OUR BUSINESS
Our Company was incorporated on April 21, 2006 We are among the leading manufacturers in the solar tracking and mounting products sector in India with an annual installed capacity of 16 gigawatts (“GW”) of module mounting assembly (“Module Mounting Assembly”) and 6 GW of rolled products (“Rolled Products”), as of March 31, 2024.
We manufacture a wide range of solar tracking and mounting products which comprise (i) Module Mounting Assembly.(ii) Rolled Products, which are used in utility scale and ground mounted solar power projects (Module Mounting Assembly and Rolled Products, together the “Solar Business”).
- Renewable
- Automotive
- CNC & Fabrication
- Furniture
- Lightening
- Clean Room
Our solar tracking and mounting products are used as structural components to install solar photovoltaic (“PV”) modules for solar power projects and provide structural integrity for solar panels to optimize their exposure to sunlight.
We commenced manufacturing Module Mounting Assembly in Fiscal 2018 and diversified into manufacturing torque tubes (“TTU”) in Fiscal 2022 and torque tube assemblies (“TTA”) recently during the first quarter of Fiscal 2025.
We have established ourselves as a leading manufacturer of solar tracking and module products with capability to manufacture a wide range of stock-keeping units (“SKUs”). As of March 31, 2024.
we offered 72 SKUs within our Solar Business which includes 56 SKUs of Module Mounting Assembly and 16 SKUs of Rolled Products.
We also manufacture a wide range of (i) components for switchgears; (ii) components for original equipment manufacturers (“OEMs”) in the automotive sector; (iii) lighting solutions; (iv) furniture primarily for large OEMs; and (v) partition panels primarily for pharma, and healthcare sectors (collectively, our “Other Businesses”).
In order to expand our capability into the automotive component manufacturing, we acquired Tapovan Autotech Private Limited (“Tapovan”) in Fiscal 2024, a company engaged in manufacturing of automotive components as its business provided synergies with our existing automotive capability.
We believe that our market leading position, legacy of operations and wide range of products, has enabled us to build a robust customer base and strong relationships across our Solar Business and Other Businesses.
Customers in our Solar Business include engineering, procurement and constructions firms, global tracker solution companies
as well as independent solar power producers.
We have a long-standing relationship with Nextracker LLC (“Nextracker”), the global market leader in solar tracking systems and solutions consistently for the past seven years.
our production capabilities and meet the diverse requirements of our customers across our Solar Business and Other Businesses.
we operate 11 manufacturing facilities in India spread across two states of Maharashtra and Gujarat, as on the date of this Draft Red Herring Prospectus.
our manufacturing operations in India for our Solar Business, we have a manufacturing facility in Ohio in the United States with an installed capacity of 30,000 MT to manufacture Rolled Products, which is expected to commence operations in the fourth quarter of Fiscal 2025.
We have entered into an exclusive general business agreement dated November 1, 2022, with Phoenix Stamping LLC in the United States, valid for a period of 10 years, pursuant to which they are sourcing tools, dies, fixtures, and gauges amongst others from us to
manufacture products for Nextracker.
OBJECTS OF ISSUE
- Funding capital expenditure for the setting up of certain manufacturing facilities undertaken through investment in our wholly owned Subsidiary, PMSS.
- Funding of capital expenditure requirements of our Company towards purchase of machinery / equipment.
- Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company and investment in our wholly owned Subsidiaries, PMSS and Tapovan, for repayment or prepayment in full or in part, of all or a portion of certain outstanding borrowings availed by PMSS and Tapovan.
4. General corporate purposes.
Qualitative Factors
- One of the leading solar tracking and mounting product manufacturer in India well positioned to capitalize on industry tailwinds.
- Wide product offerings across Solar Business and Other Businesses.
- Strong relationships with a wide customer base across Solar Business and Other Businesses.
- Manufacturing facilities with modern technologies and multiple competencies catering to varied requirements.
- Experienced professional management team backed by Promoters with track record of execution capabilities.
- Consistent track record of financial performance.
Pmea Solar Tech Solutions Comparison of Accounting Ratios with Peer Group Companies
- Goodluck India Limited.
- Hi-Tech Pipes Limited.
- APL Apollo Tubes Limited.
