Chamunda Electrical Ltd. (CHAMUNDA)
SME CapPower stocks · SME cap · NSE
Chamunda Electrical Ltd. provides operation & maintenance (O&M) services for 118 substations, substation commissioning, and electrical testing services. It also owns solar power plants. The company primarily serves government entities in Gujarat, with testing services offered pan-India. Recently became debt-free post its IPO.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +43% YoY · PAT +9% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15.5 Cr | +43.1% | -6.8% |
| EBITDA | ₹2.2 Cr | -49.7% | -15.6% |
| Operating margin | 14.3% | -1494 bps | -151 bps |
| PAT | ₹1.3 Cr | +8.6% | -44.3% |
| PAT margin | 8.2% | -1069 bps | -548 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Chamunda Electrical reported FY25 revenue of INR25 crores, a 26% YoY increase, with PAT margin improving to 13.27%. The company secured an INR64 crores order book and became debt-free post its INR14.6 crores IPO, which was oversubscribed 738 times. Solar capacity expansion and NABL certification are key growth initiatives.
Management's claim of sustainable 13%+ PAT margins is questionable given historical volatility (4% EBITDA in FY22). While IPO funds cleared debt and support growth, heavy reliance on government contracts and phased order book execution warrant close monitoring. NABL certification and solar expansion are positive, but execution and margin realization are key.
Revenue by Vertical (FY25)
Latest issuer-disclosed distribution across 4 reported categories.
Solar Capacity Expansion
Planning to increase solar capacity from 1.7 MW to 4.4 MW by March 2026, expecting significant revenue growth in FY27.
NABL Certification
NABL certification for the Surat testing lab (250 scopes by Dec '25) will expand client base to PSUs like ONGC, BPCL, HPCL across Asia.
Substation Commissioning
Ongoing projects include 266 KV (GETCO), 220 KV (Saurashtra), 400 KV (Banaskantha), and a new INR64 lakhs order from LCC company.
O&M Contract Growth
Expects 20% growth in O&M, maintaining maximum capacity through continuous tendering processes.
Solar Plant
0.5 MW additional capacity approved, expected to be operational by December 2025, increasing total to 1.7 MW.
Solar Plant Expansion
Targeting 4.4 MW solar capacity by March 2026, with a capex of INR12-15 crores spread across FY26-FY27.
NABL Testing Lab
Surat office completed, NABL provisional certification for 250 scopes expected by December 2025.
Testing Equipment
INR1.5 crores worth of testing kits ordered from Germany, expected to arrive soon and contribute INR70-75 lakhs annual revenue.
Government Support
Strong, long-standing relationships (10+ years) with government authorities like GETCO, ensuring a stable business pipeline.
IPO Success
IPO oversubscribed 738 times (INR7,100 crores against INR14.6 crores demand), reflecting strong investor confidence.
Debt-Free Status
Successful repayment of all debts post-IPO provides financial flexibility for future growth initiatives.
Government Policy & Payment Cycles
Heavy reliance on government contracts (70-80% of receivables) exposes the company to regulatory changes and specific payment cycles (3 times a year).
Margin Sustainability
Historical EBITDA margins were 4% in FY22-23, raising skepticism about the sustainability of current 22-23% EBITDA and 13%+ PAT margins.
Competition
Faces competition from established players like Siemens and Kintec in the government tendering process for O&M contracts.
Working Capital Management
Despite being debt-free, managing working capital remains crucial due to government payment cycles and upfront EMD/SD requirements for new contracts.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Management explicitly compared FY24 and FY25 financial performance, including revenue and PAT margins. The business involves long-term O&M contracts and project execution, making annual comparisons more relevant for assessing overall growth and profitability trends.
O&M Substations
Operates 118 substations (106 for GETCO, 12 for Central Government in Selvasa).
O&M Contract Duration
Minimum 3-year contracts, extendable to 5 years. Currently, 77 substations are under 2-year contracts, and 41 for the last 8 months.
Revenue per O&M Substation
Latest approved tender for 53 substations is INR1,50,000 per month, adjustable every 6 months based on the Wages Act.
Solar Capacity
1.2 MW operational, 0.5 MW approved (total 1.7 MW). Planning to increase to 4.4 MW by March 2026.
Margin Outlook
Confident that PAT margins will be sustainable at 13.50% and EBITDA at 25.32% in FY26, citing service industry nature and employee cost as major expense.
Strategic Diversification
Vision to fuse modern (NABL, green energy) and traditional (O&M) businesses, distributing revenue equally across verticals for balanced growth.
Future Fundraising
Evaluating options for further fundraising to support solar expansion beyond the current 4.4 MW target for FY26-27.
Geographic Focus
Core substation business remains in Gujarat due to GETCO's presence, while testing services are expanding pan-India.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NABL Certification & Testing Revenue | Provisional NABL certificate by Dec '25, 250 scopes approved. | Actual certification date, client acquisition, and revenue contribution from testing division. |
| Solar Capacity & Revenue Ramp-up | 0.5 MW operational by Dec '25, target 4.4 MW by Mar '26. | Commissioning timelines, capex utilization, and solar revenue contribution in FY26/FY27. |
| Order Book Execution & New Wins | INR64 crores order book (INR20 cr Y1, INR24 cr Y2). | Timely execution, new order wins, and impact on O&M and project revenue growth. |
| Margin Performance | FY26 PAT margin target 13.50%, EBITDA 25.32%. | Actual margin realization, especially given historical volatility and management's confidence in sustainability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -2.1% / mo · MACD +
Technical chart
CHAMUNDAdaily · 1Y · AUTO-8.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 52.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.1% over last month) — short-term momentum negative.
- RSI(14) at 52 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 27% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 45.4%.
- Growth contributes 25/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 70th percentile within Power. Main check: results consistency is weak at 45/100.
Healthy Trust Lite: Promoter holding is 73.6%. Key concern: ROCE trend is -14.1%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 70th pctile, median 65 · SME: 77th pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.6%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.10.
Trust risks
- ▸ROCE trend is -14.1%.
- ▸OPM spread across recent quarters is 16.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 13.60
- P/B
- 1.67
- EV/EBITDA
- 8.72
- Market Cap
- 47.70Cr
Profitability
- ROE
- 13.10%
- ROCE
- 15.20%
- ROA
- 10.22%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 42.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 105.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 80.33×
- Altman Z
- 7.31
- Book Value
- 26.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 0.02 Cr
- EPS TTM
- 3.20
Shareholding
- Promoter Hold
- 73.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 26%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.