CHAMUNDA
Chamunda Electrical financials
- Market cap
- ₹47 Cr
- Sector
- Services
- Calls analysed
- 1
CHAMUNDA Q4 FY25
What went well
- Revenue of ₹25 crores in FY25, up 25% YoY from ₹20 crores in FY24.
- PAT margin improved to 13.27% in FY25 from 11.5% in FY24.
- IPO oversubscribed 738 times, raising ₹14.6 crores.
What to watch
- Analyst concern regarding margin sustainability given lower margins (4% EBITDA) in FY22, which management attributed to solar depreciation.
What Chamunda Electrical Ltd does
Chamunda Electrical operates in three verticals: operation, maintenance, testing and commissioning of electrical substations up to 66 kV (with testing/commissioning up to 220 kV); erection of Extra High Voltage (EHV) class equipment; and generation from a solar power park under a long-term power purchase agreement. Its principal customer is Gujarat Energy Transmission Corporation Limited (GETCO) along with other government transmission utilities, and it also has an O&M contract with DNH DD Power Corporation Limited in Dadra and Nagar Haveli. The company is also building out a NABL-accredited testing lab to offer in-house/third-party equipment testing and certification services.
Segments
- Operation, Maintenance, Testing and Commissioning of Electrical Sub-stations
- EHV class equipment erection and commissioning of sub-stations
- Solar power generation
- Substations under O&M contracts
- 77 (plus LoA secured for 53 additional sites)
- Employees
- 600+
- Maximum voltage class handled
- up to 220 kV (EHV erection/testing); O&M up to 66 kV
- Installed solar power capacity
- 1.7 MW (1.2 MW operational + 0.5 MW newly approved)
- Solar power purchase agreement tenor
- 25 years, with Uttar Gujarat Vij Company Ltd (UGVCL)
- States of operation
- 2 (Gujarat; Dadra and Nagar Haveli)
Guidance record · Q4 FY25
what the last two calls moved 10 tracked 0 delivered 0 missed 10 open- Order Book Execution (Year 1) open said Q4 FY25 Promised: first year we are expecting around INR20 crores execution. Q4 FY25: Guidance initiated for ₹20 crores execution from the ₹64 crores order book.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 43.1%, net profit up 8.6% against the same quarter last year.
| Line item | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 11 | 10 | 15 | 17 | 15 +43% |
| EBITDA | 2 | 1 | 4 | 3 | 2 −6% |
| Net profit | 1 | 1 | 3 | 2 | 1 +9% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −5.2% 1Y
1Y: ₹43.55 on 10 Sept 2025 → ₹41.3. High ₹56.5 (24 Nov 2025), low ₹38.65 (30 Mar 2026).
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹2 Cr | ₹1 Cr | ₹1 Cr | ₹4 Cr | ₹16 Cr | ₹18 Cr |
| Borrowings | ₹1 Cr | ₹5 Cr | ₹4 Cr | ₹5 Cr | ₹0 Cr | ₹3 Cr |
| Other liabilities | ₹4 Cr | ₹1 Cr | ₹2 Cr | ₹1 Cr | ₹3 Cr | ₹3 Cr |
| Total liabilities | ₹8 Cr | ₹9 Cr | ₹9 Cr | ₹12 Cr | ₹31 Cr | ₹34 Cr |
| Fixed assets | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹5 Cr | ₹5 Cr | ₹4 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹5 Cr |
| Investments | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹2 Cr | ₹4 Cr | ₹5 Cr | ₹7 Cr | ₹24 Cr | ₹25 Cr |
| Total assets | ₹8 Cr | ₹9 Cr | ₹9 Cr | ₹12 Cr | ₹31 Cr | ₹34 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, the public added +9.54 pp while DIIs trimmed −6.22 pp. The shareholder count grew 4% to 370.
- Promoters
- 73.5%
- FIIs
- 0.5%
- Public
- 26.0%
Since Mar 2025
- Public +9.54 pp
- DIIs −6.22 pp
- FIIs −5.26 pp
How it drifted, 3 quarters
Over this window the public went from 16.4% to 26.0% — +9.5 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 71.6%, FIIs 5.7%, DIIs 6.2%, Public 16.4%.Sep '25: Promoters 73.0%, FIIs 1.0%, DIIs 1.0%, Public 25.0%.Mar '26: Promoters 73.5%, FIIs 0.5%, Public 26.0%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Purnikaben Chiragbhai Patel +0.67 pp 6.67% held
- Natvarbhai Karshanbhai Rathod +0.62 pp 16.62% held
- Chiragkumar Natvarlal Patel +0.46 pp 39.46% held
- Babubhai Karsanbhai Patel +0.27 pp 0.27% held
- Europlus One Reality Private Limited +0.16 pp 3.16% held
- Concord Restaurant & Banquet newly disclosed 0.00% held
- Royal Dine Restaurant newly disclosed 0.00% held
- Dinner Post Restaurant newly disclosed 0.00% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Chamunda Electrical Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Chiragkumar Natvarlal Patel | 39.46% | +0.46 pp |
| Natvarbhai Karshanbhai Rathod | 16.62% | +0.62 pp |
| Shantaben Natvarbhai Rathod | 9.80% | −0.20 pp |
| Purnikaben Chiragbhai Patel | 6.67% | +0.67 pp |
| Europlus One Reality Private Limited | 3.16% | +0.16 pp |
| Zeel Chiragkumar Patel | 0.72% | −0.28 pp |
| Babubhai Karsanbhai Patel | 0.27% | +0.27 pp |
| Kantilal Amthadas Patel | 0.00% | unchanged |
| Biral Natvarlal Patel | 0.00% | unchanged |
| Maniben Kantilal Patel | 0.00% | unchanged |
| Jitendrakumar Kantilal Patel | 0.00% | unchanged |
| Dipika Paresh Patel | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -7.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Chamunda Electrical Ltd
Guides on how to read this kind of business and the numbers that matter.