Safety Controls & DevicesShare price, financial results, shareholding and management
- Market cap
- ₹140 cr
- Stock P/E
- 9.7peers 8.6
- Book value
- ₹29.8
- Price to book
- 2.37
- EV / operating profit
- -
- Market cap to sales
- 1.19
- ROCE · FY26
- 29.8%
- ROE · FY26
- 29.1%
- ROE, 3-year average
- 26.9%
- Operating margin · FY26
- 22.6%peers 13.5%
- Sales growth, 3 years
- 34.6%
- Profit growth, 3 years
- 93.2%
- Debt to equity
- 0.83peers 0.24
- Borrowings
- ₹49 cr
- Interest cover
- 2.9×
- Cash from business / op. profit
- -42%
- Debtor days
- 379
- Pledged
- 0.00%
- Promoter holding
- 46.40%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 647
- 52-week high / low
- ₹108 / ₹54
- 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.
Safety Controls & Devices share price chart
Close on 6 Nov 2026 · -3.41% on the day · Vol 11,200
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
- -8.6%
- 3 months
- +0.9%
- 6 months
- -20.1%
- Traded a day, 20 days
- ₹0.19 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +14% | +80% |
| 3 years, a year | +35% | +93% |
| Latest half, H2 FY26 | +28% | +15% |
About Safety Controls & Devices: business, products and customers
Safety Controls & Devices builds electricity substations, solar power plants, fire fighting systems and small hospitals for government bodies, mostly in Uttar Pradesh. Its shares trade on BSE SME.
Safety Controls & Devices is an engineering, procurement and construction contractor based in Lucknow. It designs, supplies, builds and commissions transmission substations up to 400 kV air insulated and 220 kV gas insulated, builds solar plants such as a 20 MW plant for NTPC at Rihand, installs fire hydrant and alarm systems, and builds 50 bed hospitals for the Ministry of Ayush; it has also built electric vehicle charging stations in Port Blair. The business began in 1997 as a fire and safety equipment proprietorship of Rajnish Chopra and was taken over by the company in 2015.
Its buyers are mainly state and central government power utilities such as UPPTCL and NTPC, and it wins most work in tenders as the lowest bidder. In FY25 solar projects made up 65% of revenue and substations 23%, against 82% substations a year earlier, and 98.7% of FY25 revenue came from Uttar Pradesh. The newest disclosed order is a substation package from TUSCO to carry power out of a solar park at Mau, Chitrakoot.
Read more about the business
The contract model shapes the numbers. Payments on its tenders come in stages tied to milestones such as supply, installation and commissioning, customers hold back retention money, and contracts require a bank guarantee of about 10% of contract value backed by fixed deposits, so reported revenue arrives as cash only slowly and the gap is funded with short term loans. The company itself states that its profitability is affected by the cost of servicing debt and funding working capital.
The offer document compares the company with Viviana Power Tech and Oriana Power as its listed industry peers. It describes the industry as fragmented, with no entry barriers and competitors with greater resources, where price and quality decide most orders.
From the offer document (draft red herring prospectus), the FY26 annual report, Infomerics rating notes of December 2025 and April 2026, and the AGM results filed on 29 September 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 35% a year over three years.
- It earns a high return on the money it uses: ROCE 30% in FY26.
To watch
- Collections: receivables of ₹121.6 cr at March 2026, with ₹35.8 cr more than six months past due, and retention money of ₹37.1 cr (Annual report FY26, p.101 and p.102).
- Credit ratings: Infomerics put the company in issuer not cooperating in December 2025, citing missing no default statements, and cut it to IVR BB-/Negative in April 2026; India Ratings and CRISIL also list it so (Infomerics notes, Dec 2025, p.1 to p.3; Apr 2026, p.1).
- Legal: a Section 138 cheque dishonour complaint by Siemens Financial Services is pending in New Delhi, and an ROC penalty of ₹0.25 cr each on the company and officers under Section 42(9) is under appeal (Offer document, p.260).
- Accounts: advances of ₹16.6 cr were written off directly against reserves in FY25, and trade payables at March 2026 were taken as certified by management (Annual report FY26, p.96 and p.100).
- It paid no dividend in the past year.
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.
Safety Controls & Devices revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
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.
Safety Controls & Devices half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 57 | 44 | 73.20 |
| Expenses | 47 | 30 | 60.32 |
| Operating profit | 10 | 14 | 12.89 |
| OPM | 18.0% | 31.0% | 17.6% |
| Interest | 3 | 4 | 5.40 |
| Depreciation | 0 | 0 | 0.19 |
| Profit before tax | 8 | 10 | 7.85 |
| Net profit | 6 | 8 | 6.88 |
Safety Controls & Devices profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 27 | 46 | 48 | 45 | 103 | 117.02 |
| Expenses | 25 | 45 | 43 | 36 | 86 | 90.60 |
| Operating profit | 2 | 1 | 4 | 8 | 17 | 26.42 |
| OPM | 7.0% | 3.0% | 9.0% | 18.0% | 17.0% | 22.6% |
| Other income | 1 | 2 | 1 | 1 | 1 | 1.04 |
| Interest | 2 | 2 | 3 | 4 | 6 | 9.21 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0.37 |
| Exceptional and other items | · | 1 | · | · | · | · |
| Profit before tax | 1 | 2 | 2 | 5 | 12 | 17.88 |
| Tax rate | 0.0% | 50.0% | 0.0% | 20.0% | 33.3% | 19.4% |
| Net profit | 1 | 1 | 2 | 4 | 8 | 14.42 |
| EPS ₹ | 0.81 | 1.25 | 1.86 | 3.82 | 5.74 | 10.60 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
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.
Safety Controls & Devices profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high 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 | 7.0% | 3.0% | 9.0% | 18.0% | 17.0% | 22.6% |
| Tax rate | 0.0% | 50.0% | 0.0% | 20.0% | 33.3% | 19.4% |
| ROCE | · | 15.4% | 15.2% | 21.7% | 29.8% | 29.8% |
| ROE | · | 5.4% | 12.5% | 23.5% | 28.1% | 29.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Safety Controls & Devices debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Safety Controls & Devices balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 10 | 10 | 10 | 10 | 13 | 14 |
| Reserves | 12 | 5 | 7 | 7 | 27 | 45 |
| Net worth | 22 | 15 | 17 | 17 | 40 | 59 |
| Borrowings | 0 | 15 | 19 | 30 | 34 | 49 |
| Other liabilities | 23 | 18 | 29 | 28 | 46 | 88 |
| Total liabilities | 45 | 48 | 65 | 75 | 120 | 196 |
| Fixed assets | 1 | 0 | 0 | 0 | 5 | 4 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 44 | 48 | 65 | 75 | 115 | 192 |
Safety Controls & Devices cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | · | -5 | -13 | -11 | -10 | -11 |
| Cash from investing | · | -8 | 13 | 2 | -4 | 2 |
| Cash from financing | · | 13 | 1 | 9 | 14 | 10 |
| Net cash flow | · | 0 | 1 | 0 | 0 | 1 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 342 | 143 | 304 | 386 | 210 | 379 |
| Inventory days | · | 7 | 46 | 123 | · | · |
| Days payable | · | 91 | 201 | 189 | · | · |
| Cash conversion cycle | 342 | 59 | 149 | 321 | 210 | 379 |
| Working capital days | 64 | -50 | 45 | 92 | 95 | 140 |
Safety Controls & Devices peers and competitors
Listed SME companies in the same industryBy sales, Safety Controls & Devices is number 35 of the 58 listed SME companies in construction.
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 |
|---|---|---|---|---|---|---|
| H.M. Electro Mech | 68 | 6.8 | 132 | 10 | 11.0% | 0.20 |
| Rudra Gas Enterprise | 58 | 6.5 | 124 | 9 | 14.0% | 1.41 |
| Desco Infratech | 138 | 8.6 | 119 | 16 | 20.0% | 0.21 |
| Teerth Gopicon | 14 | 1.1 | 118 | 12.8 | 20.8% | 0.24 |
| Aesthetik Engineers | 123 | 17.3 | 118 | 7.1 | 10.2% | 0.50 |
| Safety Controls & Devices | 140 | 9.7 | 117 | 14.4 | 22.6% | 0.83 |
| GRE Renew Enertech | 336 | 28.0 | 115 | 12 | 13.0% | 0.03 |
| Paluck Technologies | 87 | 6.2 | 111 | 14.1 | 22.6% | - |
| Jayant Infratech | 130 | 16.3 | 111 | 8 | 10.0% | 0.56 |
| Rulka Electricals | 52 | 15.7 | 110 | 3.3 | 5.1% | 0.13 |
| Valplast Technologies | 78 | 8.7 | 102 | 9 | 19.0% | 0.31 |
| Median of the 10 others | 83 | 8.6 | 117 | 9.5 | 13.5% | 0.24 |
Safety Controls & Devices shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Safety Controls & Devices 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.
| Apr 26 | Sep 26 | |
|---|---|---|
| Promoters | 46.40% | 46.40% |
| Foreign investors (FIIs) | 0.00% | - |
| Indian institutions (DIIs) | 17.49% | - |
| Number of shareholders | 774 | 647 |
Safety Controls & Devices study: the business from its own documents
Read from 4 of the company's own documentsSafety Controls & Devices so far
From the company's own record
- June 2015Company formed
- 30 Sept 2026Promoters at 46.40%
- 15 May 2026Highest close since listing, ₹102.19
Safety Controls & Devices key facts from the filings
Each figure with the document it comes from
- Order book
- ₹83.5 cr
- One order in hand when the offer document was written: a TUSCO substation package awarded on 19 August 2025.Offer document, p.152
- Largest customer
- 65.07%
- Share of FY25 revenue from the single largest customer; the top three gave 94.13%.Offer document, p.30 and p.152
- Revenue from Uttar Pradesh
- 98.68%
- Share of FY25 revenue; the rest came from Bihar, the only other state with revenue.Offer document, p.138 and p.149
- Money owed by customers
- ₹121.6 cr
- Trade receivables at March 2026, up from ₹58.9 cr and more than FY26 revenue of ₹117.0 cr; ₹35.8 cr was more than six months past due.Annual report FY26, p.87, p.88 and p.101
- Retention money
- ₹37.1 cr
- Retention money due from customers at March 2026, up from ₹28.4 cr.Annual report FY26, p.102
Show 5 more facts
- Cash from operations
- -₹11.2 cr
- In FY26, against profit after tax of ₹14.4 cr, as receivables rose by ₹62.7 cr.Annual report FY26, p.88 to p.89
- Short term borrowings
- ₹44.3 cr
- At March 2026, up from ₹28.1 cr; finance costs were ₹9.2 cr in FY26 against ₹6.0 cr.Annual report FY26, p.87, p.97 and p.103
- Share sale
- ₹48.0 cr
- IPO of 60,00,000 new shares at ₹80 each in April 2026; listed on BSE SME on 13 April 2026.Annual report FY26, p.7 and p.51
- Credit rating
- IVR BB-
- Long term rating from Infomerics in April 2026, with a negative outlook, in the issuer not cooperating category.Infomerics rating note, April 2026, p.1
- Highest substation voltage
- 400 kV
- Air insulated substations up to 400 kV and gas insulated up to 220 kV; 19 substations placed into operation.Offer document, p.136; Annual report FY26, p.69
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The offer document lists one order in hand, the TUSCO substation package for pooling substations and 220 kV lines at the Mau, Chitrakoot solar park. The annual report says the company proposes to focus on expanding its order book, project execution and working capital management, but gives no later order book figure. The offer document planned to use issue money to repay ₹6.0 cr of borrowings and fund ₹31.5 cr of working capital.
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.
Safety Controls & Devices earns a contractor's margin building substations and solar plants for government power utilities, and has the experience to bid for high voltage work.
Its weak spots are slow paying customers, a few buyers in one state, heavy short term borrowing, and rating agencies that say the company stopped sharing information.
WatchCan it set its own prices?No. Most work is won in open tenders by bidding lowest.
AverageHow strong is it against rivals?Its high voltage experience lets it bid for large substation tenders, but the field is crowded and open to new entrants.
WatchWho are its customers?A handful of government utilities, nearly all in Uttar Pradesh, with one buyer taking most of the year's work.
WatchDoes it need a lot of money?Yes. Little goes into machines, but unpaid bills, retention money and guarantee deposits tie up far more than a year's profit.
WatchCan it keep finding new work?It has won repeat orders from utilities, but the only order disclosed covers less than a year of sales.
WatchDo good and bad years swing a lot?Yes. Revenue follows which tenders are won, and the mix of work changes sharply from year to year.
Who runs Safety Controls & Devices?
Promoters, directors and officers; tap a name for the background
RCRajnish ChopraPromoter, Chairman and Managing Director · holds 46.14%
Passed the Master of Commerce (Part II) examination from the University of Lucknow in 1985, with more than 27 years in fire safety, engineering and civil construction; started the fire and safety equipment proprietorship in 1997 and incorporated the company in 2015. Other venture named: Lucknow Tribune (sole proprietor); ceased to be associated with Utra Hospitality LLP in November 2023. Paid ₹0.34 cr in FY26; the September 2026 AGM approved revised pay from 1 July 2026 of up to ₹0.80 cr a year fixed plus commission of 2% of net profits. Lent the company ₹3.0 cr in FY26 and was repaid ₹1.0 cr. The promoters have mortgaged personal properties and given personal guarantees for the company's loans.
Offer document, p.42, p.177, p.189 and p.192; Annual report FY26, p.14, p.25, p.32 and p.104; AGM results, 29 September 2026ACAbhishek ChopraPromoter and Whole-Time Director · holds 0.24%
Master of Science in International Business from the University of Leeds (2016) and BA in International Business from Middlesex University (2014). Joined in 2018 as procurement manager, became a director in August 2023 and Whole-Time Director from 1 August 2024, with more than six years in EPC execution, procurement and solar contracts. The AGM notice names Abhishek Chopra as the son of Rajnish Chopra. Paid ₹0.16 cr in FY26.
Offer document, p.177; Annual report FY26, p.28 and p.105ACAnjali ChopraPromoter and Non-Executive Director · holds 0.005%
Passed the Bachelor of Arts (Part II) examination from Lucknow University; a director since incorporation in 2015 and a member of the audit committee. The AGM notice names Anjali Chopra as the spouse of Rajnish Chopra.
Offer document, p.177; Annual report FY26, p.28 and p.44AMAshutosh MishraChief Financial Officer
Appointed on 23 June 2025 after the earlier CFO Avinash Kumar Gupta resigned on 6 June 2025. Has completed the Cost and Management Accounting intermediate examination and holds a commerce degree, with more than three years in accounting, audit, tax and GST. The offer document lists an income tax demand of ₹0.62 cr for assessment year 2023-24 that was deposited, with interest of ₹0.09 cr disputed, and several GST notices in Bihar and Uttar Pradesh. The statutory auditor Panchal S K & Associates gave an unmodified opinion on the FY26 accounts. The FY26 accounts show the Section 42(9) penalty as a contingent liability of ₹2.0 cr at March 2025 and none at March 2026.
Offer document, p.186, p.188 and p.260 to p.262; Annual report FY26, p.42, p.78, p.86 and p.105SNShiva NigamCompany Secretary and Compliance Officer
Appointed on 1 August 2025 after Pragya Saxena resigned on 31 July 2025. An associate member of the Institute of Company Secretaries of India since 2013, with more than eight years in statutory and regulatory compliance.
Offer document, p.186; Annual report FY26, p.42KSKamna SharmaIndependent Director
Chairs the audit committee. Commerce graduate (2009) and LLB (2013) from the University of Lucknow and an associate member of the Institute of Company Secretaries of India, with more than five years in compliance.
Offer document, p.177; Annual report FY26, p.43 to p.44TKTanuj Kumar SaxenaIndependent Director
Commerce graduate from the University of Lucknow (2010) with a master's in commerce and an MBA (2012), a fellow member of the Institute of Company Secretaries of India in practice since 2016, with more than seven years in SEBI and company law compliance, accounting and audit.
Offer document, p.177; Annual report FY26, p.43Safety Controls & Devices 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 ₹73.2 cr (+28%), net profit ₹6.9 cr (+15%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 46.40%.
Safety Controls & Devices announcements
9 on record, latest first; each opens the filing on the exchange
- Company Updatecertificate under Regulation 74(5) of Securities and Exchange Board of India ( Depositories and Participants) Regulations, 2018 for quarter/half PDF ↗
- Company UpdateThe Exchange has sought clarification from Safety Controls & Devices Ltd on October 06, 2026 with reference to significant movement in price, in order to ensure
- Company UpdateOutcome regarding participation in Bharat Connect Conference Rising StarPDF ↗
- Company UpdatePursuant to Regulation 30 of SEBI (Listing Obligation & Disclosure Requirements) , 2015 , the Company hereby submits the details of the Resolutions passed at itPDF ↗
- AGM/EGMPursuant to Regulation 44 of SEBI (Listing Obligation and Disclosure Requirements), 2015 and other applicable provisions the Company hereby submits the Voting RPDF ↗
- AGM/EGMof the Scrutinizers Report for the Annual General Meeting held on 26th September, 2026PDF ↗
- Insider Trading / SASTregarding the closure of Trading Window pursuant to SEBI (Prohibition of Insider Trading ) Regulations , 2015PDF ↗
- AGM/EGMSummary of Proceedings of the 11th Annual General Meeting held on Saturday 26th September, 2026 at 4:00 P.MPDF ↗
- Company UpdateIntimation regarding participation in Bharat Connect Conference Rising StarPDF ↗
Safety Controls & Devices annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Safety Controls & Devices 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 Safety Controls & Devices' data · 8
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 (1,98,26,999 shares).
- !The FY26 results imply 1,40,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓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 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Safety Controls & Devices
What does Safety Controls & Devices do?
Safety Controls & Devices builds electricity substations, solar power plants, fire fighting systems and small hospitals for government bodies, mostly in Uttar Pradesh. Its shares trade on BSE SME.
What is the share price of Safety Controls & Devices?
₹70.5 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Safety Controls & Devices?
₹140 cr at the close on 6 Nov 2026, on 1,98,26,999 shares.
What is the P/E of Safety Controls & Devices?
9.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Safety Controls & Devices' revenue and profit?
Revenue ₹117 cr and profit after tax ₹14 cr in FY26.
Who are the promoters of Safety Controls & Devices?
Rajnish Chopra, Abhishek Chopra, Anjali Chopra; promoters held 46.40% at 30 Sept 2026.
What is Safety Controls & Devices' website?
www.safetygroup.in
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- AVP InfraconAVPINFRA · NSE Emerge · Construction · listed 2024Market cap ₹145 cr
- Giriraj Civil DevelopersGIRIRAJ · NSE Emerge · Construction · listed 2018Market cap ₹131 cr
- Winsol EngineersWINSOL · NSE Emerge · Construction · listed 2024Market cap ₹129 cr
- Mahendra Realtors & InfrastructureMRIL · NSE Emerge · Construction · listed 2025Market cap ₹128 cr
Built from 2 credit rating notes, 1 offer document, 1 annual report, 9 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.