Promax

What Promax does

Promax Power Limited, founded in 2004 and headquartered in Chandigarh/Mohali, India, is an Engineering, Procurement, and Construction (EPC) company publicly listed on the Bombay Stock Exchange (IPO ID 2442). The company delivers turnkey infrastructure projects across power transmission and distribution, EHV substations up to 400/220/132 kV, transmission lines, solar PV, civil construction, pre-engineered buildings, sewerage and water treatment plants. Service execution is supported by in-house design engineering (including EHV cable system design up to 400 kV) and PCC pole manufacturing at Rajpura, Punjab. The company is ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified and holds approved-vendor status with Power Grid Corporation of India and multiple state electricity boards.

The business operates an enterprise field-sales motion through competitive bidding on government and private tenders, securing contracts via Letters of Award (LoA) from utilities such as HESCOM and IOCL. Historical milestones include the 2007 first 400 kV project, 2008 NHPC orders, 2010 Karcham Wangtoo 1000 MW Hydro installation work, and the 2026 HESCOM 6 MW solar award under a Build-Own-Operate (BOO)/RESCO model expected to generate Rs 70-75 crore over 25 years. Marquee clients and partners include Power Grid Corporation, Siemens, ABB, Alstom, Crompton Greaves, Suzlon, EMCO, BSES, IVRCL, IOCL, and NHPC. The company employs approximately 45 people across six offices in major Indian cities and claims project experience in hilly regions (North-East India, Chhattisgarh, Odisha, J&K) and internationally in Africa, the Middle East, and SAARC countries.

Revenue mechanics are split between one-time EPC project contracts (typically Rs 1 crore to over Rs 70 crore in value) and the longer-duration managed-services-style BOO/RESCO solar model. Distribution is entirely domestic-tender driven, with project delivery complemented by direct sales of PCC poles to utilities and contractors. Equity share capital has grown from Rs 4.40 crore in FY 2020-21 to Rs 25 crore in FY 2024-25, reflecting public-market participation on BSE. The CEO and founder, Vishal Bhardwaj, leads a team under a Head of Department with 35+ years of multinational EPC experience, anchoring the company's techno-commercial positioning.

Name

Promax

Legal name

Promax Power Limited

Website

https://promax.co.in

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Promax Power Limited, founded 2004 in India, is a BSE-listed EPC firm delivering turnkey power infrastructure — substations up to 400 kV, transmission lines, solar projects, civil construction, and water infrastructure — to state utilities, central power sector entities, and industrial clients.

Ownership category

akta.pro rank

Product category

Power Infrastructure EPC Services

NAICS

Power and Communication Line and Related Structures Construction (237130), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Transmission line EPC & construction (overhead) (EUADAKAA)

akta.pro secondary industries

Substation EPC & construction (AIS/GIS, greenfield/brownfield) (EUADAKAC), Grid Interconnection & Collector Substation EPC (Utility-Scale Renewables) (EUAEABAK), Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

Keywords

• EPC services
• Power transmission infrastructure
• Substation construction
• Solar project development
• Civil construction services

Headquarters

HQ city

Mohali

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. EPC Project Contracts: Revenue generated from engineering, procurement, and construction contracts for power infrastructure including substations, transmission lines, solar projects, and civil construction. Projects are typically awarded through competitive bidding and Letters of Award from utilities and government entities.
2. Build-Own-Operate (BOO) Model: Company develops and operates solar power projects under BOO/RESCO model, generating revenue over the project lifecycle (e.g., 25-year project generating Rs 70-75 crore)

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Promax Power Limited is an Engineering, Procurement and Construction (EPC) company delivering turnkey power infrastructure projects on a contract basis. Core scope covers EHV substations and switchyards up to 400KV, overhead transmission lines up to 220KV, power transmission and distribution including electrification, solar PV project development under EPC and BOO/RESCO models, and ancillary civil, pre-engineered building, and water/sewerage treatment plant construction. Projects are executed through in-house design, procurement, erection, testing and commissioning teams, supported by approvals from Power Grid Corporation of India, state utilities, and past enterprise clients including Siemens, ABB, Alstom and Crompton Greaves.

Product overview

Promax is an Engineering, Procurement and Construction (EPC) company offering turnkey project services primarily to the power sector. The company operates as a single unified offering platform providing integrated services across power transmission, distribution, substations, transmission lines, solar projects, civil construction, and water infrastructure. The core portfolio consists of Power Transmission & Distribution, Substation Projects (up to 400/220/132kV), Transmission Line construction, Solar Project EPC, Civil Construction, Pre-Engineered Buildings, Sewerage Treatment Plants, and Water Treatment Plants. Supporting services include Design & Engineering, Pre-Bid Engineering, and PCC Poles Manufacturing. All services are delivered through the company's in-house capabilities with over 20 years of project management and execution experience.

Differentiator

Problem solved

Functional benefit

Products and services

• EHV Substation Projects (Up to 400/220/132kV) Turnkey EPC execution of EHV substations and switchyards up to 400KV, covering design, detailed engineering, supply, erection, testing and commissioning for indoor and outdoor electrical works, transformers, switchyards and control panels. Targeted at state electricity boards, utilities and enterprise power sector clients.
• Transmission Line Construction Construction and laying of Extra High Tension and High Tension overhead transmission lines up to 220KV, with demonstrated 200+ Kms experience in 220KV and 132KV corridors for power utilities and state electricity boards.
• Power Transmission & Distribution Complete electrification services for high-rise buildings, industrial houses, hotels, multiplexes and commercial complexes, including 110 KV installations, low voltage distribution panels, control panel design and build, and lighting installations.
• Solar Project EPC End-to-end engineering, procurement and construction services for solar PV power projects from initial design stage through start-up, including basic and detailed engineering, technical due diligence, plant equipment selection, and optional Build-Own-Operate/RESCO project delivery.
• Civil Construction Construction of high-rise residential buildings, commercial buildings, shopping malls, sports complexes, universities, and private/government office complexes using modern technology and landscaping techniques for industrial and commercial real-estate clients.
• Pre-Engineered Buildings Pre-Engineered Buildings (PEB) engineered at factory and assembled at site using steel structures with built-up sections fabricated to exact size and bolted connections, serving industrial buildings, warehouses, and metro stations.
• Sewerage Treatment Plant Construction Civil construction work for water projects including sludge collectors, pumping stations, mixing chambers, and storage and distribution systems with quality civil work suited for chemical-compound usage and environmental return.
• Water Treatment Plant Construction Water treatment processes that improve water quality for specific end uses including drinking, industrial water supply, irrigation, and environmental return for municipal, industrial, and irrigation clients.
• Design & Engineering Services In-house design services for EHV cable systems up to 400kV including route surveys, structural designs, load calculations, seismic and wind load analysis, and cable-laying equipment services, sold as a supporting engineering service for EPC project execution.
• Pre-Bid Engineering Services Tendering assistance for procurement of orders through bidding assistance, review of RFQ/RFP documents, and analysis of technical requirements for project submissions, supporting clients' bid preparation process.
• PCC Poles Manufacturing Manufacturing of Prestressed Cement Concrete (PCC) poles in various specifications including 8.0 meters/200 kg, 8.5 meters/250 kg, and 9.0 meters/200-400 kg for power distribution sold directly to utilities and contractors from the Rajpura facility in Punjab.

Quantifiable outcome

• 200+ Kms transmission line experience
• +2 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Tata Projects: Large diversified EPC arm of the Tata Group executing transmission, substations, solar and civil infrastructure — competes for the same high-value tenders as Promax but with significantly greater capital, manpower and balance-sheet strength.
• Adani Energy Solutions: Vertically integrated power T&D and renewables arm of the Adani Group operating transmission assets, substations and solar generation — represents both a competitive threat (large-tender EPC) and a potential customer/partner for smaller EPC firms like Promax.
• Larsen & Toubro (L&T) Construction: India's largest EPC conglomerate with a power T&D and renewables division covering substations up to 765 KV and utility-scale solar — represents the upper bound of competitive intensity that Promax faces on large tenders.
• Bajaj Electricals (EPC Division): Diversified EPC player executing power transmission, substation and illumination projects for state utilities and central PSUs — competes with Promax on tenders while operating a much larger consumer-products business.

Direct peers

• Kalpataru Power Transmission: Listed EPC player with core business in EHV transmission lines, substations and oil & gas pipelines — competes with Promax on identical tenders from PGCIL and state electricity boards, and also offers a BOO/solar asset ownership overlay.
• KEC International: One of India's largest transmission line, substation and cable EPC companies with extensive 765/400 KV execution track record — directly comparable to Promax on product scope, customer base (PGCIL, state utilities) and EPC delivery model, though at vastly larger scale.
• Skipper Limited: Mid-sized listed EPC and polymer products company with significant transmission line and monopole/tower EPC business — closely comparable scale and customer profile to Promax, and a useful benchmark for order book and margin trends.
• Sterling and Wilson Renewable Energy: Solar EPC specialist with utility-scale PV execution capability and BOO/project development experience — directly relevant comparable for Promax's solar EPC and emerging BOO/RESCO pivot.
• Transrail Lighting: Listed EPC firm specializing in transmission lines, substations and monopoles with PGCIL as a key customer — direct competitor on EHV transmission EPC tenders with comparable scale to Promax.

Emerging players

• PJ Projects (previously Praj Industries EPC arm and similar mid-tier EPC firms): Small-to-mid cap listed EPC firm executing electrical, civil and solar projects for Indian utilities — comparable to Promax on scale, customer profile and growth stage, useful as a direct peer benchmark.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

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Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Promax