Duncan Engineering Limited (formerly **Schrader Duncan Limited**) is a specialized manufacturer of **fluid power and automation products**. A subsidiary of **Oriental Carbon and Chemicals Limited (OCCL)**, which holds a **50.01%** stake, the company operates within the **General Engineering Products** segment. Headquartered with a centralized manufacturing plant in **Ranjangaon MIDC, Pune**, the company is a key player in the Indian industrial automation landscape, transitioning toward high-spec engineering and international markets. --- ### **Core Product Portfolio and Industrial Applications** The company’s operations focus on the manufacturing and assembly of pneumatic and valve automation solutions, emphasizing **New Product Development (NPD)** and **Value Engineering** to enhance reliability and functionality. | Category | Key Products | Primary Applications | | :--- | :--- | :--- | | **Pneumatics** | Cylinders (SADC BTPC), Solenoid Valves, Air Preparation Units, Spool Valves | Compressed air systems, industrial automation, and control systems. | | **Valve Automation** | Scotch Yoke Actuators, Rotary Actuators, Knife Gate Valves, Limit Switches | Process automation in power, cement, and water management. | | **Flow Control** | Pulse Jet Valves, Ball Valves, Butterfly Valves, 2-way & 3-way Valves | Dust collection, precise flow control, and HVAC systems. | | **Custom Solutions** | Automated Valve Packages, Tailored Engineering Products | Bespoke solutions for specific client needs and Industry 4.0 integration. | **Strategic Sector Focus:** * **Power & Energy:** The **Power sector** is the largest consumer of the company’s pneumatic products. The company is also targeting **Clean Tech** (Solar, Wind, LNG, and Green Hydrogen). * **Public Sector & Infrastructure:** Maintains a strong focus on **BHEL** (specialized automation systems) and was enlisted as an approved vendor for **Engineers India Limited (EIL)** in **December 2025**. * **Diversified Industrials:** Significant market presence in **Oil & Gas, Cement, Steel, Metals, Automotive, and Pharma**. --- ### **Strategic Growth Pillars and Global Expansion** Duncan Engineering is executing a multi-year growth strategy supported by a **Long-Term Incentive Plan (LTIP)** for senior management, with performance payouts scheduled for **June 2028**. * **International Footprint:** A primary objective is expansion into the **Middle East** and **Southeast Asia**. In **December 2025**, the company incorporated a **wholly owned subsidiary in Saudi Arabia (KSA)**. While a previous Joint Venture with Jubail Pearl Company Ltd was terminated in **January 2026** due to delays, the KSA subsidiary remains the vehicle for regional growth. * **Sector Diversification:** The company is aggressively pursuing **Defence & Nuclear** sectors (fluid power indigenisation) and **Healthcare** (precision automation for medical devices). * **Aftermarket & Distribution:** Expansion of dealer networks to provide spares, repairs, and maintenance across industrial hubs to ensure high operational uptime for clients. * **Industry 4.0 Alignment:** R&D efforts are focused on **AI-based predictive maintenance** and energy-efficient pneumatics to meet the demands of "Smart Factories." --- ### **Financial Performance and Capital Structure** The company has demonstrated robust revenue growth, though profitability has seen recent fluctuations due to market conditions and operational investments. **Key Financial Metrics:** * **Revenue (FY 2024-25):** **₹84.71 Crore** (a **30.12%** YoY increase from **₹65.10 Crore**). * **Profitability:** Reported a **Profit After Tax (PAT)** of **₹5.21 Crore** in FY25, compared to **₹6.87 Crore** in FY24. * **Dividend:** For FY24-25, the Board recommended a dividend of **30% (₹3.00 per equity share)**. * **Credit Rating:** Maintained at **[ICRA] BBB+ (Stable)** for long-term and **[ICRA] A2** for short-term facilities. * **Share Capital:** Paid-up capital of **₹3.70 Crore** consisting of **36,96,000** equity shares at a face value of **₹10**. **Comparative Financial Summary:** | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :---: | :---: | :---: | :---: | | **Revenue from Operations** | **84.71** | **65.10** | **70.10** | **55.77** | | **Profit Before Tax (PBT)** | **6.75** | **9.24** | **—** | **—** | | **Profit After Tax (PAT)** | **5.21** | **6.87** | **9.90** | **6.24** | | **EBITDA Margin** | **—** | **—** | **20.78%** | **17.63%** | --- ### **Operational Excellence and Sustainability Targets** The company employs **187 personnel** (as of March 2025) and operates under a long-term wage agreement effective until **March 2031**. * **Energy Efficiency:** Targeting **5-7% savings** through compressor grid optimization and auto-switching technology. * **Green Initiatives:** Achieved a **100% transition to LED** lighting in work areas; plans for **solar-based outdoor lighting** are set for **FY 2025-26**. * **Quality Standards:** Holds **ISO 9001:2015, 14001:2015, and 45001:2018** certifications. Products carry **ATEX, SIL, and IP66/67** ratings for hazardous environment safety. * **Manufacturing Infrastructure:** Recent investments include advanced assembly benches, fixtures, and technology absorption for energy-efficient climate control (4-star inverter ACs). --- ### **Risk Management and Internal Controls** The company utilizes a structured framework to mitigate operational and financial risks, audited by **M/s Pipalia Singhal & Associates**. * **Credit Risk Mitigation:** Employs a **"stop supply"** mechanism and secures receivables through **security deposits, bank guarantees, or credit insurance** from distributors. * **Liquidity & Market Risk:** Maintains diversified funding sources and invests surplus funds in **short-duration fixed deposits**. Currency risk is minimal as most transactions are **INR-denominated**. * **Legal Contingencies:** Manages ongoing litigation related to the **2016 closure of the ABU division**. * **Total Provision (ABU Case):** **₹1.38 Crore** balance. * **Protest Money (Nov 2024):** **₹37.74 Lakhs** deposited in Pune Industrial Court. * **Governance:** Strict compliance with **POSH** (zero complaints in the last two fiscal years). Managing Director **Mr. Akshat Goenka’s** term is secured until **February 2027**.