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19 Nov 2024
H. M. Electro Mech Limited ("HMEML") has submitted its Draft Red Herring Prospectus ("DRHP") with BSE SME on June 28, 2024. Established in 2003 as a partnership named 'M/s H.M. Engineers', it later converted into a public limited company under the name "H. M. Electro Mech Limited.
Initially focusing on infra projects related to water supply schemes involving pumping machinery and accessories for water and wastewater, the company has since diversified into electrification projects for Indian Railways, nationalized banks, and municipal corporations. HMEML plans to raise funds through an Initial Public Offering (IPO) of up to 37,00,000 equity shares with a face value of Rs.10 each.
The issue's book running lead manager is Beeline Capital Advisors Private Limited, and the registrar is Cameo Corporate Services Limited.
Recently, HMEML has ventured into EPC (Engineering, Procurement, and Construction) projects, involving tasks like laying cross-country pipelines and civil works for water supply projects, including constructing water treatment plants and pump houses. They collaborate with other companies for EPC projects, handling civil work as part of these collaborations.
The company also sells products like pumps, pipes, transformers, motors, and other electronic accessories. HMEML is ISO 9001:2015 certified and an approved electrical contractor in Class 'A' and Class 'AA' categories in Gujarat and Rajasthan. Since 2018, HMEML has completed 12 projects worth Rs 11,629.86 lakhs and is currently working on 30 ongoing projects worth Rs 38,541.23 lakhs.
Key clients include state and central governments, municipal corporations, the banking sector, and educational institutions. The company is headquartered in Gujarat, generating 80% of its revenue from the state, and has expanded its presence to Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Punjab, and Chandigarh. Promoters of the company include Dipak Padmakant Pandya, Mahendra Ramabhai Patel, Varsha Mahendra Patel, and Mita Dipak Pandya.
HMEML has demonstrated robust financial growth, with revenue increasing from Rs 4,696.89 lakhs in FY 2021 to Rs 7,526.67 lakhs by December 2023. Profit margins have also improved, with gross profit margins at 16.42% and EBITDA margins at 10.65%.
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