At a Glance

Shivalic Power Control Ltd, the NSE-listed electrical equipment maker, just announced a fresh order worth ₹1.06 Cr for LT switchboards from unnamed electrical contractors. While it’s not headline-grabbing in size, it shows consistent traction for a newly listed SME player in a highly competitive sector.

⚙️ 1. The Order Breakdown

📦 Order Value: ₹1.06 Cr (₹106 Lacs)
🏭 Product: LT (Low Tension) Switchboards
📅 Timeline: Deliveries by August 2025
📍 Client(s): Domestic electrical contractors
🚫 Confidentiality Clause: Client names undisclosed due to NDAs

Let’s be honest: ₹1 Cr isn’t going to set Dalal Street on fire.
But in the world of SME manufacturers, consistent small orders matter more than occasional fireworks.

🧑‍🏭 2. What Does Shivalic Power Do?

Shivalic makes customized electrical panels and switchboards for a wide range of sectors:

• Power Distribution 🏙️
• Commercial Infrastructure 🏢
• Railways 🚆
• Real Estate & Construction 🚧

Key products:

• LT Panels (like in today’s order)
• HT Panels (High Tension)
• Control Panels
• Feeder Pillars
• Power Factor Panels

🔌 Basically, if there’s electricity moving in a large building, Shivalic is probably somewhere in the wiring.

📊 3. Financials Snapshot (FY24)

The valuation looks expensive — until you realize:

• FY24 topline grew 45% YoY
• Net profit doubled
• ROCE crossed 30%

This is what VCs call an “execution-first story.”

📦 4. Why This ₹1 Cr Order Actually Matters

Let’s do some back-of-the-envelope math:

• FY24 revenue: ₹89 Cr
• This order: ₹1.06 Cr = ~1.2% of annual revenue
• Scheduled delivery: by Aug 2025 → gets accounted in FY26

✅ This shows run-rate consistency
✅ Orders aren’t lumpy — they’re pipeline-fed
✅ This improves working capital visibility

And since Shivalic focuses on customized switchgear, these aren’t commodity contracts — they likely come with better margins than B2G tenders.

📦 5. Recent Order Wins – A Pattern?

This isn’t a one-off.

Here’s a look at Shivalic’s last 3 months:

🟢 That’s ₹5.76 Cr worth of new orders in just one quarter.

Assuming 20–25% gross margin → this adds ₹1.1–1.4 Cr to FY26 gross profits already.

🔎 6. Promoters, Shareholding & SME Tag

🚨 The company listed on NSE SME in April 2024 — and doubled since IPO.

But here’s the catch:

• Still on SME platform (not mainboard)
• Liquidity is thin (avg. daily volume < ₹25 Lacs)
• No institutional coverage yet

This is pre-discovery zone for many investors.

📈 7. Stock Snapshot

• CMP: ₹442
• 52W High/Low: ₹485 / ₹230
• Market Cap: ₹440 Cr
• FY24 EPS: ₹6.3 → P/E ~70x
• Book Value: ₹35.5 → P/B ~12.5x
• ROCE: 31.1% (elite levels)

Too expensive?
Only if growth slows.
Too early?
Only if the order book dries.

Right now, it’s priced like a smallcap play with bigcap ambition.

📊 8. Fair Value Range 🧮

Let’s run an optimistic FY26 scenario:

• Revenue: ₹140 Cr
• Net Profit Margin: ~9%
• PAT: ₹12.6 Cr → EPS = ₹12.6
• Assign P/E of 40x (still high)

🎯 Fair Value = ₹504

So, reasonable range = ₹430–₹500/share

📌 Current: ₹442
🟢 Implied Upside: 13% — with momentum tailwinds

🧠 Final Take – Why This Micro Order Sparks Macro Interest

Yes, ₹1 Cr orders don’t hit CNBC.
But Shivalic’s strategy is to compound with consistency, not shock with scale.

In a market flooded with infra capex, Shivalic’s niche execution in low-voltage, regulated, repeatable B2B segments gives it an edge.

And if they keep this up?

🧱 Brick by brick. Panel by panel.
Shivalic could quietly build one of India’s most profitable electrical midcaps.

✍️ Written by Prashant | 📅 June 21, 2025
Tags: Shivalic Power Control, SME Stock, LT Panels, Electrical Equipment, Infra Stocks, Switchgear India, NSE SME, EduInvesting