About Srigee DLM Limited

Business Overview

Srigee DLM specializes in end-to-end plastic manufacturing with a strong focus on design-driven production to optimize both functionality and manufacturability. Capabilities span material selection, extrusion, mould making, precision injection moulding, and final assembly, serving both OEM and ODM clients. For OEMs, expertise lies in converting plastic prototypes into high-quality, production-ready components. For ODMs, complete support is provided from concept to finished product, ensuring seamless design and manufacturing integration.

With a foundation in plastic injection moulding, operations have expanded to include in-house die design and testing, polymer compounding, and assembly, offering a fully integrated solution under one roof. Key sectors served include white goods home appliances, electrical components, and automotive applications. Prominent clientele includes Symphony Limited.

Significant milestones include the launch of 4G model subassembly in 2018 and the establishment of a Tool Room facility in 2020 for comprehensive design and development work. Strategic initiatives drive cost efficiency, reduced dependence on external suppliers, and enhanced control over production timelines and component quality, aligning with evolving consumer trends and technological advancements.

Srigee DLM specializes in end-to-end plastic manufacturing with a strong focus on design-driven production to optimize both functionality and manufacturability. Capabilities span material selection, extrusion, mould making, precision injection moulding, and final assembly, serving both OEM and ODM clients. For OEMs, expertise lies in converting plastic prototypes into high-quality, production-ready components. For ODMs, complete support is provided from concept to finished product, ensuring seamless design and manufacturing integration.

With a foundation in plastic injection moulding, operations have expanded to include in-house die design and testing, polymer compounding, and assembly, offering a fully integrated solution under one roof. Key sectors served include white goods home appliances, electrical components, and automotive applications. Prominent clientele includes Symphony Limited.

Significant milestones include the launch of 4G model subassembly in 2018 and the establishment of a Tool Room facility in 2020 for comprehensive design and development work. Strategic initiatives drive cost efficiency, reduced dependence on external suppliers, and enhanced control over production timelines and component quality, aligning with evolving consumer trends and technological advancements

As of January 31, 2025, the Company have 61 permanent employees. The Banker to the Company is ICICI Bank Limited.

Industry Analysis

India’s Electronics Sector: Overview and Growth Potential

Electronics manufacturing is a critical part of the global supply chain, powering everything from electric vehicles to smartphones. According to a NITI Aayog report, the global electronics market was valued at US$ 4.3 trillion in 2022, with India contributing US$ 155 billion. India is positioning itself as a major player in the global electronics industry, with rapid growth driven by government initiatives and a strong domestic market.

Industry Growth Drivers

Between FY17 and FY23, India's electronics production more than doubled, largely fueled by mobile phone manufacturing, which accounted for 43% of total electronics output. Key government initiatives like ‘Make in India’ and Production-Linked Incentives (PLI) have been pivotal in stimulating local manufacturing and attracting investments. Despite limited exports currently, strategic policies are aimed at increasing India’s share to 4–5% of global electronics exports by 2030.

Segment Coverage

The sector covers diverse areas, including semiconductors, mobile devices, consumer electronics, industrial electronics, and communications equipment. It plays a vital role in job creation, manufacturing output, and export earnings.

Trends in Electronics Production

Rising Domestic Production

India’s electronics market, valued at approximately US$ 70 billion in 2022, is expected to reach US$ 150 billion by 2030. Domestic production grew from US$ 48 billion in FY17 to US$ 101 billion in FY23, led by mobile phones. Although final assembly dominates current production, efforts are underway to strengthen component manufacturing and design ecosystems.

Strengthening Value Chain Participation

Over the past five years, Indian companies have expanded their presence across the mobile phone value chain, encompassing R&D, design, manufacturing, assembly, marketing, sales, and distribution, as noted by PwC.

Indian Consumer Electronics and Appliances (CEA) Market

Growth Outlook

India’s CEA market has been experiencing sustained double-digit growth, driven by increasing consumer awareness, competitive pricing, technological innovation, and rising disposable incomes. Urban markets benefit from shorter replacement cycles, while rural areas are witnessing a 30% annual growth due to low penetration levels and rising demand.

Export Momentum

In FY23 (April–November), electronics exports grew 13.8%, the highest in six years. The government aims to achieve US$ 300 billion in electronics manufacturing and US$ 120 billion in electronics exports by FY26.

Future Opportunities and Trends

Formalization and Technological Advancements

The market share in consumer durables is shifting from the unorganized to the organized sector, with 30% of the market still unorganized, offering significant growth opportunities for listed players. The adoption of Artificial Intelligence (AI), automation, and Industry 4.0 technologies is expected to drive R&D investments and enhance manufacturing efficiency.

Market Size Projections

• India's Consumer Electronics and Appliances (ACE) market is projected to nearly double to approximately US$ 17.93 billion (Rs. 1.48 lakh crore) by 2025.

• Electronics hardware demand is forecasted to reach US$ 400 billion by FY24.

• Television production is expected to grow from US$ 4.24 billion in FY21 to US$ 10.22 billion by FY26, at a CAGR of 20%.

• Refrigerator, washing machine, and air conditioner markets are poised for substantial growth by 2025.

Key Market Statistics

• Electronics production value grew from US$ 48 billion (FY17) to US$ 101 billion (FY23).

• Mobile phones account for 43% of total electronics production.

• India's ACE market was US$ 9.84 billion in 2021 and is expected to reach US$ 21.18 billion by 2025.

• Active DTH subscriber base stood at 67.04 million in June 2022.

• By 2025, India is set to become the fifth-largest Consumer Electronics and Appliances market globally.

Business Strengths

1. Strong Relationships with Established Customer Base, with Expansion Potential
Enduring partnerships with renowned customers across multiple product verticals, positioned as strategic partners. Long-term collaborations drive continuous product development, diversification, and proactive production planning aligned with retail demand.

2. Experienced Promoter and Management Team
Led by Promoter and Managing Director Mr. Shashi Kant Singh, with Key Managerial Personnel holding over 19 years of collective experience. Deep expertise across functions supports innovation, in-house R&D, and swift adaptation to evolving client needs.

3. End-to-End Solutions Provider with Dedicated Design and Development Team
Integrated capabilities in plastic injection moulding design, manufacturing, and service infrastructure, focused on delivering comprehensive solutions that foster strong customer loyalty and long-term relationships.

4. Flexible and Cost-Effective Manufacturing Capabilities
Flexible production processes enabled by multifunctional training and equipment standardization, ensuring cost efficiency, timely delivery, high quality, and scalable manufacturing to meet diverse client requirements.

5. Sustained Growth and Strong Financial Performance
Consistent revenue growth, profitability, and margin expansion over the past three financial years and nine months ended December 31, 2024, reflecting a resilient business model and strong execution capabilities

Business Strategies

1. Strengthening Product Portfolio and Diversifying into High-Growth Segments
Focus on expanding within existing product verticals, while targeting new segments with attractive growth prospects and higher return ratios, leveraging core competencies to deliver strong value propositions.

2. Pursuit of Cost Leadership
Maintain cost leadership across product categories through large-scale manufacturing capacities, backward integration, flexible manufacturing lines, and economies of scale to optimize operational efficiency and resource utilization.

3. Expanding Customer Relationships Across Verticals
Deepen collaborations with long-standing customers by offering more sophisticated, higher-margin products, supported by strong Design and Manufacturing capabilities to drive innovation and growth.

4. Expansion of Manufacturing Facilities
Strengthen manufacturing capabilities by increasing capacity and establishing new facilities, including a new unit at Plot No. 15, Ecotech – X, Industrial Area, Greater Noida, focused on plastic injection base moulding products.

5. Development of Service Offerings
Leverage the Tool Room facility, inaugurated in 2020, as a distinct business vertical, providing mould design and development services to multiple companies in the NCR region, fostering innovation and addressing diverse manufacturing needs.

6. Focus on Original Design Manufacturing (ODM) and Assembly Lines
Expand Plastic Injection Moulding and Assembly capabilities to meet diverse client requirements across industry segments, ensuring end-to-end control over manufacturing processes to enhance profitability

Business Risk Factors and Concerns

1. Heavy Dependence on Key Customers
A substantial portion of Srigee DLM's revenue is concentrated among its top ten customers, contributing 93.00%, 88.40%, 94.43%, and 87.07% of revenue for the nine months ended December 31, 2024, and fiscal years 2024, 2023, and 2022, respectively. Loss of any major customer could materially impact profitability and operations.

2. Risks Related to Outsourcing Trends
The company operates as an OEM/ODM manufacturer, primarily for air cooler brands that currently favor outsourced production. Any reversal or slowdown in this outsourcing trend could negatively affect sales and future growth.

3. Geographic Concentration Risk
A major share of Srigee DLM’s revenue is generated from operations in Uttar Pradesh. Regulatory changes, economic shifts, labor issues, or unforeseen disruptions in this region could severely impact financial performance and business continuity.

4. Vertical-Specific Revenue Dependence
Significant reliance on the Plastic Injection Moulding & Assembly and Polymer Compounding & Trading segments exposes the company to market fluctuations. A decline in demand, pricing pressure, or supply chain issues in these verticals could materially affect revenue and growth prospects.

Srigee DLM’s financial stability faces risks from heavy dependence on a few key customers, potential shifts in OEM/ODM outsourcing trends, geographic concentration in Uttar Pradesh, and reliance on specific business verticals. Any adverse developments across these factors could significantly impact its revenue, profitability, and growth trajectory.