The promoters of Faridabad-based Norisys Technology Pvt Ltd, a premium electrical switches and accessories maker, have engaged Alvarez & Marsal to explore a potential stake sale, according to two people familiar with the matter.
“The company is seeking an overall valuation of ₹5,000–6,000 crore. The exact deal structures are yet to be decided as it is still early days but it is likely to be a majority stake sale,” one of the people said.
“It is an extremely profitable company even at a small scale and has grown well in the last few years, so several large private equity players will be tapped to test demand for the asset,” according to the second person. Both people spoke on the condition of anonymity.
India’s electrical equipment market is projected to cross $95 billion by 2029, driven by infrastructure expansion, rapid urbanization and rising premiumization in residential and commercial demand, according to industry estimates. The space is dominated by players such as Havells, Panasonic’s Anchor, Schneider Electric, ABB, Siemens, CG Power, KEI Industries, Polycab, Legrand and Wipro Northwest across categories.
If the deal goes through, this will likely be the first round of external funding for the company. Norisys and A&M did not respond to Mint’s requests for comment on Tuesday.
Premium positioning
Founded in 1987 by Prabhu Dayal Agarwal, Alok Kumar Mittal, and Saurav Agarwal, Delhi-based Norisys manufactures premium electrical switchgear accessories suited for residential and commercial applications.
Its product portfolio includes TG9 Series, CUBE Series and SQUARE Series, catering to highly specific requirements in premium installations.
The company offers fan regulators & dimmers, cover plates, wiring boxes, modular MCBs, and hospitality modules, according to its official website.
It also operates a full-fledged research and development division and a manufacturing plant equipped with modern state-of-the-art machinery and equipment.
Financial snapshot
In FY25, Norisys reported standalone operating revenue of ₹305.14 crore, compared to ₹265.57 crore a year earlier.
Its profit increased slightly to ₹105.91 crore from ₹103.60 crore in FY24, according to Tofler data sourced from the Ministry of Corporate Affairs.
The strong profitability relative to revenue suggests high margins — a factor that could attract private equity interest, especially amid rising demand for premium home electrical fittings.
