue Growth (YoY)** | **(28.9%)** | **+69.6%** | **-** | #### **Debt and Asset Management** * **NSE Listing:** The company successfully listed **25,10,36,900 equity shares** on the Main Board of the **National Stock Exchange (NSE)** effective **March 12, 2026**. * **Asset Monetization:** In March 2025, the board approved the sale of a non-core property in **Bandra Kurla Complex (BKC), Mumbai**, to the promoter for **₹10 Crore** to fund expansion and reduce debt. * **Borrowing Capacity:** Shareholders have approved a borrowing limit of **₹500 Crore** and a charge creation limit of **₹1,000 Crore** to support large-scale infrastructure projects. * **Term Loan:** A facility from **Federal Bank** (original amount **₹7.40 Crores**) is active at an interest rate of **8.80%**, secured by office premises in BKC and residential property in Malad. --- ### **Capital Work in Progress (CWIP) Ageing** The following table details the long-term deployment of capital as of **March 31, 2025**, highlighting the concentration of funds in projects exceeding three years: | Particulars | < 1 Year | 1-2 Years | 2-3 Years | > 3 Years | Total (₹ Lakhs) | | :--- | :--- | :--- | :--- | :--- | :--- | | **CWIP Balance** | **2,971.05** | **465.50** | **702.14** | **1,416.06** | **5,554.75** | --- ### **Corporate Structure and Subsidiary Network** Artemis operates through a consolidated framework to manage its diverse interests in technology and real estate: * **Artemis Opto Electronic Technologies Pvt Ltd:** A **100% Subsidiary** focused on specialized lighting tech. * **PKH Projects LLP:** An associate entity in which the company acquired a **23% stake** in March 2024. * **Mature Trading and Investments Pvt Ltd:** The company holds **11,600 shares** specifically to secure rights to its Mumbai corporate office premises. --- ### **Risk Profile and Mitigation Framework** Investors should note several operational and compliance-related challenges currently facing the company. #### **Operational & Compliance Risks** * **Audit Qualifications:** Statutory auditors (**LB & Co.**) resigned in **November 2024**. Previous audits noted deficiencies in **Property, Plant, and Equipment (PPE)** record-keeping and the inability to physically verify inventory. * **Related Party Transactions:** A high percentage of capital advances (**35.54% to 75%**) have been paid to related parties for the Lithium-ion plant without the benefit of competitive third-party quotations. * **Statutory Delays:** The company has faced penalties for delayed filings with **SEBI** and late payments of **TDS, Professional Tax, and ESIC**. * **Force Majeure:** A fire at the **Vasai factory** on **June 4, 2025**, caused a temporary suspension of site operations. #### **Market & Financial Risks** * **Concentration Risk:** Operations are currently limited to a **single geographical segment (India)**. * **Technological Obsolescence:** The lighting industry is subject to rapid changes in energy standards and low entry barriers. * **Liquidity:** While **₹10.45 Crores** in redemption premiums on debentures were waived by holders to ease pressure, liquidity remains a key monitoring point. #### **Mitigation Strategies** * **Market Diversification:** Actively pursuing **export markets** and expanding the domestic retail footprint through a **12,000 sq. ft. lighting store** in Mumbai. * **Cost Control:** Internal monitoring teams conduct **quarterly pricing reviews** of raw materials to protect margins. * **R&D Focus:** A dedicated team identifies **niche lighting markets** to avoid the "commodity trap" of standard LED products.