- **Artemis Electricals & Projects is an Indian electrical contractor that once made its name manufacturing LED lights but has since pivoted almost entirely to project-based work - civil construction, infrastructure and electrical contracting - while a lithium-ion battery plant sits under construction at its Vasai factory. The company was founded in 2009, migrated from the BSE SME platform to the main board in 2020 and later listed on the NSE, and it operates with a stated philosophy of never compromising on quality even when controlling costs. That recurring approach - build a manufacturing identity, then shift the centre of gravity toward higher-value project execution - explains both the shuttered factory lines and the battery bet now in progress.** # Business segments A single project-execution engine, fed by a legacy LED product line that has been wound down to negligible levels, with a lithium-ion battery plant under construction as a future leg. ## 1. Electrical contracting and project execution: where the company now makes its living **Artemis is effectively a pure-play electrical and civil-construction contractor that recognises revenue over the life of each project, with government, infrastructure and private clients spread across multiple Indian regions.** - **Paid as the work progresses** - the company uses the percentage-of-completion method, so revenue is booked in step with costs incurred; work done but not yet billed sits as a contract asset, while advance billings become a contract liability. - **Long customer credit cycles** - the average collection window runs between 120 and 180 days, which means the business ties up working capital while waiting for payment from its project clients. - **Manufacturing has been sidelined** - by FY24 management stated that factory production had dropped to a very minimal or negligible level because the company was focusing more on projects and project-related works. - **Diversified across clients and geographies** - the project portfolio mixes government, infrastructure and private-sector jobs, and revenue is spread across multiple regions in India rather than concentrated in one state or customer. ## 2. LED lighting and solar products: the legacy product line, now largely dormant **A once-broad catalogue of indoor and outdoor LED luminaires and solar-powered lights that was built on in-house design and third-party assembly, but whose own-factory manufacturing has since been described as closed or negligible.** - **Designed from scratch, assembled with outsourced parts** - the company created LED products based on market requirements, outsourced the low-value LED component and assembled finished goods in its own facilities using additional parts. - **A wide product basket** - the range spanned LED panel lights, street lights, solar street lights, down lights, spot lights, batten lights, architectural lights, bulbs, and electronic components such as LED drivers and solar charge controllers. - **Own-brand distribution was taking shape** - the company piloted its own brand across five states through 62 distributors and was pursuing export markets, with a smart-street-light pilot installed in the UAE and negotiations underway for a European and US retail partnership. - **Factory capacity once existed at scale** - as of FY20 the Vasai plant could produce 30 lakh electronic-component units per month at 50% utilisation and 75,000 luminaires per month at 60% utilisation, with the ability to triple output immediately. - **Now reduced to a skeleton** - by FY24-FY25 the company’s own manufacturing was described as closed or negligible, with management confirming it had commenced production at a very minimal level. # Lithium-ion battery plant under construction **A state-of-the-art lithium-ion battery manufacturing facility is being built at the Vasai factory complex, supplied and commissioned by a related party, with the commissioning timeline repeatedly pushed forward.** - **Related-party supply contract** - the Company has entered into a contract to supply and commission a Lithium-ion battery plant with Electroforce (India) Private Limited, a related party, under a contract approved by shareholders in September 2021. - **Capital already committed** - as of March 2024 the company had paid roughly 35.5% of the contract value to Electroforce, with the amounts sitting in Capital Work in Progress and capital advances on the balance sheet. - **Feasibility work was done** - the company approached Indian institutions for a Techno Economic Feasibility and Viability Report, and its R&D team held detailed discussions to target specific results for the lithium-ion cell unit. - **Commissioning keeps slipping** - the stated start date has moved from March 2024 to March 2025 and then to September 2025 in the most recent filing. - **Auditor flagged the workload** - the outgoing statutory auditor’s resignation letter in November 2024 noted that the lithium-ion plant would soon become operational, which would increase the audit workload. # Group structure and partners **A tightly held promoter group with one wholly-owned subsidiary, a minority stake in a project LLP, and a related-party relationship that supplies the battery plant.** - **Promoter-controlled** - the promoter and promoter group held 72.45% of the equity shares as of March 2025, led by Mr. Pravin Kumar Agarwal and Yashvikram Infrastructure Private Limited. - **One wholly-owned subsidiary** - Artemis Opto Electronic Technologies Private Limited, in which the company held roughly 7.27 million equity shares as of March 2025. - **A project partnership** - during FY24 the company took a 23% share in PKH Projects LLP through an agreement dated 9 March 2024. - **Dual stock-exchange listing** - the shares trade on BSE (code 542670) and, effective 12 March 2026, on the NSE main board. - **Related-party battery supplier** - Electroforce (India) Private Limited, the related party contracted to supply and commission the lithium-ion plant, is the key operational link outside the wholly-owned subsidiary structure.