Company Overview

Trom Industries Limited is an India-based solar engineering, procurement, and construction (EPC) company that specializes in residential solar rooftop systems, industrial solar power plants, ground-mounted solar power plants, and solar street lights. The company was originally formed as a partnership firm under the name "Trom Solar" on August 8, 2011, and was later converted into a public limited company with the name changed to "Trom Industries Limited" on August 1, 2019.

Founded by promoters Jignesh Patel and Pankaj Pawar, who have over 16 years of experience in the solar sector, Trom Industries is ISO 9001 and 14001 certified. It has established itself as a comprehensive solar solutions provider in the rapidly growing renewable energy sector.

Business Operations and Capabilities

The company's business model encompasses a wide range of solar energy solutions, including engineering design, procurement of materials, on-site construction, project management, and adherence to regulatory standards. For residential rooftop installations, it designs and implements solar systems tailored to individual homes. In the industrial sector, it scales up operations to design and construct larger solar power plants catering to industrial needs. Ground-mounted solar power plants involve the development of solar arrays on open land.

Current Operational Metrics:

• 100 MW+ high efficiency modules

• 45 MW+ O&M services

• 70 MW+ EPC

• 30,000+ customers served

The business operations also encompass the extensive trading and distribution of a diverse range of products, including solar panels, inverters, and materials intricately connected to the establishment and functioning of solar power plants. The company is actively engaged in the development of green hydrogen projects as a pivotal aspect of future business endeavors. The warehouse is located at Gandhinagar in Gujarat.

Financial Performance

Recent Financial Results

Trom Industries reported audited FY25 financials on May 30, 2025, with 72% revenue growth and an unmodified auditor's opinion. For the period ending March 31, 2024, the company recorded revenue from operations of Rs 54.34 crore and a net profit of Rs 5.72 crore.

For the half-year ended September 2024, the company reported net sales of Rs 4,623.78 lakhs compared to Rs 2,327.35 lakhs during the period ended September 2023, evidencing a turnover rise of 98.67%.

Key Financial Metrics

Based on the latest available data as of May 2025:

• Market Cap: ₹103 Cr

• Stock P/E: 22.3

• Book Value: ₹50.8

• ROE: 15.6%

• ROCE: 18.5%

• Face Value: ₹10.0

• Revenue FY24: Rs 54.34 crore

• Net Profit FY24: Rs 5.72 crore

• Net Sales H1 FY25: Rs 4,623.78 lakhs

• Net Sales H1 FY24: Rs 2,327.35 lakhs

Stock Performance and Market Position

The company went public with its IPO listing at Rs 218.50, representing a premium of 90% over the initial public offer price. The IPO price band was set between Rs 110 to Rs 115 per share, comprising a fresh issue of 27,27,600 equity shares. The IPO was subscribed 307.82 times, indicating strong investor interest in the solar energy sector.

• 52-Week High: Rs 330.95

• 52-Week Low: Rs 140.50

• Employees (as of March 2024): 34

Management and Shareholding

The promoters of Trom Industries are Jigneshkumar Bharatbhai Patel and Pankaj Tanaji Pawar, who collectively own 68.97% of the total equity. Jignesh Patel serves as Chairman, and Priya Arora is the Company Secretary. There is no promoter pledging in Trom Industries.

Strategic Initiatives and Future Growth

As of June 2, 2025, Trom Industries has shifted to the RESCO model and invested in a 4.8 MW solar plant for growth. The company intends to utilize the net proceeds from its IPO to meet working capital requirements, fund capital expenditure towards the setup of solar power plants, and for general corporate purposes.

The company operates in the renewable energy equipment and services sub-sector within the industrials sector, positioning itself well to capitalize on India's growing focus on clean energy and the government's ambitious renewable energy targets. With its comprehensive EPC capabilities, experienced management team, and strong financial performance, Trom Industries is well-positioned to benefit from the expanding solar energy market in India.