Safety Controls & Devices IPO

Safety Controls & Devices Limited is a Lucknow-based engineering and construction contractor working on turnkey EPC orders. It designs, supplies, installs, tests and commissions high-voltage transmission substations at 132 kV, 220 kV and 400 kV, builds solar plants and EV charging stations, installs fire hydrant, sprinkler and alarm systems, and constructs hospital buildings for the Ministry of Ayush. Most of its customers are government bodies, including the state transmission utilities UPPTCL, PTCUL and BSPTCL, plus NTPC on solar and EV charging work. The company says it has commissioned 19 substations at 400 kV, 220 kV (including GIS) and 132 kV, a 20 MW solar project, more than 50 EV charging stations and over 200 km of fire-fighting systems. It had 75 permanent employees as of 30 September 2025.

Revenue is project billing on tendered contracts, mostly for government utilities, so the order book sets the top line and it moves in steps rather than smoothly: total income was Rs 49.26 Cr in FY23, fell to Rs 45.70 Cr in FY24, then rose to Rs 103.50 Cr in FY25 as substation work was executed. Costs are bought-in electrical equipment plus site labour and subcontracting; EBITDA was Rs 17.27 Cr in FY25 against Rs 8.27 Cr in FY24. The structural constraint is working capital tied up in utility receivables and retentions, which is why Rs 31.50 Cr of the Rs 48 Cr raise was earmarked for working capital and Rs 6.00 Cr for repaying part of the Rs 39.18 Cr of borrowings outstanding at 31 January 2026.