About Vivid Electromech
Founded in 1990, Vivid Electromech manufactures low-voltage (LV) and medium-voltage (MV) electrical panels and automation systems. It provides engineering, design, fabrication, assembly, testing and commissioning, with product applications in data centres, metro and rail, renewable energy and industrial manufacturing. The company operates a 34,000 sq. ft. plant in Navi Mumbai and a 12,000 sq. ft. assembly unit in Pune; installed capacity was 7,500 verticals per year, with ~87% utilisation in FY26. Its OEM relationships include ABB, Siemens, Schneider Electric and Hitachi.
Investment Rationale
- Capacity expansion: The planned Ambernath greenfield facility adds 15,000 verticals annually: 14,300 LV and 700 MV. Once Phase 1 is complete, total capacity is expected to reach 22,500 verticals per year; Phase 1 operations are expected by the end of August 2026, with full commercialisation by Oct’26.
- Siemens partnership: The Mechtech Infrasolutions acquisition allows Vivid to operate as an Authorized SIEPAN 8PU Licensed Partner for Siemens. Management targets Mechtech revenue of INR 25–30 Crore by the end of FY27, from INR 2 Cr. in FY26.
- Data-centre mix: Data Centre & Tech contributed ~50% of FY26 revenue, up from ~16% in FY23; revenue grew from INR ~9.5 Cr. to INR 100 Cr. The company serves 6 of the top 10 hyperscalers in India and is targeting the remaining 4 within 3–6 months.
- Order book: The INR 221 Cr. outstanding order book as of June 2026 was executable over 2–9 months. Average data-centre order size was INR 20–25 Cr.
- Recent growth: Q1FY27 revenue was INR 32.68 Cr., compared with INR 24.05 Cr. in Q1FY26, representing ~36% Y-o-Y growth.
Vivid Electromech Key Financials
| Particulars | FY24(A) | FY25(A) | FY26(A) | FY27E | FY28E |
|---|---|---|---|---|---|
| Operating Revenue | 88.9 | 155.3 | 200.1 | 300.0 | 405 |
| EBITDA (excl. other income) | 7.2 | 28.4 | 45.2 | 67.8 | 93.2 |
| PAT | 4.3 | 20.2 | 31.6 | 45.0 | 60.3 |
| EBITDA % | 8.08% | 18.28% | 22.59% | 22.60% | 23.00% |
| PAT % | 4.78% | 13.00% | 15.72% | 15.0% | 14.9% |
Management guided for FY27 revenue exceeding INR 300 Crores and said it planned to maintain corresponding margins. The table presents the report’s estimates for FY27E and FY28E.
Valuation and Target Price
The valuation is based on 25x FY28 PAT. The report estimates FY28 PAT of ~INR 60 Cr. and gives a target price of INR 1696/-, implying upside of ~30% from the current price. No explicit stock rating is stated in the report.
- INR 1304.45/-
- CMP
- INR 1696/-
- Target price
- ~30%
- Upside
Key Risks
- OEM concentration: ABB India accounted for 64.5% of total revenue in FY26.
- Customer concentration: The top 10 customers represented 69.90% of FY25 sales; the largest customer represented 30.01% of sales by Sep-2025.
- Staffing constraint: Recruiting and training specialised technical staff is identified as the primary bottleneck to fully utilising new capacity.
- Competition: Increasing commoditisation and competition in solar and renewables has prompted portfolio recalibration.
- Raw materials: Macroeconomic shifts can affect input costs. The report says 80%–85% of these costs are hedged through back-to-back OEM pricing and copper variation clauses.
Industry Outlook
The report identifies data-centre infrastructure as a demand driver for LV/MV switchgear and related solutions. India’s installed data-centre capacity was 1.9 GW in FY26, with a 4.5 GW development pipeline over the next 5 years.
| Metric | Value |
|---|---|
| India installed DC capacity, FY26 | 1.9 GW |
| India DC development pipeline (next 5 years) | 4.5 GW |
| India DC capacity, FY30P / FY35P | 7.0–7.5 GW / 16–18 GW |
| Capacity added in FY26 alone | 500 MW (of 1,900MW total) |
| Total DC construction value-chain TAM | $30bn by FY30 / $90bn by FY35 |
Source: KPMG Report
Management
- Sameer Vishvanath Attavar: Chairman & Managing Director; on the Board since September 2000, with over 25 years of experience in the electrical and engineering solutions industry.
- Meeta Sameer Attavar: Whole-Time Director responsible for human resources strategy and talent development; has approximately 19 years of professional experience, including over 15 years in HR and Administration at the company.
Peer Context
The report names Shivalic Power Control Ltd. and Marine Electricals Ltd. as peers from the RHP. It notes that Shivalic’s EBITDA and PAT margins have compressed, while Marine Electricals had an INR 1,254 Cr. order book as of 31-Mar’26, diversified across marine and industrial verticals.
Our View
Vivid’s data-centre business, order book and planned Ambernath capacity are central to the growth case set out in the report. The expansion depends in part on execution and access to skilled staff, while revenue concentration with ABB and a concentrated customer base remain key risks. The report’s valuation gives a target price of INR 1696/- but does not state an explicit stock rating.