Promax Power Limited is an **ISO 14001:2015** and **ISO 45001:2018** certified engineering enterprise specializing in end-to-end **Engineering, Procurement, Construction (EPC)**, project management, and commissioning services. With an operational legacy of over **19 years**, the company has evolved from a regional power infrastructure player into a diversified energy solutions provider. Promax is currently transitioning from a pure-play EPC firm into an **Integrated Energy Enterprise**, expanding its footprint into **Electric Vehicle (EV) infrastructure**, **Renewable Energy asset ownership**, and **Carbon Management**. --- ### **Core Business Verticals & Infrastructure Capabilities** The company operates an integrated model providing turnkey solutions for utilities, state transmission companies, and private industrial developers. * **Power Transmission & Distribution (T&D):** * Execution of high-voltage projects up to **220 kV**. * Complete electrification for high-rise buildings, industrial facilities, and commercial complexes. * Scope includes mains distribution, low-voltage panels, and specialized lighting systems. * **Substation & Line Construction:** * EPC execution of indoor and outdoor switchyards up to **220 kV**, including transformer erection and cable laying. * Construction of **Extra High Tension (EHT)** and **High Tension (HT)** lines. * Track record of over **20 projects** and **200+ Kms** of **132 kV** and **220 kV** lines. * **Solar Projects EPC:** * Comprehensive services for utility-scale solar PV projects, covering conceptual design, detailed engineering, and final commissioning. * **Water & Civil Infrastructure:** * Design and construction of **Sewerage Treatment Plants (STP)** and **Water Treatment Plants (WTP)**. * Development of **Pre-Engineered Buildings (PEB)** and turnkey industrial civil infrastructure. --- ### **Strategic Pivot: Clean Mobility & EV Infrastructure** Through its associate company, **Promax PlugUp EV Pvt. Ltd.** (**20.83% equity holding**), the group has established a high-technology manufacturing arm focused on the global EV transition. * **Advanced Manufacturing:** In-house R&D and production of **AC and DC Fast Chargers** ranging from **3 kW** to **240 kW**. * **Flagship Innovation:** Developed India’s first indigenously designed **240 kW DC dual-gun fast charger**, exported to **California, USA**. * **Technical Versatility:** Products support global protocols including **CCS1, CCS2, and NACS (Tesla-compatible)**. * **Value-Add Features:** Chargers include retractable arms for ergonomics and large-format advertising screens for digital monetization. * **Market Strategy:** Providing **White-Label Manufacturing** for Charge Point Operators (CPOs) and targeting high-traffic fleet and highway hubs. --- ### **Future Growth Strategy: The IPP & Sustainability Model** Promax is aggressively diversifying its revenue streams to include annuity-based income and climate-tech services. * **Transition to Independent Power Producer (IPP):** Shifting toward developing and operating owned solar plants under **captive and group captive models**. * **Solar + BESS:** Integrating **Battery Energy Storage Systems (BESS)** and **SCADA** digital systems to provide round-the-clock renewable power. * **Carbon Management:** Holds a **24.00% stake** in **Promax CarbonTier Pvt. Ltd.**, providing advisory in global carbon standards (**UNFCCC, VERRA, Gold Standard**) and ESG compliance. * **Geographic Expansion:** Actively pursuing international contracts, including a recent **₹21.89 Crore** transmission line project in **Nepal**. --- ### **Financial Performance & Capital Structure** The company has demonstrated a consistent upward trajectory in revenue and profitability, supported by a robust order book. **Financial Summary (Consolidated):** | Particulars (₹ in Crore) | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :---: | :---: | :---: | | **Total Revenue** | **66.42** | **60.26** | **54.57** | | **Net Profit** | **2.34** | **1.37** | **0.71** | | **Order Backlog** | **~74.00** | **~62.00** | - | **Key Capital Developments:** * **Main Board Migration:** Approved migration from the **BSE SME Platform** to the **Main Board of BSE and NSE** to enhance liquidity and investor visibility. * **Bonus Issue:** Allotted **Bonus Shares** in a **1:1 ratio** in April 2024, increasing the **Paid-up Equity Share Capital** to **₹25.00 Crore** (**2,50,00,000 shares**). * **Authorized Capital:** Increased from **₹13 Crore** to **₹30 Crore** to facilitate future expansion. * **Contingent Liabilities (as of March 31, 2024):** Letters of Credit (**₹225.58 Lakhs**) and Bank Guarantees (**₹256.67 Lakhs**). --- ### **Operational Strengths & Management** * **In-house Resources:** Maintains a comprehensive inventory of erection and stringing tools to minimize third-party dependence. * **Technical Versatility:** Expertise in tower design for challenging terrains, including **hilly regions** (North-East, J&K) and **coastal areas**. * **Leadership:** Led by Promoters **Mr. Vishal Bhardwaj** (Managing Director) and **Ms. Shweta Bhardwaj**. * **Presence:** Headquartered in **Chandigarh/Mohali**, with regional offices in **Delhi, Bangalore, and Kolkata**. --- ### **Risk Factors & Governance Observations** Investors should note the following risks and historical compliance lapses: * **Market Risks:** Low entry barriers and intense competition from large-scale infrastructure players may pressure future margins. * **Regulatory Lapses:** The company has faced historical delays in statutory filings, including: * **FEMA Compliance:** Delays in **FLA returns** and **FC-GPR** filings. * **SEBI LODR:** Delays in disclosing financial results (Sept 2022/March 2023) and reporting the **Statutory Auditor's resignation** in 2023. * **Companies Act:** Failure to file **MGT-14** for certain stake acquisitions and auditor appointments. * **Operational Sensitivity:** High dependence on **Government Infrastructure Policies** and vulnerability to **labour wage escalations**. * **Financial Security:** Working capital loans are secured by the **hypothecation of inventory/receivables** and the **personal guarantee** of the Managing Director.