Skytech Infinite IPO

Skytech Infinite Platform Limited designs, assembles and commissions electrical control panels used to automate industrial plant. Its panels — PCC and MCC boards for power and motor control, PLC and VFD panels, APFC panels for power-factor correction, flameproof and power-distribution boards, and operator control desks — are wired to order around programmable logic controllers, drives, switchgear and sensors bought in from other makers. The company is an authorised channel partner of Mitsubishi Electric India, authorised distributor for Endress+Hauser (India), and Authorized System Integrator for Exor India in the south region. Customers are plant operators in power, water, energy, machine tools, food and beverages, chemicals and pharmaceuticals, HVAC, automotive and process industries. Karnataka supplied 75.39% of turnover in FY26 and Tamil Nadu 8.89%. One assembly unit and registered office in Bengaluru; 85 employees as on 30 June 2026.

Revenue is project work rather than product sales: EPC contracts were 79.90% of FY26 turnover, bought-in supply of PLC modules, VFDs, HMIs and switchgear 14.91%, and AMC and other services 5.20%. Purchased components dominate the cost base — cost of material consumed was Rs 3,616.64 lakhs, 69.36% of FY26 revenue, with engineering payroll a further 14.49%, leaving an EBITDA margin of 12.87% on Rs 51.65 Cr of FY26 revenue. The constraint is cash, not plant: the company reports no conventional capacity metric, and debtor holding stretched from 89 days in FY24 to 129 in FY25 and 196 in FY26, so FY26 operating cash flow was negative Rs 165.61 lakhs against PAT of Rs 420.47 lakhs. Rs 1,681.30 lakhs of the issue is earmarked for working capital.