C&S Electric Ltd
Delhi-headquartered maker of low-voltage switchgear, switchboards, busducts and power-distribution products, 99.22% owned by Siemens Limited since 2021 and growing revenue past ₹1,700 Cr with a near-₹200 Cr profit.
Market cap
₹1,950 Cr
1.00 Cr shares
P/E ratio
9.85
Sector average 60
Book value
₹840.00
P/B 2.32
1-year return
+0.00%
52w ₹1,850 – ₹1,950
Currently 100% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹1,950 → ₹1,950
52-week band in this window: ₹1,950.00 – ₹1,950.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- 99.22% owned by Siemens Limited since March 2021 (deal value about ₹2,100 Cr); only 0.78% free float.
- Year to September 2024: turnover ₹1,701.9 Cr (+13%), PAT ₹197.9 Cr (+62%); FY2023 ₹1,503.6 Cr and ₹121.8 Cr (Siemens directors' report).
- UnlistedZone ₹1,950 (Sep 2025; range ₹1,850–₹1,950, lot 100) vs wwipl ₹1,070; implied market cap about ₹1,950 Cr on an assumed 1.0 Cr shares — share count unverified.
- India's largest home-grown LV switchgear and busduct brand, plants in Noida, Haridwar and Himachal Pradesh; incorporated 1971, RoC Delhi.
About C&S Electric
C&S Electric Limited designs and manufactures electrical power-distribution and protection equipment for the low-voltage end of the grid: moulded-case and air circuit breakers, contactors and motor starters, switch-disconnectors and fuse gear, LV switchboards and panels, busbar trunking (busducts), power and energy meters, lighting and automation components, and allied protection and metering products. Its customers are panel builders, EPC contractors, utilities, real-estate and industrial projects, data centres and OEMs across India, with exports to the Middle East, Africa and South-East Asia. The group, started by the Khanna family as Controls & Switchgear in 1966 and incorporated as a company on 15 June 1971, grew into one of India's largest home-grown switchgear brands with plants in Noida, Haridwar and Himachal Pradesh.
Ownership changed in 2021. Siemens Limited, the listed Indian arm of Siemens AG, agreed in January 2020 to buy the business and completed the acquisition of a 99.22% stake in March 2021 for a consideration of about ₹2,100 Cr, folding C&S into its Smart Infrastructure portfolio as a value-segment brand alongside Siemens' own premium range. The remaining 0.78% stayed with the founding family and other individual holders, which is the free float that trades in the unlisted market. C&S continues to operate as a separate legal entity with its own plants, sales network and brand, reporting to Siemens Limited on an October–September financial year.
Results have improved sharply under Siemens. Siemens Limited's directors' report records C&S turnover of ₹1,503.6 Cr and profit after tax of ₹121.8 Cr for the year ended 30 September 2023, rising to turnover of ₹1,701.9 Cr (up 13%) and profit after tax of ₹197.9 Cr (up 62%) for the year ended 30 September 2024 — a net margin of about 11.6%. FY25 (year to September 2025) figures have not been separately published in the sources found; Siemens Limited's own FY25 releases do not break the subsidiary out. The company is understood to be essentially debt-free with a growing net worth, but its balance sheet has not been published and the balance-sheet lines in this profile are estimates.
The dealer market quotes the residual float thinly. UnlistedZone's indicative price is ₹1,950 a share (as of 27 September 2025, 52-week range ₹1,850–₹1,950, lot 100); wwipl last traded at ₹1,070 (lifetime high on 7 November 2024, up from a lifetime low of ₹400 in April 2022). The number of shares outstanding is not published by the dealer pages found; this profile assumes 1.0 Cr shares of ₹10 so that the ₹1,950 rate implies a market capitalisation of about ₹1,950 Cr — close to what Siemens paid for 99.22% in 2021 — and a trailing P/E of roughly 10 times FY24 profit. If the actual share count differs, the market capitalisation and per-share metrics scale accordingly; confirm the count with the dealer or the MCA record before relying on them.
With Siemens holding 99.22%, minority holders have no influence and the exit routes are a sale to another dealer-market buyer or a buyout by Siemens, which could squeeze out or buy back minorities at a price it sets under the Companies Act. The company is a public limited company (CIN U31909DL1971PLC005672, RoC Delhi), so there is no 200-shareholder cap on transfers, but the float is tiny and quotes move in large steps.
Verification status (10 Oct 2026): CIN, incorporation date and public-company status are from registry aggregators; the 99.22% Siemens stake and FY23/FY24 turnover and PAT are from Siemens Limited's directors' report (audited subsidiary figures); the ₹1,950 rate, 52-week range, lot and ISIN are from UnlistedZone's page (September 2025 snapshot, nine months old). The share count, balance-sheet, cash-flow, other-income, depreciation, interest and tax lines, headcount, plant list and board composition are estimates or from general knowledge of the company and are not audited.
Where the revenue comes from
- LV switchgear & protection45%
Circuit breakers, contactors, starters, switch-disconnectors, fuse gear (estimate)
- Switchboards & panels25%
LV switchboards, PCC/MCC panels and distribution boards (estimate)
- Busbar trunking20%
Sandwich and air-insulated busducts for buildings and plants (estimate)
- Metering, lighting & others10%
Energy meters, lighting products, automation components and services (estimate)
Products & services
LV switchgear
Air and moulded-case circuit breakers, miniature circuit breakers, contactors, overload relays, motor starters, switch-disconnectors and HRC fuse gear.
Switchboards & panels
Type-tested LV switchboards, power and motor control centres, distribution boards and final distribution products for buildings, plants and data centres.
Busbar trunking
Sandwich and air-insulated busduct systems for rising mains, plant distribution and generator connections.
Metering & lighting
Energy meters, power-quality meters, industrial and commercial luminaires and automation components.
What works
- • Siemens parentage: 99.22% owned by Siemens Limited since 2021, bringing global technology, procurement, governance and a strong balance sheet, while C&S keeps its own value-segment brand and distribution.
- • Scale and profitability: turnover of ₹1,701.9 Cr and PAT of ₹197.9 Cr for the year to September 2024 (up 13% and 62%), a net margin near 12% in a sector where domestic peers earn mid-single digits.
- • Structural demand: low-voltage switchgear, switchboards and busducts ride India's real-estate, data-centre, industrial capex and distribution-grid upgrade cycle, where Siemens itself reports double-digit order growth.
- • Five decades of brand equity and approvals with utilities, EPCs and panel builders, plus manufacturing in Noida, Haridwar and Himachal Pradesh with export reach into the Middle East and Africa.
What to watch
- • Float of only 0.78%: Siemens can buy out or squeeze out minorities at a price it determines, and there is no listing plan; liquidity depends on a handful of dealers whose quotes range from ₹1,070 (wwipl) to ₹1,950 (UnlistedZone).
- • Share count unverified: the ₹1,950 Cr market capitalisation and 10x P/E in this profile assume 1.0 Cr shares; the true count has not been published, so valuation metrics could be materially different.
- • Stale rate: UnlistedZone's ₹1,950 dates from September 2025 and FY25 (year to September 2025) results have not been published separately by Siemens, so the quote may not reflect the latest earnings or dividend decisions.
- • Intra-group dependence: product allocation, transfer pricing and brand positioning between Siemens' premium range and C&S's value range are decided by the parent, which can shift growth or margins away from the subsidiary.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| C&S ElectricThis page | ₹1,950.00 | ₹1,950 Cr | 9.85 | 2.32 | +13.19% |
| Sterlite Electric | ₹520.20 | ₹6,555 Cr | 27.63 | 3.29 | +26.19% |
| Hella India Lighting | ₹870.00 | ₹1,271 Cr | 235.14 | 10.54 | +6.37% |
Latest reported year: FY24 (Oct–Sep) ending 30 Sept 2024.