Chamunda Electrical Limited (CHAMUNDA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Chamunda Electrical's revenue was ₹15.5 Cr (+2.9% year on year, -6.8% on the previous half-year), and net profit ₹1.3 Cr (-55.5% year on year); the operating margin was 14.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹15.5 | +2.9% | -6.8% |
| Operating profit | ₹2.2 | -49.7% | -15.6% |
| Net profit | ₹1.3 | -55.5% | -44.2% |
| EPS (₹) | 1.14 | -55.6% | -44.4% |
| Operating margin | 14.3% | — | — |
📢 Recent Corporate Announcements
Chamunda Electrical Limited has secured a work order valued at Rs 1.69 crore (inclusive of 18% GST) from Gujarat Energy Transmission Corporation Limited (GETCO). The project entails shifting 220/66 kV control room equipment, erection, wiring, and yard lighting at the 220 kV Vapi Substation. The contract execution timeline is 8 months from commencement. Against the company's TTM revenue of Rs 57 crore, this contract represents approximately 3% of revenue.
- Work order received from GETCO with an estimated contract value of Rs 1,68,50,757.19 (inclusive of 18% GST)
- Execution timeline is 8 months from the date of commencement of work
- Scope covers shifting of 220/66 kV control room equipment, control wiring, and yard lighting at 220 kV Vapi Substation
- Contract value represents approximately 3.0% of TTM revenue of Rs 57 crore
Chamunda Electrical Limited has issued the notice for its 13th Annual General Meeting (AGM) scheduled for September 22, 2026, via video conferencing. The record/cut-off date for voting and meeting eligibility has been fixed as September 15, 2026. Key agenda items include the adoption of FY25-26 financial statements, the re-appointment of retiring director Mrs. Purnikaben Chiragbhai Patel, and the formal appointment of M/s N R Kalal and Associates as Statutory Auditors for a 5-year term at a proposed fee of Rs. 2.00 lakhs.
- 13th AGM scheduled for September 22, 2026, at 11:00 AM IST via VC/OAVM
- Record/cut-off date fixed as Tuesday, September 15, 2026
- Proposed regular 5-year appointment of Statutory Auditors M/s N R Kalal and Associates (casual vacancy filled earlier post Goyal Goyal & Co's resignation on September 29, 2025)
- Proposed annual statutory audit fee of Rs. 2.00 lakhs (excluding certification fees and taxes)
- Re-appointment of Mrs. Purnikaben Chiragbhai Patel (holding 7,33,980 shares) liable to retire by rotation
Chamunda Electrical Limited has scheduled its 13th Annual General Meeting (AGM) for September 22, 2026, to be held via video conferencing. The Board approved the appointment of M/s N R Kalal and Associates, Chartered Accountants, as Statutory Auditors for a 5-year term from the 13th AGM until the 18th AGM, subject to shareholder approval. The cut-off date to determine member eligibility to vote and attend the AGM has been fixed as September 15, 2026.
- Appointment of M/s N R Kalal and Associates as Statutory Auditors for a 5-year term subject to shareholder approval
- 13th Annual General Meeting scheduled for Tuesday, September 22, 2026 at 11:00 AM IST
- Cut-off date for AGM voting and attendance eligibility fixed as September 15, 2026
- Approved Directors' Report for the financial year ended March 31, 2026
Shareholders of Chamunda Electrical have unanimously approved a special resolution to vary the objects or terms of utilization of its Initial Public Offering (IPO) proceeds. The resolution received 100% support from the 80.72 lakh votes cast, representing approximately 73.36% of the total share capital. This approval allows management to reallocate IPO funds, though the specific new allocation details were not provided in this voting result filing. The company currently manages a TTM revenue of ₹57 Cr and an order book of ₹64 Cr.
- 100% of the 8,072,561 votes polled were in favor of the special resolution to vary IPO objects.
- Total voting participation represented 73.36% of the company's 11,004,594 total shares.
- The remote e-voting period concluded on July 26, 2026, with the scrutinizer report submitted on July 27, 2026.
- Zero votes were cast against the resolution by either promoters or public shareholders.
- The record date for determining eligible voters was June 19, 2026, with 379 total shareholders on that date.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 62.27% YoY to INR 1,680.57 Lakhs in H1 FY26. The Operation & Maintenance (O&M) segment is a primary driver, with a specific project planned for INR 23.20 Cr revenue at a margin of INR 4.20 Cr.
Geographic Revenue Split
100% of operations are concentrated in Gujarat, specifically Palanpur and Surat. Major revenue is derived from state-level utility contracts like GETCO (Gujarat Energy Transmission Corporation).
Profitability Margins
PAT margin significantly improved to 13.42% in H1 FY26 (INR 225.63 Lakhs PAT) compared to 5.04% in H1 FY25. Management targets a sustainable PAT margin of 13.50% for the full year FY26.
EBITDA Margin
EBITDA margin was 23.40% in FY24 and approximately 25% in FY25. Management expects to sustain a 25% EBITDA margin in FY26 through disciplined project execution.
Capital Expenditure
Historical capex includes INR 1.5 Cr for advanced electrical testing machinery from Germany. Capital Work-in-Progress stood at INR 2.33 Cr as of September 30, 2025.
Credit Rating & Borrowing
The company utilized INR 2.85 Cr from IPO proceeds to repay term loans and cash credit, reducing short-term borrowings to just INR 1.90 Lakhs as of September 2025 to lower interest costs.
Operational Drivers
Raw Materials
Not applicable (Service Industry). The primary operational cost is employee salary and benefits for technical staff.
Import Sources
Germany (for specialized electrical testing machinery and kits).
Capacity Expansion
Current staff capacity is 120 personnel. Expansion includes obtaining NABL certification for 250 scopes by December 2025 and deploying a new INR 1.5 Cr German testing kit to increase service throughput.
Raw Material Costs
Employee costs are the largest expense, though specific percentage of revenue is not disclosed. Historical PAT was impacted by high depreciation on solar projects.
Manufacturing Efficiency
Operating at peak capacity with 120 staff; efficiency is measured by the number of substations managed (currently 77) and revenue per substation.
Strategic Growth
Expected Growth Rate
26%
Growth Strategy
Execution of a INR 64 Cr order book (INR 20 Cr in Yr 1, INR 24 Cr in Yr 2). Growth will be achieved by securing NABL certification for 250 scopes to unlock high-margin (30-35% PAT) contracts with national PSUs like ONGC and BPCL, and utilizing advanced German machinery to increase revenue by INR 0.70-0.75 Cr per annum.
Products & Services
Electrical testing, commissioning, and substation Operation & Maintenance (O&M) services.
Brand Portfolio
Chamunda Electrical.
New Products/Services
NABL-certified specialized testing services, expected to contribute 30-35% PAT margins and increase annual revenue by approximately INR 75 Lakhs.
Market Expansion
Targeting national-level PSUs including ONGC, BPCL, and HPCL following the receipt of NABL certification in December 2025.
Market Share & Ranking
Ranked among the top 3 players in the specialized electrical testing and substation O&M industry, alongside Siemens and Kintec.
External Factors
Industry Trends
The industry is shifting toward mandatory NABL certification for all PSU contracts. Chamunda is positioning itself as an early adopter among mid-sized players to capture this regulatory shift.
Competitive Landscape
Primary competitors are global giant Siemens and domestic player Kintec.
Competitive Moat
Durable moat through technical expertise and a top 3 market position. NABL certification acts as a significant entry barrier for smaller competitors seeking PSU contracts.
Macro Economic Sensitivity
Highly sensitive to government and PSU infrastructure spending in the power transmission and distribution sector.
Geopolitical Risks
Trade barriers or logistics delays in Europe could impact the procurement of critical testing kits from Germany.
Regulatory & Governance
Industry Regulations
NABL (National Accreditation Board for Testing and Calibration Laboratories) standards and PSU-specific tendering norms for electrical infrastructure.
Environmental Compliance
Compliance with solar project regulations; historical PAT was negatively impacted by accelerated depreciation required for solar infrastructure.
Taxation Policy Impact
Effective tax rate of approximately 4.1% in H1 FY26. Standard corporate tax rates apply, but historical earnings were shielded by high depreciation on solar assets.
Risk Analysis
Key Uncertainties
Sustainability of 25% EBITDA margins post-IPO and the risk of losing major contracts during the annual or biennial tendering cycles.
Geographic Concentration Risk
100% of revenue is concentrated in Gujarat, making the company vulnerable to state-specific policy changes or economic shifts.
Third Party Dependencies
Significant dependency on GETCO for the current order book and German manufacturers for critical testing technology.
Technology Obsolescence Risk
Risk of obsolescence if the company fails to maintain NABL accreditation or upgrade to the latest testing standards required by national PSUs.
Credit & Counterparty Risk
Trade receivables increased 64.6% YoY to INR 8.76 Cr in September 2025, indicating potential working capital pressure or collection delays from PSU clients.
