Promax Power Ltd

About the Company:

Promax Power Ltd was founded and promoted by Chandigarh based Mr. Vishal Bhardwaj and his wife Mrs. Shweta Bhardwaj in the year 2017 with a motive to take over the business of M/s. Promax Technologies (a sole proprietorship firm of Vishal Bhardwaj) as a going concern basis and to continue the similar and related business activity in the name of the company.

M/s. Promax Technologies was into undertaking of EPC projects (Engineering, Procurement and construction) of Electric substation & Transmission line, Power distribution, Hydro, Solar power stations etc. operating since 2006.

In the year 2020, Promax Power has taken over the Project management and execution business undertaking of M/s. Promax technologies as a going concern on a slump sale “as is where is” basis vide Slump Sale Agreement dated March 31, 2020 at a value of Rs. 1.82 crores.

Till the year 2019, there was no major activity in the company. Our company achieved its major turnover of Rs. 7.76 crore in FY 2019-20 and turnover of Rs. 36.87 crores in FY 2020-21 respectively.

Promax Power Ltd is into the business of Execution of Engineering, Procurement, Construction (EPC – Power & Solar) projects for Electrification, Power Substations, Underground Cabling from 11kV to 220kV.

Promax is an ISO 14001:2015 and ISO 45001:2018 certified organization engaged in the business of engineering procurement construction for electrification, civil infrastructure and water infrastructure management projects.

Company also provides Turnkey execution of Civil Infrastructure projects such as Industrial buildings and Turnkey execution of water infrastructure management projects such as water transmission and distribution work.



Company’s Order Book:

As on March 31, 2021, company has an order book position for execution of around Rs. 109.25 Crores which are at different stages of implementation.


Company’s Business Areas:

Transmission Line:

Promax has over 15 years of experience as sub-contractor and Turnkey contractor in construction and laying of Transmission line including Extra High Tension & High Tension (HT)Transmission Line & Sub Station bays varying up to 220 KV.

Promax has over 200 Kms experience in Transmission Lines of 220 KV and 132 KV.

Company has done over 20 Line projects on EPC Turnkey basis. Company has excellent relationships with leading tower parts and conductor manufacturers.


Power Transmission & Distribution:

Company’s main sources of work tend to be complete electrification of high-rise buildings, industrial houses, hotels, multiplexes and the commercial complexes.

Company undertakes electrification works of all kinds, from complete installation to new additions to circuits, from mains distribution (220 KV) to lighting installations.




Promax is engaged into execution of EPC (supply, erection testing and commissioning) of switchyards for last 15 years.

Company undertakes all types of electrical works like indoor and outdoor lighting, laying of cables, erection of transformers and switchyards up to 220kv, erection of poles, installation of floodlights etc. which also includes design and detailed engineering for EHV sub stations and transmission lines.







Management Team:

  1. Mr. Vishal Bhardwaj (Designation: Managing Director)
  2. Mrs. Shweta Bhardwaj (Designation: Executive Director)





Objectives of the Issue:

Fresh Issue: (Rs.1.6 cr)

  • To meet the working capital requirements of the company
  • To meet the Issue Expenses
  • General Corporate Purposes





Peer Group Comparison:

We believe that none of the listed companies in India offer products or services across the various business segments in which Promax Power Ltd operate. Hence a strict comparison is not possible.


Financials of the Company:

(in Crores) FY 20 FY 21
Revenue 7.7 36.8
Net Profit 0.31 0.17



IPO Details:

Details Info
Issue Opens on 30th September 2021
Issue Closes on:. 4th October 2021
Issue Price Rs.10
Face Value 10
Minimum Lot 10,000
Minimum Investment Rs.1,00,000
Issue Constitutes 26.67%
Issue Size Rs.1.6 cr
Market Cap Rs.6.0 cr
Listing at BSE SME
Equity Shares Offered (Fresh) 16,00,000
Equity Shares Prior to the Issue 44,00,000
Equity Shares after the Issue 60,00,000

Also Read : List of Upcoming IPO’s in India.


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
2.37 4.22 3.65% 11.11


Company Contact Info:
Promax Power Limited
House No: 1575, Ground Floor, Sector – 38B,
Chandigarh – 160038, Union Territory, India
Contact Person: Mr. Vishal Bhardwaj
Contact No: 9023168830
Email ID:


IPO Registrar Info:
“Subramanian Building”, #1, Club House Road,
Chennai – 600 002, India
Telephone: +91-44-40020700, 28460390
Facsimile: +91-44-28460129


Lead Manager to the Issue:
Anandlok”, Block-A, 2nd Floor, Room No. 207,
227 A.J.C Bose Road, Kolkata-700020, West Bengal
Telephone: 033 – 22895101
Investor Grievance Email: