Revenue trend
₹ Cr
Revenue
Company Overview
Stelmec Limited is an established Mumbai-based manufacturer of medium-voltage (MV) switchgear, with a three-decade presence in India's power transmission and distribution sector . Incorporated on 29 February 2000 as Stelmec (India) Pvt Limited, the company converted to a public limited company in July 2007 and absorbed its associated concern, Stelmec Switchgear, in 2005 .
Products & Services
Stelmec's core product portfolio spans MV and LV switchgear — including Indoor VCB Panels, Outdoor VCB Kiosks, Outdoor VCBs, Distribution Panels, Control & Relay Panels (11kV–400kV) , Bus Ducts, and LT/HT Metering Panels . The company is particularly renowned for its vacuum circuit breaker technology solutions for the utility market . Beyond products, Stelmec provides full EPC services for high-voltage substations and transmission and distribution lines , operating across three manufacturing units — one in Gujarat and two in Thane, Maharashtra .
The product range — from Power Products and Smart Grid & Power IT solutions to the RMU Ring Main Unit and the SPCV Porcelain Clad Outdoor Vacuum Circuit Breaker — positions Stelmec across the full MV distribution value chain.
Power Products
Medium-voltage switchgear and related power equipment for transmission and distribution networks.
Smart Grid & Power IT
Power automation and smart-grid solutions for energy infrastructure operations.
RMU Ring main unit
Ring main unit for indoor and outdoor medium-voltage distribution applications.
SPCV Porcelain Clad Outdoor Vacuum Circuit Breaker
Outdoor vacuum circuit breaker for rugged medium-voltage switching applications.
Financial Performance
Stelmec has delivered a step-change in financial performance over FY2021–FY2025, compounding revenue at 16.7% CAGR while growing EBITDA and PAT at 41.6% and 61.1% CAGR respectively — proof that scale is flowing directly through to profitability.
Revenue Growth
Revenue expanded from ₹561 Cr in FY2021 to ₹1,042 Cr in FY2025 , with FY2025 alone delivering 38.1% YoY growth . ICRA projects operating income growth of over ~25% in FY2026 , sustaining the trajectory.
Margin Trajectory
Operating margin was rangebound at ~4–4.5% through FY2020–FY2023 before accelerating to 6.8% in FY2024 and 10.3% in FY2025, driven by operating leverage benefits from increasing scale . EBITDA margin tracked similarly — 4.7% in FY2023, 7.1% in FY2024, and 10.8% in FY2025 . PAT margin expanded from 1.5% (FY2023) to 2.9% (FY2024) and 6.6% in FY2025 , with absolute PAT rising from ₹21.7 Cr to ₹68.4 Cr . The Growth & Margin History table below details this multi-year progression across revenue, EBITDA, EBIT, and PAT margins.
Growth & Margin History
₹ Crore
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 662 | 755 | 1,042 |
| EBITDA | 31 | 54 | 113 |
| EBIT | 29 | 51 | 109 |
| Profit After Tax | 10 | 22 | 68 |
| EBITDA Margin | 4.7% | 7.1% | 10.8% |
| EBIT Margin | 4.4% | 6.8% | 10.5% |
| PAT Margin | 1.5% | 2.9% | 6.6% |
Revenue CAGR (FY21–25)
16.7%
EBITDA Margin (FY25)
10.8%
+3.7pp vs FY24
ROE (FY25)
26.9%
vs 15.6% in FY24
ROCE (FY25)
35.9%
Profitability Ratios
Return metrics have inflected sharply. ROE expanded from 8.0% in FY2023 to 15.6% in FY2024 and 26.9% in FY2025 . ROA followed the same arc: 2.0% (FY2023), 3.9% (FY2024), 9.6% (FY2025) . ROCE reached 35.9% in FY2025, supported by the asset-light nature of the assembly model that generates strong capital returns despite a historically moderate margin profile . Sustained margin expansion and a firm forward revenue outlook position Stelmec well for continued return improvement into FY2026.