Mr. Abhishek Chopra Whole Time Direct
New Delhi [India], April 6: As India's infrastructure and power sector continues to expand, EPC companies are playing a critical role in enabling this transformation. Safety Controls and Devices Limited has steadily built its presence in the segment, evolving from fire protection systems to executing complex substation projects.
In conversation with ,Mr. Abhishek Chopra,Whole Time Director , Safety Controls and Devices Limited,we explore the company's journey, financial growth, PSU relationships, and how the upcoming IPO will support its next phase of expansion.
Q1. Can you elaborate on Safety Controls & Devices Ltd.’s journey since incorporation in June 2015, particularly how you’ve built expertise in EPC for substations, solar plants, firefighting equipment, and Ayush hospitals?
Our journey began with fire protection systems, which is also where the name ‘Safety Controls' comes from. Over time, we diversified into EPC turnkey solutions, particularly in substations, which has been our core strength since 2004.
We started with small supply and tender jobs and gradually built our technical credentials. Today, we have commissioned over 20 substations and are capable of competing with large industry players. While we've expanded into EV charging infrastructure and Ayush hospital projects, substations continue to remain our primary revenue driver.
Q2. What strategies have enabled your strong associations with government entities, state/central power utilities, and renewable energy developers, which form a significant portion of your customer base?
Long-standing relationships with OEMs have been key to building our credibility. We've worked with for nearly two decades, supporting us in procurement and execution.
We've also collaborated with and . Consistent delivery of complex projects has helped us build strong trust with central PSUs like NTPC and Power Grid, which now form a major part of our order book.
Q3. With profit after tax growing from ₹0.43 crore in FY23 to ₹8.52 crore as of Jan 2026, alongside improving EBITDA margins up to 24.04%, what key factors drove this financial trajectory? ROE has also risen to 21.17% recently, reflecting efficient capital use.
A key driver has been our strategic shift towards central PSUs. Compared to state utilities, these contracts offer better payment terms, price variation clauses, and lower retention percentages.
This improves liquidity and allows us to operate more efficiently, which has directly contributed to higher EBITDA margins and improved return on equity.
Q4. How will the ₹48 crore fresh issue proceeds—primarily ₹31.50 crore for working capital and ₹6 crore for debt repayment—position the company for expansion into utility-scale solar and EV charging stations?
Working capital is a critical requirement in the EPC business. While we are eligible to bid for large-scale projects, execution depends heavily on available capital.
With a strong order book of around ₹600 crore, the IPO proceeds will help us strengthen our working capital, enabling us to take on larger projects. It will also support our expansion into solar and EV charging infrastructure alongside our core substation business.
Q5. Among your competitive strengths like technical expertise, OEM relationships, skilled workforce, and ISO 9001:2015 certification, which do you see as most critical for sustaining growth in the EPC sector?
Our relationships with OEMs are the backbone of our operations. These partnerships play a crucial role in both execution and procurement.
At the same time, our experienced workforce—many of whom have been with us for over a decade—ensures consistency and quality in project delivery. Together, these factors form our core strength.
Q6. Post-IPO, with promoter holding diluting to 46.40% and a market cap of ₹158.62 crore at the upper price band of ₹80, what are your plans to leverage operating 19 substations and diversified offerings for future projects?
We are in a strong position with a growing order book and improving revenues. Going forward, our focus will be on geographical expansion and diversifying our client base while staying within our core expertise.
Maintaining a strong order pipeline and executing high-quality projects will remain key to our growth strategy.
With a growing order book, strong PSU relationships, and improving financial performance, is well-positioned for its next phase of growth. As the company moves ahead with its IPO, its focus on strengthening working capital and expanding into emerging sectors like solar and EV infrastructure is expected to drive long-term value.
With a strong order book, improving financials, and deep-rooted industry relationships, Safety Controls and Devices Limited is positioning itself for its next phase of growth. As it prepares for its IPO, the company's focus on strengthening working capital and expanding into emerging sectors could play a key role in its future trajectory.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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