Madhav Copper

What Madhav Copper does

Madhav Copper Limited (NSE: MCL) is an Indian public copper-products manufacturer incorporated in 2012, with commercial production since 2013 and NSE listing since February 2017. The company operates four ISO 9001:2015 / ISO 14001:2015 / ISO 45001:2018 certified manufacturing facilities in Bhavnagar, Gujarat, with a combined installed capacity expanded to 4,800 metric tons in 2018, and runs regional sales offices in Ahmedabad and Coimbatore.

The company manufactures a diversified portfolio of 14 copper product categories — continuous-cast copper rod (from 100% LME Grade A cathode, ≥99.99% Cu, ≥101% IACS conductivity, <10 ppm oxygen), busbars/strips/rods, tin-plated busbars, silver-bearing copper alloys, copper profiles, fabricated busbar components, copper earth rods, copper anodes (Cu-DHP, Cu-OF, Cu-ETP ≥99.90%), enamelled round winding wires (thermal classes 130B–200C), paper-insulated, fiberglass/daglas-insulated, and Kapton polyimide-insulated conductors, submersible polywrap winding wires, and delivery spools. Production relies on PLC-controlled automated enamelling, extrusion, insulating tapping, and busbar straightening lines, supported by in-house Spectrometer, Oxygen Analyzer (maintaining <5 ppm), Dielectric Dissipation Factor, and torsion testing to enforce dimensional tolerances below ±1%.

Madhav Copper generates revenue through B2B hardware sales of copper products to industrial OEM customers — primarily pump and motor manufacturers, transformer/generator manufacturers, and switchgear/panel makers — with named customers spanning V-Guard Industries, Texmo Industries, Prima Pumps, Pluga Pumps (Franklin Electric USA), P.M. Diesel (Fieldmarshal Group), TMEIC Power Electronics, Indian Railways, and the Bureau of Indian Standards. The GTM is direct enterprise sales with regional sales offices handling inbound inquiries. FY 2025-26 sales of Rs 234.20 crore grew 87.86% YoY though net profit of Rs 4.49 crore declined 4.26% YoY, indicating top-line-led growth with margin pressure. The company is part of the diversified Madhav Group and has a 66.34% promoter holding.

Name

Madhav Copper

Legal name

Madhav Copper Limited

Website

https://madhavcopper.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Madhav Copper Limited is a Gujarat-based, NSE-listed manufacturer of industrial copper products — busbars, enamelled and paper/Kapton-insulated winding wires, continuous-cast copper rod, and fabricated components — serving pump/motor OEMs, transformer/generator manufacturers, switchgear makers, railways, and electroplating customers across India.

Ownership category

akta.pro rank

Product category

Copper Products Manufacturing

NAICS

Copper Rolling, Drawing, Extruding, and Alloying (331420)

SIC

Electronic Components & Accessories (3670)

akta.pro industry

PRIMARYIMAKADAG

Copper Anode/Cathode Production & Handling

Industrials, Manufacturing & Construction/Metals & Mining/Copper Mining & Smelting/Refining

Keywords

• Copper busbars manufacturing
• Copper wire products
• Electrical conductor manufacturing
• Enamelled winding wires
• Copper rod production

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Copper Product Manufacturing and Sales: Madhav Copper manufactures and sells copper products including busbars, strips, rods, enamelled wires, insulated conductors, and fabricated copper components to industrial manufacturers in electrical, power generation, and infrastructure sectors. Revenue is generated through product sales with sales of Rs 234.20 crore in FY 2025-26.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Madhav Copper manufactures a comprehensive range of copper electrical products including copper busbars, strips, rods, tin-plated busbars, silver-bearing copper alloys, copper profiles, fabricated copper components, copper earth rods, copper anodes, continuous cast copper rods, and various insulated winding wires (enamelled, paper-insulated, fiberglass, Kapton polyimide, and submersible winding wires). Products are made from high-conductivity electrolytic tough pitch (ETP) and oxygen-free copper (OFC) grades with electrical conductivity of approximately 101% IACS, serving industrial manufacturers in pumps, motors, transformers, switchgears, generators, and electrical infrastructure.

Product overview

Madhav Copper operates as a diversified copper product manufacturer offering a comprehensive portfolio of electrical copper solutions. The product portfolio consists of 14 distinct product categories including Copper Busbars/Strips/Rods, Tin Plated Copper Bus Bars, Silver Bearing Copper Alloys, Copper Profiles, Fabricated Copper Products, Copper Earth Rods, Copper Anodes, Continuous Cast Copper Rod, Enamelled Copper Round Winding Wire, Paper Insulated Copper Conductor, Fiberglass/Daglas Covered Copper Conductor, Kapton Polyimide Covered Copper Conductor, Submersible Winding Wires, and Delivery Spools. The products are manufactured using high purity copper (99.997% ETP and OFC grade) with electrical conductivity reaching ≥101% IACS, serving critical applications in pumps, motors, transformers, generators, panel boards, switchgears, and electrical power generation/transmission/distribution systems.

Differentiator

Problem solved

Functional benefit

Products and services

• Copper Bus Bars, Strips and Rods

Quantifiable outcome

• Copper conductivity of approximately 101% IACS (exceeds standard 100% IACS requirement)
• +2 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Precision Wires India Limited: Indian manufacturer of enamelled copper winding wires and conductors for motors, transformers, and electrical equipment. Highly comparable to Madhav Copper's enamelled wire and insulated conductor product lines and overlapping customer base in pumps and motors.
• Ram Ratna Wires Limited: Listed Indian manufacturer of copper and enameled winding wires, serving transformer, motor, and electrical equipment OEMs. Closely mirrors Madhav Copper's product portfolio in winding wires and paper/fiberglass insulated conductors.
• Bhagyanagar India Limited: Indian copper products manufacturer producing copper rods, strips, busbars, and wires for electrical and electronic applications. Direct comparable in scale, product mix (busbars, rods, conductors), and end-market focus.
• Wanrong Copper India: Indian copper conductor and busbar manufacturer serving switchgear, transformer, and electrical equipment OEMs. Comparable in product mix (busbars, conductors, enamelled wires) and Indian mid-market positioning.
• Superb Industries Limited: Indian copper and brass products manufacturer producing copper strips, foils, and busbars for electrical and industrial applications. Comparable in scale, product mix (strips, busbars), and Indian manufacturing footprint.

Broad incumbents

• Hindalco Industries (Birla Copper): Aditya Birla Group's flagship metals company operating India's largest copper smelter at Dahej and producing continuous cast copper rods, busbars, and downstream products. Overlaps with Madhav Copper in rods, busbars, and downstream conductors but at vastly larger integrated scale.
• Vedanta Limited (Sterlite Copper): Vedanta's copper business (formerly Sterlite) operates India's other large integrated copper smelter and downstream rod/cable products. Competes with Madhav Copper as a vertically integrated incumbent with significant scale advantages in cathode supply and rod production.
• Nexans India: Indian arm of global cable and copper conductor manufacturer producing wires, cables, and busbars for infrastructure, energy, and industrial customers. Broad incumbent competing with Madhav Copper in copper conductor supply for power and industrial applications.

Regional players

• Paramount Communications Limited: Indian manufacturer of power cables, conductors, and copper-based wiring products. Comparable end markets (utilities, infrastructure, industrial) and copper conductor technology, though focused on cables rather than bare/semi-finished copper products.

Emerging players

• Salzer Electronics Limited: Indian manufacturer of cam-operated rotary switches, transformers, and wire harnesses using copper conductors. Adjacent participant in the Indian copper conductor supply chain with overlapping customer base in switchgear and transformer OEMs.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CopperMadhav
• LinkedInlinkedin.com/company/madhav-copper-limited

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Madhav Copper