Rajkot-headquartered electrical consumer durables and agricultural equipment manufacturer, Silver Consumer Electricals has filed draft papers with the Securities and Exchange Board of India (SEBI), setting the stage for one of the most closely-watched public listings in India’s manufacturing sector this year.
Silver Consumer Electricals IPO will aggregate up to INR 1,400 crore, comprising:
- Fresh Issue: Equity shares worth up to INR 1,000 crore
- Offer for Sale (OFS): Equity shares worth up to INR 400 crore by promoter Vinit Dharamshibhai Bediya
The company intends to deploy INR 900 crore from the net proceeds towards debt repayment — INR 865 crore for the parent entity and INR 35 crore for subsidiary BAPL — with the remainder allocated for general corporate purposes.
Silver Consumer Electricals IPO Details
- Promoters:
- Vinit Dharamshibhai Bediya – Chairman & Managing Director
- Vidhi Vinit Bediya
- Key Shareholders (>1% pre-offer):
- Vinit Dharamshibhai Bediya (48.99%)
- Arpit Khandelwal (26.79%)
- Dharamshibhai Mohanbhai Bediya (7.86%)
- Mahima Stocks Pvt Ltd (2.42%)
- Nirmal Kumar Agarwal (2.08%)
- Krunal Pandya (1.10%), among others.
- Book Running Lead Managers (BRLMs): Motilal Oswal Investment Advisors, ICICI Securities, JM Financial, Choice Capital Advisors
- Registrar: MUFG Intime India
Business Overview: From a Small Workshop to a National Powerhouse
Origins: Founded in 1981 as a partnership firm “Silver Engineering Co.” by Dharamshibhai Mohanbhai Bediya and Gokalbhai Purshottambhai Patel, the company began by assembling pumps and motors. Over four decades, it evolved into a diversified manufacturer, converting into a private limited company in May 2021 and a public limited company in January 2025.
Core Operations:
Silver today is one of India’s vertically integrated and capacity-rich manufacturers of:
- Pumps & Motors (including solar pumps & controllers)
- Fans (BLDC, ceiling, TPW, exhaust)
- Lighting products
- Agricultural equipment
- Other consumer electrical durables
Its Rajkot facility is the largest single-location plant for ECD and agricultural equipment in India, covering 1,38,821 sq. meters, with 977 machines including 36 robots, 172 CNC machines, and advanced automated testing.
Installed Annual Capacity (FY25):
- Pumps & Motors – 24 lakh units
- Fans – 72 lakh units
- Lighting – 2.19 crore units
- Agricultural equipment – 72,000 units
The company manufactures key components in-house — from plastic mouldings to LED chips — minimizing external dependencies, controlling quality, and improving margins.
Two-Pronged Business Model
- Own Brands:
- Silver and Bediya brands, marketed across India
- Revenue share in FY25: 71.84%
- Distribution: 102 distributors & 5,616 dealers
- Brand ambassador: Cricketer Hardik Pandya
- OEM Manufacturing:
- Supplies to top-tier OEMs such as Crompton Greaves Consumer Electricals and Finolex Cables
- FY25 OEM revenue: INR 444.60 crore
This dual strategy mitigates cyclical risks and provides both high-margin branded sales and high-volume OEM contracts.
Financial Performance: Blistering Growth
| Particulars | FY23 | FY24 | FY25 | CAGR (FY23–FY25) |
|---|---|---|---|---|
| Revenue from operations | 416.48 | 878.92 | 1,586.38 | 95.17% |
| EBITDA | 46.71 | 88.17 | 161.51 | 85.94% |
| PAT | 19.71 | 28.24 | 47.69 | 55.54% |
| EBITDA Margin | 11.10% | 9.87% | 10.02% | — |
| PAT Margin | 4.68% | 3.16% | 2.96% | — |
Revenue has nearly quadrupled in two years, driven by capacity expansion and diversification. Margins remain in the 3–10% range, reflecting the capital-intensive nature and competitive pricing in the sector.
Product Portfolio Deep Dive
- Pumps: Self-priming, submersible, centrifugal, mono set, waste-water; one of India’s largest in residential & solar pump capacity.
- Induction Motors: IE2 & IE3 certified, single & three-phase, serving industrial to agricultural needs.
- Solar Solutions: AC/DC submersible & surface pumps, PMSM motors, rooftop controllers; entering solar panel manufacturing with 1.6 GW planned capacity.
- Agricultural Equipment: Entered in FY24; land preparation, seeding, crop care, harvesting, threshing, and smart farming tools.
- Fans: BLDC, ceiling, TPW, exhaust; energy-efficient models a growth driver.
- Lighting & Other Consumer Durables: Broad SKUs catering to residential, commercial, and agricultural sectors.
Market Opportunity
Silver operates in sectors poised for growth:
- Pumps: INR 38,052 crore (FY25) → INR 59,192 crore (FY30) at 9.24% CAGR
- FMEG (Fans, Lighting, Switchgear): INR 91,738 crore (FY25) → INR 1,41,534 crore (FY30)
- Agricultural Equipment: INR 1,04,582 crore (FY25) → INR 1,74,325 crore (FY30) at 10.76% CAGR
- ODM (Fans, ACs, Coolers): INR 10,668 crore (FY25) → INR 22,022 crore (FY30) at 15.6% CAGR
Strategic Growth Drivers
- Category Expansion: Solar panels, TPW fans, LED chips, coolers, geysers.
- Export Push: Entering US market; scaling presence in existing geographies.
- Cost Leadership: Large-scale manufacturing, backward integration, fungible lines.
- Inorganic Growth: Acquisitions in complementary categories.
- Channel Expansion: Modern trade, e-commerce, loyalty programs (e.g., “Saarthi”).
Risks & Watchpoints
- Thin PAT margins — execution discipline needed post-IPO.
- Capital-intensive expansion could pressure free cash flows.
- Dependence on a few large OEM customers (top 5 = 55% of FY25 revenue).
- Highly competitive and price-sensitive markets.
Final Words
Silver Consumer Electricals combines scale, speed, and diversification like few in its category. With industry-leading capacity, a fast-growing brand presence, and a balanced OEM/own-brand mix, it is well-positioned to ride India’s consumer durables and agricultural mechanization wave. Silver Consumer Electricals IPO offers investors exposure to a manufacturing story with aggressive growth ambitions.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.