Margin profile
Revenue GrowthEbitda MarginPat Margin
Company Overview
Stelmec Limited (STL) was incorporated in Mumbai on 29 February 2000, converting to a public limited company in July 2007 and absorbing its associate partnership firm, Stelmec Switchgear, in 2005 . The company is an established player in India's electrical equipment sector, manufacturing medium-voltage switchgear — including Indoor VCB Panels, Outdoor VCB Kiosks, HV & EHV Disconnectors, Relay Panels, and Bus Ducts — and providing full EPC services for high-voltage substations and transmission and distribution lines . Revenue is tender-driven, with customers concentrated among state utilities and infrastructure developers . STL operates three manufacturing units — one in Gujarat and two in Thane, Maharashtra — and maintains a Pan-India sales network across major states . International expansion remains aspirational, with recent fundraising earmarked partly to strengthen overseas presence .
Products & Business Segments
Stelmec operates across three distinct segments — Electrical Power Products, EPC Services, and Smart Grid & Power IT Solutions — with manufacturing-led Power Products forming the core revenue base and the two project-based verticals added to capture India's expanding grid investment cycle .
Electrical Power Products
The flagship segment manufactures a broad range of switchgear and protection equipment across voltage classes :
- MV switchgear: Indoor VCB Panels, Outdoor VCB Kiosks, and Outdoor VCBs
- HV & EHV Disconnectors; LV and HV Switchgears
- Relay Panels (11kV–400kV), Bus Ducts, Distribution Panels, and Control Panels
- LT/HT Metering Panels, LT Distribution Boxes, and Numerical & Electromechanical Relays
Products are sold on a transactional (unit-sale) basis to utilities, industrial customers, and government bodies . The RMU Ring Main Unit, SPCV Porcelain Clad Outdoor Vacuum Circuit Breaker, and SIVP12 12kV AIS VCB Panel represent key product lines within this segment .
RMU Ring Main Unit
Request clean, deck-ready product photos of Stelmec RMU Ring Main Unit equipment in real industrial settings, with visible branding or signage context and no screenshots, watermarks, collages, renders, or people-led social media images.
SPCV Porcelain Clad Outdoor Vacuum Circuit Breaker
Request clean, deck-ready product photos of the Stelmec SPCV porcelain-clad outdoor vacuum circuit breaker, ideally showing the full unit in a real installation context, with no screenshots, watermarks, collages, renders, or people-led social media images.
SIVP12 12kV AIS VCB Panel
Request clean, deck-ready product photos of the Stelmec SIVP12 12kV AIS VCB panel, ideally with visible switchgear context and no screenshots, watermarks, collages, renders, or people-led social media images.
EPC Services & Smart Grid & Power IT Solutions
The EPC segment delivers end-to-end project contracts for power infrastructure, operating on a project-based model . The Smart Grid & Power IT Solutions segment executes deployments in AMI/AMR and SCADA systems, also on a project-contract basis . Both verticals were strategically added to expand Stelmec's addressable market beyond equipment manufacturing . Segment-level revenue contribution percentages are not publicly disclosed ; consolidated revenue reached ₹1,042 Cr in FY2025, up from ₹755 Cr in FY2024 . The breadth of the product and services mix positions Stelmec to participate across the full power sector value chain, a competitive differentiator examined further in the financial performance section.
Financial Performance
Stelmec delivered a sharp inflection in FY2025, with revenue reaching ₹1,042 Cr — a 38.1% YoY surge — capping a 9.3% revenue CAGR over FY2021–FY2025 . The growth trajectory was subdued in FY2022–FY2023 before re-accelerating sharply in FY2024 (₹755 Cr ) and FY2025.
The Growth & Margin History table below details revenue, EBITDA, EBIT, and PAT across all five years alongside their respective margins.
Growth & Margin History
₹ Crore
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 561 | 650 | 662 | 755 | 1,042 |
| EBITDA | 28 | 29 | 31 | 54 | 113 |
| EBIT | 26 | 27 | 29 | 51 | 109 |
| Profit After Tax | 10 | 10 | 10 | 22 | 68 |
| EBITDA Margin | 5.0% | 4.5% | 4.7% | 7.1% | 10.8% |
| EBIT Margin | 4.6% | 4.2% | 4.4% | 6.8% | 10.5% |
| PAT Margin | 1.8% | 1.5% | 1.5% | 2.9% | 6.6% |
Margin Trajectory
EBITDA margins were range-bound at 4.5–5.0% from FY2021 to FY2023 , then expanded decisively to 7.1% in FY2024 and 10.8% in FY2025 , reflecting a 32.0% EBITDA CAGR — triple the pace of revenue growth. PAT margin followed the same trajectory, recovering from 1.5% in FY2023 to 6.6% in FY2025 , with PAT growing 215.5% YoY to ₹68 Cr .
The Margin profile chart illustrates how EBITDA margin and PAT margin diverged from the flatter revenue growth line beginning in FY2024.
Revenue (FY2025)
₹1,042 Cr
+38.1% YoY
EBITDA Margin (FY2025)
10.8%
vs 5.0% in FY2021
ROE (FY2025)
26.9%
vs 8.0% in FY2023
ROCE (FY2025)
39.9%
vs 20.2% in FY2023
Profitability Ratios
Return metrics were compressed through FY2021–FY2023, with ROE declining from 9.8% to 8.0% and ROCE edging down from 22.0% to 20.2% . FY2024 marked the turning point: ROE reached 15.6% and ROCE 32.0% . By FY2025, ROE stood at 26.9% , ROCE at 39.9% , and ROA at 9.6% — all materially ahead of their FY2021 bases. Sustained margin expansion at the current pace would further compound returns, underpinning the investment case.
Returns & Capital Efficiency
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| ROA | 2.2% | 2.1% | 2.0% | 3.9% | 9.6% |
| ROE | 9.8% | 8.4% | 8.0% | 15.6% | 26.9% |
| ROCE | 22.0% | 20.5% | 20.2% | 32.0% | 39.9% |
| ROIC (Approx.) | 16.8% | 15.9% | 13.4% | 23.3% | 53.3% |
| Asset Turnover | 1.23x | 1.40x | 1.35x | 1.37x | 1.47x |
Customer & Supplier Dynamics
Stelmec's customer base spans government utilities, public-sector bodies, and blue-chip private contractors, providing breadth but also exposing the business to the structural constraints of tender-driven procurement.
Customer Base & Relationships
The company serves a diversified mix of state and private power utilities, with named anchor customers including Jaipur Vidyut Vitran Nigam Limited, BSES, and JSW Renewables, alongside major State Electricity Boards and transmission companies . Long-standing relationships with these utilities have enabled Stelmec to entrench itself with prominent private turnkey contractors — Larsen & Toubro, ABB Ltd., Bajaj Electricals Ltd., Jyoti Structures Ltd., Ashoka Buildcon, Sunil Hitech Ltd., SMS Infra, and Lanco Infratech Ltd. — as well as wind turbine manufacturers Suzlon and Enercon . The company is also approved across Water Supply Boards, Municipal Corporations, and Irrigation Departments , broadening its addressable public-sector base. Stelmec customises products and solutions to the specific application requirements of these customers , which deepens stickiness but increases project-level execution risk.
Contract Structure & Payment Risk
Government contracts are awarded through a tender-based system, which keeps margins range-bound in a fragmented and competitive market . The payment cycle reflects this dynamic: receivable days stood at 163 days in FY22 (down from 172 in FY21), while payables ran at 149 days in FY22 . The narrow gap between receivables and payables leaves limited structural buffer, making cash flow sensitive to any delay in government disbursements. No quantified revenue concentration data for the top 5 or 10 customers is available in disclosed sources.
The customer roster shown below represents key private-sector relationships across infrastructure and industrial end-markets .
Key Customers
