Ahmedabad-based drone solutions company Enercomp Solutions reported an impressive 88% growth in revenue to Rs 5.65 crore in FY24, up from Rs 3 crore in FY23.
Enercomp offers cost-effective drone-based services tailored for a range of sectors, with a special focus on the energy industry. The company operates at the intersection of energy and information technology, providing advanced aerial mapping and thermography solutions particularly for solar PV plants. Its mission is to drive digital transformation by integrating drone technology into traditional workflows across industries.
The company’s expenses rose by 89% to Rs 5.1 crore in FY24, compared to Rs 2.7 crore in FY23. Employee benefit costs formed the largest component, accounting for 45% of total expenses in FY24, up from 32% in FY23, highlighting its investment in a skilled operational and technical workforce. Cost of materials significantly reduced to 12% of expenses in FY24, from 32% in FY23.
Despite the rise in expenses, Enercomp posted a profit of Rs 38.9 lakh in FY24, up from Rs 14.3 lakh in FY23, reflecting improved scale and operational performance. However, EBITDA margin declined to 9.52% in FY24 from 13.74% in FY23, likely due to increased personnel and scaling costs. ROCE improved significantly to 7.71% in FY24, up from 3.41% in FY23, indicating better capital productivity and asset utilization.
Founded in 2013 by Suresh Shahdadpuri and Jatin Patel, Enercomp has raised a total of Rs 6.67 crore across three funding rounds, with the most recent seed round completed in July 2024. The co-founders retain a combined 44.41% ownership, ensuring continued strategic alignment as the company scales.