Eppeltone Engineers IPO – Comprehensive Analysis (June 2025)
🏢 Company Overview
Founded: 2002
Managing Director: Mr. Rohit Chowdhary
Headquarters: Greater Noida, Uttar Pradesh
Business Model: B2B manufacturing and turnkey solutions provider in the power and electronics sector
Focus Areas:
- Smart energy metering solutions
- Power conditioning devices (UPS, chargers)
- Automation and electrification components (esp. for railways)
Key Products:
- Static watt-hour meters, smart meters, water meters
- UPS systems, LED luminaires, battery management systems
- Components like short neutral section assemblies, modular cantilevers
Client Base:
- Over 30 state government DISCOMs
- Central PSUs
- Private turnkey contractors
- Government and private industrial buyers
Promoter: Eppeltone Engineers Ltd
Facilities:
- 36,000 sq. ft. manufacturing unit in Greater Noida
- In-house NABL-accredited R&D lab
- Offices in Noida and New Delhi
Certifications:
- ISO 9001, ISO 14001, ISO 27001
📅 IPO Timeline
| Event | Date / Detail |
|---|---|
| IPO Opening Date | 17 June 2025 |
| IPO Closing Date | 19 June 2025 |
| Price Band | ₹125 – ₹128 |
| Lot Size | 1,000 Shares |
| Minimum Investment | ₹1,25,000 |
| Total Issue Size | ₹43.96 Crore |
📈 Financial Performance (₹ in Crores)
| Financial Year | Revenue | Profit After Tax (PAT) |
|---|---|---|
| FY22 | 82.62 | 0.24 |
| FY23 | 72.64 | 1.09 |
| FY24 | 78.45 | 8.43 |
🔍 Industry & Peer Comparison
Sector: Electrical and Power Equipment, Smart Metering Solutions
Peers (approx. in niche segments):
- Genus Power
- HPL Electric
- Secure Meters (unlisted)
- Syrma SGS (in PCB/EMS segment)
✅ Strengths
- 🔧 Diverse Product Portfolio: From smart meters to automation components
- 🏭 Modern Manufacturing Infrastructure: SMT lines, auto-moulding, PCB lines
- 👨🔬 In-House R&D Lab: NABL-accredited
- 🧾 Government-Focused Clientele: Long-standing relationships with over 30 DISCOMs and PSUs
- 📈 Profit Growth: PAT up from ₹0.24 Cr in FY22 to ₹8.43 Cr in FY24
- 🏅 ISO Certified: Quality, Environmental & Information Security
⚠️ Risks & Concerns
- 👥 Customer Concentration: Top 10 clients accounted for over 90%+ revenue
- 💸 Negative Cash Flow: From operations and investments in multiple periods
- 💳 High Trade Receivables: ₹34.58 Cr as of Sep 2024, rising trend
- 🧾 Tender Dependency: 70–88% revenue from government tenders
- ⚖️ Legal Proceedings: Involved in ongoing criminal cases
- 📉 Foreign Exchange Exposure: Import purchases ~28% of raw materials
- 💰 Contingent Liabilities: ₹19.91 Cr as of Sep 2024
- 🏦 Debt Burden: ₹20.88 Cr in FY24 – potential service risk
📄 IPO Document
Refer to official documents for full details:
DRHP / RHP PDF: [Eppeltone Engineers RHP – Official Source]
📌 Disclaimer
This analysis is based on publicly available information including DRHP, RHP, and exchange filings. It is provided for informational purposes only and does not constitute investment advice. Readers should conduct their own due diligence before investing. Read the Disclaimer for more details.