Ahmedabad Steelcraft Ltd is a company that has been completely reinvented. For most of its life, it was a niche trader of mild steel sections for windows and doors, but a change in control in mid-2024 turned it into a turnkey contractor for high-voltage power infrastructure. The new owners, who brought over a decade of direct experience in building transmission lines and substations, kept the listed shell and redirected its entire purpose toward India’s electricity grid. The recurring approach is to use the company’s newly acquired EPC (Engineering, Procurement, and Construction) expertise to bid for and build power projects, while a legacy trading desk now supplies electrical items and steel structures that feed the same industry.
Business segments
A single business in transition - a power-infrastructure EPC contractor that has just won its first major contracts, supported by a trading arm that has been reoriented to deal in electrical items and steel structures.
1. Power Infrastructure EPC: building the high-voltage grid on a turnkey basis
The company designs, sources materials for, erects, and commissions high-voltage transmission lines and substations, handing over a working system for a fixed price.
- Turnkey from design to commissioning - it takes responsibility for the full chain of engineering, procurement, supply, erection, testing and commissioning of power transmission and distribution infrastructure, so the client gets a single point of accountability.
- Works at the highest voltage levels - its expertise covers transmission lines and utility shifting at 800KV, 765KV, 400KV, 220KV and 132 KV, which are the backbone voltages of India’s interstate grid.
- Promoter experience is the real asset - the two promoters who now run the company have 13 and 9 years of experience respectively in constructing transmission and distribution power lines and substations up to 800 KV, meaning the company’s ability to execute rests on their personal track record.
- First major contracts won as a joint venture - in January 2026, a joint venture with ABI Energy Solutions Limited won two contracts worth Rs. 59.27 Crores from Jharkhand Urja Sancharan Nigam Limited to build a 132 KV DC transmission line spanning 20.5 KM, split into a supply contract and an installation contract, with 18 months to complete the work.
- Scope extends beyond power - the company’s legal charter allows it to take on EPC projects for railways, roads, highways, bridges, airports and other infrastructure, and to operate under models like Build-Operate-Transfer (BOT) where it would finance and run the asset, though its current focus remains power.
2. Trading: a reoriented supply desk for electrical items and steel
What was once an export business in mild steel window sections is now a trading arm that deals in electrical items and steel structures, closely aligned with the EPC business.
- A historic steel trader, repurposed - for decades the company manufactured and exported over 70 varieties of mild steel window, door and ventilator sections, but after the 2024 takeover the trading business was reoriented to deal in electrical items and steel structures, the very inputs its EPC projects consume.
- Domestic and export reach - the trading business has historically sold to both domestic and international markets, and the company claims a long-standing presence in global trade, though the current scale of exports is not detailed.
- A supporting role to EPC - the company now describes its single business segment as “trading of electrical items, steel structures, etc., and providing erection and commissioning services for electricity transmission lines,” which shows the trading desk is being run as a complement to the contracting work rather than as a standalone profit centre.
Group structure and partners
A tightly held listed shell with no subsidiaries, where the new promoters control over two-thirds of the equity and have funded the pivot through a large warrant issue.
- Promoters hold 67.86% - Mr. Rohit Pandey and Mr. Sunil Dutt Pandey acquired their controlling stake from the erstwhile promoters in June 2024 for Rs. 14.99 Crores in cash, at Rs. 54 per share, and a concurrent open offer to public shareholders attracted negligible participation.
- A Rs. 79.20 Crore warrant issue to fund growth - in September 2024, the company allotted 1.10 Crore warrants at Rs. 72 each to 21 allottees, including promoter-group entities and non-promoter investors, with over half converted into equity shares by March 2025.
- A legacy mining investment in Mongolia - the company holds a 50% stake in Light Works LLC, a Mongolian mining entity, but it has no board representation or influence, the entity’s capital was eroded, and the company had intended to divest or liquidate it as of FY23.
- No subsidiaries, no group complexity - the company is a standalone entity with no holding company, no subsidiaries, and no history of mergers or demergers in the three years before the takeover, making it a clean structure for the new business.