Promax Power Share price and Fundamental Analysis

Company History

The Company was originally incorporated as 'Promax Power Private Limited' on August 21, 2017 vide Certificate of Incorporation under the provisions of Sub-section (2) of Section 7 of the Companies Act, 2013 issued by Registrar of Companies. Subsequently, the Company got converted into Public Limited Company vide a fresh Certificate of Incorporation issued by Registrar of Companies, Chandigarh, consequent upon conversion from Private Limited to Public Company dated April 20, 2021 in the name of 'Promax Power Limited'.

The Company is an ISO 14001:2015 and ISO 45001:2018 certified organization engaged in the business of execution of Engineering Procurement Construction (EPC- Power & Solar) for electrification, civil infrastructure projects such as Industrial buildings and Turnkey execution projects such as water transmission and distribution work. It is committed to provide quality work to customers that meets the project standards and specifications for materials, workmanship, tolerances, schedules and public service while maintaining profitability and competitiveness. The Company operate from different location across Punjab, West Bengal, Delhi and Karnataka.

The Company main source of work in Power Transmission & Distribution tend to be complete electrification of high rise buildings, industrial houses, hotels multiplexes and the commercial complexes. It undertake electrification works from complete installation to new additions to circuits, from mains distribution (220 KV) to lighting installations.

The Company is engaged into execution of EPC (supply, erection testing and commissioning) of switchyards. It undertake 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 substations and transmission lines. The Company have a very good organizational set up comprising of highly qualified & experienced technical executive and administrative staff for effectively executing different project activities.

The Company have excellent project execution teams in Transmission Line who have expertise in getting all requisite clearances from statutory authorities like Transco, Discoms, Railways, Telecom, etc. The Company have done over 20 Line projects on a EPC Turnkey basis. It has excellent relationships with leading tower parts and conductor manufacturers. In solar power projects, EPC contracts are the most common form of contract used to undertake construction work by private/ government sectors on large and complex solar PV power projects. Under an EPC contract, the Company deliver a complete facility to a developer who needs only 'turn a key' to start operating power plants and thus generate revenue. Civil construction work in sewerage treatment projects requires high technology and skill. STP consists sludge collector, pumping stations, mixing chambers and storage and distribution system, where the quality of civil work is always on priority due usages of various chemical compound.

The Company is constructing high rise residential building, commercial building like shopping mall, sports complex, universities, private offices and government office complex with modern technology and deliver high quality. The work involves the landscaping work to gardens to meet the aesthetic satisfaction of client and customers. Pre-Engineered Buildings (PEB) are the buildings which are engineered at a factory and assembled at site. Usually PEBs are steel structures. Built-up sections are fabricated at the factory to exact size, transported to site and assembled at site with bolted connections. This type of structural concept is generally used to build industrial buildings, metro stations, warehouses etc.

In 2005, the Company bagged first major Order for Rs. 1.05 crores from IOCL, Panipath Refinery. In 2006, 'M/s. Promax Technologies' a sole proprietary firm, was established by Mr. Vishal Bhardwaj, who started the execution of EPC- Power & Solar projects (Engineering, Procurement and Construction) in power sector for Electrification, Power Substations & Transmission line, Power distribution, Hydro, Solar power stations, etc. In 2007, the Company was awarded first 400kv project. In 2008, the Company bagged major orders from NHPC (National Hydroelectric Power Corporation). In 2010, the Company bagged first order for installation work in 1000Mw Karcham Wangtoo Hydro Project. In 2011, the Company bagged order for 220kv work in 243mw Kashang Hydro Project and order for 220kv work in 111mw SawraKuddu Hydro Project. In 2013, the Company bagged order for 132kv project in Pondicherry for PGCIL. In 2015, the Company setup a manufacturing unit in Rajpura. In 2016, the Company opened branch office in Kolkata, West Bengal. The Company bagged Turnkey 132kv and 33kv switchyard projects. In 2017, 'Promax Power Private Limited' was incorporated as a Private Limited Company 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. In 2018, the Company bagged orders for various installation in 30mw Solar Power Projects in Gujarat and installation in 200mw Solar Power Projects in Rewa. In 2020, project management and execution business undertaking of M/s. Promax technologies was taken over by Promax Power Private Limited 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. The Company received ISO certifications and opened branch office in Delhi. In 2021, the Company opened branch office in Bangalore.