Chamunda Electricals Limited, incorporated in 2013, specializes in electrical infrastructure projects. The company is engaged in the installation, commissioning, and maintenance of high-voltage substations (up to 220kV), along with solar power generation. With a strong focus on government and private sector contracts, Chamunda Electricals has expanded its operations, contributing to India’s growing power and energy sector.
The company is launching its IPO from February 4 to February 6, 2025 to raise funds for working capital and business expansion.
Chamunda Electricals IPO Details & Tentative Schedule
| IPO Date | February 4, 2025 to February 6, 2025 |
| Face Value | ₹10 per share |
| Issue Price | ₹47 to ₹50 per share |
| Lot Size | 3000 Shares |
| Total Offer Size | 29,19,000 shares (aggregating up to ₹14.60 Cr) |
| Fresh Issue | 29,19,000 shares (aggregating up to ₹ 14.60 Cr) |
| Offer for Sale | |
| Share Holding Pre Issue | 80,85,594 shares |
| Share Holding Post Issue | 5,08,56,882 shares |
| Listing | 1,10,04,594 shares |
| Registrar | KFin Technologies Limited |
| IPO Open Date | Tuesday, February 4, 2025 |
| IPO Close Date | Thursday, February 6, 2025 |
| Basis of Allotment | Friday, February 7, 2025 |
| Initiation of Refunds | Monday, February 10, 2025 |
| Credit of Shares to Demat | Monday, February 10, 2025 |
| Listing Date | Tuesday, February 11, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 6, 2025 |
Chamunda Electricals IPO Promoter Holdings
The Promoters of the company are Mr. Chiragkumar Natvarlal Patel, Mr. Natvarbhai K Rathod and Mrs. Purnikaben C Patel.
| Share Holding Pre Issue | 97.46% |
| Share Holding Post Issue |
Chamunda Electricals IPO Reservation
IPO Reservation Table
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 3000 | ₹1,50,000 |
| Retail (Max) | 1 | 3000 | ₹1,50,000 |
| S-HNI (Min) | 2 | 6,000 | ₹3,00,000 |
About Chamunda Electricals Limited
Chamunda Electricals Limited, established in 2013, specializes in electrical infrastructure projects, including high-voltage substation installation, maintenance, and solar power generation. The company serves both government and private sector clients, playing a crucial role in India’s power and energy sector.
Key Features and Offerings
1. Expertise in Electrical Infrastructure: Specializes in the installation, commissioning, and maintenance of high-voltage substations (up to 220kV).
2. Solar Power Generation: Operates a 1.5 MW solar project with a long-term power purchase agreement (PPA).
3. Government and Private Sector Contracts: Strong portfolio of projects with state utilities, private companies, and industrial clients.
4. Expanding Market Presence: Growing footprint in India’s power and energy sector, focusing on quality execution and efficiency.
5. IPO for Growth – Raising funds to enhance working capital, business expansion, and operational capabilities.
Strategic Vision
Chamunda Electricals Limited aims to expand its electrical infrastructure and renewable energy footprint while enhancing operational efficiency and innovation. The company focuses on sustainable growth through strategic partnerships and efficient project execution.
Key Services Offered
1. Substation Operation and Maintenance: Managing substations up to 66 kV, ensuring their efficient and reliable operation.
2. Substation Testing and Commissioning: Conducting testing and commissioning services for substations up to 220 kV, ensuring they meet operational standards.
3. Solar Power Generation: Operating a 1.5 MW solar power park in Gujarat under a 25-year Power Purchase Agreement (PPA) with Uttar Gujarat Vij Company Limited (UGVCL).
4. Erection of Electrical Equipment: Installing Extra High Voltage (EHV) class equipment, structures, earthing, and control cable works for substations up to 220 kV.
Strengths and Business Highlights
1. Skilled Workforce: Employing over 600 professionals, including engineers and supervisors, Chamunda Electricals is well-equipped to handle complex projects with precision.
2. Diverse Service Portfolio: The company offers a comprehensive range of services, including substation operation and maintenance, testing and commissioning, solar power generation, and the installation of electrical equipment up to 220 kV
3. Established Solar Power Facility: Chamunda Electricals operates a 1.5 MW solar power park in Gujarat under a 25-year Power Purchase Agreement with Uttar Gujarat Vij Company Limited, showcasing its commitment to renewable energy.
4. Strong Financial Performance: For the year ending March 31, 2024, the company reported total assets of ₹12.13 crore, revenue of ₹20.07 crore, and a profit after tax of ₹2.46 crore, reflecting robust financial health
5. Operational Excellence: The company has a proven track record in managing and executing complex electrical projects, ensuring high-quality service delivery.
6. Commitment to Renewable Energy: By operating a solar power facility and entering into long-term agreements, Chamunda Electricals demonstrates its dedication to sustainable energy solutions.
Objectives of the IPO
1. Capital Expenditure: The company plans to allocate ₹0.85 crore for purchasing voltage transformers, calibration, and testing kits to enhance its electrical performance assessment capabilities.
2. Establishment of NABL Lab: An investment of ₹0.17 crore is intended for setting up a National Accreditation Board for Testing and Calibration Laboratories (NABL) accredited lab at the Surat branch, aiming to expand testing services.
3. Working Capital Requirements: The IPO proceeds will support the company’s working capital needs, ensuring smooth business operations.
4. Repayment of Borrowings: A portion of the funds will be used to repay existing term loans and cash credit facilities, strengthening the company’s financial position.
Risks Involved
1. Revenue Concentration: The company relies on a few key customers for 100% of its revenue. Loss of any such customer or reduced business may impact operations, cash flows, and profitability.
2. Dependence on Government Projects: Chamunda Electricals’ business depends on government projects awarded through competitive tendering. Failure to meet pre-qualification criteria or bid competitively may impact revenue.
3. Competition: The company faces competition from other players in the electrical services and solar power sectors, which may affect its market share and profitability.
For a comprehensive list of risks, refer to the “Risk Factors” section in the RHP.
Market Potential and Industry Overview
1. Electrical Services Industry
India’s electrical equipment industry is expected to reach $130 billion by 2030, driven by urbanization, infrastructure development, and government initiatives like “Make in India.”
2. Solar Power Industry
The Indian solar market is projected to grow by USD 792.5 billion from 2024-2028 at a CAGR of 52%, supported by government initiatives like the National Solar Mission. This growth presents significant opportunities for Chamunda Electricals in solar power projects.
3. Government Initiatives
Solar energy plays a vital role in India’s energy strategy, providing immense opportunities for businesses involved in solar power projects, such as Chamunda Electricals. The shift towards sustainable energy solutions is becoming a major economic and environmental priority.
Company Financials
| Period Ended | 31 Mar 2022 | 31 Mar 2023 | 31 Mar 2024 | 30 Dec 2024 |
| Assets | 8.74cr | 8.71cr | 12.13cr | 18.06cr |
| Revenue | 11.32cr | 14.01cr | 20.07cr | 18.43cr |
| Profit After Tax | -0.51cr | 0.31cr | 2.44cr | 2.81cr |
| Net Worth | 3.12cr | 3.43cr | 5.86cr | 10.93cr |
| Reserves and Surplus | 1.12cr | 1.43cr | 3.86cr | 2.84cr |
| Total Borrowing | 4.65cr | 3.69cr | 4.61cr | 2.92cr |
Key Performance Indicators
The market capitalization of Chamunda Electricals IPO is Rs 55.02 Cr.
Revenue Growth
| Financial Year | Value |
| FY 2021-22 | ₹1,123.31 lakh |
| FY 2022-23 | ₹1,394.24 lakh |
| FY 2023-24 | ₹₹1,994.93 lakh |
Profit After Tax (PAT)
| Financial Year | Value |
| FY 2021-22 | (51.28) lakh |
| FY 2022-23 | ₹31.21 lakh |
| FY 2023-24 | ₹243.63 lakh |
Earnings Per Share (EPS)
| Financial Year | Value |
| FY 2021-22 | ₹(2.56) |
| FY 2022-23 | ₹1.56 |
| FY 2023-24 | ₹12.18 |
Return on Equity (ROE)
| Financial Year | Value |
| FY 2021-22 | (15.21%) |
| FY 2022-23 | 9.54% |
| FY 2023-24 | 52.43% |
Return on Capital Employed (ROCE)
| Financial Year | Value |
| FY 2021-22 | (5.49%) |
| FY 2022-23 | 12.04% |
| FY 2023-24 | 12.04% |
Debt-to-Equity Ratio
| Financial Year | Value |
| FY 2021-22 | 1.49 |
| FY 2022-23 | 1.08 |
| FY 2023-24 | 0.79 |
Chamunda Electricals IPO Prospectus
› Chamunda Electricals IPO DRHP
› Chamunda Electricals IPO RHP
Chamunda Electricals Limited Contact Details
Chamunda Electricals Limited
Shop No.113,114, Sakar Building Opp. Petrol Pump
Near Railway Fatak,
Palanpur-385001
Phone:+91 99789 12471
Email: info@chamundaconst.com
Website: https://www.chamundaconst.com/
Chamunda Electricals IPO Registrar
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: cel.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
Chamunda Electricals IPO Lead Manager(s)
1. GYR Capital Advisors Private Limited
Unimech Aerospace Day-wise IPO GMP Trend
| GMP Date | IPO Price | GMP | Sub2 Sauda Rate | Estimated Listing Price | Last Updated |
| 04-02-2025 | ₹50.00 | ₹11 | 25100 | ₹61 (22.00%) | 04-02-2025 |
| 03-02-2025 | ₹50.00 | ₹11 | 25100 | ₹61 (22.00%) | 03-02-2025 |
| 02-02-2025 | ₹50.00 | ₹11 | 25100 | ₹61 (22.00%) | 02-02-2025 |
| 01-02-2025 | ₹50.00 | ₹11 | 25100 | ₹61 (22.00%) | 01-02-2025 |
| 31-01-2025 | ₹50.00 | ₹11 | 25100 | ₹61 (22.00%) | 31-01-2025 |
| 30-01-2025 | ₹50.00 | ₹11 | 25100 | ₹61 (22.00%) | 30-01-2025 |
| 29-01-2025 | ₹50.00 | ₹510 | 0 | 0 | 29-01-2025 |
Frequently Asked Questions (FAQs)
1. What is Chamunda Electricals?
Chamunda Electricals Limited specializes in electrical infrastructure services, including the operation, maintenance, testing, and commissioning of substations up to 220 kV. The company also operates a 1.5 MW solar power plant and is expanding in India’s growing energy sector.
2. What are the key details of the Chamunda Electricals IPO?
IPO Opening Date: February 4, 2025
IPO Closing Date: February 6, 2025
Price Band: ₹47 to ₹50 per share
Lot Size: 3000 Shares
Issue Size: 29,19,000 shares (aggregating up to ₹14.60 Cr)
3. How can I apply for the Chamunda Electricals IPO?
You can apply through:
ASBA (Applications Supported by Blocked Amount): via your bank’s net banking portal.
UPI (Unified Payments Interface): using stockbroking platforms such as Zerodha, Upstox, Groww, or Paytm Money.
4. When will the IPO allotment status be announced?
The allotment status will be available on the registrar’s website, usually within 7 working days after the IPO closes.
