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Prostarm Info Systems Ltd

PROSTARM

NSE

₹128.77-3.08%19 Oct 2026

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Prostarm Info Systems Ltd

PROSTARM

NSE

₹128.77

-3.08%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Prostarm Info Systems is a power electronics company that makes the equipment which keeps the lights on and the servers running when India’s grid flickers - it designs, builds and services the backup power and energy storage systems that banks, hospitals, data centres and now entire electricity grids rely on. Born in 2008 as a small UPS installer in Pune, it won a nationwide ATM backup contract in 2010 that gave it a service footprint across India, then spent the next decade and a half working backwards from that customer base - first into maintenance, then into manufacturing its own UPS systems, inverters and battery packs, and most recently into building utility-scale battery storage plants. The recurring pattern is visible throughout: start by serving a customer’s immediate power need, then add the adjacent product or service that keeps them coming back, and use the cash from that to build the next capability in-house.

Business segments

Six engines at different stages - a manufactured-products core, two services that lock customers in, a systems-integration business that bundles everything together, and two early-stage bets on solar and grid-scale batteries - each built by following the customer one step deeper into their power problem.

1. Manufactured power products: the company’s own factory-built backbone

These are the UPS systems, inverters, battery packs and voltage stabilisers that Prostarm designs and assembles in its own plants - the core equipment that makes it a manufacturer, not just a reseller.

Built in five manufacturing units - manufacturing is spread across two Pune units, a Navi Mumbai lithium-battery plant, a Jhajjar BESS facility, and a Gujarat UPS assembly line designed to churn out roughly 9 lakh units a year once fully running.
Covers the full backup-power chain - the range runs from small home inverters (900 VA) up to online UPS systems of 500 kVA for data centres, plus the lithium-ion battery packs, servo stabilisers that hold voltage steady within 1% even when input swings by 50%, and isolation transformers that protect sensitive equipment.
Customised, not just off-the-shelf - a dedicated engineering team tweaks products for specific customer sites, and every unit goes through factory tests including heat runs lasting up to 96 hours before it leaves the gate.
Certified across multiple standards - the plants hold ISO certifications covering quality, environmental management, information security and energy management, plus BIS marks for the UPS, inverter and solar hybrid inverter lines.

2. System integration: the everything-bundled IT-infrastructure play

Prostarm doesn’t just sell the power backup - it will supply and stitch together the entire hardware stack, from desktops and servers to CCTV and video walls, with the UPS built in.

One throat to choke for enterprise IT - the segment covers end-user computing (laptops, workstations), core hardware (servers, storage, networking), surveillance systems and digital displays, all integrated and maintained under a single contract.
UPS is the wedge - because every server room and command centre needs uninterrupted power, the company’s own manufactured UPS systems become the anchor that pulls through the rest of the hardware bundle.
Already delivered at state scale - executed projects include a ₹1,345 million integrated IT system for the Maharashtra CID and a ₹959 million system for the state’s health-services commissioner, both integrated IT solution systems along with UPS systems.

3. Third-party products and reverse logistics: the recurring-revenue flywheel

Batteries wear out, and Prostarm sells the replacements - along with buying back the old ones, creating a cycle that keeps customers returning long after the original equipment sale.

Batteries are the consumable - the company buys batteries in bulk from domestic manufacturers and supplies them as part of its UPS and inverter systems, knowing that every battery has a limited life and will need swapping out.
Buy-back locks the relationship - when a customer replaces old or faulty UPS units and batteries, Prostarm offers to purchase the end-of-life equipment, often as a built-in contract term, then handles responsible disposal and recycling.
Cross-sells the service contract - the replacement cycle opens a natural door to sell annual maintenance contracts and off-warranty support, turning a product sale into a multi-year revenue stream.

4. Value-added services: rent it, fix it, keep it running

Prostarm rents out its power equipment to ATM operators and others who need temporary backup, then earns steady fees maintaining everything it has ever installed.

UPS-as-a-service for ATMs - the company deploys its own UPS systems and batteries at ATM sites on rental, with terms customised to the backup duration and capacity each site needs, a business line that traces straight back to its original 2010 nationwide ATM contract.
Warranty and beyond - in-warranty support covers repairs and replacements for one to five years; after that, paid annual maintenance contracts take over with routine servicing and preventive checks billed periodically.

5. Solar EPC: the rooftop builder

Prostarm designs and installs rooftop solar plants for commercial and industrial clients, a business it entered in 2018 that now counts over 100 completed sites.

Turnkey from assessment to maintenance - the company handles site surveys, system design, equipment buying, installation, commissioning and ongoing operations support for rooftop photovoltaic plants.
Small today, with a chunky order book - the segment has delivered more than 10.56 MW of rooftop solar across over 100 sites, and carried an order book of ₹1,851 million as of April 2026, including a 2 MW project across 134 schools in Rajasthan.

6. Battery Energy Storage Systems: the grid-scale bet

This is Prostarm’s leap from backing up individual buildings to backing up the electricity grid itself - building and owning massive battery plants that store power for state utilities.

From manufacturer to project developer - the company is setting up a 1.2 GWh battery-pack factory in Jhajjar, Haryana, and has already won contracts to build and operate two large grid-connected battery storage projects: a 30 MW/120 MWh plant in Bihar and a 150 MW/300 MWh plant in Karnataka.
Earns a monthly rental, not just a one-time sale - both state projects run on 12-year rental models (one under Build-Own-Operate-Transfer, the other Build-Own-Operate), meaning Prostarm gets paid every month for making stored power available to the grid.
A partner brings the battery know-how - through an exclusive agreement with Shenzhen Topband, the Chinese partner supplies the semi-knocked-down kits and technology while Prostarm assembles and sells the finished systems in India under a joint brand, with a minimum purchase commitment of USD 10 million over 18 months.
Open to selling the projects once built - management has signalled it may sell down or fully divest these BESS assets after they are operational, treating them more as built-to-sell infrastructure than permanent holdings.

Group structure and partners

A parent company with three manufacturing units, two project-specific subsidiaries for the grid-battery ventures, and a Chinese technology partner - all held together by a promoter group that has been in power electronics for over 18 years.

The parent, Prostarm Info Systems Ltd, directly operates the Pune Unit-1 and the Navi Mumbai lithium-battery plant, while its wholly owned subsidiary Prostarm Energy Systems runs Pune Unit-2, though all three are being reshuffled: UPS production is moving to a new Gujarat plant, servo and transformer lines to Navi Mumbai, and lithium battery assembly to Gujarat.
Two special-purpose vehicles - Prostarm Bihar BESS and Prostarm Karnataka BESS - were incorporated in mid-2025 as wholly owned shells to hold the respective state grid-battery projects, each with modest authorised capital of ₹15 lakh.

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Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹758Cr

Close Price

₹128.77

Industry

Trading

Price To Earnings

20.25

Price To Sales

1.86

Revenue

₹407Cr

Rev Gr TTM

Revenue Growth TTM

30.51%

PAT Gr TTM

PAT Growth TTM

19.15%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	98	76	82	55	66	160	104	76
Growth YoY Revenue Growth YoY%					-33.1	110.2	27.4	38.5
Expenses ExpensesCr	78	65	71	51	55	140	94	70
Operating Profit Operating ProfitCr	21	11	11	4	11	20	11	6
OPM OPM%	20.9	14.6	13.7	7.1	17.0	12.6	10.5	8.5
Other Income Other IncomeCr	0	1	0	1	2	1	2	3
Interest Expense Interest ExpenseCr	2	1	1	2	1	1	1	2
Depreciation DepreciationCr	1	1	1	1	1	1	1	1
PBT PBTCr	19	10	9	3	11	20	11	6
Tax TaxCr	5	3	3	1	3	5	3	2
PAT PATCr	14	7	7	2	8	15	8	5
Growth YoY PAT Growth YoY%					-40.5	100.1	17.3	150.3
NPM NPM%	14.1	9.8	8.3	3.3	12.6	9.3	7.6	6.0
EPS EPS₹	4.3	1.8	1.6	0.4	1.5	2.7	1.4	0.8

Quarter	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	98	76	82	55	66	160	104	76
Growth YoY Revenue Growth YoY%					-33.1	110.2	27.4	38.5
Expenses ExpensesCr	78	65	71	51	55	140	94	70
Operating Profit Operating ProfitCr	21	11	11	4	11	20	11	6
OPM OPM%	20.9	14.6	13.7	7.1	17.0	12.6	10.5	8.5
Other Income Other IncomeCr	0	1	0	1	2	1	2	3
Interest Expense Interest ExpenseCr	2	1	1	2	1	1	1	2
Depreciation DepreciationCr	1	1	1	1	1	1	1	1
PBT PBTCr	19	10	9	3	11	20	11	6
Tax TaxCr	5	3	3	1	3	5	3	2
PAT PATCr	14	7	7	2	8	15	8	5
Growth YoY PAT Growth YoY%					-40.5	100.1	17.3	150.3
NPM NPM%	14.1	9.8	8.3	3.3	12.6	9.3	7.6	6.0
EPS EPS₹	4.3	1.8	1.6	0.4	1.5	2.7	1.4	0.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	171	230	258	351	386	407
Growth Revenue Growth%		34.5	11.9	36.0	10.0	30.5
Expenses ExpensesCr	155	203	223	305	339	358
Operating Profit Operating ProfitCr	16	27	35	46	46	49
OPM OPM%	9.2	11.8	13.7	13.0	12.0	12.0
Other Income Other IncomeCr	1	2	1	2	6	8
Interest Expense Interest ExpenseCr	1	1	4	5	5	5
Depreciation DepreciationCr	1	2	2	3	3	3
PBT PBTCr	15	26	31	39	44	48
Tax TaxCr	4	7	8	10	11	12
PAT PATCr	11	19	23	29	33	36
Growth PAT Growth%		78.0	18.0	26.4	14.4	19.1
NPM NPM%	6.3	8.4	8.8	8.2	8.6	8.8
EPS EPS₹	2.7	4.7	5.4	6.9	5.9	6.4

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	171	230	258	351	386	407
Growth Revenue Growth%		34.5	11.9	36.0	10.0	30.5
Expenses ExpensesCr	155	203	223	305	339	358
Operating Profit Operating ProfitCr	16	27	35	46	46	49
OPM OPM%	9.2	11.8	13.7	13.0	12.0	12.0
Other Income Other IncomeCr	1	2	1	2	6	8
Interest Expense Interest ExpenseCr	1	1	4	5	5	5
Depreciation DepreciationCr	1	2	2	3	3	3
PBT PBTCr	15	26	31	39	44	48
Tax TaxCr	4	7	8	10	11	12
PAT PATCr	11	19	23	29	33	36
Growth PAT Growth%		78.0	18.0	26.4	14.4	19.1
NPM NPM%	6.3	8.4	8.8	8.2	8.6	8.8
EPS EPS₹	2.7	4.7	5.4	6.9	5.9	6.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	43	43	43	59
Reserves ReservesCr	32	18	41	61	228
Current Liabilities Current LiabilitiesCr	51	85	111	129	240
Non Current Liabilities Non Current LiabilitiesCr	3	8	6	5	11
Total Liabilities Total LiabilitiesCr	98	155	203	238	537
Current Assets Current AssetsCr	82	121	162	194	436
Non Current Assets Non Current AssetsCr	16	34	41	44	102
Total Assets Total AssetsCr	98	155	203	238	537

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	43	43	43	59
Reserves ReservesCr	32	18	41	61	228
Current Liabilities Current LiabilitiesCr	51	85	111	129	240
Non Current Liabilities Non Current LiabilitiesCr	3	8	6	5	11
Total Liabilities Total LiabilitiesCr	98	155	203	238	537
Current Assets Current AssetsCr	82	121	162	194	436
Non Current Assets Non Current AssetsCr	16	34	41	44	102
Total Assets Total AssetsCr	98	155	203	238	537

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	-14	-8	-3	-49
Investing Cash Flow Investing Cash FlowCr	-9	-8	-8	-16	-111
Financing Cash Flow Financing Cash FlowCr	6	21	15	19	161
Net Cash Flow Net Cash FlowCr	1	-1	0	0	1
Free Cash Flow Free Cash FlowCr	2	-16	-12	-15	-52
CFO To PAT CFO To PAT%	38.3	-69.8	-34.2	-11.0	-147.9
CFO To EBITDA CFO To EBITDA%	26.3	-49.7	-22.1	-7.0	-105.4

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	-14	-8	-3	-49
Investing Cash Flow Investing Cash FlowCr	-9	-8	-8	-16	-111
Financing Cash Flow Financing Cash FlowCr	6	21	15	19	161
Net Cash Flow Net Cash FlowCr	1	-1	0	0	1
Free Cash Flow Free Cash FlowCr	2	-16	-12	-15	-52
CFO To PAT CFO To PAT%	38.3	-69.8	-34.2	-11.0	-147.9
CFO To EBITDA CFO To EBITDA%	26.3	-49.7	-22.1	-7.0	-105.4

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					679	758
Price To Earnings Price To Earnings					20.6	20.3
Price To Sales Price To Sales					1.8	1.9
Price To Book Price To Book					2.4	2.6
EV To EBITDA EV To EBITDA					16.6	17.9
Profitability Ratios Profitability Ratios
GPM GPM%	21.5	25.2	27.0	23.1	26.0	26.0
OPM OPM%	9.2	11.8	13.7	13.0	12.0	12.0
NPM NPM%	6.3	8.4	8.8	8.2	8.6	8.8
ROCE ROCE%	35.4	32.0	27.1	25.9	12.9	12.9
ROE ROE%	26.6	31.7	27.1	27.8	11.5	11.5
ROA ROA%	11.1	12.4	11.2	12.2	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					679	758
Price To Earnings Price To Earnings					20.6	20.3
Price To Sales Price To Sales					1.8	1.9
Price To Book Price To Book					2.4	2.6
EV To EBITDA EV To EBITDA					16.6	17.9
Profitability Ratios Profitability Ratios
GPM GPM%	21.5	25.2	27.0	23.1	26.0	26.0
OPM OPM%	9.2	11.8	13.7	13.0	12.0	12.0
NPM NPM%	6.3	8.4	8.8	8.2	8.6	8.8
ROCE ROCE%	35.4	32.0	27.1	25.9	12.9	12.9
ROE ROE%	26.6	31.7	27.1	27.8	11.5	11.5
ROA ROA%	11.1	12.4	11.2	12.2	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	APPL	PATELRMART	VIESL	PROSTARM	SHIVAUM	SHAHFOOD	NEUEON
Market CapitalizationMkt CapCr	827	806	800	758	754	744	733
Close PriceClose₹	482.10	241.25	322.00	128.77	554.75	319.05	12.96
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	157.55	18.53	12.02	20.25	80.17	226.28
Price To SalesPS	17.75	0.69	1.32	1.86	1.25	186.90	63.34
RevenueRevenueCr	47	1,175	607	407	605	4	12
Revenue Growth TTMRev Gr TTM%	89.6%	42.3%	36.9%	30.5%			17.8%
PAT Growth TTMPAT Gr TTM%	49.0%	59.7%	93.8%	19.1%			-166.6%

	APPL	PATELRMART	VIESL	PROSTARM	SHIVAUM	SHAHFOOD	NEUEON
Market CapitalizationMkt CapCr	827	806	800	758	754	744	733
Close PriceClose₹	482.10	241.25	322.00	128.77	554.75	319.05	12.96
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	157.55	18.53	12.02	20.25	80.17	226.28
Price To SalesPS	17.75	0.69	1.32	1.86	1.25	186.90	63.34
RevenueRevenueCr	47	1,175	607	407	605	4	12
Revenue Growth TTMRev Gr TTM%	89.6%	42.3%	36.9%	30.5%			17.8%
PAT Growth TTMPAT Gr TTM%	49.0%	59.7%	93.8%	19.1%			-166.6%