Susan Electricals India Limited
1. Overview
Susan Electricals India Limited (SEIL), incorporated in 2007, is a Ghaziabad-based manufacturer of aluminium and copper-based electrical winding wires, conductors and cables. The Company operates within the Indian Wires & Cables industry, which serves transmission and distribution networks, industrial facilities, residential electrification, telecommunications and renewable-energy evacuation systems.
The Company manufactures Low Tension (LT) cables, High Tension (HT) cables, Medium Voltage Covered Conductor (MVCC) cables, winding aluminium and copper wires & strips, and aluminium conductors. Manufacturing is undertaken at three in-house facilities at Ghaziabad, Uttar Pradesh, with an aggregate installed capacity of 3,307.50 tonnes per annum of winding wires/strips and 7,500 km per annum of HT, LT and MVCC cables..
The Company holds BIS certifications across eight product categories and ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications, supporting its participation in tender-based procurement by DISCOMs across India.
2. Business Model and Revenue Streams
The Company operates a B2B tender-and-purchase order driven model, with revenue concentrated among institutional customers. The business is structured around two primary channels:
- Government channel (DISCOMs): Supply through tender-based procurement processes against rate contracts and project-wise drawdowns
- Private sector channel: Supply to EPC contractors, infrastructure developers and other wires/cables segment players through purchase orders on mutually agreed commercial terms
Customer Mix by Type (% of Revenue from Operations)
| Particulars | 2025-26 | 2024-25 | 2023-24 |
|---|---|---|---|
| Government entities | 35.78% | 49.40% | 90.55% |
| Private entities | 64.22% | 50.60% | 9.45% |
| Grand Total | 100.00% | 100.00% | 100.00% |
Sharp shift toward private sector in FY26 (64.22% vs 9.45% in FY24) reflects the recent commencement of LT and HT cable manufacturing and onboarding of EPC and infrastructure customers.
Customer Concentration
Revenue from top 10 customers accounted for 63.68%, 95.94% and 98.00% of Revenue from Operations in FY 2025-26, FY 2024-25 and FY 2023-24 respectively. While the top-10 concentration has moderated, the absolute level remains material and is a key dependency risk.
Geographic Revenue Mix (FY 2025-26, ₹ in lakhs)
| State | % of Total |
|---|---|
| Uttar Pradesh | 47.04% |
| Delhi | 19.56% |
| Madhya Pradesh | 9.96% |
| Haryana | 6.94% |
| Rajasthan | 4.87% |
| Telangana | 4.84% |
| Karnataka | 2.25% |
| Gujarat | 2.24% |
| Other states/UT | 2.30% |
| Total | 100.00% |
Top 8 states contribute 97.70% of revenue — concentration in northern and central India remains structural.
Repeat Customer Trend
| Metric | 2025-26 | 2024-25 | 2023-24 |
|---|---|---|---|
| Repetitive customers % | 45.09% | 84.87% | 89.47% |
The sharp decline in repetitive customer share in FY26 corresponds to the addition of new institutional and private sector clients alongside the LT/HT cable rollout.
3. Products and Service Portfolio
The Company's portfolio is organised into two manufacturing segments — Wires & Conductors and Cables — alongside a trading and job work operation that uses key raw materials (aluminium wires/rods).
Segment I — Wires and Conductors
- Winding Wires and Strips (Aluminium & Copper) — Bare, super-enamelled, Double Paper Covered (DPC) and Multi-Paper Covered (MPC) wires used in transformers, motors, alternators and coils
- Aluminium Conductors — Stranded conductors (ACSR Dog, Rabbit, Panther; AAAC) for overhead distribution networks
Segment II — Cables
- Low Tension (LT) Cables — PVC and XLPE insulated, single-core and multi-core, armoured and un-armoured; including Aerial Bunched (AB) cables for overhead distribution
- High Tension (HT) Cables — Manufacturing commenced in FY 2025-26; supplied at specified voltage grades
- Medium Voltage Covered Conductor (MVCC) Cables — Aluminium/alloy conductors with insulation/protective covering for 6–33 kV overhead networks
Product-wise Revenue Bifurcation
| Particulars | % | % | % |
|---|---|---|---|
| Manufacturing — Cables | |||
| Low Tension Cable | 29.53% | 54.76% | 12.67% |
| High Tension Cable | 1.41% | – | – |
| Manufacturing — Wires/Conductors | |||
| Winding Aluminium Wire/Strip | 17.36% | 27.06% | 50.35% |
| Aluminium Wire/Rod | 1.69% | – | – |
| Winding Copper Wire/Strip | 0.86% | – | 1.45% |
| Conductor | 1.73% | 0.02% | 0.27% |
| MVCC | 7.12% | – | – |
| Total Manufacturing Products | 59.71% | 81.84% | 64.76% |
| Total Traded Products | 38.38% | 14.38% | 30.24% |
| Services | 0.54% | 1.90% | 2.68% |
| Other Operating Revenue | 1.37% | 1.88% | 2.32% |
| Total Revenue from Operations | 100.00% | 100.00% | 100.00% |
Installed Capacity
| Product Category | Installed Capacity (per annum) |
|---|---|
| Winding Aluminium/Copper Wires & Strips | 3,307.50 Tonnes |
| HT, LT and MVCC Cables | 7,500 Km |
Post the proposed CCV Line installation at Plot No. 18/31, cable capacity at that facility is expected to rise from ~1,500 km p.a. to ~6,000 km p.a.
Quality Certifications
- BIS Licences across 8 product standards (IS 1554, IS 14255, IS 398, IS 7098, IS 694)
- ISO 9001:2015 (Quality), ISO 14001:2015 (Environmental), ISO 45001:2018 (Occupational Health & Safety)
4. Key Business Strengths
- Multi-state DISCOM vendor approvals: Active vendor registrations across Jharkhand, Gujarat, Uttar Pradesh, Bihar (South and North), Madhya Pradesh, Andhra Pradesh and Rajasthan enable direct and EPC-led tender participation; alignment with the RDSS scheme (~₹2.81 lakh crore sanctioned across 46 DISCOMs in 28 States/UTs) provides multi-year demand visibility.
- Integrated three-unit in-house manufacturing footprint at Ghaziabad: Two facilities at Site-IV, Sahibabad Industrial Area and one at SSGT Road, equipped for wires, conductors and cables — supported by BIS-certified product portfolio across IS 1554, IS 14255, IS 398 and IS 7098 standards.
- Recently expanded into HT cables and MVCC: Manufacturing commenced in FY 2025-26, allowing participation in higher-voltage grade tenders that previously fell outside the product portfolio.
- Diversified geographic reach within India: Supplies across 14 states and 1 UT in FY26, reducing regional demand concentration relative to prior years.
5. Future Growth Strategy
- Capacity expansion at Plot No. 18/31, Sahibabad: Installation of a 6–33 kV Triple Layer Continuous Catenary Vulcanization (CCV) Line and rigid stranding machine, with new shed and civil works. Project cost estimated at ₹10.80Cr, funded ₹10.29 Cr from Offer proceeds and balance from internal accruals. Cable capacity at this unit expected to scale from ~1,500 km to ~6,000 km per annum.
- Compliance with state-utility CCV-curing requirements: Installation of CCV Line addresses procurement specifications mandated by certain state utilities (including Maharashtra), unlocking eligibility for previously inaccessible cable tenders.
- Geographic broadening into Tamil Nadu, Kerala, Uttarakhand and Gujarat: Strategy to expand from the current core markets of UP, Delhi, MP, Telangana, Haryana, Rajasthan and Karnataka, leveraging tender participation and EPC-contractor relationships.
- Continued focus on BIS and customer technical compliance: Strategy to retain DISCOM eligibility and tender qualification through ongoing adherence to product specifications and quality inspection norms.
- Riding sectoral tailwinds: Indian Wires & Cables Market projected to grow from USD 10.32 billion (2025E) to USD 22.35 billion (2035P) at a CAGR of 8.02%, supported by RDSS, Saubhagya 2.0, feeder separation, substation augmentation and renewable-energy evacuation programmes (Source: Infomerics Report).
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