Artemis Electricals and Projects Limited (NSE: AEPL | BSE: 542670)
Source: Artemis Electricals and Projects Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Artemis Electricals and Projects Limited (Formerly Known as Artemis Electricals Limited) |
| Corporate Identity Number (CIN) | L51505MH2009PLC196683 |
| ISIN | INE757T01025 |
| NSE Symbol & BSE Scrip Code | NSE: AEPL | BSE: 542670 |
| Date of Incorporation | 2009 |
| Registered Office & Corporate Headquarters | Artemis Complex, Gala no. 105 & 108, National Express Highway, Vasai (East), Thane – 401208, Maharashtra, India |
| Telephone & Investor Relations Contact | Tel: +91-22-26530164 | Email: contact@artemiselectricals.com |
| Chairman | Mr. Deepak Kumar (Non-Independent & Non-Executive Director) |
| Whole-Time Director & CFO | Mr. Shivkumar Chhangur Singh |
| Company Secretary & Compliance Officer | Ms. Sonal Jain (Membership No. A35424) |
| Promoter Group Shareholding | 72.45% (held via 6 promoter entities/individuals) |
| Industry / Sector Classification | Electrical & Infrastructure EPC / MEP Solutions, Energy-Efficient Lighting & Battery Manufacturing |
| Total Permanent Employees | 16 employees on rolls (as of March 31, 2026) |
| Manufacturing Footprint | Artemis Complex, Gala no. 105 & 108, National Express Highway, Vasai (East), Thane – 401208, Maharashtra |
| Geographic Reach | 100% Domestic (India) |
| Statutory Auditors | M/s Agarwal Tibrewal & Co., Chartered Accountants, Kolkata (Firm Registration No. 328977E) |
| Secretarial Auditor | PCS Ketan Vyas / M/s Ketan Vyas & Company (Peer Review No. 6867/2025) |
| Registrar & Share Transfer Agent (RTA) | Cameo Corporate Services Limited, Chennai (Tel: 044-28460390 / 044-40020700) |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Artemis Electricals and Projects Limited is an Indian electrical infrastructure, Engineering, Procurement, and Construction (EPC), and mechanical, electrical, and plumbing (MEP) solutions company. Operating primarily out of its integrated complex in Vasai (East), Thane, Maharashtra, the enterprise manufactures energy-efficient LED lighting systems and executes turnkey electrical and civil infrastructure assignments for major industrial, commercial, healthcare, and public sector developments.
Financial Year 2025-26 served as a pivotal operational milestone for the enterprise. Beyond maintaining solid top-line revenue trajectory, Artemis completed its listing on the National Stock Exchange of India Limited (NSE) on March 12, 2026, complementing its existing trading platform on BSE Limited (Scrip Code: 542670). This milestone broadens access to capital markets, reinforces corporate governance standards, and expands visibility among institutional market participants.
The Founders, Promoters & Their Legacy
The promoter block holds a commanding 72.45% total equity stake in Artemis Electricals and Projects Limited across six designated individual and corporate holdings. Key promoter figures and entities driving corporate strategy include:
- Mr. Pravin Kumar Agarwal: Holds 3,47,84,500 equity shares representing a 13.86% direct stake in the equity base.
- Mrs. Jyotsna Agarwal: Holds 55,30,140 equity shares representing a 2.20% direct promoter holding.
- M/s Yashvikram Infrastructure Private Limited: Holds 5,72,76,450 equity shares, constituting the single largest promoter entity stake at 22.82%.
- M/s Garuda Aviation Services Private Limited: Holds 5,37,07,000 equity shares, representing a 21.39% promoter stake.
- M/s Ayesspea Holdings and Investments Private Limited: Holds 2,65,82,340 equity shares, representing a 10.59% promoter holding.
- M/s Deepa Travel Private Limited: Holds 40,00,000 equity shares, representing a 1.59% promoter holding.
The Journey: History & Evolution
Incorporated in 2009 under the Companies Act, 1956 as Artemis Electricals Limited, the business initially established itself as an original equipment and design manufacturer in the energy-efficient lighting space, producing commercial and industrial LED fixtures. Over the past decade, management broadened its strategic mandate from standalone fixture manufacturing to large-scale infrastructure EPC, electrical setup, and project execution services. To reflect this expanded scope, the business was rebranded to Artemis Electricals and Projects Limited.
In recent fiscal cycles, the company embarked on a major diversification campaign into green energy storage, committing substantial capital to erect a modern Lithium-ion battery manufacturing plant inside its Vasai production complex. The project is being executed in partnership with related-party supply partner Electroforce (India) Private Limited, targeting strategic commercial commissioning by March 2027.
The Corporate Umbrella
Artemis Electricals and Projects Limited acts as the parent holding entity for one majority-owned operating subsidiary company as of March 31, 2026:
- Artemis Opto Electronic Technologies Private Limited: Incorporated on July 14, 2009, Artemis Electricals holds a 99.99% equity ownership interest. The subsidiary was established to hold niche optoelectronic and advanced illumination technologies.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
The business operates through two interconnected business streams:
- EPC, MEP & Infrastructure Works: Management focuses resources on turnkey engineering, procurement, electrical installation, sub-contracting, and infrastructure construction contracts. Work contract income constitutes the entire revenue stream of the company.
- LED Lighting & Product Manufacturing: Operating out of Vasai, Thane, the company maintains manufacturing facilities to assemble indoor and outdoor LED luminaries, streetlights, solar lighting solutions, and related electronic components. While direct assembly line output ran at minimal levels in FY 2025-26, the plant provides technical support to broader turnkey infrastructure projects.
As per Ind AS 108 operating segment disclosures, management considers all business activities to form a single integrated operating unit. Furthermore, 100% of revenues are generated within India.
The Product & Service Catalog
The company’s commercial offerings encompass:
- Turnkey Electrical Contracts: Installation of high-tension (HT) and low-tension (LT) electrical distribution systems, sub-stations, industrial cabling, panel installations, and internal/external illumination networks.
- Civil & MEP Infrastructure: Execution of sub-contracting project works for urban buildings, commercial complexes, and healthcare infrastructure.
- Energy-Efficient Luminaires: Assembly of commercial panel lights, industrial high-bay fixtures, LED streetlights, floodlights, and solar power-assisted lighting.
- Energy Storage Solutions (Under Development): Production line for Lithium-ion battery packs geared towards grid storage, solar backup, and industrial energy applications.
The Names You Know
The company operates primarily as a business-to-business (B2B) and business-to-government infrastructure partner. Project revenue is highly concentrated among major engineering, construction, and development clients. During FY 2025-26, four key construction sector clients generated ₹70.93 Crores, accounting for 88.04% of total consolidated operational revenue.
Mapping the Domestic & Global Reach
| Geographic Region | FY 2025-26 Revenue (₹ in Crores) | % Share of Total Revenue | FY 2024-25 Revenue (₹ in Crores) | % Share of Total Revenue | Latest YoY (%) |
|---|---|---|---|---|---|
| Domestic (India) | 80.56 | 100.00% | 72.35 | 100.00% | +11.35% |
| International / Export | 0.00 | 0.00% | 0.00 | 0.00% | N/M |
| Total Revenue from Operations | 80.56 | 100.00% | 72.35 | 100.00% | +11.35% |
The Brick & Mortar Footprint
The company operates out of an integrated facility located at Artemis Complex, Gala no. 105 & 108, National Express Highway, Vasai (East), Thane – 401208, Maharashtra. The facility houses corporate management offices, project assembly space, technical infrastructure testing units, and the location for the Lithium-ion battery manufacturing plant.
Additionally, the company holds rights to office premises situated at 201-A, A Wing, 2nd Floor, Fortune-2000, Bandra Kurla Complex (BKC), Mumbai (secured via holding 11,600 shares of Mature Trading and Investments Private Limited), which is mortgaged against banking credit facilities.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
Consolidated revenue from operations grew 11.35% in FY 2025-26 to reach ₹80.56 Crores, compared to ₹72.35 Crores in FY 2024-25. Drivers included higher work contract execution volumes. Profit Before Tax expanded by 15.72% to ₹11.70 Crores, while Net Profit After Tax increased 15.21% to reach ₹8.71 Crores.
| Statement of Profit & Loss Item | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 80.56 | 72.35 | +11.35% |
| Other Income | 0.67 | 0.58 | +15.52% |
| Total Income | 81.23 | 72.93 | +11.38% |
| Cost of Materials Consumed | 10.70 | 12.31 | -13.08% |
| Direct Expenses (Subcontracting) | 55.02 | 33.76 | +62.97% |
| Changes in Inventories of Finished Goods, WIP & Stock-in-Trade | (0.00) | 0.02 | -100.00% |
| Employee Benefits Expense | 0.65 | 0.66 | -1.52% |
| Finance Costs | 0.21 | 0.28 | -25.00% |
| Depreciation and Amortisation Expense | 1.20 | 1.34 | -10.45% |
| Other Expenses | 1.74 | 14.45 | -87.96% |
| Total Expenses | 69.53 | 62.82 | +10.68% |
| Profit Before Exceptional Items and Tax | 11.70 | 10.11 | +15.73% |
| Profit Before Tax | 11.70 | 10.11 | +15.73% |
| Current Tax | 3.18 | 1.33 | +139.10% |
| Deferred Tax | (0.18) | 1.22 | N/M |
| Profit for the Year (PAT) | 8.71 | 7.56 | +15.21% |
| Other Comprehensive Income (Net of Tax) | (0.02) | 0.03 | N/M |
| Total Comprehensive Income for the Year | 8.69 | 7.59 | +14.49% |
Assets, Borrowings, & Net Worth
Total consolidated assets expanded to ₹142.27 Crores as of March 31, 2026. Capital Work-in-Progress stood at ₹56.54 Crores as of March 31, 2026, reflecting ongoing commitments toward the Lithium-ion battery manufacturing plant. Total net worth strengthened to ₹94.65 Crores, supported by retained earnings.
| Balance Sheet Line Item | As at March 31, 2026 (₹ in Crores) | As at March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Property, Plant and Equipment | 11.01 | 12.22 | -9.90% |
| Capital Work-in-Progress | 56.54 | 55.55 | +1.78% |
| Goodwill | 2.12 | 2.12 | 0.00% |
| Other Financial Assets (Non-Current) | 1.06 | 1.06 | 0.00% |
| Other Non-Current Assets | 0.34 | 0.34 | 0.00% |
| Total Non-Current Assets | 71.08 | 71.29 | -0.29% |
| Current Assets | |||
| Inventories | 0.51 | 0.49 | +4.08% |
| Trade Receivables | 39.57 | 24.05 | +64.53% |
| Cash and Cash Equivalents | 14.41 | 1.35 | +967.41% |
| Other Bank Balances | 0.04 | 0.05 | -20.00% |
| Other Financial Assets (Current) | 0.21 | 0.21 | 0.00% |
| Other Current Assets | 16.45 | 24.29 | -32.28% |
| Total Current Assets | 71.19 | 50.44 | +41.14% |
| TOTAL ASSETS | 142.27 | 121.73 | +16.87% |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity Share Capital | 25.10 | 25.10 | 0.00% |
| Other Equity | 69.55 | 60.86 | +14.28% |
| Total Equity | 94.65 | 85.96 | +10.11% |
| Non-Current Liabilities | |||
| Non-Current Borrowings | 0.94 | 1.71 | -45.03% |
| Deferred Tax Liabilities (Net) | 0.00 | 0.19 | -100.00% |
| Provisions (Non-Current) | 0.07 | 0.02 | +250.00% |
| Total Non-Current Liabilities | 1.02 | 1.92 | -46.88% |
| Current Liabilities | |||
| Current Borrowings (Current Maturities of Long-Term Loan) | 0.77 | 0.77 | 0.00% |
| Trade Payables – Micro & Small Enterprises | 0.89 | 0.89 | 0.00% |
| Trade Payables – Other than Micro & Small Enterprises | 37.90 | 26.82 | +41.31% |
| Other Financial Liabilities (Current) | 0.13 | 1.05 | -87.62% |
| Other Current Liabilities | 5.21 | 4.22 | +23.46% |
| Provisions (Current) | 0.02 | 0.03 | -33.33% |
| Current Tax Liability (Net) | 1.69 | 0.07 | +2314.29% |
| Total Current Liabilities | 46.60 | 33.85 | +37.67% |
| TOTAL EQUITY AND LIABILITIES | 142.27 | 121.72 | +16.88% |
Cash Flow: Tracking the Money Movement
| Cash Flow Summary Item | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net Cash Generated from Operating Activities | 14.61 | 40.61 | -64.02% |
| Purchase of Property, Plant & Equipment / CWIP (CapEx) | (0.99) | (29.71) | -96.67% |
| Interest Received & Bank Deposits Realised | 0.42 | 0.56 | -25.00% |
| Net Cash Used in Investing Activities | (0.58) | (29.15) | -98.01% |
| Changes in Borrowings / Repayment | (0.77) | (9.76) | -92.11% |
| Finance Costs Paid | (0.21) | (0.28) | -25.00% |
| Dividends Paid | 0.00 | (0.13) | -100.00% |
| Net Cash Used in Financing Activities | (0.97) | (10.17) | -90.46% |
| Net Increase in Cash and Cash Equivalents | 13.06 | 1.29 | +912.40% |
| Cash and Cash Equivalents at Beginning of Year | 1.35 | 0.06 | +2150.00% |
| Cash and Cash Equivalents at End of Year | 14.41 | 1.35 | +967.41% |
Funding the Future: CapEx, CWIP & R&D Spending
Capital Work-in-Progress (CWIP) totalled ₹56.54 Crores as of March 31, 2026, of which ₹55.55 Crores is allocated to the supply, installation, and commissioning of the Lithium-ion battery manufacturing plant at the Vasai complex. The project is contracted through related-party entity Electroforce (India) Private Limited. Management targets plant commissioning by March 2027.
No direct Research and Development expenditure was capitalised or charged separately to the P&L account during FY 2025-26.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
| Entity Name | Relationship | Country | % Shareholding | Total Assets (₹ in Crores) | Turnover (₹ in Crores) | Profit / (Loss) After Tax (₹ in Crores) |
|---|---|---|---|---|---|---|
| Artemis Opto Electronic Technologies Private Limited | Subsidiary | India | 99.99% | 3.30 | NIL | (0.15) |
Strategic Investments & Treasury Holdings
Artemis Electricals holds 11,600 shares in Mature Trading and Investments Private Limited. This non-marketable equity instrument secures rights to occupy and use office space at Bandra Kurla Complex (BKC), Mumbai.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Mr. Deepak Kumar | Chairman | 09292428 | Non-Executive – Non-Independent Director |
| Mr. Shivkumar Chhangur Singh | Whole-Time Director & CFO | 07203370 | Executive Director |
| Mr. Saideep Shantaram Bagale | Director | 07196456 | Non-Executive – Non-Independent Director |
| Mr. Sachin Anant Nivalkar | Director | 07775553 | Non-Executive – Non-Independent Director |
| Mr. Dharmendra Kumar Jain | Director | 07064211 | Non-Executive – Independent Director |
| Ms. Dhruti Harsh Satia | Director (Appointed April 20, 2026) | 11670095 | Non-Executive – Independent Director |
| Ms. Sonal Jain | Company Secretary & Compliance Officer | – | Key Managerial Personnel |
Note: Ms. Priyanka Yadav resigned as Independent Director on April 03, 2026; Mr. Krishnakumar Laxman Bangera completed his 2nd tenure on November 30, 2025.
Who Owns the Stock? Shareholding Pattern
| Shareholder Category | Number of Shareholders | Total Shares Held | % Shareholding |
|---|---|---|---|
| Promoter & Promoter Group | 6 | 18,18,80,419 | 72.45% |
| Public Retail & Non-Institutions | 18,800 | 6,91,56,481 | 27.55% |
| Institutional Investors / Mutual Funds / FPIs | 0 | 0 | 0.00% |
| Grand Total | 18,806 | 25,10,36,900 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
- Integrated Execution Model: Combining turnkey electrical EPC capabilities with in-house assembly reduces sub-contractor friction and improves project delivery speeds.
- Established Banking & Credit Lines: Secured long-term credit facilities with Federal Bank back project bidding capacity.
- Promoter Capital Support: Stable promoter holding of 72.45% provides continuity in strategic decision-making.
What Could Go Wrong? Key Challenges & Business Risks
- Extreme Customer Concentration: Over 88% of FY 2025-26 revenue was derived from four construction sector customers. Delays in project site handovers or client credit defaults could affect cash flows.
- Substantial Related-Party Dependencies: The supply and commissioning of the ₹55.55 Crore Lithium-ion plant relies on related party Electroforce (India) Private Limited. Statutory auditors noted CARO qualifications regarding audit trail updates and unsecured advances.
- Execution Delay in Battery Manufacturing: Capital is tied up in Capital Work-in-Progress (₹56.54 Crore). Any delay past the March 2027 commissioning target could depress Return on Capital Employed (ROCE).
The Next Chapter: Growth & CapEx Initiatives
Management’s strategic agenda centers on expanding core MEP project bidding across commercial, industrial, healthcare, and urban infrastructure sectors nationwide. Commercial commissioning of the Lithium-ion battery manufacturing plant by March 2027 remains the primary CapEx priority, designed to establish a new growth vector in renewable energy storage systems.
The Verdict: Strategic Outlook & Conclusion
Artemis Electricals and Projects Limited has positioned itself at the intersection of infrastructure EPC and green energy storage. The dual listing on NSE and BSE strengthens access to equity markets. Delivering the Lithium-ion battery plant on schedule by March 2027 and broadening its customer base will be key steps toward long-term earnings diversification.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.artemiselectricals.com/