At a Glance
Parth Electricals & Engineering Ltd (PEEL) is charging the IPO circuit with a ₹49.72 Cr fresh issue of 29.25 lakh shares. Price band is ₹160–₹170, with a lot size of 1,600 shares (₹2.72L minimum investment). The company is expanding into GIS manufacturing and repaying loans while promising 119% PAT growth. Sounds electrifying? Let’s see if it’s shockproof.
Introduction
Founded in 2007, Parth Electricals evolved from an electrical services outfit to a manufacturer of MV/HV/EHV switchgear panels, VCBs, control panels, and compact substations. They also handle turnkey projects for AIS & GIS up to 220kV. With elite clients like Adani, L&T, Tata, Schneider, and even exports, they’ve positioned themselves as a “preferred partner” in power infra. But at a P/E of ~23x post-IPO, is this current flowing in the right direction?
Business Model (WTF Do They Even Do?)
Parth Electricals makes and installs electrical equipment for power, infra, and industrial sectors.
- Products: MV Switchgear, VCB Panels, Earth Link Boxes, CRPs, Compact Substations.
- Services: Installation, testing, commissioning, cable laying (HV/EHV).
- Clients: Heavyweights like ABB, Ultratech, BHEL, Tata Power.
- Certifications: ISO 9001, 14001, 45001 – quality, environment, and safety covered.
They’re also building new GIS & Odisha plants – clear growth ambition.
Financials Overview
FY25 Snapshot:
- Revenue: ₹176.2 Cr (+102% YoY)
- EBITDA: ₹17.5 Cr (+93% YoY)
- PAT: ₹10.1 Cr (+119% YoY)
- Net Worth: ₹40.6 Cr
