Acquisition Overview

Lord’s Mark Industries Limited (LMIL) announced the acquisition of Radio Electric Private Limited (REPL), the company behind the Radiotone brand, under its Lighting & Energy Division. The deal brings a historic engineering and manufacturing business, founded in 1939, into LMIL’s growth platform.

Radio Electric Business Profile

REPL possesses nearly nine decades of engineering heritage and has marketed the Radiotone brand since 1980. The firm specializes in variable autotransformers (Variacs) and toroidal transformers that are manufactured to customer‑specific specifications. Its product range includes three‑phase air‑cooled Variacs up to 1,000 A, three‑phase oil‑cooled Variacs up to 2,000 A, double‑layer Variacs, and single‑phase toroidal transformers from 30 VA to 20 kVA. Additional offerings comprise specialised variable transformers, AC power sources, voltage isolation transformers, variable inductors and chokes.

Technical Capabilities

A key strength is REPL’s specialised design know‑how in a niche segment where reliability is critical. The company pioneered a double‑layer Variac design in 1979‑80, which became widely adopted by servo stabiliser manufacturers. Its high‑current manufacturing capability, especially in three‑phase air‑ and oil‑cooled Variacs, is difficult to replicate quickly. REPL also delivers customised solutions such as an isolated double‑wound variable transformer that combines voltage control and isolation in a single unit.

Customer Base and Export Footprint

REPL serves an established base of approximately 40–50 customers, including blue‑chip industrial names such as Siemens Limited, Hitachi Hi‑Rel Power Electronics Private Limited, Larsen & Toubro Limited, Bharat Bijlee Limited, Aplab Limited, Underwriters Laboratories India Private Limited and Intellux Electronics Private Limited. The company also maintains repeat export customers across seven international markets, covering Europe, the United States, Canada, South Africa, Dubai and the Philippines.

Financial and Operational Profile

The acquisition provides LMIL with a profitable, debt‑free operating business. The existing manufacturing facility is currently operating at roughly 50 % of machine capacity on a single shift, offering significant headroom for capacity expansion without immediate large capital expenditure. Management expects the combined entity to generate revenues running into hundreds of crores in the coming years.

Capacity Upside and Growth Potential

With the current under‑utilised plant, LMIL can increase production through operational efficiencies, the introduction of additional shifts, and a structured sales and marketing strategy. Potential growth avenues include expanding the customer base beyond servo voltage stabiliser manufacturers to test and measurement laboratories, educational institutions, R&D centres, electrical OEMs and utilities. Product development opportunities encompass motorised Variacs, variable AC power sources, test benches, isolation and step‑up/step‑down transformers, digital‑metered Variacs, automatic voltage regulation and line‑conditioning solutions.

Adjacent Market Opportunities

The technical platform acquired enables LMIL to explore higher‑value applications such as customised toroidal and specialised transformers for medical equipment, audio systems, UPS and inverter applications, solar and energy‑storage systems, railways, specialised electronics, as well as inductors and chokes. This aligns with LMIL’s strategic aim to serve the rapidly growing Battery Energy Storage System (BESS) segment and to develop critical components for its medical device business.

Integration and Transition Plan

Operations will continue at the existing facility under the current lease arrangement. The trained technical workforce and vendor ecosystem will remain in place. Mr. Umesh Marathe will act as a consultant for one year to facilitate systematic transfer and documentation of critical design and process knowledge.

Management Commentary

Dr. Sachidanand Upadhyay, Managing Director & CEO of LMIL, stated that Radio Electric represents a rare combination of engineering heritage, specialised technology, customer trust and untapped growth potential. He highlighted that the acquisition provides a strategic edge in the BESS segment, enables in‑house development of critical components, and creates a scalable platform for long‑term value creation.

Strategic Significance

The transaction reflects LMIL’s broader vision of identifying established Indian capabilities, investing in their next phase of growth, and building technology‑led enterprises that can serve larger domestic and international markets. By combining REPL’s technical heritage and manufacturing capacity with LMIL’s growth orientation, the company aims to transform the business from a specialised transformer maker into a broader electrical engineering and power‑control solutions platform.