1. At a Glance
Freshly IPO-minted in June 2025, Prostarm is the kid in the electrical equipment playground who shows up with his own batteries, UPS, solar panels, and a dream to conquer Bangladesh next. Revenue grew 35% in FY25, ROE is hotter than a Mumbai transformer in May at 30%, and the company somehow convinced the market it deserves a 39.7x PE — basically saying “trust me bro” to investors.
2. Introduction
Let’s be clear — Prostarm didn’t start as a born-and-raised manufacturer. Back in 2008, it was just reselling other people’s UPS systems and batteries like your friendly neighbourhood electronics shop with slightly better margins.
Fast forward to 2018 — they went full Swadeshi and decided to make their own stuff: UPS systems, inverters, lift inverters, lithium-ion battery packs, voltage stabilisers, transformers — basically everything your apartment society electrician can misinstall.
Then they smelled the green energy hype and jumped into rooftop solar EPC. Three manufacturing plants later, they’re still operating at 23% to 66% utilisation, meaning two-thirds of the machines spend their time gossiping.
The IPO dropped ₹168 Cr into their pockets — officially for working capital, debt repayment, and inorganic growth, which is corporate for “we’ll figure it out later.”
3. Business Model (WTF Do They Even Do?)
Four main buckets:
- Manufactured Power Solution Products (55.93% of revenue) – UPS systems, inverters, transformers, lithium battery packs. Some made in-house, some contract-manufactured.
- Third-Party Products & Reverse Logistics (30.37%) – Trading in batteries/components + buying back old junk for resale/disposal. Reverse logistics = making money off your customers twice.
- Solar EPC (9.18%) –
