Company Overview

Prostarm Info Systems Ltd. was incorporated in 2008 and is engaged in designing, manufacturing, assembling, sale, service and supply of Energy Storage Equipment and Power Conditioning Equipment. Its manufactured products include UPS system, Inverter system, Lift inverter system, Solar hybrid inverter systems, Lithium-ion battery packs, BESS System, Servo-controlled voltage stabilizers, and Isolation transformers. The company offers both customized and standard products and solutions, manufactured and assembled at in-house facilities and through third party contract manufacturers. In addition to core manufactured products, it provides comprehensive power solutions through sale and supply of third-party power solution products such as batteries, reverse logistics/end-of-life products, and other products including solar panels and allied products.

The company offers System Integration Solutions comprising end-to-end design, supply, deployment, and lifecycle management of enterprise technology infrastructure. It has successfully executed and commissioned rooftop Solar PV Power Plants totaling 10.56 MW at over 100 sites. Value-added services include installation, rental, after-sales services, and Annual Maintenance Contracts (AMC).

Promoters Profile

Ram Agarwal - Promoter, CEO & Whole-Time Director with over 18 years of experience in electrical and electronic control, energy storage, power conditioning and power consumption solutions. Received Engineering Excellence Award for young Entrepreneur in Power Electronics Sector in May 2022. Holds Bachelor of Commerce degree from University of Calcutta.

Sonu Ram Agarwal - Promoter & Senior Management Personnel with over 18 years of experience in finance and business administration. Business Head Servo & Transformer, responsible for day-to-day administrative activities. Holds MBA in Finance from KS School of Business Management, Gujarat University.

Vikas Shyamsunder Agarwal - Promoter & Whole-Time Director with over 18 years of experience in power conditioning and power consumption solutions. Responsible for procurement and inventory management.

Board of Directors

Tapan Ghose - Chairman & Managing Director with over 30 years of experience in electrical and electronic control, energy storage, and power solutions.

Mitali Chatterjee - Non-Executive Independent Director with over 42 years of experience in cybersecurity assurance, GRC, and security management systems.

Bhargav Chatterjee - Non-Executive Independent Director with over 30 years of experience in insurance, accountancy and taxation.

Goutam Paul - Non-Executive Independent Director with over 30 years of experience in project management across mobile banking, payment systems, IT infrastructure.

Ganesh Basant Pansari - Non-Executive Independent Director, CA with over 8 years of experience in statutory, tax, and internal audits.

Shivkumar Madanlal Baser - Non-Executive Independent Director, CA with over 20 years of experience in bank, statutory, concurrent, and stock audits.

Key Senior Managerial Personnel

Abhishek Jain - Chief Financial Officer since October 2020, CA with over 2 decades of experience in accounts, credit analysis, and banking.

Sachin Gupta - Company Secretary and Compliance Officer since August 2024, Fellow Member of ICSI with over 11 years of experience.

Chandan Hemant Chaudhari - Financial Controller since December 1, 2022, qualified CA with over 15 years of experience.

Indrani Banerjee - Chief People Officer with over 30 years of experience in HR management.

Umesh Damodar Ikhe - Vice President Technical with over 17 years of experience in production management and project implementation.

Shilpa Dugar - Chief Sales Officer with over 15 years of experience, associated with company since 2014.

Ajay Satish Rao - Vice President - Operations with over 15 years of experience in operations and project management.

Prateek Srivastava - Business Unit Head with over 21 years of experience in business development and project management.

Manufacturing Units

| Unit | Location | Products | Unit of Measurement | Capacity | Area Covered (Sqft) | Utilization |

| Unit-1 | Pune | UPS system/Isolation transformer/Servo voltage controlled stabilizer | kVA/kW | 55,500 | 16,000 | 45% |

| Unit-2 | Pune | UPS system, Solar hybrid inverter system, Lift inverter system, Inverter system | kVA/kW | 60,000 | 24,000 | 29% |

| Unit-3 | Navi Mumbai - Mahape | Lithium-ion Battery Packs | kWh | 1,00,000 | 7,501 | 16% |

| Unit-4 | Jhajjar, Haryana | Battery Energy Storage System (BESS) | GWH | 1.2 | 34,000 | Q2-FY27 |

| Unit-5 | Bakrol, Gujarat | Uninterruptible Power Supply (UPS) | KVA | 1 to 600 | 46,558 | Q2-FY27 |

Key Strengths

  • Widespread service infrastructure across India enabling timely product delivery, installation, and maintenance
  • Long-standing relationships with various private and government enterprises leading to repeat business and high customer retention
  • Wide range of power solution products and energy storage products addressing varied customer segments
  • AMC contracts and aftersales support creating additional revenue streams and customer loyalty
  • In-house capabilities for designing, engineering and customizing power solution products

Business Segments

Manufactured Power Solution Products

Products include UPS systems (up to 600 kVA), Inverters and Lift Inverters (900 VA to 50 kVA), Solar Hybrid Inverters, Lithium-ion Battery Packs using LiFePO₄ cells with BMS, Servo Controlled Voltage Stabilizers (±1% output with ±50% input fluctuations), Isolation Transformers, and other specialized products. Applications span BFSI, healthcare, education, telecom, railways, engineering, oil & gas, airport, defense sectors.

Battery Energy Storage System (BESS)

Complete EPC services for utility-scale and Commercial & Industrial BESS projects covering design, engineering, procurement, installation, testing, commissioning, and O&M. Upcoming in-house BESS manufacturing facility enhances execution capabilities.

Third Party Power Solution Products & Other Products

Batteries procured from domestic manufacturers, reverse logistics/end-of-life product buy-back, solar panels and allied products including battery racks, interlinks, spares and accessories.

System Integration Solutions

End-to-end design, supply, deployment, and lifecycle management of enterprise technology infrastructure including End User Computing, core hardware, IT asset lifecycle management, surveillance systems, and digital display solutions.

Solar EPC Services

Complete EPC services for solar PV power plants with over 10.56 MW implemented across 100+ sites since 2018. Services include site assessment, system design, equipment procurement, installation, commissioning, and O&M support.

Value Added Services

Rental services for UPS systems and batteries primarily to ATM service providers, and comprehensive after-sales service including in-warranty support (1-5 years), out-of-warranty service, and Annual Maintenance Contracts.

Order Book Status

Order in Hand: ₹10,852 million across 117 projects

  • BESS: ₹8,754 million (₹215 million EPC + ₹8,538 million Developer)
  • Solar EPC Contracts: ₹1,851 million
  • Manufactured Power Solution Products: ₹235 million
  • Third Party Products: ₹9 million
  • Value Added Services: ₹3 million

L1 Status: ₹50 million across 6 projects

  • Manufactured Power Solution Products: ₹50 million (UPS System)

Major Projects Executed

  • Director General of Police, CID Pune: ₹1,345 million - Integrated IT solution systems with UPS
  • Commissionerate of Health Services: ₹959 million - UPS systems
  • West Bengal Medical Services Corporation Ltd: ₹357 million - UPS systems across 4000+ health centers
  • Rajasthan Council Of School Education: ₹183 million - 2MW solar EPC with storage at 134 schools
  • Rajcomp Info Services Ltd.: ₹139 million - Batteries to government offices across Rajasthan
  • Tata Advanced Systems: ₹132 million - UPS systems and solar plants in Jammu and Kashmir
  • Rajasthan Police State Crime Records Bureau: ₹89 million - Battery replacement across police stations
  • Telecommunications Consultants India Limited: ₹84 million - UPS systems for smart classrooms
  • Delhi Metro Rail Corporation Ltd: ₹64 million - UPS systems, transformers, IT assets
  • Larsen & Toubro Limited Construction: ₹57 million - MPPT charge controller supply

Strategic Expansion

  • 1.2 GWh Jhajjar BESS manufacturing facility with commissioning expected by end of H1-FY27
  • Capex of ₹250 million allocated for BESS facility
  • Gujarat UPS manufacturing expansion (1 kVA to 600 kVA) expected operational by Q2-FY27
  • SAP and Salesforce digitization drive nearing completion, operational by end of H1-FY27

Financial Performance Q1-FY27

| Metric | Q1-FY27 | Q1-FY26 | YoY Change | Q4-FY26 | QoQ Change |

| Revenue from Operations | ₹760 Mn | ₹549 Mn | +38.4% | ₹1,045 Mn | -27.3% |

| Total Expenses | ₹695 Mn | ₹509 Mn | +36.5% | ₹936 Mn | -25.7% |

| EBITDA | ₹65 Mn | ₹40 Mn | +62.5% | ₹109 Mn | -40.4% |

| EBITDA Margin | 8.55% | 7.29% | +126 bps | 10.43% | -188 bps |

| PAT | ₹46 Mn | ₹18 Mn | +155.6% | ₹79 Mn | -41.8% |

| PAT Margin | 6.05% | 3.28% | +277 bps | 7.56% | -151 bps |

| Diluted EPS | ₹0.76 | ₹0.41 | +85.4% | ₹1.34 | -43.3% |

Historical Financial Performance

FY24-FY26 Income Statement Highlights:

  • Revenue: ₹2,576 Mn (FY24), ₹3,504 Mn (FY25), ₹3,859 Mn (FY26)
  • EBITDA: ₹352 Mn (FY24), ₹455 Mn (FY25), ₹463 Mn (FY26)
  • EBITDA Margin: 13.65% (FY24), 12.98% (FY25), 12.00% (FY26)
  • PAT: ₹228 Mn (FY24), ₹289 Mn (FY25), ₹330 Mn (FY26)
  • PAT Margin: 8.84% (FY24), 8.24% (FY25), 8.55% (FY26)

Balance Sheet Position (FY26):

  • Total Equity: ₹2,867 Mn
  • Share Capital: ₹589 Mn
  • Total Liabilities: ₹2,507 Mn
  • Total Assets: ₹5,374 Mn
  • Trade Receivables: ₹2,546 Mn
  • Inventories: ₹732 Mn

Capital Market Information

  • CMP: ₹136.75
  • 52 Week H/L: ₹253.00 / ₹114.90
  • Market Cap: ₹8,051.10 Mn
  • Shares Outstanding: 58.87 Mn
  • Average Volume: 1,500,000

Industry Outlook

  • India's power inverter market valued at USD 6 billion in 2024, expected to reach USD 22 billion by 2034 at 15% CAGR
  • Indian UPS market projected to grow at 8-10% CAGR during 2023-28
  • India's BESS market to grow from under 0.2 GW to 66 GW by 2032 with investment potential of ₹5,000 billion
  • BESS market valued at USD 7.8 billion in 2024, projected to reach USD 32 billion by 2030 at 27% CAGR
  • India system integration market estimated at ~USD 14.8 billion (2024), projected to reach ~USD 26.9 billion by 2033

Growth Drivers

  • Rising power reliability issues and voltage fluctuations across India
  • Growth in data centers, healthcare, BFSI, telecom, defense, and critical infrastructure
  • Government incentives including MNRE subsidies, net metering, and PLI for battery manufacturing
  • Push for energy efficiency and sustainability (ESG goals)
  • Rapid rooftop solar adoption in residential and C&I segments
  • Renewable energy integration needs for grid stability
  • Digital transformation initiatives across industries