Shigan Quantum Technologies is fundamentally a translator - it takes global clean-fuel and safety technology and re-engineers it for Indian vehicles, a role it has played since 2008 when it began making alternate fuel systems no one was building locally. Over time, a regulatory mandate for fire protection on school buses pulled the company into a second business, and the relationships built through both are now being used to cross-sell electronics and electric-vehicle components to the same set of truck and bus makers. The recurring approach is to secure exclusive technology from a foreign partner, localise production to cut cost, and then embed the resulting product so deeply in an OEM’s platform that switching becomes painful - a strategy the company itself calls building “high-dependency” parts for “multi-decade partnerships”. # Business segments Three engines at different stages - a clean-fuel cash cow, a regulation-driven safety business scaling fast, and an electronics bet built on the customer trust of the first two. ## 1. Alternative fuel systems: the hydrocarbon cash cow **The company designs and makes the kits that let commercial vehicles run on CNG, LNG, or LPG instead of diesel, and it supplies them directly to truck and bus factories as a Tier-1 partner.** - **Complete kits, not just parts** - the portfolio spans every component needed for a gaseous fuel conversion: injectors (top-feed and side-feed, handling pressures from 1.5 to 9.0 Bar), pressure regulators with built-in sensors, filters, filling valves in three flow variants, and multi-point fuel rails for engines from two to eight cylinders. That means an OEM can source an entire fuel system from one supplier. - **Exclusive technology, locked in** - critical know-how comes from multinational partners through long-term technology user agreements and manufacturing licences that grant exclusive manufacturing rights in India for certain products. The company then localises components to bring the system cost down, which is how it aims to make Euro-VI CNG kits affordable for the Indian market. - **A factory built for gas** - the flagship plant in Manesar covers 10,000 square metres and houses injector manufacturing, ECU production, high-pressure regulator machining, and automated helium leak testing, with a fresh round of investment in an LNG regulator line, a solenoid line, and an automated injector line during the last financial year. - **Beyond the factory gate** - revenue comes not only from selling to OEMs but also from aftermarket conversion kits sold through a nationwide dealer network and from retrofitting entire fleets for logistics companies and state transport undertakings. A planned IoT diagnostics service for fuel efficiency and emission compliance points toward recurring revenue on top of the hardware sale. ## 2. Fire protection solutions: the regulation-driven second engine **A government mandate for fire systems on school buses turned a diversification into a business that now supplies detection and suppression kits for buses, coaches, and industrial vehicles.** - **Four systems, one logic** - the product line ranges from a simple alarm (FDAS and FAS) to automatic detection-and-suppression (FDSS) and a full integrated package that adds water-mist sprinklers for passenger areas (FAPS). The key components - control panel, smoke detector, water spray nozzle, nitrogen regulator, and solenoid - are all manufactured in-house. - **The mandate that changed the arithmetic** - the Ministry of Road Transport made fire protection compulsory on school buses from October 2023, and the regulatory net is widening: AIS-135 amendments now require FDAS/FDSS for electric buses, while government schemes are deploying more than 50,000 buses by 2026. The company estimates the fire protection market at over ₹300 Crore across EV, diesel, and CNG fleets over the next three to four years. - **Early mover on electric-bus safety** - the company already has AIS-135-compliant FDSS modules integrated by top OEMs and a proprietary multi-zone “Fire Controller” architecture designed for EV and CNG buses, developed in coordination with DRDO and certification bodies. With compliance expected to shift from voluntary to compulsory by 2026, that head start matters. - **Sold to the same customers** - the go-to-market strategy is straightforward: cross-sell fire protection to the OEMs that already buy CNG and LNG fuel systems, turning one procurement relationship into two. ## 3. Electronics and EV components: the future platform **Housed in a separate subsidiary, this engine makes DC-DC converters, battery management systems, controllers, and sensors for electric buses, while also running an electronics manufacturing services line for other OEMs.** - **A factory purpose-built for electronics** - the Jhajjar facility spans 19,000 square metres and is equipped with Fuji SMT (surface-mount technology) lines, 3D automated optical inspection, and X-ray testing, giving it the capacity to run more than ten SMT lines for PCB assembly and complete box-build manufacturing. - **Technology licenced from China, localised for India** - through its Singapore subsidiary, the company holds an exclusive ten-year licence from ICE-T (a Tsinghua University-incubated firm) to manufacture automotive sensors and controllers in India, and a parallel exclusive licence from V&T Electric for EV controllers and auxiliary inverters, with a phased plan that moves from importing semi-knocked-down kits to full local assembly and SMT production. - **The OEM relationship is the entry ticket** - new customers won during the year include Daimler (Mercedes-Benz Group) and PMI Electro Mobility, and the strategy explicitly relies on leveraging the trust built through the CNG and LNG business to pull electronics into the same supply agreements. - **Targeting localisation incentives** - the company is aiming for 75% local content within three years under PLI and FAME schemes, which would both lower its own cost and make its modules eligible for government-linked OEM programmes. # Group structure and partners **The listed parent holds the fuel-systems and fire-protection businesses, while two subsidiaries - one in India for electronics manufacturing, one in Singapore for technology scouting - house the EV and electronics engine.** - The parent, Shigan Quantum Technologies Limited, runs the alternative fuel and fire protection segments from its Manesar headquarters. - Shigan Electronics Private Limited, a wholly owned Indian subsidiary incorporated in June 2023, operates the Jhajjar electronics facility and has been capitalised through rights issues from the parent to fund its build-out. - E-Mobility Exim Pte. Ltd., a 99.35%-owned Singapore subsidiary acquired in June 2022, acts as the group’s technology-access vehicle - it is the entity that signed the licence agreements with ICE-T and V&T Electric of China. - The two promoters - brothers Shishir Agrawal (a chartered accountant with over 38 years in the industry who sits on government alternate-fuel committees) and Gagan Agrawal (a mechanical engineer with 31 years in emissions and clean mobility, trained across the US, Australia, and Italy) - run the group with a CTO who personally led development of the injectors, regulators, and fire-suppression systems, and a newly appointed independent director who spent 36 years at SIAM.