Modern Malleables Ltd. is fundamentally a specialist metalworks company that keeps the lights on and the data flowing across India - it makes the precision hardware that holds up high-voltage power lines and strings optical fibre along the same towers. Incorporated in 1982 and run from Kolkata with its factories in Howrah, the company has spent four decades turning a single manufacturing skill into a quietly indispensable position in the country’s infrastructure backbone. The recurring approach is simple: master a niche where failure is catastrophic, earn every government and utility approval through obsessive quality control, and then sell the full package - products, erection services, and the R&D that keeps the designs ahead of the curve.
Business segments
A single integrated business - manufacturing and erecting overhead line hardware for power and telecom - where the factory, the testing lab and the project team are three sides of the same operation.
1. Overhead line hardware: the fittings that carry power and data across India
The company makes the clamps, connectors and suspension gear that hold live conductors and fibre-optic cables onto transmission towers - and then goes on-site to install them, so utilities buy a finished connection, not a box of parts.
- Three product families, one metallurgical core - the range covers Conductor Accessories (the joints and clamps that grip the live wire), Insulator Fittings (the metalwork that attaches the ceramic or glass insulator to the tower arm), and Aerial OFC Accessories (the hardware that lashes optical fibre cable onto existing overhead lines), all manufactured at the Liluah, Howrah plants.
- Sold to the grid, not to the public - customers are power and telecom utilities across India, which means every order is a procurement contract from a state electricity board or a central transmission utility, won on technical approval and past performance.
- Products plus erection equals a single warranty - the company also runs an Engineering, Procurement and Construction (EPC) business, so it can bid for supply-and-install packages where it delivers the hardware and then erects it on the tower, recognising revenue from services only when the work is done to contract terms.
- No middlemen in the supply chain - revenue from product sales is booked on despatch, net of GST, and the company also earns smaller streams from trading goods and job-work for other manufacturers, but its foreign exchange earnings and outgo were both nil in FY25, confirming a purely domestic, rupee-denominated business.
- A twelve-month rhythm - the operating cycle is identified as twelve months, reflecting the long lead times of utility procurement, manufacturing to order, and project execution that stretches from tender to commissioning.
2. In-house testing and R&D: the approvals engine behind every sale
Before a single clamp ships, it has to pass tests that mimic decades of wind, heat and electrical stress - and the company’s government-recognised lab runs those tests under its own roof, which is how it gets onto the approved-vendor lists that competitors struggle to crack.
- A lab that doubles as a licence to sell - the company holds NABL (National Accreditation Board for Testing and Calibration Laboratories) accreditation in several diverse activities and is ISO-9001:2015 certified for its power and telecom product range, meaning utilities accept its in-house test certificates instead of demanding third-party validation.
- Designed with IIT Bombay, deployed on live lines - the R&D Centre developed the designs, application methods and manufacturing processes for installing optical fibre cables on overhead telecom and power distribution lines using existing structures, working in close collaboration with the institute.
- Government-stamped R&D status - the unit holds a ‘Recognised R&D Unit’ designation from the Government of India, which signals that its work qualifies for official incentives and, more importantly, that its development pipeline is audited and credible.
- The plan is to match developed-world specs - future R&D investment is directed at strengthening the centre to improve product designs so the company can compete with similar products from developed countries, suggesting an ambition to eventually export or to defend against imports.
- Energy discipline built into production - a structured energy management system continuously optimises process parameters, modernises plant and machinery, and upgrades technology to reduce fuel, electricity and gas consumption, which keeps unit costs predictable in a business where metal and energy are the two largest input costs.
Group structure and partners
A standalone, family-led public company with no subsidiaries and a deliberately lean balance sheet - it borrows nothing long-term and keeps its banking relationships with two private-sector lenders.
- No group, no complexity - the company has no subsidiaries, associates or joint ventures, so all operations, assets and cash flows sit inside a single listed entity with a paid-up equity capital of Rs. 1,165.25 lakhs divided into shares of Re. 1 each.
- Zero long-term debt - as of March 31, 2025, the company had no long-term borrowings, which means its manufacturing capacity and working capital are funded entirely through equity and short-term facilities.
- Dual listing, single register - equity shares trade on both the BSE and the Calcutta Stock Exchange, with Maheshwari Datamatics Pvt. Ltd. acting as the registrar and share transfer agent.
- Six directors, two executives - the board comprises Chairman and Managing Director Biswanath Jhunjhunwala, Executive Director Siddhishree Jhunjhunwala, and four non-executive directors, supported by a company secretary as a key managerial person.
- Professional services from established firms - the statutory auditor is B.R. Khaitan & Co., the cost auditor is A.S & Associates, the secretarial auditor is Agarwal Priti & Associates, the internal auditor is H. Kabra & Co., and the solicitors are Khaitan & Co., all Kolkata-based, while bankers are ICICI Bank and Kotak Mahindra Bank.