At a Glance
Rulka is a one-stop-shop for electrical contracting, firefighting systems, solar EPC, and more — primarily for industrial and commercial spaces. While it posted explosive growth in FY22–FY24, FY25 seems to have thrown a wet switchboard on its margin story. Still profitable, still growing, but is the juice worth the current ₹133 squeeze?
1. 🔌 Business Model – Wiring India, Quietly
- Founded in 2013, Rulka offers:
- Turnkey electrical and firefighting solutions
- Solar EPC projects
- Theatre and warehouse electrification
- Cabling, maintenance, and data infra
- Clients includeindustrial parks, commercial buildings, theatres, and logistics chains.
🧠Edu Angle: Think of them as the electricians behind India’s
next mall, multiplex, and solar rooftop.
2. 🧾 Financial Performance – From Amped Up to Dimmed Down
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 19.6 | 36.3 | 46.8 | 71.0 | 79.5 |
| PAT (₹ Cr) | 0.54 | 1.12 | 2.79 | 6.11 | 2.26 |
| OPM (%) | 5.8% | 6.5% | 9.0% | 12.5% | 5.4% |
| EPS (₹) | 49.1 | 101.8 | 253.6 | 17.9 | 5.3 |
📉FY25 Net Profit Crashed63% YoY despite revenue growing ~12%⚠️Margins cut in half– from 12.5% to 5.4%💰 Cash from operations:negative ₹15 Crin FY25. Ouch.
3. 🔍 What Went Wrong in FY25?
- 👷♂️ Operating expenses spiked disproportionately to revenue.
- 🧾 Working capital cycle ballooned from97 to 161 days
- Debtors: 162 days
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