Vivid Electromech Limited is an ISO 9001:2015 certified company engaged in manufacturing Low-Voltage (LV) and Medium-Voltage (MV) electrical panels and automation systems. It provides end-to-end solutions including design, fabrication, assembly, testing, and commissioning. The company earns revenue primarily from domestic sales (over 97% contribution) and serves industries like data centres, infrastructure, renewable energy, and manufacturing.

The company caters to both domestic and international clients across countries such as UAE, Kenya, Sri Lanka, Indonesia, and UK. Its major manufacturing facilities are located in Navi Mumbai (Unit I) and Pune (Unit II). The Navi Mumbai unit handles complete manufacturing including fabrication and testing, while the Pune unit focuses on assembly operations. Both facilities are ISO certified with a combined capacity of 7,500 units per annum.

The company’s product portfolio includes PCC, MCC, IMCC panels, DG Synchronization panels, VCB panels, Control & Relay Panels, and APFC panels. These products are critical in power distribution, automation, and industrial operations, forming an essential part of the client’s infrastructure lifecycle. The company executes orders through integrated manufacturing and caters to diverse industries, ensuring repeat demand and long-term business relationships.

The company is planning expansion through setting up a new manufacturing facility with a total project cost of ₹6,638.69 lakhs, funded through IPO proceeds, internal accruals, and bank loans. A portion of IPO proceeds will also be used for repayment of bridge loans (~₹1,203.72 lakhs), indicating a focus on capacity expansion and financial strengthening.

Employee and Bankers

December 31, 2025, the company had 239, full time employees. The Banker to the Company isKotak Mahindra Bank Limited.

Management and Growth Outlook

The company is promoted by Sameer Vishvanath Attavar, Meeta Sameer Attavar, and Hardik Dinesh Shah, who bring decades of industry experience. The management focuses on expanding its presence in high-growth sectors like data centres, infrastructure, and renewable energy.

Their growth strategy includes capacity expansion, technological upgrades, and strengthening client relationships. The company is also focusing on increasing its footprint in both domestic and international markets.

For funding expansion, the company plans to utilise IPO proceeds along with internal accruals and bank financing, ensuring a balanced capital structure. The focus is on improving operational efficiency and scaling manufacturing capabilities to meet rising demand.

Industry Overview

Vivid Electromech operates in the capital goods and electrical equipment industry, which plays a key role in infrastructure and industrial development. The Indian capital goods sector contributes around 1.9% to GDP and has shown strong growth, with production increasing from ₹2,29,533 crore in CY15 to ₹4,29,001 crore in CY24.

Key industry segments include transformers, switchgear, and electrical systems:

• Transformer market: ₹16,063 crore in FY22, expected to reach ₹28,744 crore by FY30
• Switchgear market: Expected to grow at 7.12% CAGR
• Generator market: Expected CAGR of 5%+

The sector is supported by government capex, infrastructure growth, and 100% FDI policy, which boosts investment and technology adoption. The industry is expected to grow at 13–15% annually in the near term.

Globally, demand is driven by energy transition, industrial automation, and infrastructure expansion, making this a structurally growing industry.

Key Risk Factors

1. Customer Concentration Risk
   The company depends heavily on a few customers, with the top 10 clients contributing up to 69.90% of revenue, which may impact stability if any key client is lost.
2. High Dependence on Domestic Market
   More than 97% of revenue comes from domestic sales, making the company vulnerable to economic slowdown in India.
3. Execution and Project Risk
   Delay in execution of orders or projects may affect revenue recognition and profitability, especially in large infrastructure-related contracts.
4. Raw Material Price Volatility
   Key inputs like steel, copper, and aluminium are subject to price fluctuations, which can impact margins if costs cannot be passed on.
5. Litigation Risk
   The company is involved in multiple legal cases related to recovery of dues, which may impact financials and management bandwidth.
6. Capex Execution Risk
   The new project of ₹6,638.69 lakhs may face delays or cost overruns, affecting returns and operational timelines.
7. Competitive Industry
   The electrical equipment industry has strong competition from large players like ABB, Siemens, and L&T, which may impact pricing power and market share.

Key Strengths and Opportunities

1. Integrated Manufacturing Capabilities
   The company has fully integrated facilities handling design to testing, ensuring better quality control and cost efficiency, which acts as a strong competitive advantage.
2. Diverse Product Portfolio
   Wide range of LV and MV panels allows the company to cater to multiple industries, reducing dependency on a single sector.
3. Strong Industry Demand
   Growth in infrastructure, renewable energy, and data centres provides long-term demand visibility for electrical panels and automation systems.
4. High Domestic Market Presence
   Strong domestic revenue base ensures steady demand, especially with rising government capex and industrial growth.
5. Expansion through IPO
   Planned capex of over ₹6,600 lakhs will enhance production capacity and improve scalability, supporting future growth.
6. Experienced Promoters and Management
   Promoters with over 30 years of experience provide stability and strategic direction, which is critical in execution-driven businesses.