Incap Ltd is a pure-play manufacturer of aluminium electrolytic capacitors - the small, unglamorous components that smooth out electrical current inside everything from LED bulbs to power supplies. Incorporated in 1990 in Vijayawada, Andhra Pradesh, the company has spent over three decades focused on this single product, operating a completely domestic, business-to-business model. Its recurring approach is to compete not on scale - it cannot match the giant Chinese and Japanese factories - but on quality and faster delivery for Indian customers who would otherwise wait for imports. # Business segments A single engine - aluminium electrolytic capacitors, manufactured and traded - serving Indian equipment makers in a market where domestic production is a rounding error against Chinese and Japanese imports. ## 1. Aluminium electrolytic capacitors: the quiet component inside India's electronics **Incap makes one thing - aluminium electrolytic capacitors - and sells them to Indian manufacturers who need them faster and more reliably than Chinese imports can deliver.** - **A single-product focus** - the company manufactures and sells aluminium electrolytic capacitors, with its entire business governed by one set of risks and no separate reportable segments. It also resells some traded goods alongside its own manufactured output, but the core identity is capacitor production. - **Tiny domestic supply in a vast market** - total Indian demand for electrolytic capacitors runs to roughly 4-5 billion pieces annually across all segments, yet the entire domestic industry produces hardly 150 million pieces a year, so the market is overwhelmingly served by Chinese and Japanese manufacturers. Incap has established itself among the top few Indian companies in this lopsided market. - **Quality and speed as the counter to Chinese pricing** - the company faces tough price competition from Chinese manufacturers but believes it can overcome this with better quality and faster delivery, which matters to Indian buyers who cannot afford long supply chains. - **Everything raw comes from abroad** - raw materials are totally imported from China or Japan, because backward integration in the Indian capacitor industry is negligible and there is hardly any supplier big enough in India to support even a small rubber bung. Key inputs include semi-finished capacitors, anode foil, cathode foil, tissue paper, aluminium cans, lead tabs and electrolyte. - **A single factory in Vijayawada** - the manufacturing plant sits at the company's registered office in Nidamanuru, Vijayawada, housing plant and machinery, lab equipment, and supporting infrastructure on owned land. The company runs a regular physical verification programme for its plant and equipment on a phased three-year cycle. # Group structure and partners **Incap is a standalone, promoter-led company with no subsidiaries, listed on the Bombay Stock Exchange and banked by the State Bank of India.** - **No group, no subsidiaries** - the company has no subsidiaries and has not made any investments in, provided guarantees to, or granted loans to other parties. - **Two passive investment holdings** - the company holds equity shares in two unconnected entities: M/s. Liquinox Gases Pvt. Ltd. (20 lakh shares of Rs.10 each) and M/s. VSF Projects Ltd. (71,364 shares as of FY25), neither of which constitutes a subsidiary or operating relationship. - **BSE-listed, SBI-banked** - the company's securities are listed solely on the Bombay Stock Exchange, and its disclosed banking relationships include the State Bank of India, with working capital limits sanctioned from banks or financial institutions on the security of current assets.