Electro Force (India) Ltd is a precision engineering shop that turns sheet metal and plastic into the high-tolerance contact parts, connectors and sub-assemblies that sit inside switchgear, circuit breakers and electrical control gear. Founded in 2010 as a private company in Vasai, Maharashtra, it listed on the NSE Emerge platform in December 2023 and has spent fourteen years embedding itself as a just-in-time design-and-make partner for India’s electrical equipment manufacturers. The recurring approach is a lean, responsive factory that competes on speed and engineering agility rather than scale - twenty-six permanent employees, a single leased shed, and a willingness to co-develop the part, prototype it, tool it and ship it faster than a larger rival would bother to quote. # Business segments One core precision-components engine that has funded two adjacent bets - a material-handling unit under construction and a proposed plastics diversification - all served from the same Vasai toolroom. ## 1. Precision electrical components and assemblies: the factory that pays the bills **A B2B contract manufacturer that designs, tools, stamps, moulds and assembles metal and plastic contact parts for switchgear and electrical OEMs - it earns a markup on every piece it ships, not a licence fee on the design.** - **Makes the bits inside circuit breakers** - the portfolio spans stamping components, parts for MCBs (Miniature Circuit Breakers), MCCBs and RCBs (Moulded Case and Residual Current Breakers), manual changeover switches, brushless DC motors, motor starters and control gear, plus plastic mouldings for electrical applications. Customers can take delivery at intermediate stages, so the company sells everything from a bare stamped contact to a tested sub-assembly. - **Tooling is the in-house advantage** - the factory runs high-speed sheet metal stamping, injection and insert moulding, progressive cold forging, high-frequency welding, and automated assembly and testing lines, backed by a toolroom that designs and builds its own dies and moulds. That means it can prototype a new part without waiting for an outside toolmaker, which is how it turns a customer sketch into a production batch faster than competitors who outsource tooling. - **A single shed on the Mumbai-Gujarat highway** - the entire operation runs from a 10,000-square-foot leased RCC factory in Vasai, with a 14-foot ceiling height that accommodates tall presses and overhead chain-pulley handling, plus uninterrupted state-electricity supply and year-round access to skilled labour from the surrounding industrial belt. The location on NH-8 cuts transit time to customers in both Maharashtra and Gujarat. - **India-only, customer-concentrated revenue** - all sales are domestic, recognised net of rebates and taxes when goods leave the factory, and a handful of key clients account for a large share of the order book, which creates lumpy demand but also deep, sticky relationships built on repeat qualification cycles. - **Quality certifications as the entry ticket** - the company holds ISO 9001:2015 (quality management) and ISO 14001 (environmental management) certifications, which are table stakes for supplying organised switchgear OEMs and their end-user audits. ## 2. Material handling equipment: a trolley-and-accessories bet under construction **A new manufacturing unit dedicated to trolleys, handling instruments and luggage-bag components, intended to open a second revenue stream in an adjacent engineering segment - still pre-revenue as of mid-2025.** - **Purpose-built factory in the pipeline** - in May 2025 the board approved a roughly ₹25 crore investment in a new facility at Chinchoti, Palghar, Vasai East, specifically for manufacturing trolleys and handling equipment, with commercial production targeted for the October-December 2025 quarter. - **Luggage components as the anchor product** - the development effort has focused on material handling instruments and accessories for luggage bags, which suggests the company is aiming at the travel-goods supply chain rather than heavy industrial handling. - **Built with cash from the core** - the new unit is being funded without a separate subsidiary or joint venture, meaning the precision-components engine is carrying the capital expenditure until the trolley line begins generating its own sales. ## 3. Plastics and engineering polymers: a proposed diversification **A board-level intent to expand into engineering plastics and moulded components for automotive, electrical, infrastructure and consumer sectors - authorised but not yet operational.** - **Still on the drawing board** - as of May 2026, the board had proposed diversifying into modern plastics, engineering polymers, moulded components and allied industrial products, but no plant, machinery or commercial production had been committed. - **No charter change needed** - the existing objects clause in the Memorandum of Association already permits the new activities, so the company can move from proposal to execution without shareholder approval for a charter amendment. - **Service-layer ambition** - the authorisation also covers engineering design, product development, technical consultancy, prototyping, R&D and contract manufacturing support for third-party clients in India and overseas, suggesting the company wants to sell know-how as well as moulded parts. - **Open-ended execution path** - the board is empowered to invest, acquire plant and machinery, establish facilities, and enter joint ventures or technical collaborations to implement the plan, so the final shape of the business could range from an in-house moulding shop to a partnered venture. # Group structure and partners **A standalone listed company with no subsidiaries or joint ventures, but with material related-party relationships that function as a parallel financial ecosystem.** - **No subsidiary, no associate** - the company does not have any subsidiary, joint venture or associate company under the Companies Act, 2013, so all operations sit directly on its own balance sheet. - **Related-party ties that matter** - the company has contracts for loans, advances and sale/purchase of goods with Artemis Electricals and Projects Limited (₹32.25 crore value, 36-month term ending November 2026) and loan/advance arrangements with NS Patil Developers Private Limited (₹29.49 crore, same term). - **Advances without repayment terms** - as of FY24, the company had extended advances in the nature of loans to Ayesspea Holdings and Investments (₹7.26 crore), Gallic Electro Technologies (₹0.10 crore) and Golden Chariot Hospitality Service (₹1.03 crore) without specifying repayment periods, though all transactions are stated to be at arm’s length and in the ordinary course of business. - **NSE Emerge listing** - the shares trade on the NSE’s SME platform, with Skyline Financial Services acting as registrar and share transfer agent.