Incorporated 1995 (Jalgaon, Maharashtra). Injection moulding, electrical press
components and surface treatment for automobile, electrical and stamped parts — a precision
components supplier sitting between raw-material processors and OEMs across autos, electricals
and consumer durables. Completed the acquisition of Alric Electric in 2026, adding
electrical-components capability.
Moat assessment
Switching costs — moderate: qualified-vendor status with OEMs; part approvals take quarters to re-source.
Cost/scale — developing: multi-process integration (moulding + stamping + surface treatment) under one roof.
IP/intangibles — weak: build-to-print manufacturer; pricing power limited.
Model quality
Growth engine is volume + customer additions, visible in a 26%/yr sales CAGR.
Capex bet mid-flight: CWIP ₹117 Cr vs ₹136 Cr installed fixed assets.
A3 · Opportunity & Recent Developments
company filings · cited news
₹110 Cr expansion MOU with the Government of Maharashtra (May-2026, Talegaon Akrale
Industrial Area, Dindori) — state facilitation and fiscal incentives pledged.
[source]
Q4 FY26 PAT +95.5% YoY (₹26.6 Cr on sales ₹283 Cr, +67.9%).
[source]
Alric Electric acquisition completed; board met 24-Jul-2026 to consider a
preferential allotment — equity dilution incoming, watch pricing.
[source]
Zero promoter pledge confirmed as of 31-Mar-2026.
[source]
Tailwinds: electricals/consumer-durables localisation, auto-component content growth,
Maharashtra industrial incentives. The opportunity is execution against an order book the company
is investing ahead of.
A5 · Financials — 5-Year Trend
screener.in annual P&L
FY
Sales ₹Cr
YoY
PAT ₹Cr
OPM
FY22
251
—
8
10%
FY23
253
+0.8%
8
9%
FY24
322
+27.3%
19
12%
FY25
397
+23.3%
24
13%
FY26
505
+27.2%
43
15%
The FY23 pause was digested and growth re-accelerated with margin: OPM 9%→15% while sales doubled. PAT compounding at 75%/yr off a small base.
A8 · Balance Sheet & Fraud Filter
screener.in · FY26
Item
FY26 ₹Cr
FY25 ₹Cr
Equity + Reserves
242
190
Borrowings
214
166
Fixed Assets
136
128
CWIP
117
19
Total Assets
621
424
Fraud filter
⚠️CFO/PAT quality — FY24 −15%, FY25 −15%, FY26 repaired to 110% — two debt-funded years
✅Promoter pledge — zero, confirmed 31-Mar-2026
⚠️Receivable days — 87 — stable but high; watch post-expansion
⚠️Inventory days — 138 and the CCC is 121 days
✅Auditor changes — none reported in filings reviewed
⚠️Dilution — preferential allotment under board consideration (Jul-2026)
A9 · Quarterly Cadence
screener.in · last 6 quarters
Quarter
Sales ₹Cr
YoY
OP ₹Cr
OPM
PAT ₹Cr
Mar-25
172
+36.5%
25
14%
13
Jun-25
85
+16.4%
12
14%
6
Sep-25
116
+41.5%
15
13%
8
Dec-25
120
+71.4%
18
15%
9
Mar-26
184
+7.0%
32
17%
20
Jun-2026 quarter not yet reported at generation time. Margin walked 13% → 17% across FY26 — the acceleration is recent and real.
A10 · Valuation
screener.in ratios
Metric
Current
Context
P/E (ttm)
83.8
listed 2025 — no long own-history; small-cap electricals peers trade 40–60×
P/B
14.8
book value ₹154
EV/Sales (approx)
~7.5×
on FY26 sales ₹505 Cr + net debt
PEG (crude)
~1.1
83.8 ÷ 75% PAT CAGR — growth is the entire case
Peer table unavailable from screener this run — peer set (precision components/EMS) referenced qualitatively. The multiple prices continued 40%+ earnings growth; any working-capital stumble compresses both E and the multiple.
A13 · Risks
sorted by severity
HIGH
Valuation risk
83.8× trailing for a build-to-print components maker; the multiple assumes the FY26 acceleration persists.
Mitigant: position size + volatility-anchored stop
HIGH
Debt-funded growth history
FY24-25 CFO was negative while borrowings doubled; FY26 repaired it but the pattern must not recur through this capex cycle.
Mitigant: watch CFO/PAT each half-year
MEDIUM
Dilution
preferential allotment under consideration; pricing and quantum unknown.
Mitigant: read the EGM notice before adding
MEDIUM
Working capital
121-day CCC in a rising-volume business absorbs cash exactly when growth looks best.
Mitigant: track receivable/inventory days quarterly
MEDIUM
Customer concentration
OEM-dependent component supplier; disclosure on top-customer share is thin.
Mitigant: seek concentration data in annual report
research tracking signals — not investment signals
Preferential allotment terms (EGM notice) — dilution % and pricing vs CMP.
Q1 FY27 results — does OPM hold ≥15% post the 17% Q4 print?
CFO positive through the capex cycle — H1 FY27 cash-flow statement.
Dindori plant milestones — land/approvals under the ₹110 Cr MOU.
Alric integration — first full-quarter contribution disclosure.
A15 · Ownership
screener.in
Shareholding table unavailable from the source this run — promoter % renders as a dash rather than an estimate. Known: zero promoter pledge (company confirmation, 31-Mar-2026). Refresh next run.
Part B · Technical Posture
All technical levels are Research Reference Levels from the 25-Jul weekly pipeline (TradingView scanner data) — not buy/sell signals. Regime this week: Pullback in Bear, Swing Confidence 0/3 — every setup is WATCH-ONLY by rule.
Stage
Stage 2
S2 Score
5 / 5
RS vs CNX500
98th pct
TV Weekly TA
STRONG BUY
RSI 71 — strong, below the 78 harvest line; +17.0% in a red week, +96.7% in 3M, 4.7% off the 52w high.
ADR 6.08% — a fast mover; structure to stalk is the first 3–5 day shelf or an EMA20 tag on shrinking volume.
TradingView weekly consensus strong buy (MA score 0.93); daily neutral — consistent with the market-wide downswing.
Invalidation of the watch: a high-volume close under the 50-DMA, or RSI ≥80 without a base.
Research Reference Only — Not an Investment Recommendation · Primaegis Research Pipeline
💡 INVESTMENT CASE SUMMARY
Spectrum is a precision components compounder mid-transformation: three years of 26% sales and 75% PAT growth with margins still rising, funded first by debt (FY24-25 negative CFO — since repaired) and now by an expansion MOU and a pending preferential allotment. The 98th-percentile relative strength says the market has found it; 83.8× trailing says the market has fully priced the next leg before it is delivered.
📊 FUNDAMENTAL PILLARS
Growth with margin
Sales 26%/yr and OPM 9%→15% (Q4: 17%) simultaneously — mix and scale, not price cuts. Source: A5
Balance-sheet inflection
FY26 CFO ₹71 Cr after two negative years; zero promoter pledge. Source: A8
⚠️ This is an internal, unregulated analytical opinion of Primaegis Research for internal pipeline
use only. It does NOT constitute a SEBI-regulated investment recommendation, research report, or
solicitation to buy, sell, or hold any security. Consult a SEBI-registered investment advisor before
making any financial decision.
⚠️ IMPORTANT DISCLAIMER
This document is a research and educational output only, generated by the Primaegis Research
Investment Analysis Pipeline. Neither Ameya Pimpalgaonkar nor any contributor to this report is a
SEBI registered investment advisor or research analyst. Nothing in this report constitutes
investment advice, a research recommendation, or a solicitation to buy, sell, or hold any security,
fund, or financial instrument under SEBI (Research Analyst) Regulations, 2014 or any other
applicable law. All financial data is sourced from publicly available disclosures (screener.in,
NSE/BSE filings, company releases). All technical levels are reference levels for research tracking
only. Always conduct your own due diligence and consult a SEBI registered investment advisor before
making any financial decision. Generated: 2026-07-25 | Primaegis Research · Not for distribution.