Shivalic Power Control Limited IPO

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Shivalic Power Control Limited is an ISO-certified manufacturer of Low Tension (LT) and High Tension (HT) electric panels, with a rich operating history spanning over 20 years. Established in 2004 by Mr. Amit Kanwar Jindal, the company has steadily grown by emphasizing quality, innovation, and customer-centric product development. This focus has allowed Shivalic to produce a diverse range of electric panels tailored to meet the specific needs of various industrial sectors.

Manufacturing Capabilities

Our extensive 125,000 sq. ft. in-house manufacturing unit is equipped to produce a wide variety of electric panels, including:
i. PCC Panels                                      ii. IMCC Panels                      iii. Smart Panels                       iv. MCC Panels
v. DG Synchronization Panels        vi. Outdoor Panels                vii. HT Panels up to 33KV     viii. VFD Panels
ix. Power Distribution Boards         x. Bus Ducts                           xi. LT & HT APFC Panels

They are authorized by leading industry names such as L&T, Siemens, Schneider Electric, and TDK to manufacture fully type-tested panels compliant with IEC 61439 – 1&2, IEC 61641, and IS1893 standards. Their products serve over 15 industrial sectors within India and international markets including Nepal, Bangladesh, and several African countries like Uganda, Kenya, Nigeria, and Algeria.

Market Reach and Clientele

Shivalic has served over 500 clients across various industries, such as Sugar, Paper, Cement, Steel, FMCG, and Automobile. Their esteemed clientele includes:
i. Hewlett Packard                                  ii. DCM Shriram                     iii. Rungta Mines             iv. Reliance Cement
v. Kalpataru Power Transmission       vi. Jindal Steel & Power       vii. JSW                              viii. Bikaji Foods
ix. Dabur                                                   x. Radico                                  xi. Naini Paper                 xii. J K Paper
xiii. Orient Papers                                xiv. J K Cement                         xv. Escorts                        xvi. Yamaha Motors

They continuously seek new opportunities and markets, recently expanding their services to the data center industry. In November 2023, we secured a significant order for LT works in the RBI Data Centre complex at Bhubaneshwar from HPE.

Strategic Sourcing

Their materials are sourced directly from industrial giants such as L&T, Siemens, ABB, C&S, and EPCOS, ensuring the highest quality and reliability in their products.

Conclusion

Shivalic Power Control Limited stands out as a leader in the electric panel manufacturing industry, driven by a commitment to quality, innovation, and customer satisfaction. Their advanced manufacturing capabilities, strategic sourcing, and dedicated team enable them to serve a diverse range of industries and continuously explore new markets. As they move forward, they remain focused on leveraging technology and expertise to deliver superior products and services to their clients globally.

Objects of the Shivalic Power Control Limited IPO:

The company intends to utilize the Net Proceeds for the following objects: i. To meet the working capital requirements of the company ii. To meet the capital expenditure of the company iii. Funding for procurement of new machinery. iv. Civil construction of warehouse by shedding the roof. v. To meet out the inorganic growth through unidentified acquisition for the Company vi. General Corporate Expenses
DRHP of Shivalic Power Control Limited IPO
RHP of Shivalic Power Control Limited IPO

Shivalic Power Control Limited IPO Details:

Open Date: Jun 24 2024
Close Date: Jun 26 2024
Total Shares: 6,432,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 64.32 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 95 - 100 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jul 01 2024

Promoters And Management:

Mr. Amit Kanwar Jindal, Founder, a graduate from M.S. Bidve Engineering College with over 23 years of experience, Mr. Amit Kanwar Jindal embodies the spirit of innovation at Shivalic Power Control Pvt. Ltd. His vision and leadership have been pivotal in establishing the company as a key player in electrical panel manufacturing. He continues to guide Shivalic towards technological advancements, maintaining its status as a trusted provider of advanced electrical solutions. Under his direction, the company achieves consistent growth, driven by a professional team dedicated to excellence. He is acting as the Director of the company since its inception i.e 08/10/2004. Dr. Sapna Jindal, formerly a dentist, transitioned into the electrical engineering sector & brought a fresh perspective to Shivalic. Her passion for precision and strategic thinking has elevated the company's production and quality standards. Joining Shivalic thirteen years ago, she has played a crucial role in enhancing the company's standing in the market, ensuring the delivery of high-quality power panels. Her calm and analytical approach in challenging situations has been instrumental in driving the company's success. She has been acting as the Director in the company since 01/10/2010. Mr. Tarun Aggarwal, aged 33 years is a Chartered Accountant (CA) and has a rich experience of over a decade in various domains like fundraising, new business development and strategic partnerships primarily focusing on SMEs and start-ups. He worked as SAP Finance implementation business lead at Reckitt Benckiser (I) Private Limited and Program Manager- Finance Transformation at The Good Glamm Group. Apart from these, he also worked with Mountaintribe Foods Private Limited, Usha Sriram Group, Team Co-work, Pyoginam etc as finance executive.

Financials of Shivalic Power Control Limited IPO:

Particulars ( In Lakhs )
2021
2022
2023
9M-FY24
Revenue from Operations 5,222 5,733 8,216 6,356
Other Income 16 8 54 23
Total Revenue 5,238 5,741 8,269 6,379
Cost of Material Consumed 4,668 4,358 6,450 5,413
Changes in inventories -304 526 -24 -807
Employees Benefit Expenses 217 216 246 267
Other Expenses 140 129 271 172
EBITDA 518 512 1,326 1,333
OPM (%) 9.88% 8.92% 16.03% 20.90%
Depreciation & Amortisation 127 107 124 83
EBIT 390 405 1,201 1,251
Finance Cost 280 214 243 221
PBT 111 191 959 1029
Tax 43 16 243 269
PAT 67 175 716 760
NPM (%) 1.28% 3.04% 8.66% 11.92%
No.of Shares 2.41 2.41 2.41 2.41
EPS 0.27 0.72 2.97 3.15

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Shivalic Power Control Limited 82 7 2.97 33.7 100 241
Saakshi Medtech And Panels Limited 122 12 N/A 38.9 249 440
Marine Electricals (India) Limited 443 17 1.35 75.4 146 1,942
* All the data is as per FY23.

Recommendation on Shivalic Power Control Limited IPO:

Review and Recommendation of Shivalic Power Control by team IZ is 6/10. 1. Shivalic Power Control Limited specializes in manufacturing a wide array of electric panels, including: i. Power Control Center (PCC) Panels          ii. Intelligent Motor Control Center (IMCC) Panels iii. Smart Panels                                              iv. Motor Control Center (MCC) Panels v. DG Synchronization Panels                       vi. Outdoor Panels vii. HT Panels up to 33KV                             viii. Variable Frequency Drive (VFD) Panels ix. Power Distribution Boards                        x. Bus Ducts xi. LT & HT Automatic Power Factor Control (APFC) Panels These products are manufactured as per international standards IEC 61439 – 1&2, IEC 61641, and IS1893, ensuring high quality and reliability. Shivalic Power Control Limited is authorized by industry leaders such as L&T, Siemens, Schneider Electric, and TDK to produce fully type-tested panels. 2. Market Presence and Clientele Over the past two decades, Shivalic Power Control Limited has served more than 500 clients across various industries, including: i. Sugar                         ii. Paper                       iii. Cement                       iv. Steel v. Automobile             vi. Fast-Moving Consumer Goods (FMCG) Notable clients include Hewlett Packard, DCM Shriram, Rungta Mines, Reliance Cement, Kalpataru Power Transmission, Jindal Steel & Power, JSW, Bikaji Foods, Dabur, Radico, Naini Paper, J K Paper, Orient Papers, J K Cement, Escorts, and Yamaha Motors. 3. Supply Chain and Partnerships The company sources materials directly from industry giants like L&T, Siemens, ABB, C&S, and EPCOS, ensuring high-quality inputs for its manufacturing processes. This direct procurement strategy enhances the reliability and quality of the finished products. 4. Competitive Edge Shivalic Power Control Limited distinguishes itself from traditional panel manufacturers through its focus on advanced design, quality, and innovation. The company’s capabilities in Techno Modular Design – Fully Bolted Panels set it apart, providing superior solutions to its clients. 5. The Revenue has Increased from Rs.52 Crores in FY21 to Rs.82 Crores in FY23. 6. The EBITDA has Increased from 5 Crores in FY21 to 13 Crores in FY23. 7. The PAT has Increased from 67 Lakhs in FY21 to 7 Crores in FY23. 8. As per FY23, CFO/EBITDA is 0.98, As per FY24, EPS is 4.20, 9. Market Capitalization is 241 Crores & P/E is 23.8x based on FY24.

Lead Manager of Shivalic Power Control Limited IPO:

  1. Corporate Capital Ventures Private Limited

Registrar of Shivalic Power Control Limited IPO:

  1. Skyline Financial Services Private Ltd

Company Address:

Shivalic Power Control Limited Plot No. 72, Sector- 68, IMT, Faridabad Ballabgarh- 121004 Phone: +91–97183 88303 Email: compliance@shivalic.com Website: https://shivalic.com/

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