Rulka Electricals Limited (REL), a prominent integrated electrical services company based in Mumbai, has kicked off the new year with a triumphant announcement—securing multiple work orders totaling Rs. 16 crore from renowned companies across India. The contracts, encompassing electrical and firefighting works, span diverse states, including Maharashtra, Gujarat, Haryana, Tamil Nadu, and Andhra Pradesh.
REL, a leading turnkey project contractor, offers an extensive array of services ranging from electrical solutions, firefighting systems, solar EPC contracts, turnkey electrical warehousing projects, to electric commercial and industrial services. The company has also made a mark in maintenance services, electrical contracting, and data and voice cabling installations across various sectors, including industrial, commercial, retail, and theaters.
Mr. Rupesh Laxman Kasavkar, the Chairman and Managing Director of Rulka Electricals Limited, expressed his delight, saying, “We are delighted to begin the new year with a string of new work orders that demonstrate our commitment to the quality of our work. We have been successful in retaining most of the clients, reflecting the great reputation we enjoy in the market. Furthermore, we are looking to scale up our business by venturing into different sectors in new markets, both international and domestic. We firmly believe that our experienced team of professionals combined with improved operational efficiency will help us propel into the next phase of our growth journey.”
The company’s success in securing these new contracts is a testament to its established reputation in the market and its ability to meet the evolving needs of its clients.
In addition to these achievements, Rulka Electricals Limited is gearing up for its next significant milestone—an Initial Public Offering (IPO). The company plans to raise capital through the IPO to fuel its growth opportunities, both in domestic and international markets. The decision aligns with the company’s vision, as stated in the Draft Red Herring Prospectus (DRHP) filed last month, outlining its expansion plans and capital requirements.
The DRHP mentioned, “To cater to the growing demand from our existing customers and to meet the requirements of new customers, we intend to ramp up the scale of our operations by way of increasing the number of projects as well as the average size of the projects. To cater to the growing demand of customers, we need additional working capital to ensure the smooth running of our operations.”
The proceeds from the IPO will be utilized to meet working capital requirements, general corporate purposes, and offer expenses. Beeline Capital Advisors has been appointed as the bookrunning lead manager for the issue, overseeing the strategic aspects of the IPO.
Rulka Electricals Limited is the brainchild of the entrepreneurial duo, Rupesh Laxman Kasavkar and Nitin Indrakumar Aher, both possessing over two decades of rich experience in the electrical domain. In the first half of the financial year ending September 30, 2023, the company posted a total revenue and profit after tax (PAT) of Rs. 36.44 crore and Rs. 3.05 crore, respectively. In the financial year 2022–23, REL achieved a total income of Rs. 46.89 crore, compared to Rs. 36.27 crore in FY2021-22. The company’s profit after tax (PAT) also witnessed a substantial increase, reaching Rs. 2.80 crore in FY2022-23, up from Rs. 1.12 crore in FY2021-22.
As Rulka Electricals sets the stage for its IPO and navigates a path of growth, the company’s commitment to excellence and innovation in the electrical services sector remains unwavering, promising a bright future in the industry.
