Vivid Electromech Ltd. Share Price

Vivid Electromech

• Vivid Electromech is coming out with an initial public offering (IPO) of 23,52,000 shares in a price band of Rs 528-555 per equity share. 
• The issue will open on March 25, 2026 and will close on March 30, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 52.8 times of its face value on the lower side and 55.5 times on the higher side.
• Book running lead manager to the issue is Hem Securities.
• Compliance Officer for the issue is Chaitali Rajesh Shah.

Profile of the company

The company is an ISO 9001:2015 certified manufacturer of Low-Voltage (LV) and Medium-Voltage (MV) electrical panels and automation systems. The company is engaged in panel manufacturing and system integration, offering electrical and automation solutions that cover engineering, design, fabrication, assembly, testing, and commissioning of control and automation systems. Its products are intended for applications in power distribution, load management, process control, and industrial automation across multiple sectors.

It manufactures a range of LV electrical panels, including Power Control Centre (PCC) Panels, Intelligent Motor Control Centre (IMCC) Panels, Soft Starter Panels, Motor Control Centre (MCC) Panels, DG Synchronisation Panels, Power Distribution Boards and Units, Automatic Power Factor Correction (APFC) Panels, Variable Frequency Drive Panel, PLC Automation system and Outdoor Panels. Its MV electrical panel product range covers 3.3 kV to 33 kV panels and includes specialised products such as 11 kV DG Synchronisation Panels, Control and Relay Panels, 11kV/33kV Vacuum Circuit Breaker and Vaccum Contactor Panels, Ring Main Gear Panel and MV Automatic Power Factor Correction (APFC) Panels. All its products are type-tested in accordance with applicable standards including IEC 61439-1 & 2, IEC 61641, and IEC 62271-200. In addition to its manufacturing operations, it is engaged in the trading of certain electrical goods, GI Sheet and busducts. It also provides installation, testing and commissioning services tailored to specific customer requirements.

Its products cater to sectors such as Data Centre & Technology, Infrastructure, Construction & Real Estate including Metro Projects, Solar & Renewable Energy, Industrial Manufacturing and Machinery etc. It maintains OEM associations with ABB, Lauritz Knudsen Electrical & Automation (LK), and Schneider Electric. It is licensed by ABB India to manufacture and integrate ArTu K low-voltage switchboards using ABB components. 

Proceed is being used for:

• Funding the capital expenditure requirements towards setting up of a new manufacturing unit.
• Repayment of certain borrowings availed by the company.
• Meeting working capital requirements
• General corporate purpose

Industry overview

India’s Capital Goods manufacturing industry serves as a strong base for its engagement across sectors such as Engineering, Construction, Infrastructure and Consumer goods, amongst others. Capital Goods sector contributes 1.9% to overall India’s GDP. The heavy engineering and machine tools sector is a vital component of the capital goods industry. The electrical equipment market share in India is expected to increase from $52.98 billion in 2022 to $125 billion by 2027, implying a robust CAGR of 11.68%. India’s Engineering Research and Development Services market size is estimated at Rs 11,42,819 crore ($133.71 billion) in 2025 and is expected to reach Rs 18,62,391 crore ($217.90 billion) by 2030, at a CAGR of 10.26% during the forecast period (2025-30).

The Government’s ‘Vision Plan 2030’ proposed an action plan to become a manufacturing and export hub for construction equipment and propel the development of world-class infrastructure in the country. The Indian electrical equipment market is set to experience significant growth in the coming years, with a forecasted incremental growth of Rs 6,44,533 crore ($76.24 billion) at a compound annual growth rate (CAGR) of 14.3% from FY24 to FY28. India switchgear market size was estimated at $9.75 million in 2022 and is expected to grow at CAGR of 7.12% reaching a value of $18.23 million by 2029.

Pros and strengths

Integrated manufacturing facilities: It operates fully integrated manufacturing units in Navi Mumbai and Pune, covering over 34000 sq. ft. These facilities enable it to carry out the entire production process in-house including design, engineering, fabrication, assembly, wiring, and testing. This setup allows it to maintain consistent product quality, reduce turnaround time, and adapt to specific client requirements. Its equipment includes CNC turret punching machines, CNC bending machines, PU gasketing machines, a powder coating plant, CNC busbar bending machines, and CNC busbar punching machines, supporting precise and efficient operations. It also undertakes in-house testing to ensure compliance with industry standards. In-house manufacturing reduces dependence on third-party vendors and allows greater control over production timelines and quality.

Diverse product portfolio with wide geographic reach: Its product offerings include LV and MV electrical switchboards and automation systems for industrial and infrastructure applications across India and selected international markets. The LV electrical panel product range comprises PCC Panels, IMCC Panels, Soft Starter Panels, MCC Panels, DG Synchronisation Panels, Power Distribution Boards and Units, APFC Panels, Variable Frequency Drive Panel, PLC Automation system and Outdoor Panels. It also manufactures MV panels comprising up to 3.3 kV to 33 kV panels and includes specialised products such as 11 kV DG Synchronisation Panels, Control and Relay Panels, 11kV/33kV Vacuum Circuit Breaker and Vaccum Contactor Panels, Ring Main Gear Panel and MV Automatic Power Factor Correction (APFC) Panels. It provides both standard and customised panels based on client specifications. Its products are deployed in segments such as Data Centre & Technology, Infrastructure, Construction & Real Estate including Metro Projects, Solar & Renewable Energy, Industrial Manufacturing and Machinery etc. Its distribution footprint spans in more than 15 Indian states, with limited exports to international clients.

Commitment to quality control and safety: It maintains quality control and safety procedures across all stages of its manufacturing operations, from procurement of raw materials to final inspection and dispatch. Its operations are ISO 9001:2015, ISO 14001: 2015 and ISO 45001: 2018 certified, and its products are fully type-tested in accordance with standards such as IEC 61439-1 & 2, IEC 61641 and IEC 62271-200. Its inhouse testing facilities are equipped with a 6000 Amp current Primary Injection Test setup, High Voltage Test Kits (75KV, 5KV and 2.5KV), Winding Resistance Meter, Contact Resistance Meters, Conductivity Meter, CT Polarity Test Kit, Coat Gauge etc. It also operates a powder coating lab equipped for surface treatment testing. It carries out quality control through inspections, testing, and documentation to ensure compliance with specifications and consistency in performance.

Risks and concerns

Supply chain disruption risk due to supplier and regional concentration: The company is dependent on a limited number of suppliers located within a concentrated geographical region for the supply of its raw materials, and it does not have long-term agreements with most of its suppliers. Its top 10 suppliers accounted 73.13%, 73.00% 67.35% and 73.27% of its total purchases for the period ended September 30, 2025, and for the period ended March 31, 2025, March 31, 2024 and March 31, 2023, respectively. Further, a significant portion of its raw material purchases are concentrated in the state of Maharashtra, which accounted for 61.10%, 52.36%, 61.48% and 62.15% of its total purchases for the period ending September 30, 2025 and in Fiscals 2025, 2024 and 2023, respectively. Any adverse political, social, economic, or environmental developments in Maharashtra including labor unrest, civil disruptions, natural disasters, transportation strikes, or changes in state policies could disrupt its supply chain. Such disruptions may result in shortages of raw materials, production delays, increased logistics and transportation costs, and difficulties in meeting customer demand, all of which may adversely affect its business operations and reputation.

Revenue dependence on key customers and absence of long-term contracts: The company derives a significant portion of its revenue from a limited number of customers, with its top 10 customers contributing 57.02%, 69.90%, 55.12%, and 62.08% of total sales for the period ended September 30, 2025 and for Fiscal 2025, 2024, and 2023, respectively.  Its reliance on a limited number of customers exposes it to risks arising from order reductions, delays, cancellations, or changes in terms by these customers. The loss of one or more of these customers, or a significant decline in the volume of business from them, may adversely impact its revenues and profitability. Further, it does not have any long-term commitments from customers and any failure to continue its existing arrangements could adversely affect its business and results of operations.

Dependence on demand from key industries: Its business is dependent on demand from key industries such as electrical, infrastructure, renewable energy, and manufacturing. It manufactures LV and MV electrical panels and automation systems, which are used across various sectors including Data Centre & Technology, Infrastructure, Construction & Real Estate including Metro Projects, Solar & Renewable Energy, Industrial Manufacturing and Machinery etc. The demand for its products is closely linked to the growth, investment cycles, and regulatory environment of these industries. Accordingly, any downturn in these sectors, whether due to reduced project activity, economic slowdowns, delays in infrastructure execution, regulatory changes, funding constraints, or supply chain disruptions, could adversely affect its order inflows, revenues, and profitability.

Outlook

Vivid Electromech is engaged in the business of manufacturing electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors]. On the concern side, its business is significantly dependent on the availability and cost of key raw materials such as CRCA sheets, GI sheets, aluminum, copper, and switchgears. Volatility in their prices or disruption in supply may adversely affect its business, financial condition, results of operations, and cash flows. Further, its business is dependent on the continuous and efficient operation of its manufacturing units.

The company is coming out with a maiden IPO of 23,52,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 528-555 per equity share. The aggregate size of the offer is around Rs 124.18 crore to Rs 130.54 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2024-25 stood at Rs 15577.05 lakh whereas in financial year 2023-24 the same stood at Rs 8954.83 lakh representing an increase of 73.95%. The company reported Restated profit after tax for the financial year 2024-25 of Rs 2024.40 lakh in comparison to Rs 428.00 lakh in the financial year 2023-24, marking an increase of 372.99%.

Meanwhile, the company’s strategy focuses on building and maintaining long-term and cordial relationships with both its customers and suppliers. Consistent and timely delivery of quality products and services has helped it gains customer confidence and repeat business. Its long-standing engagement with suppliers contributes to the stability of its supply chain and procurement processes. Furthermore, retention of experienced employees supports operational continuity and efficiency, which in turn strengthens its relationships across the value chain. Moreover, it seeks to enhance its business operations by expanding its customer base through marketing initiatives. Its marketing approach is based on understanding customer requirements and providing products in line with industry standards. It also uses the Government e-Marketplace (GeM) portal and other digital platforms to reach a wider customer base and increase visibility of its electrical control panels and automation solutions. Its marketing efforts are focused on highlighting product features such as safety, reliability, and efficiency to potential customers.

Pursuant to Regulation 30 of the Listing Regulations, Oswal Pumps has informed that the Company has received Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited for 6,896 Off-Grid DC Solar Photovoltaic Water Pumping Systems (‘SPWPS’) which is to be executed within 1 year under the PM Kusum B Scheme ‘Magel Tyala Saur Krishi Pump’ Yojna. The total value of 6,896 SPWPS is Rs 162.06 Crore approx. (including GST). In this respect, information as required under the Listing Regulations and the SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 are provided under Annexure ‘A’. Further, it has also enclosed Press Release dated May 06, 2026 in this behalf, being issued by the Company for dissemination to the public.

The above information is a part of company’s filings submitted to BSE.

The total revenue for the March 2026 quarter zoomed 130.75% to Rs. 4118.60 millions as compared to Rs. 1784.90 millions during the year-ago period.Net Profit witnessed a 130.69% growth almost the double from Rs. 168.80 millions to Rs. 389.40  millions  of same quarter last year.OP of the company witnessed a marginal growth to 637.90 millions from 317.80 millions in the same quarter last year.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202603	202503	% Var	202603	202503	% Var	202603	202503	% Var
Sales	4118.60	1784.90	130.75	10522.20	7557.80	39.22	10522.20	7557.80	39.22
Other Income	112.70	50.10	124.95	372.00	221.80	67.72	372.00	221.80	67.72
PBIDT	637.90	317.80	100.72	1881.20	1452.30	29.53	1881.20	1452.30	29.53
Interest	29.10	17.00	71.18	107.30	67.20	59.67	107.30	67.20	59.67
PBDT	608.80	300.80	102.39	1773.90	1385.10	28.07	1773.90	1385.10	28.07
Depreciation	51.50	21.80	136.24	160.10	84.90	88.57	160.10	84.90	88.57
PBT	557.30	279.00	99.75	1613.80	1300.20	24.12	1613.80	1300.20	24.12
TAX	167.90	110.20	52.36	431.10	303.00	42.28	431.10	303.00	42.28
Deferred Tax	25.40	15.60	62.82	50.80	-27.60	-284.06	50.80	-27.60	-284.06
PAT	389.40	168.80	130.69	1182.70	997.20	18.60	1182.70	997.20	18.60
Equity	1439.50	1165.50	23.51	1439.50	1165.50	23.51	1439.50	1165.50	23.51
PBIDTM(%)	15.49	17.80	-13.01	17.88	19.22	-6.96	17.88	19.22	-6.96

The sales for the March 2026 quarter moved down -34.59% to Rs. 1516.50 millions as compared to Rs. 2318.63 millions during the year ago period.The Company to register a -48.72%  fall in the net profit for the quarter ended March 2026.Operating profit for the quarter ended March 2026 decreased to 385.81 millions as compared to 758.21 millions of corresponding quarter ended March 2025.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202603	202503	% Var	202603	202503	% Var	202603	202503	% Var
Sales	1516.50	2318.63	-34.59	6519.40	6231.48	4.62	6519.40	6231.48	4.62
Other Income	66.67	45.85	45.41	260.46	164.70	58.14	260.46	164.70	58.14
PBIDT	385.81	758.21	-49.12	2164.65	2012.16	7.58	2164.65	2012.16	7.58
Interest	0.98	1.64	-40.24	4.73	4.41	7.26	4.73	4.41	7.26
PBDT	384.83	756.57	-49.13	2159.92	2007.75	7.58	2159.92	2007.75	7.58
Depreciation	10.06	9.76	3.07	40.23	34.06	18.12	40.23	34.06	18.12
PBT	374.77	746.81	-49.82	2119.69	1973.69	7.40	2119.69	1973.69	7.40
TAX	90.84	193.17	-52.97	538.08	505.17	6.51	538.08	505.17	6.51
Deferred Tax	-4.61	-3.30	39.70	2.26	0.42	438.10	2.26	0.42	438.10
PAT	283.93	553.64	-48.72	1581.61	1468.52	7.70	1581.61	1468.52	7.70
Equity	114.40	76.27	49.99	114.40	76.27	49.99	114.40	76.27	49.99
PBIDTM(%)	25.44	32.70	-22.20	33.20	32.29	2.83	33.20	32.29	2.83

A slight decline in the revenue of Rs. 6172.26 millions was seen for the March 2026 quarter as against Rs. 6248.14 millions during year-ago period.Net profit of the cmpany stood at Rs. 479.02 millions for the quarter ended March 2026 a decline of -50.53% from Rs. 968.26 millions  in the same quarter last year.The Operating Profit of the company witnessed a decrease to 713.02 millions from 1334.00 millions.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202603	202503	% Var	202603	202503	% Var	202603	202503	% Var
Sales	6172.26	6248.14	-1.21	21536.88	19342.30	11.35	21536.88	19342.30	11.35
Other Income	-100.59	170.04	-159.16	665.36	846.96	-21.44	665.36	846.96	-21.44
PBIDT	713.02	1334.00	-46.55	4218.52	4509.18	-6.45	4218.52	4509.18	-6.45
Interest	3.16	4.24	-25.47	14.49	14.46	0.21	14.49	14.46	0.21
PBDT	709.86	1329.76	-46.62	4204.03	4494.72	-6.47	4204.03	4494.72	-6.47
Depreciation	39.08	36.38	7.42	146.05	131.68	10.91	146.05	131.68	10.91
PBT	670.78	1293.38	-48.14	4057.98	4363.04	-6.99	4057.98	4363.04	-6.99
TAX	191.76	325.12	-41.02	1004.14	1108.90	-9.45	1004.14	1108.90	-9.45
Deferred Tax	-47.68	28.36	-268.12	-23.12	74.03	-131.23	-23.12	74.03	-131.23
PAT	479.02	968.26	-50.53	3053.84	3254.14	-6.16	3053.84	3254.14	-6.16
Equity	101.17	101.17	0.00	101.17	101.17	0.00	101.17	101.17	0.00
PBIDTM(%)	11.55	21.35	-45.89	19.59	23.31	-15.98	19.59	23.31	-15.98