Vivid Electromech IPO

Vivid Electromech makes low-voltage and medium-voltage electrical panels and the control and automation systems that go with them. The LV range covers PCC, IMCC and MCC panels, DG synchronisation panels, power distribution boards and outdoor panels; the MV range runs from 3.3 kV to 33 kV and includes VCB panels, control and relay panels, RMG and APFC panels. The company designs, fabricates, assembles, tests and commissions these units at two Maharashtra plants: Navi Mumbai, which runs the complete manufacturing process, and Pune, which assembles panels from prefabricated and coated components shipped from Navi Mumbai. Buyers are EPC contractors, sub-contractors and OEMs building data centres, metro and other infrastructure, real estate, solar and renewable energy projects, and industrial plant. Combined installed capacity is 7,500 units a year, and it had 239 permanent full-time employees as on 31 December 2025.

Revenue is per-order panel manufacture billed to EPC contractors, sub-contractors and OEMs, with no long-term customer contracts. Bought-in material dominates cost: materials consumed, including stock-in-trade purchases and inventory change, were 68.63% of revenue from operations in FY25, 73.71% in FY24 and 76.64% in FY23, with switchgear sourced mainly from ABB India under no exclusive supply arrangement, so CRCA and GI sheet, copper and aluminium busbar prices pass through to margin. Demand is concentrated: the largest single customer was 32.56% of FY25 revenue and the top five 55.59%, while Maharashtra supplied 85.94%. Working capital is the structural constraint, with cash tied up in inventory and receivables on prolonged project payment cycles. Order book was Rs 200.19 Cr as on 31 December 2025.