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1. At a Glance

Spectrum Electrical Industries is the kind of company that looked at electrical components and said: “Bas yeh boring hai, kuch aur masala daalo.” So apart from EV chargers, MCB covers, and modular switchboards, it’s now eyeing MRI machines and AI-based IT services. Market cap is ₹2,369 Cr on sales of just ₹402 Cr. And with a P/E of 92.5, investors seem to think they’re buying Tesla + Infosys + Siemens rolled into one Jalgaon-based juggernaut. Spoiler: they’re not.

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2. Introduction

Founded in 1995, Spectrum started as a good old injection moulding + stamping shop in Maharashtra. Then came plating, coating, electrical press parts, and big-name customers like ABB, Legrand, L&T, Schneider Electric.

But in the last 2 years, the company has gone full “Shark Tank contestant.” Ventures into:

• Medical Devices: wants to make MRI & X-ray machines.
• IT Services: through Pristine IT Code Pvt Ltd, licensing a BPM software.
• EV Chargers: because every SME now makes them.

All this expansion is backed by fundraising sprees — QIP, preferential allotments, warrants. Basically, cash flow from core business goes into paying salaries, while “vision” is funded by shareholders.

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3. Business Model (WTF Do They Even Do?)

Core Verticals FY24:

1. Products (83%) → Electrical & auto parts, irrigation equipment, control panels, EV chargers, modular boards.
2. Services (17%) → Metal stamping, injection moulding, electroplating, powder coating.

Clients: ABB, Anchor, Legrand, Schneider, Jain Irrigation, L&T. But — top 3 clients = 70%+ revenue. One customer tantrum = half the P&L gone.

New Ventures:

• Healthcare: Tie-ups with Fischer Medical & Time Medical to build MRI machine parts.
• IT Subsidiary: Offering “AI fraud detection” and “digital automation.”

So yes, the business model is basically: “Throw darts at buzzwords until one sticks.”

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4. Financials Overview

Quarterly Results (Q1 FY26 vs Q1 FY25 vs Q4 FY25)

Metric	Jun 2025	Jun 2024	Mar 2025	YoY %	QoQ %
Revenue	₹85.4 Cr	₹75.4 Cr	₹168.5 Cr	+13.3%	-49.3%
EBITDA	₹11.7 Cr	₹9.8 Cr	₹25.5 Cr	+19.4%	-54.0%
PAT	₹5.7 Cr	₹2.1 Cr	₹13.7 Cr	+163%	-58.4%
EPS (₹)	3.65	1.38	8.70	+164%	-58%

Roast: YoY looks “blockbuster,” QoQ looks “blockbuster flop.” It’s like Bollywood box office openings — all hype, no consistency.

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5. Valuation (Fair Value RANGE only)

• P/E Method
  EPS FY25 = ₹16.4. Industry P/E ~37.
  FV Range: ₹600 – ₹700.
• EV/EBITDA
  EV = ₹2,446 Cr. EBITDA FY25 = ₹54 Cr. EV/EBITDA = 42x (industry ~15x).
  FV Range: ₹550 – ₹650.
• DCF (generous growth)
  Assume 20% CAGR, terminal 7%, discount 12%. FV ≈ ₹700 – ₹850.

👉 Consolidated FV Range: ₹550 – ₹850/share (Educational only). CMP ₹1,518 = double the hype.

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6. What’s Cooking – News, Triggers, Drama

• Medical Device Entry (2024): Wants to make MRIs & X-rays. Indian GE? Or Indian “Jugaad MRI”? Time will tell.
• Digital Services Play: Pristine IT Code acquired QuickBPM software. Basically, pivoting to SaaS. Spectrum = the new Zoho? Don’t laugh.
• EV Chargers & Panels: Entered in 2023. Because why not? Even your local kirana is selling EV adapters.
• Capex: ₹100 Cr Jalgaon MoU with Maharashtra