Electrotherm
Electrotherm (India) Limited is a publicly listed, multi-divisional Indian industrial manufacturer serving steel and foundry, construction, EV, transformer and solar markets with proprietary induction furnace technology, integrated steel and DI pipe production, and EPC/turnkey project execution across 72 countries.
- Company typePublic
- Founded1983
- HeadquartersAhmedabad, India
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What Electrotherm does
Electrotherm (India) Limited is a publicly listed, ISO 9001:2015-certified, multi-divisional Indian industrial manufacturer founded in 1983 and headquartered in Ahmedabad, Gujarat. The company operates five business divisions—Engineering & Technologies, Steel & Pipes, Electric Vehicles (YoBykes), Renewables (Solar), and Transformers/Transmission Line Towers—serving steel and foundry customers, construction and infrastructure projects, individual EV buyers, power utilities, and industrial/commercial solar adopters. Its underlying technology base is rooted in power electronics and metallurgical engineering, with proprietary induction furnace technology spanning 3–80 ton capacity, DiFOC (Industrie 4.0-compliant digital controlled induction furnace) systems, IGBT-based furnace controls, Ladle Refining Furnaces (LRF), DC arc furnaces, AOD converters, and coal-based DRI plants through the SL/RN rotary kiln process.
The company's revenue model is overwhelmingly hardware-driven, combining direct sales of capital equipment (induction furnaces, transformers, foundry and heat-treatment machinery), production and sale of physical goods (TMT bars under the ET TMT brand, ductile iron pipes, YoBykes electric two-wheelers and three-wheelers, solar PV installations), and professional services revenue from EPC/turnkey steel plant projects delivered to customers in over 72 countries. Manufacturing is anchored in integrated facilities at Gandhinagar and Kutch in Gujarat, with 5,500+ employees, 0.7 million tons per annum steel capacity, and 192,000 MT per annum DI pipe capacity. Go-to-market mixes enterprise field sales and EPC/turnkey project execution for industrial customers with a dealer network for EVs and direct supply to construction projects for steel products.
Electrotherm claims 65%+ market share in induction melting equipment used by Indian steelmakers, 8,000+ equipment units supplied globally, and 6,000+ clients, while positioning itself as the only end-to-end steel-making solution provider worldwide. Following financial restructuring—including settlement with 18 of 19 lenders—the company has executed a generational leadership transition in 2024–2025 and continues to launch higher-capacity equipment (26 MW/50 ton induction furnaces in 2023; 60 ton/32 MW project in 2025), indicating a renewed product cadence in its core metallurgical equipment business.
Electrotherm firmographics
Firmographics- Name
- Electrotherm
- Legal name
- Electrotherm (India) Limited
- Website
- https://electrotherm.com
- Company type
- Public
- Founded year
- 1983
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Electrotherm (India) Limited is a publicly listed, multi-divisional Indian industrial manufacturer serving steel and foundry, construction, EV, transformer and solar markets with proprietary induction furnace technology, integrated steel and DI pipe production, and EPC/turnkey project execution across 72 countries.
- Ownership category
- akta.pro rank
Electrotherm industry classification
Industry- Product category
- Industrial Metallurgical Equipment Manufacturing
- NAICS
- Electrical Equipment Manufacturing (3353)
- SIC
- Electrical Industrial Apparatus (3620)
- akta.pro primary industry
- Industrial Power & Energy Electronics Manufacturing Services (UPS, converters, inverters, chargers) (IMAGAGAI)
- akta.pro secondary industry
- EV/Industrial Charging Power Electronics (Chargers, rectifiers, power stages) (IMAGADAF)
Keywords
Where Electrotherm is headquartered
LocationHeadquarters
- HQ city
- Ahmedabad
- HQ country
- India
- HQ region
- Asia
Offices4 records
Markets served
Electrotherm business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Industrial Equipment Manufacturing: Manufacturing and selling industrial metallurgical equipment including induction furnaces, steel plant equipment, foundry equipment, and heat treatment machinery to steel and metal industries globally
- Steel Products: Production and sale of TMT bars, steel products, and ductile iron pipes through the Steel & Pipes division with manufacturing capacity of 0.7 million tons per annum
- Electric Vehicles: Manufacturing and sale of YoBykes brand electric two-wheelers and three-wheelers through dealer network across India with over one lakh happy customers
- Transformers: Design and manufacture of industrial transformers including power and distribution transformers for heavy engineering applications
- Renewable Energy Solutions: Solar PV rooftop and ground-mounted solutions for industrial and commercial sectors through Electrotherm Solar division with 200+ installations across 30+ cities
- Turnkey/EPC Solutions: End-to-end project execution from concept to full commercialization including engineering, procurement, and construction services
Go-to-market motion3 records
Distribution channels4 records
Marketing channels3 records
Electrotherm product offering
Product offeringCore offering
Electrotherm (India) Limited is a multi-divisional industrial manufacturer that designs, produces, and supplies end-to-end steel-making equipment, induction furnaces, steel products (TMT bars and ductile iron pipes), electric two-wheelers and three-wheelers under the YoBykes brand, industrial transformers, and solar PV solutions. The company operates across five core business divisions serving steel mills, foundries, construction companies, infrastructure projects, power utilities, individual mobility buyers, and commercial energy customers in over 72 countries.
Product overview
Electrotherm (India) Limited is a diversified multi-divisional manufacturing company offering industrial solutions across five core business segments. The Engineering & Technologies Division (the company's founding business since 1983) provides end-to-end steel-making equipment including induction furnaces, foundries, and turnkey solutions globally. The Steel & Pipes Division produces ET TMT Bars and Ductile Iron Pipes from its integrated facility in Kutch, Gujarat. The Electric Vehicles Division manufactures YoBykes brand battery-operated two-wheelers, claimed as India's largest selling e-bike brand. The Renewables Division (Electrotherm Solar) provides solar PV solutions, and the Transformer Division produces industrial power transformers. These divisions share common technological foundations in power electronics and metallurgical engineering while serving distinct market segments from infrastructure to clean energy.
Differentiator
Problem solved
Functional benefit
Brands
- YoBykes: Electric vehicle brand under Electrotherm, manufacturing battery-operated two-wheelers and three-wheelers. Known as the largest selling electric vehicle manufacturer in India with over one lakh happy customers.
- ET TMT
- Electrotherm Ductile Iron Pipes
Products and services
- Engineering & Technologies Division (Induction Furnaces and Steel Plant Equipment) Leading designer and manufacturer of steel plant equipment, foundries, induction heating and hardening equipment for heat treatment. Provides end-to-end steel industry solutions and EPC/turnkey solutions to customers in over 72 countries with 7000+ furnaces installed in India and 800+ globally.
- ET TMT Bars Thermo-mechanically treated (TMT) steel bars for construction and critical infrastructure, including BIS-approved epoxy-coated TMT bars. Produced from Western India's first fully integrated manufacturing facility in Kutch, Gujarat, with LRF-refined steel technology for critical infrastructure applications. Capacity of 0.7 million tons per annum.
- Ductile Iron Pipes Centrifugally cast ductile iron pressure pipes with socket and spigot for push-on joints for water and sewage applications. One of the leading manufacturers of DI Pipe in India with capacity of 192,000 MT per annum.
- YoBykes Electric Vehicles Battery-operated two-wheelers (electric scooters and bikes) and three-wheelers marketed under the YoBykes brand. Largest selling electric vehicle manufacturer in India with over one lakh happy customers, distributed through a pan-India dealer network with after-sales service support.
- Electrotherm Solar (Rooftop and Ground-Mounted Solar PV Solutions) Renewable energy division providing solar PV rooftop and ground-mounted solutions to industrial and commercial sectors. Over 200 installations across 30+ cities in India.
- Electrotherm Industrial Transformers ISO 9001:2015 certified industrial transformers designed for application engineering with efficient harmonic and noise control for power and distribution systems. Includes products such as the 132 kV, 65 MVA Power Transformer.
- Transmission Line Towers Manufacturing division for transmission line tower production established in 2010, serving power transmission infrastructure customers.
Quantifiable outcome
- 65%+ market share in induction melting equipment in Indian steelmaking industry
- +4 more outcomes
Companies that use Electrotherm
Customer profileNamed customers1 record
Segments5 records
Ideal customer profiles5 records
Electrotherm technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature12 records
Electrotherm partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor.
- Saint-GobainminorElectrotherm sold its ductile pipe business to Saint-Gobain in 2011
- GrasimminorElectrotherm tied up with Grasim for coal extraction activities
- ImmodominorElectrotherm-Immodo JV was exploring solar-wind joint projects in future
Scale indicators13 records
Recent moves12 records
Expansion highlights5 records
Electrotherm competitors and assessment
Company assessmentBroad incumbents
- Bharat Heavy Electricals Limited (BHEL): India's largest power equipment OEM covering turbines, transformers, switchgear, and industrial machinery. Comparable to Electrotherm's transformer and industrial equipment lines in scope and customer base, although operating at much larger scale across multiple segments.
- Danieli: Italian global OEM of steelmaking equipment, plants, and turnkey solutions covering EAF, continuous casting, rolling, and finishing. Directly comparable to Electrotherm's Engineering & Technologies EPC franchise in technology and customer profile, though much larger and broader in scope.
Emerging players
- Ather Energy: Indian electric two-wheeler manufacturer with a premium positioning, competing head-to-head with YoBykes in the Indian battery-operated scooter market. Useful as a comparable for product roadmap, dealer density, and battery technology benchmarks in the Indian EV2W segment.
- Thermax Limited: Indian industrial energy and environmental solutions provider with comparable industrial boilers, heating, and EPC capabilities. Overlaps with Electrotherm in industrial equipment, energy efficiency, and environmental/air pollution control systems, particularly for the steel and process industries.
Direct peers
- Kalyani Steels Limited: Indian integrated steel and alloy steel producer with captive steel-making using electric arc and induction furnace routes. Comparable to Electrotherm's Steel & Pipes division in product mix (special steels, automotive steels) and in-house metallurgical equipment consumption profile.
- Electrosteel Castings Limited: India's largest ductile iron pipe manufacturer, overlapping directly with Electrotherm's DI Pipes division (192,000 MTPA capacity) in the same water and sewage infrastructure market, with comparable raw material exposure and BIS-spec product profile.
- Inductotherm Group: Global leader in induction melting and heating equipment, directly competing with Electrotherm in the same product category (induction furnaces for steel, foundry, and heat treatment) and serving the same steel-mill and foundry customer base worldwide.
- Skipper Limited: Indian manufacturer of transmission line towers and PVC pipes, directly comparable to Electrotherm's Transmission Line Tower Division and DI Pipes Division with similar product lines, customer base (utilities, EPC contractors), and Indian regulatory exposure.
Regional players
- KEI Industries Limited: Indian manufacturer of power and instrumentation cables, wires, and electrical products. Adjacent to Electrotherm's transformers and power distribution equipment businesses, serving overlapping Indian utilities and industrial customers with complementary electrical infrastructure products.
- Suzlon Energy: Indian wind turbine OEM and renewable energy EPC player, comparable to Electrotherm's Solar division in the Indian renewable energy EPC market with similar industrial customer base and project execution profile.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Electrotherm social profiles
Digital presenceElectrotherm compliance and trust
Trust signalCompliance1 record
Electrotherm financial estimates
Financial estimateRevenue estimate
Valuation estimate
Electrotherm leadership team
Management profileNumber of profiles
Profiles8 records
Electrotherm funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Electrotherm M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Electrotherm
What does Electrotherm do?
Electrotherm (India) Limited is a multi-divisional industrial manufacturer that designs, produces, and supplies end-to-end steel-making equipment, induction furnaces, steel products (TMT bars and ductile iron pipes), electric two-wheelers and three-wheelers under the YoBykes brand, industrial transformers, and solar PV solutions. The company operates across five core business divisions serving steel mills, foundries, construction companies, infrastructure projects, power utilities, individual mobility buyers, and commercial energy customers in over 72 countries.
Is Electrotherm a public or private company?
Electrotherm is a public company. It is classified as public and is currently operating.
When was Electrotherm founded?
Electrotherm was founded in 1983. It employs 1,001 to 5,000 people.
Where is Electrotherm based?
Electrotherm is headquartered in Ahmedabad, India, in the Asia region.
How does Electrotherm make money?
Six revenue lines are on record. Industrial Equipment Manufacturing is the primary driver. The others are steel Products, electric Vehicles, transformers, renewable Energy Solutions and turnkey/EPC Solutions.
Who are Electrotherm's main competitors?
Broad incumbents on record are Bharat Heavy Electricals Limited (BHEL) and Danieli. Emerging players are Ather Energy and Thermax Limited. Direct peers are Kalyani Steels Limited, Electrosteel Castings Limited, Inductotherm Group and Skipper Limited. Regional players are KEI Industries Limited and Suzlon Energy.
Does Electrotherm have an API?
No public API is recorded for Electrotherm.
What industry is Electrotherm in?
Electrotherm's product category is Industrial Metallurgical Equipment Manufacturing. Its primary akta.pro industry code is IMAGAGAI, Industrial Power & Energy Electronics Manufacturing Services (UPS, converters, inverters, chargers), with a secondary code of IMAGADAF, EV/Industrial Charging Power Electronics (Chargers, rectifiers, power stages). Its NAICS code is 3353 and its SIC code is 3620.