Kaycee Industries is a specialist manufacturer of the heavy-duty switches and controls that sit inside electrical panels across India’s factories and infrastructure - a business it has been quietly refining since 1942. Acquired by Salzer Electronics in 2019, it now operates as a focused, debt-free subsidiary that designs its products in-house, makes them in a single modern factory near Mumbai, and sells them through a national network of dealers and panel builders. The recurring approach is simple: own the R&D, keep manufacturing asset-light by blending in-house work with outsourced production, and serve the same industrial customer base with both its own switches and a curated range of complementary products sourced from its parent. # Business segments Three engines, one customer base - a core manufacturing business built on proprietary switchgear, a trading arm that fills out the catalogue with parent-company products, and a small electric-vehicle charger bet for the future. ## 1. Manufactured switchgear: the company’s own designs, made in its own factory **Rotary switches, cam switches and allied control devices - designed in-house, built to national and international standards, and sold to panel builders who put them into the electrical systems that run Indian industry.** - **The product is the switch that controls the circuit** - the company makes Rotary Switches, Cam Switches, Limit Switches, Toggle Switches, Timers, Counters, Relays, and Current and Voltage Transformers, among others; in FY21, just three products - Cam Switches (34%), Rotary Switches (30%) and Micro Switches (11%) - brought in three-quarters of revenue. - **Designed in-house, not copied** - a dedicated design centre with qualified engineers and updated software develops products to the latest national and international standards, so the company owns its specifications rather than licensing them. - **One roof, recently upgraded** - all manufacturing moved in July 2023 to a new rented factory on the Kalyan-Badlapur Road in Ambernath, giving the company space to redesign its production line, add machinery, and bring new products into the portfolio under a single roof. - **Asset-light by design** - the company keeps a deliberate balance between in-house manufacturing and outsourced production, which increases flexibility and keeps costs variable; it has also invested in process automation to strengthen efficiency. - **Sold through a national dealer network** - products reach panel builders and electrical dealers across India, with only a tiny fraction exported to the Middle East; raw materials are 100% indigenous, insulating the business from foreign-currency swings. ## 2. Trading: a complementary catalogue sourced from the parent **The company buys electrical installation products - switches, wires and cables - from its holding company Salzer Electronics and sells them to the same dealers and panel builders who buy its own manufactured goods.** - **One customer call, two product lines** - the trading segment serves the identical customer base as the manufacturing segment, which is why management has at times evaluated both together as a single “Electrical Installation Products” segment; the split is about sourcing, not about different markets. - **Parent-company supply chain** - the traded goods are bought from Salzer Electronics, giving Kaycee a ready-made catalogue extension without having to develop or manufacture those products itself. - **Small but steady** - the trading book is modest, with imports of finished goods for trading valued at roughly Rs 33 lakhs in FY24, and it operates on the same 0-90 day credit terms and volume-rebate structures as the core manufacturing business. ## 3. Electric-vehicle charging: a minority bet on the future **In October 2024, the company bought a 30% stake in a Bangalore start-up that makes DC fast chargers for electric vehicles - a small, early-stage wager on a market that does not yet exist at scale.** - **An associate, not a subsidiary** - the Rs 8 crore investment gives Kaycee a 27.47% stake in Ultrafast Chargers Private Limited, making it an associate entity rather than a consolidated business; the company had no subsidiaries or joint ventures before this move. - **The asset is technology for fast charging** - Ultrafast Chargers makes high-end DC fast-charging stations for EVs in India, a product category that sits adjacent to Kaycee’s electrical equipment expertise but targets a different, emerging customer set. # Group structure and partners **Kaycee is a listed subsidiary of Salzer Electronics, with a clean balance sheet and a single strategic investment outside its core business.** - **Controlled by Salzer Electronics of Coimbatore** - Salzer is the holding company, and the two businesses collaborate on new product development relevant to the current market, with Kaycee also subleasing part of its Ambernath premises to its parent. - **Debt-free with undrawn bank lines** - the company had nil outstanding on its cash credit facility with ICICI Bank as of March 2025, and access to Rs 405 lakhs in undrawn working capital borrowing facilities as of March 2023, giving it a cushion without carrying debt. - **Listed on the Bombay Stock Exchange** - the shares trade under scrip code 504084 and are held in dematerialised form through NSDL and CDSL, with the registered office in Mumbai’s Ballard Estate.