Chamunda Electrical is an Indian power-infrastructure company built on the hands-on experience of a retired state-transmission engineer - it was founded in 2013 specifically to operate and maintain substations for GETCO, the Gujarat transmission utility, and that same utility-centric, tender-driven approach still defines the business today. Over a decade it has added a NABL-accredited testing lab and a small but growing solar-power business, but the recurring thread is clear: the company wins government contracts by deploying skilled electrical engineers and technicians against high-voltage infrastructure work, funding everything without debt. Its identity rests on being a trusted pair of hands for state electricity boards - a company that sometimes even provides inputs for policy formation - and that reputation, built over more than ten years, is what opens the door to every new contract. # Business segments Three engines at different stages - a substation-services cash cow that is the company’s reason for being, a testing lab that sharpens its quality credentials, and a solar-power bet that turns its electrical skills toward generation and construction. ## 1. Substation services: the utility-outsourcing backbone **The company runs 118 electrical substations for state utilities, providing the round-the-clock manpower and high-voltage testing that keep the grid alive - this is where nearly all its revenue comes from.** - **Recurring O&M contracts with the state** - it holds multi-year operation and maintenance agreements, such as a three-year contract covering 88 substations for GETCO, which provide a steady base of revenue from shift-duty staffing. These are won through government tenders, and the work is purely service-based, so the company carries no inventory. - **Project-based erection and commissioning** - beyond day-to-day O&M, it erects Extra High Voltage equipment, structures, earthing and control cabling for substations up to 220 KV, and tests and commissions them. These are one-time jobs, like the INR 3.45 crore 400 KV substation it completed in Banaskantha in October 2025, and they layer lump-sum revenue on top of the recurring contracts. - **A workforce that is the product** - of its more than 1,000 total people, 944 are deployed on round-the-clock shift duty across the 118 substations, meaning the company is essentially selling skilled, reliable electrical manpower at scale. Management has said its staff capacity is 120 and was at peak utilisation in early 2025, which shows how tightly the business runs against its human-resource ceiling. - **Deeply concentrated, but deeply embedded** - all revenue comes from its top ten customers, with GETCO as the dominant client, and operations are concentrated in Gujarat and Dadra and Nagar Haveli. The flip side of that concentration is a moat built on a decade-plus relationship with the utility and a track record in EHV-class work that makes it one of the top three bidders alongside Siemens and Kintec in its tendering space. ## 2. NABL-accredited testing lab: the quality stamp **A third-party testing and calibration facility in Surat that earns its own revenue while making the company’s substation work more credible - it is both a standalone service and an in-house quality backbone.** - **Accreditation that opens doors** - the lab received NABL (National Accreditation Board for Testing and Calibration Laboratories) approval for its Calibration Division in August 2025 and its Testing Division in September 2025, both under ISO/IEC 17025:2017, with certificates valid until 2029. That accreditation means its test reports are internationally recognised, which lets it serve external customers and strengthens its own project bids. - **A diversification play with higher-margin potential** - management identified the lab as an opportunity to diversify offerings and attract higher-margin contracts, moving beyond pure field services into precision measurement and quality assurance. The facility is located at a dedicated Surat office, and the company also maintains an office in Deesa, giving it a physical footprint beyond its Palanpur headquarters. ## 3. Solar power: the generation-and-construction bet **A small but expanding solar business that owns generation parks selling power to the state grid and is now building solar plants for third parties - applying its electrical skills to the energy transition.** - **Own-and-operate generation with guaranteed offtake** - the company runs a solar park at Bhatib and Dhanera in Banaskantha, with 1.5 MW operational as of early 2025 and a 25-year Power Purchase Agreement with Uttar Gujarat Vij Company Limited (UGVCL) that locks in recurring revenue from power sales. It has secured GEDA registrations for an additional 5.5 MW across three village sites, all connected through GETCO substations under UGVCL jurisdiction, which would bring total owned capacity to roughly 7.0 MW once built. - **EPC construction for third parties** - in December 2025 the company won INR 16 crores in work orders to supply and install solar power plants for two private customers, ASHP Fintrade and Mahadev Enterprises, totalling 4 MW. This marks a move from being purely an asset owner to also being a solar EPC (engineering, procurement and construction) contractor, leveraging the same electrical-engineering workforce that runs its substation business. # Group structure and partners **A single-entity, debt-free company listed on the SME exchange, with the founder’s family and two promoter-group firms as the only related parties.** - **No subsidiaries, no joint ventures** - Chamunda Electrical operates as one standalone public limited company with no equity links to other businesses, and it carries no debt, funding all project work with its own money. - **Promoter-group ties** - related-party transactions occur with Chamunda Electro Tech Private Limited and Chamunda Solar Project Private Limited, involving vendor advances, purchases of services, and loan-related movements, while directors and their relatives also have loan and remuneration arrangements with the company. - **Listed on NSE Emerge** - the company raised INR 14.6 crores in an IPO on the SME platform in February 2025, with the issue oversubscribed 738 times, and its shares trade there under the same single-entity structure.