About the Company

Chamunda Electricals is a specialized provider of operation & maintenance (O&M) services for electrical substations up to 66kV and testing & commissioning of substations up to 220kV. With a strong track record of growth, their substation O&M portfolio has expanded from 62 in FY22 to 130 in FY25, driven by competitive bidding. They also operate a 1.5 MW solar power park in Gujarat under a 25-year PPA with UGVCL. Their expertise in EHV equipment erection and customized service offerings has helped them secure long-term relationships with key industry players.

Strengths

1. Strong ties with contract farmers & vendors ensure raw material availability year-round.
2. An efficient supply chain fosters long-term customer relationships.
3. Stringent quality control has earned them awards & accreditations.
4. Cost-efficient, advanced in-house processing facilities.
5. Diverse product portfolio serving global customers.
6. Proven financial performance with a scalable model.
7. Led by an experienced promoter & management team.

Risks

1. Revenue relies entirely on their top 10 customers, losing any would harm profitability.
2. Revenue depends on government bid approvals.
3. Working capital-intensive substation O&M business.
4. Non-compliance may lead to penalties or lost business.
5. Project delays risk cost overruns and reputation damage.