1. At a Glance – Blink and You’ll Miss the Plot
Market cap sitting at ₹1,982 Cr, stock price ₹1,201, and a 3-month return that looks like a New Year gym resolution (-9.87%). Meanwhile, the business just dropped a Q3 FY26 revenue of ₹125 Cr, up 76.2% YoY, and PAT of ₹10.1 Cr, up a jaw-dropping 273% YoY.
Sounds sexy? Hold your chai. The stock trades at a headline P/E of ~53×, but once we do proper EPS math (not WhatsApp University math), the valuation looks even more… ambitious. ROCE at ~16%, ROE ~14%, debt-to-equity 0.76 — not ugly, not angelic either. Promoters hold 72.7%, zero pledge, and FIIs have started sniffing around like stray cats outside a fish market.
This is a company that looks like it wants to be three companies at once — electrical components, medical devices, and IT services — while the stock market is still trying to decide what it actually is. Curious already? Good. Keep reading.
2. Introduction – From Moulds to MRI Machines, Because Why Not
Spectrum Electrical Industries Ltd has been around since 1995, quietly doing unglamorous but essential work: injection moulding, electrical press components, and surface treatment. Basically, the stuff that keeps switches clicking, panels intact, and OEMs happy.
Then something snapped.
Around FY23–FY25, growth accelerated, margins improved, and management looked at the balance sheet and said:
“Electrical components are nice, but what if we also did EV chargers, MRI machines, and AI services?”
Classic Indian mid-cap energy.
Financially, the company has grown sales from ₹253 Cr in FY23 to ₹402 Cr in FY25, with TTM sales at ₹497 Cr. Profits followed even faster — TTM PAT ₹37 Cr, translating into TTM EPS ₹23.72.
But markets are forward-looking beasts. They’re already pricing Spectrum like it’s halfway to ₹800 Cr revenue (management’s stated ambition). The question is not whether Spectrum can grow. The question is:
Can
it grow fast enough to justify today’s valuation while juggling three new businesses?
What do you think — bold vision or over-caffeinated strategy?
3. Business Model – WTF Do They Even Do?
Let’s simplify this for your lazy investor friend.
Core Business (FY24 Revenue Mix):
- Products – 83%
Electrical components: MCB parts, modular boards, EV chargers, irrigation equipment components, tools, moulds, dies. - Services – 17%
Electroplating, injection moulding, metal stamping, powder coating.
This is OEM-heavy, B2B manufacturing, with clients like ABB, Schneider Electric, Legrand, L&T, Anchor. Top 3 customers contribute >70% of revenue — efficient, yes; risky, also yes.
Manufacturing footprint:
Three plants in Jalgaon, Nashik, Pune, with expansion planned in Bangalore and a rooftop solar project because ESG is the new turmeric.
Then come the side quests:
- Medical Devices (2024 onwards)
Through WOS Spectrum Healthcare, targeting MRI and X-ray systems via OEM/JV models. Agreements signed with Fischer Medical Ventures and Time Medical International Venture (India) for MRI components. - Digital Enterprise Services
Via subsidiary Pristine IT Code Pvt Ltd, now holding rights to the QuickBPM low-code platform.
So yes — Spectrum is now part electrical OEM, part med-tech aspirant, part IT services hopeful.
Does diversification reduce risk… or focus? Comment section is waiting.
4. Financials Overview – The Numbers Don’t Lie (But
