The 30-year-old LV and MV electrical panel manufacturer is raising Rs 130.54 crore on NSE SME Emerge. Issue closes March 27.
Vivid Electromech Limited, a Mumbai-based manufacturer of low-voltage and medium-voltage electrical panels and automation systems with over 30 years of operational history, is currently open for subscription on NSE SME Emerge and closes tomorrow — March 27.
Incorporated in 1990, the company offers end-to-end solutions from engineering and design through fabrication, assembly, testing, and commissioning of electrical control and automation systems. It serves sectors including data centres, infrastructure, metro projects, construction and real estate, solar and renewable energy, and industrial manufacturing. Listing is expected on April 6 on NSE SME Emerge.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | March 25, 2026 |
| Issue Closes | March 27, 2026 |
| Price Band | Rs 528 – Rs 555 per share |
| Issue Size | Rs 130.54 crore (at upper band) |
| Fresh Issue | Rs 104.56 crore (18,84,000 shares) |
| Offer for Sale | Rs 25.97 crore (4,68,000 shares) |
| Face Value | Rs 10 per share |
| Minimum Application | 480 shares (2 lots) |
| Minimum Investment (Retail) | Rs 2,66,400 at upper band |
| Post-Issue Market Cap | Rs 493.27 crore |
| IPO as % of Post-IPO Capital | 26.46% |
| Lead Manager | Hem Securities Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | Hem Finlease Pvt. Ltd. |
| Listing | NSE SME Emerge |
| Listing Date | April 6, 2026 |
Promoter shareholding declines from 99.99% pre-issue to 73.53% post-issue. The OFS component of Rs 25.97 crore goes to the promoter selling shareholders — Sameer Vishvanath Attavar and Meeta Sameer Attavar.
Objects of the Issue
| Object | Amount (Rs crore) |
|---|---|
| Setting up new manufacturing unit (capex) | 43.84 |
| Repayment of borrowings | 9.30 |
| Working capital requirements | 36.00 |
| General corporate purposes | Balance |
| Total Fresh Issue | 104.56 |
What the Company Does
Vivid Electromech manufactures LV electrical panels including Power Control Centre panels, Motor Control Centre panels, Intelligent Motor Control Centre panels, Soft Starter panels, DG Synchronization panels, Automatic Power Factor Correction panels, Variable Frequency Drive panels, PLC Automation systems, Power Distribution Boards, and Outdoor Panels. Its MV electrical panel range covers 3.3 kV to 33 kV and includes 11 kV DG Synchronization panels, Control and Relay panels, Vacuum Circuit Breaker panels, Ring Main Gear panels, and MV APFC panels.
All products are type-tested in accordance with IEC 61439-1 and 2, IEC 61641, and IEC 62271-200. The company maintains OEM associations with ABB, Schneider Electric, and Lauritz Knudsen Electrical and Automation. It is specifically licensed by ABB India to manufacture and integrate ArTu K low-voltage switchboards — a relationship that is both a competitive strength and a concentration risk given that ABB-licensed products account for 84.5% of LV panel revenue.
Revenue is overwhelmingly domestic, with exports accounting for just 1.44% of FY25 revenue. Export clients span Kenya, England, the UAE, Sri Lanka, Indonesia, Tanzania, and others. The company had 239 employees and 45 contract labourers as of December 2025. Revenue is split primarily between LV panels (Rs 121.82 crore in FY25, contributing the bulk of revenue), MV panels (Rs 18.68 crore), busducts, electrical goods trading, and installation services.
The company had an order book of Rs 200.19 crore as of a recent date, providing meaningful near-term revenue visibility. The Chairman and Managing Director Sameer Vishvanath Attavar has over 25 years of experience in the electrical and engineering solutions industry.
Financials
| Particulars (Rs crore) | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 59.32 | 88.91 | 155.29 | 70.57 |
| EBITDA | — | 7.18 | 28.39 | 13.50 |
| EBITDA Margin | — | 8.08% | 18.28% | 19.13% |
| PAT | 0.06 | 4.28 | 20.24 | 9.44 |
| PAT Margin | 0.11% | 4.81% | 13.04% | 13.38% |
| EPS (Rs) | — | 6.11 | 28.90 | 13.48 |
| RoE | — | 91.42% | 117.61% | 29.29% |
| RoCE | 13.15% | 55.41% | 87.34% | 25.67% |
| Debt to Equity | 2.71x | 0.68x | 0.15x | 0.38x |
The financial trajectory here is striking. Revenue has grown from Rs 59.32 crore in FY23 to Rs 155.29 crore in FY25, an increase of over 160% in two years. More notably, PAT went from a near-negligible Rs 6 lakh in FY23 to Rs 20.24 crore in FY25. EBITDA margins have expanded from 8.08% in FY24 to 18.28% in FY25 and 19.13% in H1 FY26.
Debt has been reduced — the debt-to-equity ratio has come down from 2.71x in FY23 to 0.38x in H1 FY26. The independent review of this issue flags the quantum jump in bottom-line performance from FY24 onwards as raising eyebrows over sustainability. H1 FY26 PAT of Rs 9.44 crore on revenue of Rs 70.57 crore suggests the full year could comfortably exceed FY25, though margin sustainability at these levels in a competitive B2B electrical panel segment remains the central question.
Valuation and Peer Comparison
| Company | EPS (Rs) | NAV (Rs) | P/E | RoNW |
|---|---|---|---|---|
| Vivid Electromech | 28.90 | 39.19 | 24.36x* | 73.76% |
| Shivalic Power Control | 5.50 | 49.34 | 15.8x | 11.15% |
| Marine Electrical (India) | 2.81 | 30.30 | 44.3x | 9.34% |
*on FY25 earnings, post-issue capital at upper band
At the upper band of Rs 555, the issue is priced at a P/E of 24.36x on FY25 earnings and 26.12x on annualised FY26 earnings — a premium to Shivalic Power Control at 15.8x but below Marine Electrical at 44.3x. The review note is direct in pointing out that the two listed peers are not truly comparable on a like-for-like basis given differences in scale, product mix, and business model. The P/BV of 10.50x based on pre-IPO NAV of Rs 52.87 is high, though post-IPO NAV data is absent from the offer document.
Risks
Sustainability of profits. PAT of Rs 6 lakh in FY23 turning into Rs 20.24 crore in FY25 is a dramatic change. Understanding what drove the turnaround and whether it is structural is the key question before applying. ABB dependence. ABB-licensed products account for 84.5% of LV panel revenue. Any change in the licensing arrangement would be highly material. Customer and supplier concentration. The top 5 customers contributed 55.59% of FY25 revenue and the top 10 suppliers account for 73.13% of purchases, with 61.10% sourced from Maharashtra alone. Raw material price risk. Raw materials constitute 84.06% of costs, dominated by steel and cables — both subject to significant price volatility.