Aplab is fundamentally a power-electronics specialist that has spent six decades quietly supplying the Indian defence establishment with backup and ground-power systems that competitors cannot easily replicate - because no rival makes both the UPS and the programmable test supplies that Aplab bundles together. Incorporated in 1964 and run from a single Navi Mumbai factory, the company has reorganised its work into four internal engines, all still reported as one segment, with a post-Covid tilt toward higher-margin defence orders. The recurring pattern is cross-segment breadth built on a protected, low-volume marketplace: Aplab wins by offering a product catalogue wider than any single competitor’s, then locks in loyalty through its own pan-India service network. # Business segments Four engines inside a single electronics house - a defence-grade power backbone, a lab-instrumentation niche, a bank-automation kiosk line, and a service arm that aims to become half the business - each feeding the same in-house manufacturing and support network. ## 1. Power Control and Conversion Electronics: the defence-grade power backbone **This is the engine that drives the group - backup power, power conditioning, and military ground-power units sold largely to the defence sector in a historically protected, low-volume market.** - **Wider range than any single rival** - the PCCE catalogue spans UPS systems, frequency converters, automatic changeover switches, isolation transformers, and power-management software, while competitors tend to specialise in just one of those lines. - **Military ground power is a distinct moat** - the KAAS Series supplies mobile and fixed 400Hz AC and 28V DC ground-power units for helicopters and jets, and the manufacturers that make equivalent GPU systems do not also compete in UPS, so Aplab is the cross-over supplier. - **Defence demand is the growth lever** - a large portion of the segment’s revenue expansion is directly attributed to this product group, and multi-fold increases in government defence-equipment spending are pulling orders for backup and ground-power systems. - **Commercial spill-over is beginning** - the company recently launched the LLIT series, a commercial-grade line of small-office UPS systems, extending the same power-conversion know-how beyond its traditional military customer. - **R&D feeds the pipeline** - during the year the team developed an emergency lighting inverter for commercial buildings and an automatic priority-settable change-over switch, and it is exploring active harmonic filters for its own premises with a possible future market launch. ## 2. Test and Measurement Instrumentation: the lab-bench power supply that no UPS rival makes **Programmable AC and DC power supplies for electronics R&D labs - a niche where Aplab’s presence also blocks competitors from matching its combined catalogue.** - **Lab-grade programmable sources** - the LONAR Series provides programmable AC sources and the VSP Series provides programmable DC sources, alongside high-power variable linear power supplies, all used in electronics R&D environments across industries. - **Cross-segment exclusivity** - no competitor that sells LONAR-equivalent programmable AC sources also competes in UPS systems, which means a customer who needs both gets a single-vendor option only from Aplab. - **Aviation testing is a nascent bet** - the company is using the LONAR and VSP+ series to enter the aviation electrical-testing market, though this is still at an early stage. ## 3. Banking and Business Automation: the kiosk line that wins on uptime **Self-service kiosks and automation software for public-sector banks, where contracts are won on tender pricing but defended by machine reliability.** - **Award-winning passbook kiosks** - the Intelliprint AI passbook kiosks and retail automation kiosks sit alongside business-process automation software, and the products have been recognised for outstanding kiosk and software performance. - **Highest uptime among peers** - in a marketplace dominated by large PSU banks that award contracts on a lowest-common-denominator tender basis, Aplab’s machines have delivered the highest uptimes in the segment, which is the operational edge that keeps them in the running. - **Software is becoming a product of its own** - R&D produced AI-based image-processing software for passbooks and cheques, and the company has assembled a team to explore offering software-as-a-service alongside consulting, building on its in-house-developed IT assets. ## 4. Customer Service and Support: the loyalty engine with a 50% revenue ambition **Technical support and after-sales service treated not as a cost centre but as a standalone business that the company wants to grow into half of total revenue.** - **Brand recall through service** - Aplab describes its support and after-sales operation as a key driver of brand loyalty and recall, which matters in a niche where buyers return for upgrades and replacements over decades. - **Long-term revenue target** - the stated goal is for this segment to eventually contribute 50% of total revenue, shifting the mix toward recurring service income rather than pure product sales. # Group structure and partners **A standalone Indian company with no subsidiaries or joint ventures, tightly held by its promoter group and recently recapitalised through a rights issue and preference-share conversion.** - **No subsidiaries, no foreign ventures** - the company has no subsidiary, no joint ventures, and no foreign investments or collaborators, so all operations run through the single Navi Mumbai entity. - **Promoter control with fresh executive leadership** - Mrs. Amrita P. Deodhar of the promoter group holds just over 35% of the company; Nishith P. Deodhar joined as Executive Director in mid-2026 with a mandate to drive product strategy and production innovation, bringing experience from IBM and a master’s in computer engineering from the University of Southern California. - **Partly-paid share structure** - the company issued roughly 1.26 crore partly-paid equity shares to existing members in a 1:1 ratio during the year, and voting rights on those shares are based on their paid-up value. - **Preference-share conversion cleaned the balance sheet** - a portion of promoter-group unsecured loans was converted, with 14,80,000 compulsory convertible preference shares turning into equity and the balance into redeemable preference shares. - **UK exit completed** - the company exited its UK educational business in the prior year, removing the last overseas distraction.