Aplab - Aplab

📊 BSE: 517096 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

The company's total operating income grew by 36.65% YoY, reaching INR 68.76 Cr in FY25 compared to INR 50.32 Cr in FY24. Segment-specific growth percentages for Test and Measurement (T&M), Power Conversion (PCC), UPS systems (PE), and Banking Automation (BA) were not individually disclosed in the provided documents.

Geographic Revenue Split

Not disclosed in available documents; however, the company operates primarily out of Navi Mumbai and Thane, Maharashtra.

Profitability Margins

Profitability showed a significant decline; Net Profit Margin (PAT/OI) dropped from 1.60% in FY24 to 0.40% in FY25. Gross and operating trends were pressured by a shift to negative operating profitability.

EBITDA Margin

The OPBDITA margin collapsed from a positive 10.60% in FY24 to a negative -4.20% in FY25, indicating that core operating costs exceeded operating income during the period.

Capital Expenditure

The company increased its Authorized Capital from INR 23.00 Cr to INR 30.00 Cr as of March 25, 2025, to facilitate capital restructuring and potential expansion. Specific INR Cr spend on physical assets was not detailed.

Credit Rating & Borrowing

The company is classified under the 'Issuer Not Cooperating' category by ICRA as of 2025 due to non-provision of information. This status typically leads to higher borrowing costs and restricted access to capital markets.

⚙️ Operational Drivers

Raw Materials

Electronic components, semiconductors, and copper-based parts for power conversion and UPS systems. Specific percentage of total cost for each was not disclosed.

Capacity Expansion

Current capacity is not specified in units; however, the company is diversifying into the Solar Power Equipments business to capture renewable energy demand.

Raw Material Costs

Not explicitly disclosed as a percentage of revenue, but the negative OPBDITA of -4.20% suggests high input or manufacturing costs relative to the INR 68.76 Cr revenue.

Manufacturing Efficiency

Negative operating margins suggest low manufacturing efficiency or under-utilization of capacity relative to fixed overheads.

📈 Strategic Growth

Expected Growth Rate

36.65%

Growth Strategy

Growth is targeted through the diversification into Solar Power Equipments and the restructuring of capital, including the conversion of 0.1% Compulsorily Convertible Preference Shares (CCPS) to Redeemable Preference Shares (RPS) to manage the balance sheet.

Products & Services

Test and Measurement Instruments (T&M), Power Conversion & Controls (PCC), UPS systems, Banking and Retail Automation (BA), Cable Fault Locating Instruments (CFS), and Solar Power Equipments.

Brand Portfolio

Aplab, Applied Electronics Limited (formerly).

New Products/Services

Solar Power Equipments; expected revenue contribution percentage not disclosed.

Market Expansion

The company is focusing on the renewable energy sector (Solar) and maintaining its presence in banking automation.

Strategic Alliances

Zee Entertainment Enterprises Limited holds a 26% stake in the company since the year 2000.

🌍 External Factors

Industry Trends

The industry is shifting toward renewable energy and digital banking automation. Aplab is positioning itself by diversifying into Solar Power Equipments to align with India's green energy transition, though it faces stiff competition from larger electronics manufacturers.

Competitive Landscape

Competes with both domestic and international manufacturers in the UPS and Test & Measurement segments.

Competitive Moat

The company possesses a legacy moat through its long-standing brand (since 1962) and technical expertise in niche areas like Cable Fault Locating. However, this moat is weakened by current financial instability and negative operating cash flows.

Macro Economic Sensitivity

High sensitivity to industrial CAPEX cycles and government spending in banking and power sectors.

Consumer Behavior

Increased demand for automated banking kiosks and renewable energy solutions.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (LODR) and Companies Act 2013. The company has faced challenges in timely remittance of Provident Fund and ESIC contributions.

Legal Contingencies

The company has pending litigations as of March 31, 2025, disclosed in Note 33 of the financial statements. Specific INR values for these cases were not provided in the summary.

⚠️ Risk Analysis

Key Uncertainties

Liquidity risk is the primary uncertainty, with a 67.5% decline in PAT and negative operating margins threatening the ability to meet short-term obligations.