📌Recently in Nov 2023, Shivalic bagged biggest order of 27.4Cr for LT works in the RBI Data Centre✅ complex at Bhubaneshwar from Hewlett Packard.🔥🔥
▪️₹60Cr Order Book to be delivered in next 4 months✅ and Rs.200Cr+ Enquiries in Pipeline.💫
📌📌 ➡️ ➡️
▪️Founded in 2004, Shivalic Power Control Ltd✅ is an ISO-certified LT and HT electric panel manufacturer with an operating history of 20 years.
▪️Its 1,25,000 Sq. Feet✅ of in-house manufacturing unit allows it to manufacture a diversified range of electric panels such as PCC Panels, IMCC Panels, Smart Panels, MCC Panels, DG synchronization panels, Outdoor panels, HT Panels up to 33KV, VFD Panels, Power Distribution Boards, Bus Duct and LT & HT APFC Panels.💫
▪️Industry leaders such as L&T, Siemens, Schneider Electric, and TDK authorize the company to manufacture fully type-tested panels as per IEC 61439 - 1&2, IEC 61641, and IS1893.🔥
▪️Shivalic Power distinguishes itself from traditional panel manufacturers through its focus on advanced design, quality, and innovation. They have capabilities in Techno Modular Design – Fully Bolted Panels which set it apart, providing superior solutions to its clients.💫
📍The company serve these panels to more than 15 industrial sectors in India as well as outside India, including Nepal, Bangladesh, and African countries such as Uganda, Kenya, Nigeria, and Algeria.🚀
➢The company's manufacturing unit is located in Faridabad, Haryana, and has a production capacity of 10,000 verticals per annum.💫
📌📌
▪️IPO price: Rs.100
▪️IPO size: 64.32Cr (excluding anchor size is:46Cr)
▪️CMP:Rs.326
▪️Market cap: 780 Cr
▪️P/E: 74✅
▪️ROE: 28.33%
▪️ROCE: 19.2%
▪️RoNW: 28.33%
▪️Employees:180
▪️Debt/Equity:1.09
▪️Assets: 78.14Cr
▪️Total Borrowing: 33.28Cr (Reserves and Surplus:31.1Cr)
▪️Share Holding Pre Issue: 96.63%
▪️Share Holding Post Issue: 70.86%
📌FINANCIALS:
▪️FY24-9M Rev: 63.8 Cr🔥
▪️FY24-9M PAT: 7.6 Cr🔥
▪️FY23 revenue is 82.7 Cr as compared to 57.4 Cr(FY22), 44%✅ growth yoy.
▪️FY23 PAT is 7.16 Cr as compared to 1.74 Cr(FY22), 311%✅ growth yoy.
▪️50%🔥 growth in revenue in last 2 years.
▪️480%🔥 growth in PAT in last 2 years.
(PAT margins of 1.28% (FY21), 3.04% (FY22), 8.66% (FY23), 11.96% (9M-FY24)✅)
📌Revenue Bifurcation:-
Domestic:- 98%
Export- 2%
📌IPO funds:
Rs. 30.03 cr. for working capital,
Rs. 7.64 cr. for capex on new machineries and construction of new assembly line✅,
Rs. 5.75 cr. for inorganic growth, and the rest for general corporate purposes.
📌PEERS:
As per the offer document, the company has shown Saakshi Medtech , and Marine Electricals as their listed peers. They are trading at a P/E of 48 and 82 However, they are not comparable on an apple-to-apple basis.
📌CLIENTS🔥:
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, Yamaha Motors and many more.
📌SECTOR GROWTH:
▪️The Global electric control panel market size is expected to grow to $7.79 billion in 2028 at a CAGR of 7.3%✅.
The growth in the forecast period can be attributed to smart infrastructure development, renewable energy integration, customization and adaptability, digital transformation.
▪️The India - electrical equipment market size is estimated to grow at a CAGR of 11.68%✅ between 2022 and 2027. The market size is forecast to increase by USD 52,975.77 million✅. The growth of the market depends on several factors such as an increase in the number of residential and commercial building projects, a rise in power generation from renewable energy sources, and an increase in investments in the power sector.
▪️To open data centers in various states, the Indian government is considering a number of projects. For ex, the UP-Data Center Policy established a target investment of INR 20,000 Cr for the development of the 250MW data center industry.🔥
▪️India makes significant investments in renewable energy, including wind and solar power. This is expected to drive demand for LV switchgear✅, as renewable energy projects require specialized switchgear.
▪️“The Surge in Factory Automation Boosts Growth in The Electric Control Panel Market”.✅
📌STRENGTH:
➢Experienced promoters and a skilled management team with strong industry expertise.
(Amit Jindal have 24 years of experience✅ ,and guides Shivalic towards technological advancements, maintaining its status as a trusted provider of advanced electrical solutions)
➢3 D Bus Bar unique Bending✅.
➢Marquee clientele, proven expertise in a variety of projects.💫
➢Modern facility set up in IMT Faridabad equipped to showcase immediate 3x growth.
📌Disclosure: Not a buy recommendation. only for study and education purpose. Please consult your financial advisor before investing. Although the write up accurately reflects the personal view of the author, there may be manual/human errors in the writeup. Please stop investing blindly. 🙏🙏
Zerodha (Trading Account)
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