A Pune-based automation control panel maker opens its Rs 22.68 crore NSE SME Emerge issue on August 14 .
Skytech Infinite Platform Ltd. (SIPL), a specialist in turnkey automation solutions and control panels, opens for subscription on August 14 with the issue closing on August 18. The company is listing on NSE SME Emerge.
Skytech Infinite Platform Ltd. (SIPL) makes the electrical control panels that sit at the heart of every automated industrial plant. These are the cabinets full of Programmable Logic Controllers (PLCs), drives, switchgear, sensors and actuators that manage and monitor factory machinery — the invisible infrastructure that keeps modern manufacturing running smoothly.
SIPL is not just a panel assembler. It offers end-to-end turnkey automation solutions — Design, Engineering, Supply, Installation & Commissioning (I&C), and Maintenance — from concept to completion. Each panel is designed and wired to ensure seamless operation, efficient troubleshooting and optimised commissioning of automated systems.
The product portfolio spans PCC Panels (Power Control Centres), MCC Panels (Motor Control Centres), VFD Panels (Variable Frequency Drives), APFC Panels (Automatic Power Factor Correction), PLC Panels and Control Desk Panels. Each is customised for the end industry — Power, Water, Energy, Machine Tools, Infrastructure, Motor Management, Food & Beverages, HVAC, Chemicals, Pharmaceuticals, Automotive and Process Industries.
What sets SIPL apart from traditional welded-panel makers is its Techno Modular Design approach. The panels are built on a 200 mm modular grid, which allows them to be configured, expanded or rearranged efficiently. They support layouts like U-shape, L-shape and back-to-back configurations, come with flexible cable entry and busbar positioning options, and work with leading circuit breaker brands. The steel is treated with zirconium nano pretreatment and finished with RAL 7035 powder coating for corrosion resistance — details that matter in humid or corrosive industrial environments.
The company operates from a 10,000 sq. ft. in-house manufacturing facility and is ISO-certified. It serves industrial customers both in India and internationally, with a global footprint that includes Bhutan, Thailand, China, Singapore and the USA.
The Indian industrial automation segment is a large and growing market, driven by rising factory automation, the push toward Industry 4.0, government infrastructure spending and export-linked manufacturing incentives. However, it is also highly competitive and fragmented — with global majors like Siemens, ABB and Schneider Electric at the top, mid-sized regional players in the middle, and hundreds of smaller panel assemblers below.
As of June 30, 2026, SIPL had 85 employees on its payroll — a compact team that reflects the design-and-assembly nature of the business.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | August 14, 2026 |
| Issue Closes | August 18, 2026 |
| Listing | NSE SME Emerge |
| Price Band | Rs 73 – Rs 77 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 22.68 crore (Fresh Issue) |
| Fresh Issue | 29,45,600 shares |
| Lot Size | 3,200 shares (multiples of 1,600 thereafter) |
| Min. Retail Investment | Rs 2,46,400 |
| Post-IPO Market Cap | Rs 75.62 crore |
| IPO Constitutes | 29.99% of post-IPO equity |
| BRLM | Finshore Management Services Ltd. |
| Registrar | Integrated Registry Management Services Pvt. Ltd. |
| Market Maker | Prabhat Financial Services Ltd. |
From the fresh proceeds, Rs 16.81 crore is earmarked for working capital, with the balance going to general corporate purposes. This is largely a working-capital-funding IPO — reflective of the long payment cycles typical of B2B industrial customers.
Post-IPO, paid-up equity moves from Rs 6.88 crore to Rs 9.82 crore — a small equity base that usually means a longer wait before the company qualifies for mainboard migration.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 44.15 | 45.21 | 52.14 |
| PAT | 1.35 | 3.71 | 4.20 |
| PAT Margin | 3.06% | 8.23% | 8.14% |
| RoCE | 17.48% | 33.10% | 25.45% |
Revenue has grown modestly from Rs 44.15 crore in FY24 to Rs 52.14 crore in FY26 — a fairly muted top-line trajectory that essentially stayed flat between FY24 and FY25 before picking up in FY26.
The bottom line has moved much more sharply. PAT nearly tripled from Rs 1.35 crore in FY24 to Rs 3.71 crore in FY25, and inched up further to Rs 4.20 crore in FY26. PAT margin jumped from 3.06% to 8.23% in a single year and held around that level in FY26 — a significant margin re-rating that the company will need to defend going forward.
In a fragmented and price-competitive industrial automation segment, sustaining PAT margins above 8% is not trivial. The FY25 margin jump likely reflects a mix shift toward higher-value modular panels and better project pricing, but whether this holds through the next capex cycle is the key question.
Average EPS over three years is Rs 5.19 and average RoNW is 21.44%. At the upper band of Rs 77, the P/E works out to 17.99x on FY26 earnings and 20.37x on FY25 — a narrow gap that suggests the pricing doesn’t rest heavily on any one year. The issue is priced at a P/BV of 2.78 on pre-IPO NAV of Rs 27.66 per share. Post-IPO NAV data is missing from the offer documents — a common gap in SME filings.
The company has no listed peers to compare with per the offer document, which makes benchmarking harder.
Risks to Consider
PAT margin nearly tripling in a single year in a competitive automation segment is unusual.
Muted revenue growth is a related concern. Total income grew just over 15% between FY24 and FY25, and around 15% between FY25 and FY26. The bottom line has outpaced the top line significantly, which is not typically a sustainable pattern.
Customer concentration is a typical risk for SME industrial suppliers — a handful of large B2B customers likely drive most of the revenue. Losing even one major client could hit orders meaningfully.
The segment is intensely competitive and fragmented. Competing against global majors (Siemens, ABB, Schneider) on the high end and against dozens of smaller panel makers on the low end makes pricing power hard to build.
Export exposure across Bhutan, Thailand, China, Singapore and the USA brings currency and geopolitical risks, though the diversification helps.
Working capital intensity is real — long payment cycles from industrial customers tie up cash, which is why Rs 16.81 crore of the fresh issue is earmarked here.
Analyst View
Skytech Infinite Platform is a genuine, if small, industrial automation player with over 15 years of history, a niche Techno Modular Design offering, and a global footprint that spans India plus five overseas markets. The business is in a segment with real structural tailwinds — factory automation and Industry 4.0 will continue to drive demand for control panels.
That said, muted revenue growth combined with a sharp margin jump before the IPO raises sustainability questions. Priced at 17.99x FY26 and 20.37x FY25, the issue looks fully priced by SME standards, note analysts.