Methedology
Focus talked in the concall about one of the competitive advantage being nationally accredited testing laboratories
The reason this is important is so that large reputed customers like GMR, L&T, jockey would want quality & some assurance of the same.
202206060949-NABL-400-doc.pdf (3.6 MB)
Above is list of ALL NABL accreditations from 2022
link: https://nabl-india.org/nabl/file_download.php?filename=202206060949-NABL-400-doc.pdf
we can see Focus’s NABL accreditation here for Electrical & Photometry.
Now there are 42 companies which have telemetry instruments (400 odd for electrical). Most of these are testing & instrumentation companies & so not competitors for focus. I went through all 42 to find possible competitors for focus (based on pricing, quality, target cistomers etc, they may or may not be competitors in reality)
Potential Competitors
Venture lighting
Venture seems to provide 5 year warranty for their products & to that extent seems to be of good quality.
Venture also has focus on Outdoor lighting (seen from website)
Interestingly venture is also HQed in Ohio, USA so is an MNC competitor (hence needs to be considered a serious competitor & studied more deeply).
Lighting technologies
Lighting Technologies is also an International Manufacturer and Supplier of lighting solutions.
Focus on outdoor lighting is visible.
Gupta power infra
Seems a bit more diversified than other 3 companies. Gupta Power Infrastructure Ltd is a into manufacturing array of Cables & Conductors. Overhead Conductors, HT-LT Power Cables upto 66 KV, Instrumentation Cables, Mining Cables, Thermocouple Cables, Airfield Lighting Cables, Railway Signaling Cables & Specialized Cables. With its own EPC Division, GPIL provides. I would not be surprised if lighting is not a focus area for them.
https://www.linkedin.com/company/gupta-power-infrastructure-limited/about/
They do seem to be present in industrial lighting, commercial lighting etc but couldnt find too much on website on this. Mostly focused on Wires, cables, conductors.
Non Competitors
Interestingly i am not counting surya roshni as a competitor since it only has photometry accreditation but not electrical.
surya is listed btw but lacks focus imo, no pun intended).
Varroc:
Though varroc has both accreditations but we know that its focus is on auto sector, so i am excluding it from potential competitors list.
Fiem:
Fiem doesnt have electrical accreditation & focus is on Auto (fiem investors should take notice that it doesnt have electrical accreditation)
Wipro:
I think a lot of us have used wipro products. It is clear though that they also, do not have electrical accreditation
Signify:
Signifty is phillips. We know that signify/phillips focus is primarily on end customer segment with lower value, quality & shelf life. It has its pros & cons. Due to this focus it is more akin to an FMEG manufacturer. Whereas Focus is closer to a Capital goods provider (where quality & economic value much more than brand).
I could only find 3 potential competitors who have both accreditations. This is definitely interesting. I will try to dig deeper into all 3 by visiting their website & downloading their financials.
Overall interesting stuff. 2 MNC. 1 local competitor who might be diversified. Need to do more due diligence on all of them.
Disc: Invested, biased
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