Nitiraj Engineers is a manufacturer that makes things measure, count, and sense - electronic weighing scales, currency counters, security devices, and now drones - all sold under a single brand, ‘PHOENIX’. Founded in 1989 by an electronics engineer in Dhule, Maharashtra, with three people and a trademark, the company has grown into a national supplier with over 250 employees and more than a million customers, anchored by a large factory it built and moved into in 2021. The approach that runs through every product line is the same: design it in-house, make it in-house, price it reasonably, and back it with after-sales service that keeps the customer coming back. # Business segments One core engine - electronic weighing - generates the overwhelming majority of revenue, while three smaller bets in currency counting, security products, and drones are being built on the same manufacturing and distribution backbone. ## 1. Electronic weighing scales: the factory that pays for everything else **A single factory in Dhule can stamp out roughly six lakh scales a year, feeding a pan-India network of 20 branch offices and 400 dealers that puts a PHOENIX-branded scale into every kind of customer - from a village jeweller to a state government tracking child malnutrition.** - **Every weight, every customer** - the product line runs from a 0.1-milligram lab balance to a 100-tonne weighbridge, covering jewellery shops, hospitals, steel plants, logistics firms, dairies, and government ration shops, so no single customer type dominates the order book. - **Government orders are the recurring backbone** - the company has been a consistent supplier to state governments for 8-10 years under the Child Growth Monitoring Systems programme, delivering over one lakh mother-and-child scales and infantometers to states like Chhattisgarh, Madhya Pradesh, and Telangana, which creates a reliable, multi-year revenue stream. - **The Dhule plant is the moat** - spread over 8 acres with a tool room, moulding shop, and a main factory of 5,600 square metres, the facility was expanded by an additional 50,000 square feet and can support roughly ₹150 crore of turnover without further expansion, giving the company headroom to grow into its own capacity. - **In-house R&D keeps the catalogue fresh** - a team of about 15 engineers designs new models, writes firmware in C and Assembly, and lays out PCBs, launching new products such as a first-in-India hanging scale with a built-in printer or a health scale that tracks 12 body parameters via a mobile app. - **After-sales service is the real brand** - management calls it the most important factor for repeat customers, and the company has turned its calibration lab into a NABL-accredited facility and a Government Approved Test Centre that can verify its own non-automatic Weighing Instruments of Accuracy Class III up to 150 kg in-house, saving roughly ₹50 lakh a year in external fees and logistics. ## 2. Currency counting machines: cross-selling to the same counter **The company makes note-counting machines with built-in counterfeit detection and sells them through the same branch-and-dealer network to the same jewellers, banks, and petrol pumps that already buy its weighing scales.** - **A small add-on, not a standalone business** - the combined segment of electronic currency counting and home automation contributed about 5% of revenue in FY24 and 2.52% in FY25, making this a complementary product line that rides on the weighing-scale distribution muscle rather than a separate engine. - **Product range is narrow but current** - the line includes a mix-note value counter and a standard currency counter with counterfeit detection, with a new advanced model launched in mid-2024 to keep the offering competitive. - **Entry was opportunistic, not accidental** - the company added currency counters in 2007 because the target customer - jewellers, commercial establishments, banks - was already walking through the door for a weighing scale, so the same sales call could carry a second product. ## 3. Security and automation products: a prototype-stage bet on buildings **The company designs video door phones, RFID hotel locks, remote locks, and alarm systems for homes, hotels, and offices, but the segment is still in review and improvement with roughly 1,500 installations completed so far.** - **Built, but not yet scaled** - the company entered this category in 2018 and has prototyped products including biometric access control and electronic cash registers, yet as of FY25 the range was still being refined before a full market push, which is why it contributed only a low single-digit share of revenue. - **Go-to-market is direct for now** - sales are B2C to individual hotels and homeowners, with a plan to enter the builder market for bulk supply, and the company builds awareness through TV and newspaper advertising and local exhibitions. - **One product with mass appeal** - the GSM Shutter Alarm, which blasts a siren on intrusion, is pitched at millions of shopkeepers and households, giving the segment a potential volume driver if distribution widens. ## 4. Drones: a greenfield bet with a licence to train **The company has built an agricultural spraying drone that earned DGCA type-certification in June 2026, and it is also the only DGCA-approved drone pilot training organisation across six neighbouring districts - so it can sell both the machine and the licence to fly it.** - **Training is a parallel revenue stream** - authorised as a Remote Pilot Training Organisation in November 2024 with a 10-year validity, the company began issuing DGCA-recognised pilot certificates in early 2025, creating a service business that does not depend on drone sales volumes. - **Development was led by an ex-ISRO scientist** - the company hired an aerospace scientist to lead the drone programme, and management describes the drones as reverse-engineered, technically sound, and competitively priced with more features than alternatives. - **The addressable market is policy-driven** - government encouragement for domestic drone manufacturing and the integration of drones into agriculture, infrastructure, and defence creates a tailwind, though the business is still pre-revenue at scale. # Group structure and partners **Nitiraj Engineers is a standalone operating company with no subsidiaries or joint ventures that constitute business lines, listed on the NSE Main Board.** - The company has one associate, Hyper Drive Information Technologies Private Limited, in which it holds more than 25% directly with an investment of roughly ₹2 crore; the entity is treated as a related party due to promoter influence. - The Board has eight directors - four executive and four independent - with the founder Rajesh Raghunath Bhatwal serving as Managing Director and his wife Shakuntala as Whole Time Director. - The company migrated from the NSE SME platform to the Main Board in April 2021, having earlier raised about ₹22 crore through its IPO.