Narayan Powertech Acquisition, Valuation, Funding & Investors

Narayan Powertech was acquired by Standex International for $282M in October 2024, a 2.8x multiple on $100M of revenue.

Narayan Powertech acquisition price

$282M

Acquired by Standex International · Oct 2024

Narayan Powertech revenue at acquisition

$100M

Last twelve months · Oct 2024

Narayan Powertech revenue multiple at acquisition

2.8x

EV/Revenue · Oct 2024

Narayan Powertech EBITDA multiple at acquisition

7.1x

EV/EBITDA · Oct 2024

Narayan Powertech Overview

About Narayan Powertech

Narayan Powertech is a Nashik-based designer and producer of instrument transformers including current transformers and potential transformers for metering and protection relays in power distribution systems. Founded in 2004 in Maharashtra, India, the company supplies components to utilities and industries across India and exports to Southeast Asia. Its product range covers low, medium, and high-voltage applications up to 33 kV with ISO 9001 certification.


Founded

1995

HQ

IndiaVadodara

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$100M (Jul 2026)

Valuation

$647M (Jul 2026)

Narayan Powertech Acquisition

Narayan Powertech was acquired by Standex International for $282M on 29 October 2024.

The acquisition price implies a 2.8x revenue and 7.1x EBITDA multiple on $100M of revenue.

Before the acquisition Narayan Powertech had raised $64M across 1 funding round.

Narayan Powertech Pvt. Ltd., an India-based manufacturer of low- and medium-voltage instrument transformers, designs and develops custom products for OEMs in electrical grid equipment, with installations in over 50 countries and expected 2024 revenue of approximately $100 million alongside an adjusted EBITDA margin exceeding 40% for the combined Amran/Narayan Group. Standex International Corporation (NYSE: SXI), a global multi-industry manufacturer, acquired Narayan Powertech in a transaction completed on October 28, 2024, as part of two simultaneous deals with U.S.-based Amran Instrument Transformers, totaling a combined enterprise value of $462 million. The Narayan deal structure consists of 90% cash consideration and 10% in Standex common stock for the common equity, financed partly through INR 250 million in senior debt, with the remaining 10% equity stake pending Reserve Bank of India approval for existing shareholders. The acquisition expands Standex's presence in the fast-growing, high-margin electrical grid end market, driven by infrastructure upgrades, capacity expansion, and data center demand, increasing exposure to fast-growth markets to about 25% of pro-forma FY2024 sales and broadening its technology platform in low- to medium-voltage products with engineering expertise in India. It integrates into Standex Electronics, now over 50% of the company, and is immediately accretive to revenue growth, EBITDA margin (by over 200 basis points in the first full year), operating margin, EPS, and free cash flow, excluding integration costs, while creating cross-selling opportunities. Narayan's founder and managing director Chirag Shah and key team members remain with Standex to support growth, citing a larger global footprint, portfolio breadth, and cultural fit; advisors included Guggenheim Securities and Foley Hoag for Standex, and Northern Edge Advisors and Chamberlain Hrdlicka for Narayan.

Narayan Powertech acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
29 Oct 2024Strategic M&A$282M2.8x7.1x

Narayan Powertech Valuation

Narayan Powertech is currently valued at $647M, based on its strategic investment round in July 2026.

The $64M round was led by Standex International.

Narayan Powertech valuation by funding round

Narayan Powertech valuation by funding round
DateStageValuationRevenue Multiple
Jul 2026Strategic investment$647M6.5x

Narayan Powertech Revenue

Narayan Powertech's latest recorded revenue is $100M, as of its strategic investment round in July 2026. At a $647M valuation, that implies a 6.5x revenue multiple.

Narayan Powertech revenue by funding round

Narayan Powertech revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2026$100M$647M6.5xStrategic investment

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Narayan Powertech Funding History

Narayan Powertech has raised a total of $64M across 1 funding round.

Narayan Powertech funding rounds

Narayan Powertech funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2026Strategic investmentStandex International (lead)$64M$647MStandex International Corporation acquired the remaining 9.9% stake in India-based Narayan Powertech for approximately $64 million in cash on July 2, 2026, completing its full ownership of the instrument transformer manufacturer. This transaction solidifies Standex's market position in the transformer and grid business, enhancing its competitiveness in global markets and representing a strategic move in the industrials sector. Narayan Powertech designs and manufactures low voltage and medium voltage instrument transformers focused on the electrical grid, with revenues of about $100 million in 2024 and a profit margin exceeding 40%. The acquired operations will be integrated into Standex Electronics, Standex's electronics group headquartered in Fairfield, Ohio, which will now represent more than 50% of the full company's operations.

Who has invested in Narayan Powertech?

1 investor has backed Narayan Powertech across its funding rounds, including Standex International.

Lead investors include Standex International.


Narayan Powertech Investors

Investors in Narayan Powertech by funding rounds participated
InvestorHQRoundsRoleFirst check

This data is available for Pro users. Sign up to see all 1 Narayan Powertech investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Narayan Powertech Competitors

Narayan Powertech competitors include listed companies like Enovix, SKS Technologies, Kempower and Centiel, and private ones like CelLink and Karamtara Engineering.

Public and private companies comparable to Narayan Powertech
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EnovixUnited StatesUnited StatesPublicly listed$32M($114M)$645M19.4x
SKS TechnologiesAustraliaAustraliaPublicly listed$186M$17M$656M2.3x
KempowerFinlandFinlandPublicly listed$289M$690K$632M1.9x
CentielSwitzerlandSwitzerlandPublicly listed$56M$12M$614M8.2x
CelLinkUnited StatesSan Francisco, CAPrivate--$889M-
Karamtara EngineeringIndiaMumbaiPrivate$375M$41M$1.1B2.9x

Narayan Powertech Public Comps

Narayan Powertech is no longer listed, but its public comps include Enovix, SKS Technologies, Kempower, Centiel, Barco, Kimball Electronics, Shenzhen Deren Electronic, LSI Industries, LEM Holding and R&S Group Holding.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Enovix$32M($114M)22.3x19.4x(6.2x)(8.3x)
SKS Technologies$186M$17M3.4x2.3x37.5x18.4x
Kempower$289M$690K2.2x1.9x917.9x59.5x
Centiel$56M$12M10.9x8.2x51.5x40.0x
Barco$1.1B$141M0.7x0.6x5.2x5.3x
Kimball Electronics$1.4B$99M0.4x0.4x6.3x6.1x
Shenzhen Deren Electronic$672M$46M1.0x-14.8x-
LSI Industries$689M$54M1.5x1.4x19.4x14.1x

This data is available for Pro users. Sign up to see all Narayan Powertech competitors and their valuation data.

Start Free Trial

Common questions about Narayan Powertech

When was Narayan Powertech founded?Narayan Powertech was founded in 1995.
Where is Narayan Powertech headquartered?Narayan Powertech is headquartered in Vadodara, India.
Is Narayan Powertech publicly listed?No, Narayan Powertech was acquired by Standex International in October 2024.
Who acquired Narayan Powertech?Narayan Powertech was acquired by Standex International in October 2024.
How much was Narayan Powertech acquired for?Narayan Powertech was acquired for $282M in October 2024, a 2.8x revenue multiple.
What is Narayan Powertech's valuation?Narayan Powertech was last valued at $647M in its strategic investment round in July 2026.
How much funding has Narayan Powertech raised?Narayan Powertech has raised $64M across 1 funding round.
What was Narayan Powertech's last funding round?Narayan Powertech's last funding round was a $64M strategic investment round in July 2026, led by Standex International.
Who are Narayan Powertech's investors?Narayan Powertech's investors include Standex International.
What is Narayan Powertech's revenue?Narayan Powertech's latest recorded revenue is $100M (July 2026).
What is Narayan Powertech's revenue multiple?Narayan Powertech's latest valuation implies a 6.5x revenue multiple ($647M valuation on $100M of revenue).
Which companies are comparable to Narayan Powertech?Companies comparable to Narayan Powertech include Enovix, SKS Technologies, Kempower, Centiel, CelLink and Karamtara Engineering.

See companies similar to Narayan Powertech

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial