Prostarm Info Systems Limited IPO

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The company is a comprehensive power electronics and energy solutions provider, specializing in the design, manufacturing, assembly, sale, and service of Energy Storage and Power Conditioning Equipment, collectively known as Power Solution Products. Over the years, the company has transitioned from a distributor of third-party power equipment to a full-fledged manufacturer and service provider offering both standard and customized solutions.

The company’s in-house manufactured offerings include:
i. UPS Systems                                                 ii. Inverter Systems (including lift inverters and solar hybrid inverters)
iii. Lithium-Ion Battery Packs                      iv. Servo-Controlled Voltage Stabilisers (SCVS)
v. Isolation Transformers                              vi. Other related power electronics equipment

These products are designed to ensure reliable power backup and voltage regulation, serving critical applications where uninterrupted power is essential.

Contract Manufacturing & Third-Party Products :- In addition to in-house production, the company partners with third-party contract manufacturers to expand capacity and meet demand. It also deals in third-party products such as:
i. Conventional and lithium-based batteries                              ii. IT assets and solar panels
iii. Reverse logistics and end-of-life assets

The company has a diverse customer base across sectors including:
i. Banking and Financial Services (BFSI)                                  ii. Healthcare and Hospitals
iii. Aviation and Railways                                                             iv. Defense and Security
v. Research Institutions                                                                vi. Information Technology
vii. Oil & Gas                                                                                   viii. Education
ix. Renewable Energy

Its UPS systems are particularly reputed in high-dependency sectors such as healthcare and BFSI, where uninterrupted power is critical.

Government Empanelment :- The company is an approved vendor with several government and public sector entities, such as:
i. Airports Authority of India
ii. West Bengal Public Health Engineering Department
iii. Railtel Corporation of India Limited
iv. NTPC Vidyut Vyapar Nigam Limited
This enhances its credibility and opens up consistent order flow opportunities.

Evolution and Strategic Focus

Initially focused on selling and installing third-party batteries and UPS systems, the company has steadily expanded its capabilities. It operates a vertically integrated business model—from design and production to installation and AMC—enabling better quality control, innovation, and customer customization.

By aligning with India’s increasing demand for uninterrupted power, green energy, and energy storage, the company is well-positioned for sustainable growth.

Objects of the Prostarm Info Systems Limited IPO:

IPO proposes to utilise the Net Proceeds from the Issue towards the following objects: i. Funding working capital requirements of the Company. ii. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company. iii. Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
DRHP of Prostarm Info Systems Limited IPO
RHP of Prostarm Info Systems Limited IPO

Prostarm Info Systems Limited IPO Details:

Open Date: May 27 2025
Close Date: May 29 2025
Total Shares: 1,60,00,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 168.00 Cr.
Lot Size: 142 Shares
Issue Price: ₹ 95 - 105 Per Equity Share
Listing At: NSE,BSE
Listing Date: Jun 03 2025

Promoters And Management:

Tapan Ghose, Chairman and Managing Director, has been with the Company since August 1, 2008. A B.Com graduate from St. Xavier's College, Kolkata, he brings over 26 years of experience in electrical and electronic control, energy storage, and power solutions. He is responsible for administration, and driving the Company’s growth and strategic expansion. Ram Agarwal, Whole-time Director, CEO, and founding Promoter of the Company, has been associated since its inception. A B.Com graduate from the University of Calcutta, he has over 16 years of experience in electrical and electronic control, energy storage, and power solutions. He received the Engineering Excellence Award in May 2022. He is responsible for formulating and implementing business strategies for the Company’s growth and expansion. Vikas Shyamsunder Agarwal, Whole-time Director and Promoter, has been with the Company since August 1, 2008. With over 16 years of experience in power conditioning and consumption solutions, he is responsible for procurement and inventory management.

Financials of Prostarm Info Systems Limited IPO:

In Cr.

Particulars Dec 31, 2025 March 31, 2024 March 31, 2023  March 31, 2022 
Revenue from Operations 268.62 257.87 230.36 171.30
EBITDA 35.88 36.62 29.14 16.56
EBITDA Margins 13.36% 14.20% 12.65% 9.67%
PAT 22.10 22.79 19.34 10.87
PAT Margins 8.23% 8.84% 8.40% 6.35%
ROCE 22.95% 32.41% 41.45% 41.27%
Debt-Equity Ratio 0.56 0.51 0.39 0.07
Working Capital Days 123 126 85 63
CFOA -10.53 -7.80 -13.50 4.16

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Prostarm Info Systems  (FY 2024) 257.87 Cr. 14.20% 8.84% 0.51 618 Cr. 27*
Servotech Power System (TTM) 587 Cr. 9% 5.62% 0.33 2,748 Cr. 82.10
Sungarner Energies (TTM) 22.51 Cr. 12.71% 7.19% 0.73 68.90 Cr. 42.50
*Forward PE is 20.97 on the basis of FY 25 PAT.

Recommendation on Prostarm Info Systems Limited IPO:

Review and Recommendation of Prostarm Info Systems Limited IPO by team IZ is 5/10.

Lead Manager of Prostarm Info Systems Limited IPO:

  1. Choice Capital Advisors Private Limited

Registrar of Prostarm Info Systems Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Prostarm Info Systems Limited Plot No. EL 79 Electronic Zone, TTC, MIDC, Mahape Navi Mumbai, Thane Phone: 022 4528 0500 Email: cs@prostarm.com Website: https://prostarm.com/

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