Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
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.
₹41
-3.95 · -8.79%
Market cap ₹49.5 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result01 Jun, 07:41 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
25Bearishfull bear SMA stack · SMA20 -1.0% / mo · MACD − · near 52W low
Stock trend: 25
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CHAMUNDAD candles · FIT view-17.2%Latest close ₹41.00 on 2026-10-19
Bar
+0.0%
RSI
46
MACD hist
-0.02
52W pos
14%
2026-10-19O ₹41.00H ₹41.00L ₹40.80C ₹41.00Vol 9,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CHAMUNDANifty PowerNifty 500
- CHAMUNDA
- -8.2%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- -2.6 pp
Chart stats
19 Oct 2026- From 52W high
- -30.5%
- 52W range position
- 14%
- ATR (14)
- 4.5%
- Volume vs 20D
- 1.20x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹40 - ₹45
₹59
₹38 - ₹59
₹1.8
Latest completed session
20-session average
68.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +43.1% · PAT +8.6% YoY
Technical
Bearish25
Price trend and sector-relative-strength timing.
Valuation
Legacy model+49.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +43% YoY · PAT +9% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15.5 Cr | +43.1% | -6.8% |
| EBITDA | ₹2.2 Cr | NDF | -15.6% |
| Operating margin | 14.3% | NDF | -151 bps |
| PAT | ₹1.3 Cr | +8.6% | -44.3% |
| PAT margin | 8.2% | NDF | -548 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.00
- P/B
- 1.73
- EV/EBITDA
- 9.03
- Market Cap
- 49.50Cr
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
- 7.49
- Book Value
- 26.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 0.02 Cr
- EPS TTM
- 3.20
Shareholding
- Promoter Hold
- 15.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 15.5-6.8% vs prev
Net Profit
₹ CrLatest: 1.3-44.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.0% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 31% off 52W high · 8% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
54
RS percentile
Stage 4 Downtrend
1M return
-6.7%
3M return
+3.3%
6M return
-11.8%
1Y return
-7.0%
RS 1D
-12
RS 20D
+7
Sector rank
#11
Industry rank
#29
Stage evidence
- Price is 6.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.8%.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
226 observations
19 Oct 2026Value 79.64-8.66%
RS vs Nifty 50080
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation20/30
Growth25/25
Quality3/20
Balance Sheet10/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
-8
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 49.0%.
- 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.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
14.0
PB
1.7
EV/EBITDA
9.0
ROE
13.1%
ROCE
15.2%
FCF Yield
—
Debt/Equity
0.1
MoS
+49.0%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+49.0%
Previous: +50.9%
Score history
12 stored score snapshots. Latest stored move: +6 points.
20 Oct 2026
v4.3-runtime-valuation
54
54
54
54
54
54
53
53
51
51
51
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹43.27
+5.2% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹80.42
+49.0% MoS
PEG
0.21
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RULKA
SME
Rulka Electricals Ltd.
Electrical Equipment
match 163
47
16.0
9.2%
+47%
FAIR VALUE
PARTH
SME
Parth Electricals & Engineering Ltd.
Electrical Equipment
match 145
39
52.0
18.7%
-102%
WATCHLIST
MAKS
SME
Maks Energy Solutions India Ltd.
Electrical Equipment
match 127
50
12.0
4.5%
+43%
FAIR VALUE
KCEIL
SME
Kay Cee Energy & Infra Ltd.
Electrical Equipment
match 126
65
5.0
22.8%
+84%
UNDERVALUED
INDIFRA
SME
Indifra Ltd.
Electrical Equipment
match 124
16
—
-0.9%
-43173%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-25T07:38:43.583Z
Management commentary snapshot
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.
Current business mix
Revenue by Vertical (FY25)
Latest issuer-disclosed distribution across 4 reported categories.
Operation & Maintenance75.7%
Solar Plant2.8%
Testing7.8%
Substation Commissioning Projects13.7%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 71st percentile within Power. Main check: results consistency is weak at 45/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Power: 71st pctile, median 65 · SME: 77th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
45
watch · quarterly consistency
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.
Continue researching Chamunda Electrical Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Investor presentationMar 2025
Mar 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.