Aartech Solonics is an Indian technology company that solves critical power-switching and energy-storage problems where failure is not an option - its acronym stands for “Always Apply Right Technology”. Born in 1982 in Bhopal and run on a deliberately lean, debt-free model, it has spent four decades moving from electrical panels into proprietary high-speed transfer systems, defence electronics, and next-generation ultracapacitors. The recurring approach is to act as a platform for technologists: find a hard engineering problem, build a specialised solution in-house or through a partnership, and then sell it into industries and government buyers that value reliability over the lowest price. # Business segments A single core business - specialised power-system equipment - expressed through five product families that share the same engineering DNA, the same customer types, and the same project-driven revenue model. ## 1. Bus Transfer Systems: the high-margin flagship **A proprietary, microprocessor-based system that switches power sources in milliseconds so that power plants and process industries never suffer a blackout - and it wins against European majors on performance, not price.** - **Keeps the lights on in critical plants** - the BTS-2000 uses a four-breaker scheme to transfer power seamlessly in medium-voltage installations, which is why it is found in thermal, hydro, nuclear, and renewable power plants as well as refineries where even a momentary outage can destroy equipment. - **A moat built on decades of credentials** - the company has been in this specialised field since the 1980s and has supplied the world’s largest reverse-osmosis plant in Abu Dhabi and India’s largest nuclear power plant, so new competitors face a long qualification curve. - **Beats global rivals abroad** - it won a BTS project in Indonesia against ABB, proving that the product competes on technical merit rather than just a lower price tag. - **Shifting from new-build to retrofit** - the product was introduced in the early 2000s and is now increasingly sold to upgrade existing installations, creating a replacement cycle that extends its revenue life. ## 2. Control and Relay Panels: the volume workhorse **The traditional bread-and-butter product line - electricity distribution panels sold in competitive volumes to state utilities and PSUs, where the company has steadily moved up the voltage ladder.** - **The foundation since the 1980s** - these are the boards, consoles, and cabinets packed with switches, fuses, and relays that control and distribute electricity; they have been manufactured from the start and remain the high-volume backbone. - **Climbing the voltage scale** - the company began with panels up to 66 kV, then entered advanced panels up to 220 kV, and has now broken into the 132 kV substation-automation segment, which aligns with India’s grid-modernisation push. - **Price-sensitive but relationship-driven** - this segment faces intense competition from low-cost domestic and imported alternatives, so the company relies on long-standing relationships with buyers like NTPC, PowerGrid, BHEL, and state electricity boards. - **First export milestone** - in FY26 the company shipped its first-ever control and relay panels to Africa, opening a new geography for a product that had historically been domestic. ## 3. Ultracapacitors and energy storage: the green-energy bet under construction **A wholly owned subsidiary making high-speed energy-discharge devices that start army tanks in Himalayan winters and launch aircraft from short decks - with a new factory being built to turn a ₹100-crore pipeline into commercial scale.** - **A battery alternative for extreme conditions** - sold under the KranKing® brand, these ultracapacitors can handle roughly 100 times more charge-discharge cycles than batteries, charge almost instantly, and work in sub-zero temperatures where batteries fail, which is why the Indian Army uses them to jump-start tanks and infantry combat vehicles at high altitude. - **India’s only EMALS experience** - the company claims to be the only Indian firm with two large-scale technology demonstrators for electromagnetic aircraft launch systems, built for DRDO, giving it a head start in a defence application with few domestic rivals. - **A factory to unlock the pipeline** - a new manufacturing facility is under construction on a 4-acre, 99-year lease in Narmadapuram, Madhya Pradesh, with the foundation stone laid in July 2025 and commercial operations targeted by the end of FY27, aimed at defence, renewables, and transportation. - **Already profitable at small scale** - the subsidiary Faradigm Ultracapacitors turned its first profit in FY22, so the new factory is scaling a proven model rather than starting from scratch. ## 4. Defence solutions: the high-barrier specialist **Custom-built power electronics for the Indian armed forces and DRDO, where entry takes years but orders are sticky and products must replace imports.** - **Won two government innovation challenges** - the company secured iDEX grants under DISC 5 (2022) and DISC 11 (2024), which provide matching funds and a pathway to procurement, marking defence as a serious business line rather than a side experiment. - **A portable power module in trials nationwide** - the Alternative Adaptive Power Module, developed with IIT Powai and the Indian Army, is undergoing validation across Northern, Western, and Southern commands, with a patent filed and expected in 12-18 months. - **From submarines to airfields** - the company has delivered custom power supplies for a submarine retrofit at Mazgaon Dock, equipment for the Naval Physical and Oceanographic Laboratory, and an electromagnetic launch system approved by R&D Pune for short-runway aircraft launch on defence ships. - **High barriers, good margins** - gestation periods are long and qualification is tough, but once a product is approved the orders are recurring and the “Atmanirbhar” mandate protects them from foreign competition. ## 5. Fault Current Limiters: the niche technology partnership **A grid-protection device developed with a US partner and deployed in refineries and overseas projects - small in volume but technically demanding.** - **Born from a US collaboration** - the Fault Current Limiter was developed with G&W Electric Co. of the USA, giving Aartech access to a technology it did not have to invent from scratch. - **Proven in complex sites** - the company has executed FCL projects in Qatar and integrated the technology at IOCL’s Panipat Refinery, demonstrating it can handle the safety and reliability demands of petrochemical plants. - **Enclosures built in-house** - it also built and type-tested a 33 kV enclosure for G&W’s Current Limiting Protector for a major Indian petrochemical project, showing that even in a partnership it adds manufacturing value. # Group structure and partners **A listed parent with two subsidiaries, two overseas outposts, and a web of technical collaborations that feed the product pipeline - all run on a lean, cash-rich balance sheet.** - **The parent and its factories** - Aartech Solonics Limited is listed on BSE and NSE, operates manufacturing units at Mandideep (Madhya Pradesh) and Parwanoo (Himachal Pradesh), and is building a third at Mohasa-Babai for ultracapacitors. - **Faradigm Ultracapacitors Private Limited** - a wholly-owned subsidiary (Aartech Solonics Limited holds 95% of the shares, while the remaining 5% is held by Mr. Anil Anant Raje on behalf of Aartech Solonics Limited) that makes the Faradigm® range; all its products are marketed exclusively by the parent, so the customer sees one face. - **AIC-Aartech Solonics Private Limited** - a 99% subsidiary that began as a NITI Aayog-approved incubation centre and now does in-house product development and prototyping, feeding new designs to the parent for commercial sale. - **Overseas presence with UK and US concerns** - the company has onshore locations in the UK and USA, plus a UK concern involved in the Global Centre for Rail Excellence project and a US concern that participated in the Cleantech Open Accelerator, giving it a foothold in Western markets. - **Strategic equity stakes** - it holds 20% of Epsilon Ten Ltd., a UK flywheel-energy-storage startup, and 30% of Enerqual Technology, a renewables design-engineering firm, though the company has no significant influence in the latter.