Electrical Equipment Industry in India

Electrical equipment manufacturing spans components and finished systems used across industry, infrastructure and buildings.

Top electrical equipment companies in India (listed and private)

Frequently asked questions

How large is the electrical equipment industry in India?

1786 electrical equipment companies with statutory filings (94 listed, 1692 private) reported combined revenue of ₹4.24 lakh crore in FY2025, +12.7% on the same companies, and aggregate EBITDA of ₹43,668 crore. As filed each year, combined revenue was ₹1.39 lakh crore in FY2018, reached ₹4.24 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 58 listed companies with an exchange price are worth ₹5.40 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of electrical equipment companies was 10.3% in FY2025, 0.7 pts below FY2024, against a peak of 13.4% in FY2018. The low since the peak was 10.2% in FY2023. Profit after tax margin was 5.4% (−0.1 pts on FY2024). Aggregate EBITDA of listed and private electrical equipment companies moved +60% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹43,668 crore (+9.7% on FY2024).

Which companies are leading the electrical equipment industry?

By FY2025 revenue the largest electrical equipment companies are Tata Electronics (₹66,206 crore, 4.4% EBITDA margin, private); Savex Technologies (₹32,820 crore, 2.3% EBITDA margin, private); Padget Electronics (₹27,958 crore, 2.6% EBITDA margin, private); Polycab (₹22,408 crore, 14.1% EBITDA margin); Havells (₹21,778 crore, 11.2% EBITDA margin). Among the ten largest, Cesc (18.0%) and Polycab (14.1%) earn the widest EBITDA margins and DBG Technology (india) (1.1%) the thinnest. 8 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Supply chain and sourcing carried 1.5% of electrical equipment stories in 2025-06 to 2026-05, up 0.4 pts (+39%) on the prior 12 months; net tone +56 vs +52 for all electrical equipment stories. In buyer searches: Interest in “electrical control panel” runs +11% above an average month in Jul and -9% in Jun (month-of-year index, calendar years 2022–2025); the control panels basket (electrical switches, electrical switchgear, electrical panel board) peaks in Feb.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Electrical Equipment EBITDA grew 60% since FY2022 (Industry financials). 46 private electrical equipment manufacturers pass an IPO-readiness screen (Top electrical equipment companies in India). Supply chain and sourcing is gaining the most ground in electrical equipment news (Electrical Equipment in the news). Median EV/EBITDA is 17.9× and median P/E 29.6× across 58 priced electrical equipment companies. (Market capitalisation & valuation). Interest in “electrical control panel” runs +11% above an average month in Jul and -9% in Jun (month-of-year index, calendar years 2022–2025); the control panels basket (electrical switches, electrical switchgear, electrical panel board) peaks in Feb. (Search & demand signals).

How are electrical equipment stocks valued?

The median trailing P/E is 29.6× and the median EV/EBITDA 17.9× across 58 priced companies.

Which businesses belong to this industry?

The industry covers manufacturers of electrical machinery, components, batteries, lighting, cables and related equipment.

How are companies selected?

Companies are selected through relevant statutory activity codes, with name-based and review controls intended to reduce unrelated matches.

Research information, not investment advice.