Shivalic Power Control Limited (SPCL) is an **ISO-certified** technology leader specializing in the design and manufacture of customized **Low Tension (LT)** and **High Tension (HT)** electrical panels. With over **25 years** of operational expertise, the company has evolved from a specialized manufacturer into a diversified energy and infrastructure solutions provider. SPCL is a pioneer in **non-welded, techno-modular panel technology**, offering fully bolted systems that enhance corrosion resistance, thermal stability, and scalability. Following its successful **IPO in July 2024** on the **NSE Emerge Platform**, the company is aggressively expanding into high-growth sectors including **Renewable Energy (Solar & BESS)**, **Data Centers**, and **Defence**. --- ### **Technical Capabilities & Specialized Product Portfolio** The company manufactures a comprehensive range of power distribution and control solutions up to **33KV**, compliant with international standards such as **IEC 61439-1 & 2**, **IEC 61641**, and **IS 1893**. | Segment | Voltage Range | Key Products & Innovations | | :--- | :--- | :--- | | **LT Panels** | Up to **1000V** | PCC, MCC, IMCC, Smart Panels, APFC Panels, VFD Panels, Bus Ducts | | **HT Panels** | **3.3 kV to 33 kV** | High-voltage industrial distribution and transmission panels | | **Specialized** | N/A | DG Synchronization, Firefighting, Seismic Resilient, and Internal Arc-tested Panels | **Key Product Innovations:** * **Smart Panels:** Integrated with **IoT-enabled monitoring**, real-time fault detection, and remote diagnostics for Industry 4.0 adoption. * **Techno-Modular Design:** A **zero-welding** construction supporting flexible configurations ("U", "T", and "L" shapes) with versatile cable access. * **Energy Efficiency:** **APFC Panels** for real-time power factor correction and **VFD Panels** for precise motor torque control. * **IMCC Systems:** Intelligent Motor Control Centres featuring advanced modular protection and automation. --- ### **Manufacturing Infrastructure & Operational Scale** Operations are centralized at a state-of-the-art facility in **Faridabad, Haryana**, characterized by **100% in-house** production capabilities. * **Facility Size:** **1.25 lakh square feet**. * **Production Capacity:** **10,000 verticals per annum** (~**500 per month**). * **Capacity Utilization:** Currently at **~75%** (based on 1 shift), providing significant headroom for growth by moving to 3-shift operations (currently **~25%** utilization on a 3-shift basis). * **Advanced Machinery:** Features **TRUMPF** (Germany) punching machines, **ERMAKSAN** (Turkey) and **AMADA** (Japan) CNC bending, and **AI-based 3D Bus Bending**. * **Finishing Excellence:** In-house **11-tank** pre-treatment and powder coating plant utilizing **RO & DM** water systems. --- ### **Strategic Partnerships & Engagement Models** SPCL leverages a three-tier business model to capture diverse market segments: 1. **Technical Partnerships (Licensed Manufacturing):** Authorized partner for global OEMs to produce fully type-tested panels. * **Siemens:** SIEPAN 8PU * **Schneider Electric:** PrismaSeT * **Lauritz Knudsen (L&T):** L&K TI * **TDK:** Authorized manufacturing partner 2. **EPC Collaboration:** Partnering with major EPC players to provide specialized integration for large-scale infrastructure projects. 3. **Shivalic Brand:** Direct-to-market sales of proprietary branded products with in-house warranty and **Annual Maintenance Contracts (AMC)**. --- ### **Strategic Diversification & 2026 Expansion Roadmap** The company is targeting a **CAGR of 40%–45%** over the next **5–6 years** by diversifying into emerging high-margin verticals: * **Solar & Energy Storage:** Acquired a **51.64% stake** in **Somaya Solar Solutions** and a **51% stake** in **Prima Solar HR** (2025-26). These moves integrate **Lithium-ion battery systems (BESS)** and solar panel assembly into the core offering. * **Data Center Infrastructure:** Providing specialized power solutions for server farms and edge computing, highlighted by a successful **₹28 crore** project for the **RBI Data Centre**. * **Defence & Aerospace:** Expanding into surveillance systems, monitoring equipment, and specialized **LT panels** for security automation. * **EV Infrastructure:** Developing electrical panel solutions for electric vehicle charging networks. --- ### **Financial Performance & Capital Structure** SPCL has demonstrated consistent revenue scaling and profitability growth. **Financial Highlights:** | Metric (Standalone) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **₹133.89 Cr** | **₹102.68 Cr** | **₹82.61 Cr** | | **Net Profit (PAT)** | **₹12.42 Cr** | **₹11.21 Cr** | **₹7.21 Cr** | | **PBIT** | - | **₹15.23 Cr** | **₹9.63 Cr** | **Capital Management:** * **IPO Proceeds:** Raised **₹64.32 crore** in June 2024. Funds are being utilized for **working capital (₹30.03 Cr used)** and inorganic growth (up to **25% of proceeds** allocated for acquisitions). * **Bonus Issue:** Executed a **16:1 bonus issue** in FY24. * **Leverage:** Increased borrowing limits to **₹250 crore** in 2026 to fund aggressive expansion. * **Customer Retention:** Maintains a **50% retention rate** across a base of **1,500+ global clients**. --- ### **Market Presence & Global Footprint** * **Domestic Expansion:** Establishing new offices in **Kolkata, Ahmedabad, Mumbai, Hyderabad, Chandigarh, and Chennai** (2024-2025). * **Export Footprint:** Products are currently exported to **12+ countries**, including **Thailand, South Africa, Nepal, Bangladesh, Nigeria, and Algeria**. * **Sector Diversification:** Serving **20+ sectors**, with heavy concentration in Data Centers, Steel, Cement, FMCG, and Sugar. --- ### **Risk Profile & Mitigation Strategies** | Risk Category | Description | Mitigation Strategy | | :--- | :--- | :--- | | **Regulatory** | Recent **NSE/SEBI non-compliance** notices regarding prior intimation of board meetings. | Board-level commitment to strict adherence to **SEBI (LODR)** deadlines and refined governance frameworks. | | **Market/Commodity** | Volatility in **Copper, Steel, and Aluminium** prices affecting margins. | System-based risk management and price-variation clauses in long-term contracts. | | **Operational** | High working capital requirements and long receivable cycles in public projects. | Utilization of **IPO proceeds** for working capital and increased borrowing limits to **₹250 Cr**. | | **Technical/Safety** | Risks of **Arc Flash** or **Cybersecurity** threats in Smart Panels. | Adherence to **IEC 61439** standards and integration of advanced diagnostic/protection software. | ### **Investment Outlook** Shivalic Power Control Limited is positioned as a high-growth play on India’s **industrialization and energy transition**. By combining a solid foundation in traditional electrical engineering with aggressive pivots into **BESS, Solar, and Data Centers**, the company is transitioning from a component manufacturer to a comprehensive energy solutions provider. The primary investment thesis rests on its ability to execute its **40%+ CAGR target** while successfully integrating its recent green-energy acquisitions.