Chamunda ElectricalShare price, financial results, shareholding and management
- Market cap
- ₹46 cr
- Stock P/E
- 12.9peers 9.1
- Book value
- ₹26
- Price to book
- 1.59
- EV / operating profit
- 9.8
- Market cap to sales
- 1.42
- ROCE · FY26
- 15.2%
- ROE · FY26
- 13.1%
- ROE, 3-year average
- 27.1%
- Operating margin · FY26
- 15.1%peers 12.9%
- Sales growth, 3 years
- 32.0%
- Profit growth, 3 years
- 124.8%
- Debt to equity
- 0.10peers 0.24
- Borrowings
- ₹2.7 cr
- Interest cover
- 71.3×
- Cash from business / op. profit
- 0%
- Debtor days
- 81
- Pledged
- 0.00%
- Promoter holding
- 74.34%
- Change in promoter holding
- +0.79 pts
- Shareholders
- 328
- 52-week high / low
- ₹59 / ₹36
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Chamunda Electrical share price chart
Close on 6 Nov 2026 · -2.01% on the day · Vol 24,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -7.9%
- 3 months
- -4.7%
- 6 months
- -11.1%
- 1 year
- -12.1%
- Since IPO
- -17.2%
- Traded a day, 20 days
- ₹0.05 cr
- Taken for delivery
- 88%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +27% | +5% |
| 3 years, a year | +32% | +125% |
| Latest half, H2 FY26 | +3% | -55% |
About Chamunda Electrical: business, products and customers
Chamunda Electrical runs, maintains and tests electricity substations for the Gujarat state transmission company and other power utilities, and also owns a small solar power park. Its shares trade on NSE Emerge.
Chamunda Electrical, based in Palanpur in north Gujarat, wins multi year tenders to staff and look after substations round the clock, mostly for Gujarat Energy Transmission Corporation (GETCO) and some for DNH and DD Power Corporation. It also tests and commissions substation equipment, erects high voltage equipment for project companies such as Hartek Power, and earns a small, steady income from a solar park in Banaskantha that supplies power to Uttar Gujarat Vij Company under a twenty five year agreement.
This is a manpower business. In erection jobs the client supplies all the material, so sales are mostly billing for people and testing, and wages were about three quarters of sales in FY24. The monthly rate for each substation rises when minimum wages are revised, which protects the margin, but GETCO pays only a few times a year, so money owed builds up between payments.
Read more about the business
Contracts run three years and can be extended by two, so work is renewed through tenders every year and lost if a lower bid wins. The offer document names Bajel Projects among its competitors, and at the June 2025 call the company named Siemens and Kintec as the other leading bidders for this work. It is building a NABL certified testing laboratory at its Surat office, which it says would let it serve oil and gas companies that require such certification.
From the red herring prospectus (January 2025), the March 2025 investor presentation, the June 2025 earnings call transcript and the FY26 annual report.
Read the deeper study ↓In its favour
- Sales have grown fast: 32% a year over three years.
- It has little debt for its size: debt to equity 0.10.
- The promoters own a large part of the company: 74.34%.
To watch
- Sales in FY27 against the about ₹35.5 cr the company spoke of at the June 2025 call.
- NABL approval for the Surat testing laboratory and use of the ₹0.8 cr of IPO money still unspent for testing kits.
- Renewal of the GETCO maintenance contracts as they come up for tender.
- Customers take longer to pay than before: 81 days in FY26, against 25 in FY21.
- Its borrowings rose a lot last year: ₹2.7 cr, from ₹0 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Chamunda Electrical revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Chamunda Electrical half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 10.80 | 10.26 | 15.02 | 16.58 | 15.46 |
| Expenses | 8.45 | 8.97 | 10.63 | 13.97 | 13.24 |
| Operating profit | 2.35 | 1.29 | 4.39 | 2.61 | 2.21 |
| OPM | 21.8% | 12.6% | 29.2% | 15.7% | 14.3% |
| Interest | 0.24 | 0.21 | 0.21 | 0.01 | 0.05 |
| Depreciation | 0.46 | 0.45 | 0.47 | 0.47 | 0.49 |
| Profit before tax | 1.69 | 0.72 | 3.78 | 2.35 | 1.87 |
| Net profit | 1.16 | 0.52 | 2.83 | 2.26 | 1.26 |
Chamunda Electrical profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 11.31 | 11.23 | 13.94 | 19.95 | 25.29 | 32.04 |
| Expenses | 10.19 | 10.76 | 12.17 | 15.35 | 19.01 | 27.22 |
| Operating profit | 1.12 | 0.47 | 1.77 | 4.60 | 6.28 | 4.83 |
| OPM | 9.9% | 4.2% | 12.7% | 23.1% | 24.8% | 15.1% |
| Other income | 0.14 | 0.09 | 0.07 | -0.08 | 0.16 | 0.42 |
| Interest | 0.06 | 0.36 | 0.49 | 0.44 | 0.42 | 0.06 |
| Depreciation | 0.37 | 0.89 | 0.93 | 0.87 | 0.92 | 0.96 |
| Exceptional and other items | · | · | · | · | -0.60 | · |
| Profit before tax | 0.83 | -0.69 | 0.42 | 3.21 | 4.50 | 4.22 |
| Tax rate | 25.3% | -26.1% | 26.2% | 28.7% | 25.3% | 16.6% |
| Net profit | 0.62 | -0.51 | 0.31 | 2.29 | 3.36 | 3.52 |
| EPS ₹ | · | · | · | · | 4.13 | 3.19 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
Chamunda Electrical profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 9.9% | 4.2% | 12.7% | 23.1% | 24.8% | 15.1% |
| Tax rate | 25.3% | -26.1% | 26.2% | 28.7% | 25.3% | 16.6% |
| ROCE | · | -5.4% | 12.2% | 40.4% | 27.3% | 15.2% |
| ROE | · | -15.0% | 9.5% | 46.9% | 21.4% | 13.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Chamunda Electrical debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Chamunda Electrical balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 11 | 11 |
| Reserves | 1.67 | 1.12 | 1.43 | 4.34 | 14.08 | 17.60 |
| Net worth | 3.67 | 3.12 | 3.43 | 6.34 | 25.08 | 28.60 |
| Borrowings | 0.72 | 4.65 | 3.68 | 4.62 | 0.02 | 2.72 |
| Other liabilities | 3.97 | 0.98 | 1.60 | 0.57 | 3.31 | 3.11 |
| Total liabilities | 8.36 | 8.75 | 8.71 | 11.53 | 28.41 | 34.43 |
| Fixed assets | 4.21 | 4.43 | 4.18 | 4.72 | 4.43 | 4.38 |
| Capital work in progress | 0 | 0 | 0 | 0 | 2.30 | 4.66 |
| Investments | 2.15 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 2 | 4.32 | 4.53 | 6.81 | 21.68 | 25.39 |
| Receivables | · | · | · | · | 5.32 | 7.08 |
| Inventory | · | · | · | · | 0 | 0 |
| Cash | · | · | · | · | 1.07 | 0.94 |
| Trade payables | · | · | · | · | 0.10 | 0.10 |
Chamunda Electrical cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | · | -2.39 | 2.10 | 1.53 | 0.57 | 0.02 |
| Cash from investing | · | -1.11 | -0.60 | -1.09 | -10.96 | -2.79 |
| Cash from financing | · | 3.57 | -1.45 | 0.51 | 10.38 | 2.64 |
| Net cash flow | · | 0.07 | 0.05 | 0.95 | -0.01 | -0.13 |
| Capital spending | · | · | · | · | 2.93 | 3.27 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 25 | 30 | 31 | 55 | 77 | 81 |
| Cash conversion cycle | 25 | 30 | 31 | 55 | 77 | 81 |
| Working capital days | -88 | -26 | -2 | -6 | 104 | 98 |
Chamunda Electrical peers and competitors
Listed SME companies in the same industryBy sales, Chamunda Electrical is number 58 of the 86 listed SME companies in commercial services & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Kaarya Facilities and Services | 14 | 7.1 | 38.9 | 2 | 11.5% | 3.82 |
| Gulf Lloyds (India) | 21 | 4.9 | 35.7 | 4.3 | 21.4% | 1.15 |
| Nukleus Office Solutions | 70 | 32.6 | 35.5 | 2.1 | 23.8% | 0.44 |
| Manglam Infra & Engineering | 21 | 6.8 | 34.9 | 3.1 | 15.3% | 0.06 |
| Mangal Compusolution | 55 | 9.1 | 34 | 6.1 | 35.6% | 0.42 |
| Chamunda Electrical | 46 | 12.9 | 32 | 3.5 | 15.1% | 0.10 |
| PlatinumOne Business Services | 24 | 6.7 | 32 | 3.6 | 14.4% | 0.04 |
| Gautam Exim | 54 | 245.9 | 28.8 | 0.2 | 2.6% | 0.01 |
| Tridhya Tech | 15 | 22.0 | 27.7 | 0.7 | 11.2% | 1.75 |
| Dhyaani Tradeventtures | 19 | 266.3 | 27.2 | 0.1 | 0.7% | 0.03 |
| Evoq Remedies | 4 | - | 25.5 | -0.2 | -5.7% | 0.00 |
| Median of the 10 others | 21 | 9.1 | 33 | 2.1 | 12.9% | 0.24 |
Chamunda Electrical shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Chamunda Electrical shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Feb 25 | Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|
| Promoters | 71.61% | 71.61% | 72.62% | 73.55% | 74.34% |
| Foreign investors (FIIs) | 5.92% | 5.72% | 0.90% | 0.46% | 0.46% |
| Indian institutions (DIIs) | 6.00% | 6.22% | 1.23% | - | - |
| HNIs (over ₹2 lakh each) | 0.30% | 1.85% | 5.07% | 6.79% | 7.89% |
| Small holders (up to ₹2 lakh) | 12.74% | 10.56% | 12.99% | 13.39% | 11.59% |
| Companies and others | 3.43% | 4.04% | 7.19% | 5.81% | 5.72% |
| Number of shareholders | 538 | 356 | 398 | 370 | 328 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Chamunda Electrical study: the business from its own documents
Read from 5 of the company's own documentsChamunda Electrical so far
From the company's own record
- June 2013Company formed
- 11 Feb 2025Listed on NSE Emerge at ₹50
- 30 Sept 2026Promoters at 74.34%
- 11 Feb 2025Highest close since listing, ₹63.89
Chamunda Electrical key facts from the filings
Each figure with the document it comes from
- Substations looked after
- 118
- Sites under operation and maintenance in June 2025: 106 for GETCO and 12 for the Dadra and Nagar Haveli utility.Earnings call transcript, June 2025, p.3
- Order book
- ₹64 cr
- Work in hand in June 2025, about two years of sales, including a ₹30 cr GETCO order won in February 2025.Earnings call transcript, June 2025, p.5
- Largest client
- 82.48%
- Share of FY24 sales from one client; government bodies gave 99.89% of sales that year.Red herring prospectus, p.116 and p.129
- Labour cost
- 75.26%
- Employee and contract labour cost as a share of FY24 sales; the clients supply material for erection work.Red herring prospectus, p.129 and p.134
- People
- 962
- Employees at March 2026, most of them shift staff at substations.Annual report FY26, p.34
Show 5 more facts
- Gujarat
- 85.64%
- Share of FY24 sales from Gujarat, with the rest from Dadra and Nagar Haveli.Red herring prospectus, p.125
- Solar power price
- ₹2.83 a unit
- Fixed tariff for twenty five years from Uttar Gujarat Vij Company, paid within thirty days of each monthly bill.Red herring prospectus, p.135
- FY26 results
- ₹32.0 cr sales
- Sales rose from ₹25.3 cr, but EBITDA fell to ₹5.2 cr from ₹6.4 cr and profit was ₹3.5 cr.Annual report FY26, p.18
- IPO money
- ₹14.6 cr
- Raised in February 2025 at ₹50 a share; ₹0.8 cr meant for new testing kits was still unspent at March 2026.Annual report FY26, p.20
- Promoter holding
- 74.34%
- Held by the promoter group in September 2026, with nothing pledged.Shareholding pattern, September 2026
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
At the June 2025 call the company said its ₹64 cr order book would be executed over about three years, with about ₹20 cr in the first year, and that it expected sales of ₹31 cr to ₹33 cr in FY26 and about ₹35.5 cr in FY27. It also said it expected NABL approval for its Surat testing laboratory around December 2025 and planned to raise solar capacity towards four megawatts over FY26 and FY27 at a cost of ₹12 cr to ₹15 cr, which may need further fund raising.
| What management said | When | What happened |
|---|---|---|
| Sales of ₹31 cr to ₹33 cr in FY26 | June 2025 call | ₹32.0 cr |
| EBITDA margin of about 25% would be kept up | June 2025 call | FY26 EBITDA fell to ₹5.2 cr from ₹6.4 cr |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Chamunda Electrical earns money by supplying trained staff and testing to keep substations running for state power companies, billed every month under tendered contracts.
Its weak spots are dependence on one state utility, contracts that must be won again by tender, and profit that rests on wage costs.
WatchCan it set its own prices?No. Work is won by the lowest bid in government tenders, though contract rates move up when minimum wages are revised.
AverageHow strong is it against rivals?It has a long record with GETCO and calls itself one of the top three bidders, but larger firms compete for the same tenders.
WatchWho are its customers?Almost all sales come from state power bodies, and one of them gives most of the money.
AverageDoes it need a lot of money?Little for equipment, but it must fund wages until GETCO pays a few times a year, and solar expansion would need more.
AverageCan it keep finding new work?It keeps winning GETCO tenders, but says its staff is at full stretch and every site comes up for tender again.
AverageDo good and bad years swing a lot?Monthly maintenance billing is steady, but margins have moved a lot from year to year and fell in the latest year.
Who runs Chamunda Electrical?
Promoters, directors and officers; tap a name for the background
CNChiragkumar Natvarlal PatelPromoter, Chairman, Managing Director and Chief Financial Officer · holds 39.55%
Bachelor of Commerce from North Gujarat University, Patan. A founder and director since incorporation in 2013, with about ten years in the company's business and no work outside it; in charge of finance, accounts, marketing, management and administration. Managing Director from July 2024 for five years. Paid ₹0.12 cr in FY24. The offer document states that Chiragkumar Natvarlal Patel is the son of Natvarbhai K Rathod and the husband of Purnikaben C Patel.
Red herring prospectus, p.146, p.148 and p.150NKNatvarbhai K RathodPromoter and Whole Time Director · holds 16.79%
Diploma in Electrical Engineering from the Technical Examination Board of Gujarat, with about thirty years as an executive engineer with the Gujarat Electricity Board, retiring in 2008, and about ten years in the company, which Natvarbhai K Rathod started in 2013. Looks after day to day administration.
Red herring prospectus, p.148; Earnings call transcript, June 2025, p.3PCPurnikaben C PatelPromoter and Non-Executive Director · holds 6.67%
Studying for a Bachelor of Arts at North Gujarat University, Patan, with about four years in administration at the group company Chamunda Electro Tech; on the board from July 2024.
Red herring prospectus, p.148ZCZeel Chiragkumar PatelChief Technology Officer · holds 1.26%
Master of Technology in Electrical Engineering from Ganpat University, Mehsana; Chief Technology Officer since November 2022 and part of the promoter group; oversees the Surat branch office.
Red herring prospectus, p.121 and p.156MAMansurkhan Ayazkhan PathanIndependent Director
Diploma in Electrical Engineering from the Technical Examination Board, Gandhinagar, with over fifteen years in electrical engineering; senior manager (projects) at Vikas Electronics since 2009. Independent Director from July 2024 and chair of the audit committee.
Red herring prospectus, p.148 and p.152RDRameshkumar Devilal ChauhanIndependent Director
Master of Technology in Electrical Engineering from Ganpat University, Mehsana, with over a year and a half in electrical engineering as assistant manager at R K Energy Solutions. Independent Director from July 2024.
Red herring prospectus, p.148Chamunda Electrical latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹15.5 cr (+3%), net profit ₹1.3 cr (-55%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters 73.55% to 74.34%.
Chamunda Electrical announcements
17 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enChamunda Electrical Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q_ FY 20__-__PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 22, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 22, 2026PDF ↗
- Copy of Newspaper PublicationFor AGM of the CompanyPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 22, 2026PDF ↗
- Outcome of Board MeetingHeld on August 26, 2026PDF ↗
- Shareholders meetingSrutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enChamunda Electrical Limited has informed regarding non applicability of Corporate Governance for Q1 ended 30.06.26PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Copy of Newspaper PublicationFor postal ballot noticePDF ↗
Chamunda Electrical annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2025 ↗read
- 31 March 2025 ↗read
Chamunda Electrical share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Chamunda Electrical's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,10,04,594 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 30 Sept 2026, from the exchange's daily figures.
Questions people ask about Chamunda Electrical
What does Chamunda Electrical do?
Chamunda Electrical runs, maintains and tests electricity substations for the Gujarat state transmission company and other power utilities, and also owns a small solar power park. Its shares trade on NSE Emerge.
What is the share price of Chamunda Electrical?
₹41.4 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Chamunda Electrical?
₹46 cr at the close on 6 Nov 2026, on 1,10,04,594 shares.
What is the P/E of Chamunda Electrical?
12.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Chamunda Electrical's revenue and profit?
Revenue ₹32 cr and profit after tax ₹4 cr in FY26.
Who are the promoters of Chamunda Electrical?
Chiragkumar Natvarlal Patel, Natvarbhai K Rathod, Purnikaben C Patel; promoters held 74.34% at 30 Sept 2026.
What was the IPO price of Chamunda Electrical?
₹50 a share; it listed on 11 Feb 2025.
What is Chamunda Electrical's website?
www.chamundaconst.com
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Built from 2 annual reports, 1 offer document, 1 earnings call transcript, 1 investor presentation, 17 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.