Parth Electricals IPO opens to raise ₹62 crore for GIS expansion in Gujarat, Odisha
initial public offering
(IPO) on NSE Emerge to fund expansion of its
Gas Insulated Switchgear
(GIS) manufacturing facilities in Gujarat and Odisha.
Of the total issue, the company had already raised ₹13.8 crore in an anchor round from Capri Global Capital, Beacon Stone Capital, and IndiaMax Investment Fund, while Waaree Sustainable Finance Pvt Ltd had invested ahead of the IPO. The IPO, which opened on August 4, is priced in the band of ₹160–₹170 per share, with the public issue component aimed at raising ₹49 crore.
Founded in 2005 by former Siemens engineer Jignesh Patel, the company manufactures and installs key power distribution infrastructure including Ring Main Units (RMUs), Compact Substations, and Gas Insulated Switchgear, critical to India's grid upgrades, renewable energy evacuation, and smart city projects.
Parth Electricals operates under a licensing arrangement with Schneider Electric SAS, France, to manufacture and sell type-tested RMUs and compact substations. It also has a technology transfer agreement with Hezong, China, for the production of GIS systems ranging from 33kV to 220kV.
The company clocked ₹174.7 crore in revenue in FY25, up from ₹86.9 crore the previous year. Profit after tax was ₹10.1 crore, while EBITDA stood at ₹17.5 crore. The company reported a Return on Capital Employed (RoCE) of 46%.
Parth has an existing capacity to produce 3,000 RMUs and 100 compact substations annually. The new GIS manufacturing unit in Vadodara will serve 33kV–132kV demand, while the Odisha unit will cater to eastern India's infrastructure needs.
In March 2024, Parth supplied 225 RMUs to UGVCL under the Revamped Distribution Sector Scheme (RDSS). Its client list includes Tata Steel, Adani, IOCL, Reliance, and Essar, with project executions including emergency GIS deployment at Jamnagar refinery and 220kV GIS for Tata Steel at Kalinganagar.
The company has also entered international markets with a $4.8 million LT panel order for Mesabi Metallics in the United States and is in the process of obtaining UL certification to expand in North America.
On the sustainability front, Parth operates a rooftop solar plant at its Vadodara unit, has partnered with Tata Power Renewable Energy Ltd for clean energy at its Odisha unit, and refurbishes used RMUs to reduce industrial waste.
'Whether it's smart cities, renewable parks, or public transport electrification, our focus is to deliver safe, scalable, and localised power solutions that India needs for the next 25 years,' said Jignesh Patel, Chairman & Managing Director, Parth Electricals.
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