Tricolite Electrical Industries Limited

Background

Established in 1959, Tricolite Electrical Industries Limited has evolved from manufacturing re-wireable switch fuse units to becoming a leading manufacturer of custom-built switchboards in India. With over 60 years of experience, the company is committed to delivering reliable and safe power distribution and management solutions, emphasizing customer-centric service and continuous innovation. Tricolite's mission is to produce the most dependable and secure distribution solutions, supplemented with exceptional customer service. The company's vision is to be the first choice for critical and infrastructure projects, contributing to nation-building with safe and reliable products.

Key Strategic Focus

Tricolite's strategic focus centers on understanding customer needs and delivering tailored solutions. The company specializes in manufacturing low and medium voltage switchboards, including products like Schneider Blok Set Fixed & Drawout Type panels, L&T Ti panels, and Tricolite T Safe panels compliant with IEC 61439 standards. Tricolite also offers medium voltage products such as Schneider Electric PremSet 11 kV Solid Shielded Insulated Switchgear Panels and Tricolite ABB T-Prime 11 kV & 33 kV AIS Panels for indoor and outdoor applications. The company targets sectors including commercial buildings, large-scale infrastructure, and industrial settings, ensuring products are future-ready, communicable, and intelligent.

Financials and Funding

As of the fiscal year ending March 31, 2024, Tricolite reported a 24.15% increase in total revenue and a 129.98% rise in profit compared to the previous year. The company's net worth increased by 23.38%, reflecting robust financial health. Tricolite has an authorized capital of ₹11.50 crore and a paid-up capital of ₹2.93 crore. The company has active open charges totaling ₹102.01 crore, with notable lenders including The Hongkong and Shanghai Banking Corporation Limited, HDFC Bank Limited, and State Bank of India.

Technological Platform and Innovation

Tricolite distinguishes itself through advanced technological platforms and innovative methodologies:

Electrical Design: Utilizes cutting-edge software like Pro Panel, E-Plan, and Pro E for future-ready smart panel designing, ensuring products are intelligent and communicable.

Mechanical Design: Employs 3D modeling software such as Creo and Product Designer PD to create durable products with a lifespan of at least 30 years.

Manufacturing Infrastructure: Operates state-of-the-art facilities equipped with CNC machines, automated conveyorized paint shops, and assembly lines adhering to Total Quality Management (TQM) principles.

Quality Assurance: Implements stringent in-process quality checks, including over 200 points, and conducts special tests like temperature rise, salt spray for corrosion resistance, and millivolt drop for contact resistance.

Leadership Team

Tricolite's leadership comprises experienced professionals dedicated to the company's growth and innovation:

Meera Kumar Chauhan: Director since August 6, 2005, with a focus on strategic initiatives and operational excellence.

Amitabh Nangia: Director since March 19, 1987, contributing to the company's long-term vision and leadership.

Gautam Kumar: Director since March 19, 1987, and appointed as Key Managerial Personnel on April 16, 2024, overseeing key management functions.

Abhishek Nangia: Director since August 6, 2005, involved in strategic planning and business development.

Vipin Khanna: Director since March 20, 2015, bringing expertise in operational management.

Pradeep Kumar Bajaj: Director appointed on October 21, 2023, contributing to the company's strategic direction.

Competitor Profile

Market Insights and Dynamics: The switchgear and switchboard equipment market is projected to grow from $174.49 billion in 2022 to $253.93 billion by 2026, with a CAGR of 9.8%. This growth is driven by increasing demand for power generation and the expansion of mobile substations.

Competitor Analysis:

C&S Electric Limited: A major manufacturer of electrical equipment in India, exporting to over 85 countries. The company offers a wide range of products, including switchgear and power busbars.

Bansal Wire Industries Ltd: Specializes in manufacturing stainless steel wires, catering to various industrial applications.

DRI Rotors: Provides energy recovery, indoor air quality products, and pollution control solutions globally.

Strategic Collaborations and Partnerships

Tricolite has established significant partnerships to enhance its market position and innovation capacity:

Schneider Electric: As a license partner, Tricolite engineers, assembles, tests, markets, and sells Schneider Electric's Premset switchgear in India. This collaboration aligns with the 'Make in India' initiative, expanding the product's footprint across the country.

ABB Ltd: Certified as a channel partner for medium voltage panels, enabling Tricolite to offer a diverse range of products to its clientele.

Operational Insights

Tricolite's operational strategy emphasizes quality, innovation, and customer satisfaction:

Manufacturing Excellence: Operates four manufacturing units in Delhi NCR, covering over 200,000 square feet, equipped with advanced machinery and adhering to lean manufacturing principles.

Quality Management: Holds certifications for ISO 9001:2015 (Quality Management System), ISO 14001:2015 (Environmental Management System), and ISO 45001:2018 (Occupational Health & Safety Management System).

Customer Service: Provides 24x7 customer care through a dedicated app and maintains nine service centers across India, ensuring prompt support and maintenance services.

Strategic Opportunities and Future Directions

Tricolite aims to continue its expansion and innovation by:

Product Diversification: Developing new products that align with emerging technologies and market demands.

Geographical Expansion: Strengthening its presence in international markets, building on its existing footprint in countries like Africa, Sri Lanka, Thailand, and the UAE.

Sustainability Initiatives: Implementing environmentally friendly practices, such as going paperless and adhering to ISO 14001 standards, to contribute to sustainable development.