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Power Electronic Industry Analysis Year Ending March 2021

The year 2020-2021 was a dampener of sorts for the Power Electronic Industry. Some grew while many failed to do so. Losing the race by recording a near 2% drop in revenues against last fiscal. 

The industry netted revenues to the tune of INR 6409.45 crore. This is exclusively the end-user sales figure. However, the over all industry revenue was estimated at INR 6600.00 crore approx.  

The reason why the total industry revenue is much higher than the actual end-user sales is because many a companies procure finished products from others & brand them as theirs, and our survey team gets the turnover from both, resulting in duplication. With nearly 196 companies responding to our survey, giving us the information this year, we sought in great detail, knowing fully well how much the company has manufactured with excise paid. And also trying to find out, which companies procure finished products from others & brand them as theirs, an exercise which we have been doing only since last ten years, we did all of it again to give continuity to the process.  Out of 196 companies responding only 101 companies were awarded with SD Ratings due to less reach because of Pandemic. 

However, most of companies are in a spot of bother, with Covid-19 Pandemic causing shut down since last week of March 2021 & heavy state-controlled restrictions, since April 2021 which was on even till end of first two quarters, leaving many companies not able execute orders in time still the recovery is on a 2.14 percent in first two quarters showing the robustness of Indian market. We are sure the figure which we have arrived at i.e., the actual end-user sales revenue of INR 6409.45 crore mark will be crossed in current fiscal 2021-2022. There will be no wonders if growth ends up over 4.5%. Growth wise it was a mixed year with some of the majors growing while others dipping.


Revenue-wise: This year 2020-21, the industry was not able to touch previous fiscals` revenue and drop of nearly 2.0% in revenue was recorded. A clear indicator of a slow down over past years. The GDP at that time all time was low dropped by 22% in the first quarter, however spew of measures indicated by finance ministry and infusion  of 70000 crore in a banking systems augured good, considering the industry may now get funds for there routine payments necessary to maintain their  companies-industries eco-system. Today Indian economy is growing at over 21.4 % so it auger well for Power Electronic Equipment Manufacturers. 

Volume-wise: Industry sales also went down by 4.70% over previous year in volume terms. This clearly indicates shrinking margins in cases of orders obtained thru tenders and sales to SI`s. One must be clear in mind that this is a very good performance considering the stiff competition and the squeezed margins in view of hammering the companies got during the global economic meltdown & currently facing INR slide and a strong dollar value. However, Softdisk has been long campaigning for companies looking for Bottom Line then Top Line. 

In revenue term they contributed nearly 2.14% to the GDP. Cooling solutions, Batteries for Home UPS & Inverters were not considered. Sale of SPCUs has definitely picked up. Most MSME level UPS manufacturers are moving towards SPCUs. Of the total revenue organized sector accounted for nearly 86% while 14% came through semi organized and unorganized sector. 


Softdisk went about finding the state of the industry and also how deep they were actually affected by lock down and as India continues to unlock. The first quarter of the financial year 2020-21 was tragic as compared to last year. Projects have been few but the demands continue, there was a bit of lull in the second quarter due to partial reopening fund flow the market started to grow. In the current fiscal no major projects came up during that period.  The overall effect is putting expansion plans on hold. However, things will improve in third quarter with government taking lots of measures and investing a lot of infrastructure. Growth for big IT, ITES & TELCOM segment even during recessionary trend continued its positive trend for tower infrastructure. This has kept mid segment market for UPS going well (up-to 200KVA). A small power data center with power requirement of 25, 75 to 200KVA rating are also going as per plans.  Softdisk believes that more and more people are moving towards Solar. Some have even manufactured and installed Grid Sharing Solar UPS, with hybrid charge facility (Photovoltaic & Mains). Vertical wise bifurcation for year ending March 2022 is present in Table Form. 

Amongst the UPS major, Vertiv-Liebert with 15% share leads followed by APC-Schneider 11%, Legrand Numeric 10% , Fuji Electric-Consul 8% , and AVO 3%, BPE 3%, Eaton 2%, Socomec 2% While others (Including Indian biggies like Techser, PowerOne, Hykon, Uniline etc.)  account for rest.


Softdisk now predicts a drop of over to growth of 4.5 to 5.0 percent that the total industry revenue will touch INR 6800 crore mark by March, 2021. We talked to Industry Captains trying to know what the industry leaders thought. Many had little or no doubt to what Softdisk has predicted earlier, even though this response was at time when the global economies were not that buoyant.  In the 3rd quarter with over 1 billion vaccinations the worst is over. Rosy future awaits all. Indian economy is growing  & so will the Power Electronic Industry. Softdisk remains committed to transparent reporting, in-depth analysis and always throwing up forecast & estimates which you can Rely Upon.

We have Faith, You Rely on us, We Rely on facts.

According to Mr. Sumanth Kumar, President (UMDA), Dr Sai Krishnan., Editor of  Softdisk has never been a silent spectator for the problems faced by our UPS industry, but he has been a participant, meaning committed to  togetherness of the entire UPS fraternity in India.

This commitment has brought togetherness among all manufacturers and dealers in the UPS industry, in turn promoting cooperation and coexistence with each other.

UPS Dealers and Manufacturers Association (UMDA) is highly thankful to Dr. Sai Krishnan in participating to solve our issues as and when required.

As far as the market is concerned it is already started growing after a dip and is expected further, Softdisk has been more or near the mark in all these years and there projections published in September 2021 issue will hold good for year ending March 2022.

On the GST front, the clarification issued by GST council has added to the existing confusion. Our request for clarification was whether batteries sold as an integral part of UPS, falls under Mixed Supply or Composite Supply. It also needs to be understood that UPS systems without Batteries cannot be called Uninterrupted Power Supply System.

The GST committee has issued orders to partially bill the part of UPS system at 18 % (under HSN 85040) and Batteries (under 8507) which implies that UPS Systems which contains batteries connected externally due to technical requirements neither falls under Mixed Supply or Composite Supply. All manufacturers should come together to get a solution to this problem, and client treats the UPS as a solution for his power continuity issue, and not a separate item. 

According to Mr. Sriram Ramakrishnan, MD, Fuji Electric, SOFTDISK has been instrumental in providing a forum for UPS Industry to meet and discuss for the last three decades. The Annual and Mid-year surveys are eagerly awaited and reviewed by all members of the UPS Industry. Kudos to Dr. Sai for continuing the magazine both in print and e-format and also ensuring the annual awards function continued without any interruption for the last two years despite the challenges & restrictions due to the COVID-19 Pandemic.

The UPS Industry in general has always been clear that UPS and Battery are a composite supply as without a Battery the UPS cannot fulfil its basic function of providing uninterruptible power supply when there are power glitches and outages. This reasoning has been accepted by various jurisdictions in India and overseas.  But now that the GST council has clarified that UPS with external battery will be treated as a mixed supply, we have to abide with this clarification going forward and will be billing UPS and battery as separate line items to our customers with each item carrying its applicable GST. We believe this clarification by the GST Council is only prospective in nature and will have to fight our case with proper justification if implemented with retrospective effect.  

According to Mr. Subodh Gupta, CMD, Microtek International, one of the largest Power Electronic & multi vertical group in India Softdisk services is unparalleled in Power electronic & UPS fratternity over a period of over 3 decades,  today it has turned into the topmost magazine of the industry. Softdisk`s growth showcased the hard-work done by Dr. Sai, who took the magazine from ACP & renamed it SOFTDISK to make it an industry-oriented magazine in early 1990. We are very happy to be associated with Softdisk and look forward to a long and fruitful relationship. 

As far as the market is concerned we don`t see any glitch and the market is bound to grow, with Indian economy growing, Uninterrupted Power becomes an essential component and will also grow. We expect a growth nearly 5% in the fiscal 2021-22. 

As per view taken by us, this transaction is a composite supply where under principal supply is  of UPS System / Invertor and the External batteries are ancillary to such principal supply and both are naturally bundled and supplied in conjunction with each other and the UPS System / invertor along with external Battery is sold under a single price and the tax is charged on the single value of the invoice. Therefore, the whole transaction would be treated as composite supply instead of Mixed Supply and applicable rate of tax would be the tax on principle supply i.e., UPS System / Inverter. Hence, such supplies would also attract tax at the rate of 18% as composite supply. 

We have been following all the GST compliance as had framed before & in future also we are committed to follow the new GST rules as applicable and their is no question of going against any GST ruling framed by the government. 

According to Mr. Christo George, CMD, Hykon India Limited., Trissur, Kerala, Softdisk has been doing a commendable service of providing awards for top UPS & Solar Manufacturers of India. This paved the way for meeting the CEOs and MDs of UPS manufacturers in India to meet and share the thoughts in a single platform. SOFT DISK magazine gives lot of articles about the new technologies and current updates on Indian UPS market - which helps the industries in a big way. 

According to my opinion, UPS with battery either internal or external should consider as a total UPS system and should come under same tax rate of 18% under composite supply.

At present GST, council has clarified about the mixed supply with different tax rates for UPS @ 18% and Battery @ 28%. This makes the process of invoicing difficult as the customers give single Purchase order for a total system.

Association should take initiative to address the issue in the appropriate forum if it is implemented with retrospective effect. 

According to Mr. Narayan Sabahahit of Techser Power Solutions Pvt. Ltd., Bangalore, Dr. Sai Krishnan, Editor of Softdisk has been a glue to our UPS industry, earlier we used to see each other as competitors and used to interact only in tenders at client`s place but over a period of three decades he has ensured that we not only meet as friends and help one another in times of difficulties. Togetherness of the entire UPS fraternity in India, can be credited to him and UPS cum SOLAR DAY, which has been going on uninterruptedly. All this has helped in promoting cooperation and coexistence with each other.

As far as the market is concerned it has started growing after a in the first half of the current fiscal, we believe that overall growth for the year ending March 2022, should be around 4.5 to 5.0%, which can be termed decent with respect to pandemic condition that prevailed.

It`s quite obvious that we have not collected additional tax (28%) since GST came but many sought clarification from different platforms. Now only they have clarified as 18+28%, So naturally we can`t go back to customers asking for extra tax.

All of us should take above stand referring our earlier representation & Supreme Court`s reference of UPS being a composite supply.

Maybe we should all give representation under the banner of UMDA to GST council with a new set of difficulties we will be facing if decision is implemented retrospectively. So that we all speak in same tone & work together.

According to Mr. Amitansu Satpathy, MD, Best Power Equipment India Pvt. Ltd., services rendered by Softdisk to the UPS Industry are extra ordinary, and they are the only independent media having complete focus on UPS and power industry. So, we salute the team Softdisk for extraordinary work rendered by them.

With the Indian economy growing, Uninterrupted Power becomes an essential component and is bound to grow.  We expect a growth nearly 5-6% in the current fiscal.

The clarification is welcome on UPS and external battery, where it is sought, 18% for UPS, and 28% for external battery (except Lithium battery, which is 18%) but, as per ministry of Electronics, MeitY, and various organizations, UPS by definitions means integrating with battery Backup.  As UPS without batteries are not to be called UPS, it`s only the electronic power module. So, we need clarification what is GST Council`s definition of UPS.

As we have not collected differential GST of 28% on battery, sold along with UPS, how the same can be deposited? So, we cannot accept it. If some penalties are levied will have to challenge it in the court of law and wait for the outcome.

According to Mr. Rajaram Ramamoorthy of Electronics & Controls Pvt. Ltd., Bangalore, Softdisk has been the only magazine which focuses on the Indian UPS Industry. The Editor of Softdisk maintains close contact with all the Industry Leaders and has his fingers on the pulse of the UPS Industry. Softdisk also unites the Indian UPS Industry in many ways. Softdisk has been continuously celebrating the UPS Day function and gives away the Softdisk Awards relentlessly for over 30 years, where the Industry Leaders meet on a common platform which provides an exclusive opportunity to discuss industry related issues and solutions. Apart, Softdisk also helps represent the Industry with the Government at the Central level. Their periodic monthly magazine brings about interesting articles pertinent to the Industry and Annual Issue is much sought after for the yearly round up of the performance of the industry.

On the market front there is a visible trend indicating growth with respect to last year, we expect the industry to end up to in a positive note by the end of fiscal 2021-22.

The Clarification recently released by the Ministry of Finance, Department of Revenue, Tax Research Unit on GST Rates applicable on external Battery sold along with UPS Systems / Inverter seems to be missing the point that UPS Systems are for providing Backup Power when mains outage happens. UPS will not provide backup Power without batteries and Batteries by itself will not provide Backup Power without the UPS. Only when UPS and Batteries are connected together (as a UPS System), backup power can be provided. The UPS and Batteries are naturally bundled when it comes to providing backup power. Hence when they are naturally bundled and the principal supply is UPS, the GST rate pertaining to UPS should be the rate applicable for the final product. The fact that batteries are available separately in the market is not adequate / appropriate reason to say that Batteries are not naturally bundled with the UPS. The end user always buys the UPS System which includes batteries from one source.

The Supply of UPS Systems squarely falls under the ambit of Composite Supply when supplied as a single product at a single price.

The fact that the classification of UPS Systems with Batteries falls under 8504 is cleared by the Supreme Court of India and the matter is well settled. Several representations have been given at all levels of the Government to set right the Advance Rulings in other state and finally the Ministry of Finance has come up with this recent clarification. The reasons and the rationale behind this clarification is not known and has added more concerns in the minds of the UPS Manufacturers. This clarification seems to apply more for dealers who purchase UPS from one source and batteries from another. Whereas, UPS Manufacturers design the product to specification of the Customer and supply a complete system. Whether the batteries are inside or outside, connected while transporting it or not is decided based on ease of transport and safety while transport. At the site, they operate together as a whole. Hence, they should be classified as UPS under 8504.

The UPS Industry has been working based on the premise established by the Supreme Court of India and various levels of Judiciary. The recent clarification does not seem to have taken the proper classification of the UPS System as per the judgements of the Judiciary. Prior to the clarification, business has been conducted by the industry as per well laid out norms. Whether the prevailing tax regime is VAT or GST, neither the Product classification as per HSN has changed, nor the customer`s use / perception has changed, nor the character of the Product or the manner in which the business is done has changed.

Since the clarification has been issued recently, there is no rationale to even say that it applies retrospective. It has to be prospective. If it is retrospective, the industry has to close down as it cannot afford to pay any demand as the same was not collected from Customers nor it can be collected now.

The UPS Association will take this matter with the Government at the state and the Central level and I am sure that they will look into it with adequate attention taking into account the impact this will have on the industry, if the circular is considered retrospectively.

According to Mr. I B Rao & Mr. M R Rajesh, Directors of Powerone Micro Systems Pvt. Ltd., Bangalore SOFTDISK has been doing immense service to the Power Electronic & Solar Industry in the country for more than 3 decades now. We feel blessed to have Softdisk dealing with UPS & SOLAR industries and updating us with very transparent data regarding the industry. The team Softdisk has been instrumental in providing a forum for UPS Industry to meet and discuss and it actually acts as a glue in bonding the otherwise competing companies. The Annual and Mid-year surveys are eagerly awaited and reviewed by all members of the UPS Industry. We congratulate Dr. Sai for continuing the magazine both in print and e-format and also ensuring the annual awards function continued without any interruption even during peek pandemic times, he has cress-crossed the country to get in touch with each of the leadings companies despite his health and the challenges & restrictions due to the COVID-19 Pandemic.

The first 6 months of market was not good due to Covid 2nd wave fear, travel restrictions and sentiment of customer were negative with no investment mode. Now it is totally different and every thing is coming back to normal to pre-covid times. We hope the last quarter will be very good. It will start improving from 3rd quarter and due to holidays, it is little slow in October. Over all this year there will be little growth compare to last year.

The new clarification issued by GST council has created big fear with all small and medium local companies because GST officials will demand the dues with penalty and interest from retrospective. Now this matter has to be settled in High court/Supreme court and all companies should join together and fight. It may be difficult for local companies to fight in court individually due to very high expenses.

According to Mr. U B Shenoy & Mr. Chennakehavamurthy of Alpha Power Solutions, Bangalore   on behalf of Alpha Management, we would like to extend my appreciation for the amazing work done by Softdisk and coming out with rankings & awards every year.  The endless hours Dr. Sai spends working on this project, the professionalism he has portrayed has impressed us immensely. We deem ourselves honored to have associated Softdisk.

We have seen market has started growing as covid cases reduce all over the country with increasing vaccinations. We expect the market to grow further and are quite buoyant about it.

As markets open up, we are coming up to our full productions levels and have successfully exported customized units to UAE & Britain. This year we are sure to cross previous year`s turnover and expect a growth of over 5% in our turnover.

We would like to request the GST council to reconsider the tax structure, as the market will take a big hit if 28% tax on batteries supplied with UPS is imposed. It can be a hurdle for everyone`s growth.

According to Mr. Y B Suresh of Total Power Conditioners, Softdisk is relentlessly supporting and encouraging UPS and Solar Industry since last three decades and still they are offering varied support to UPS and Solar Industry. As an industry we are blessed to have Softdisk and Dr. Sai Krishnan with us all these years and the years to come, we thank and wish Dr. Sai Krishnan and Softdisk Team all the best for their future endeavor.

The first 6 months of market was not good due to covid Pandemic fear, travel restrictions and sentiment of customer were negative with no investment were coming. Now it has changed for the good with the increasing Vaccination and every thing is coming back to normal to almost pre-covid times. We hope the last quarter will be very good. It will start improving from 3rd quarter and due to holidays, it is little slow in October. Over all this year there will be little growth compare to last year.

As an Industry we are totally confused with the clarification GST council has given in last GST council meeting. In the clarification they mentioned that in case of UPS with External battery supplied, we have to collect a GST of 18% for UPS and 28% for batteries. It again creates an ambiguity that if we collect two different GST rates in a single Invoice for UPS and Batteries, whether it will be considered as Mixed supply or what?

If we make separate Invoices for the single supply also leads to complications in future and it indicates intentionally, we evaded the tax by making two different invoices for single supply of materials having two different tax slabs and authorities may consider this as a mixed supply and demand for the difference tax (GST) collected and they will ask for the difference in tax with all interests and penalties.

Majority of the suppliers in UPS industry considered Battery as an integral part of UPS and UPS will not work without batteries, so considered UPS with Battery is a composite supply and UPS is the principal item so charged with the Tax rate applicable for the UPS.

When it was in KVAT regime we had taken a clarification from tax authorities in Karnataka and they clarified that taxes can be collected as per the rate of tax for UPS, so we are in the impression that similar way it is considered in GST also. Though the GST regime is different from VAT, but the technical understanding and product remains the same, so the tax applicable to UPS has been collected as per our previous understanding.

Now once the clarification has raised few concerns and confusions after the clarification date, we are collecting taxes as per the clarification in case of UPS supplied with external battery and request the Govt., not to implement these clarifications retrospectively.

According to Mr. K M Krishnamurthy, Powernet Solutions Pvt. Ltd., Bangalore Softdisk has been the only magazine to give Mid Year and annual analysis of the Power Electronics Industry in general and UPS industry in particular, its impartial analysis of data and transparent reporting has made it a valuable source of information for both manufacturer and user alike.

The market has got in to a growth trajectory mode since October 2021 after a dip during Covid-19 pandemic period. We expect to grow over 4% this year.

As regards GST retrospective in implementation will affect the entire industry, it will be if nice entire issue is addressed by industry together.

According to Mr. R. K. Bansal, MD, Uniline Energy Systems Pvt. Ltd., New Delhi, Soft Disk & Uniline started roughly along same time over three decade ago and Soft Disk is the only magazine to focus on UPS industry.  SD awards are much awaited events.  I congratulate Dr. Sai for his persistence even during Covid-19 times.

Post pandemic, UPS market has started growing and we are getting good business & hope to grow in the current fiscal in a good manner.  Uniline has come out with innovative Lithium-Ion battery based UPS system & also 3 Phase rugged system for the industry.

On the GST front, after clarification by the GST council, is bit confusing and decision by Ministry is totally based on revenue angle point of view without any rationalization.  Industry must take a detailed representation before the concerned authorities at the earliest and get the issue addressed quickly.

Mr. Shankar Nagali, MD, Cosmic Micro Systems Pvt. Ltd., and Secretary UMDA, Bangalore says that we are happy with Softdisk`s support for entire UPS Industry also we are grateful for Dr. Sai Krishnan`s dedicated support rendered to our Industry.

GST Council has clarified now to bill UPS and batteries separate but the practices since 30 years was to bill together as manufactures, now onwards will follow the GST Council direction but Government and departmental support is necessary for our industries not to collect the tax retrospectively from all the companies otherwise most of our industries may not be in the position to bear this financial burden, since we have not collected from the customer.

We as UPS industries will make respective departments understand our practical difficulties to implement this, from UMDA we will put forward all possible actions to meet respective officers and Ministry of Finance, Government of India to get it sorted else will have to take the matter to the court.

Through this medium, we the promoters of Nexus Power Systems would like to extend our sincere thanks and gratitude to Dr. Sai Krishnan for the amazing work done by Softdisk magazine for the UPS and power conditioning industry over the last three decades. It is really heartening to see that year after year, Softdisk is coming out with rankings and awards for our industry. We are honoured to be associated with Softdisk. Our best wishes to Softdisk for this annual publication and for all their future endeavours 

All of us at Nexus are very positive on our growth prospect in the coming years. We feel that in spite of the setback of this Covid-19 pandemic, India`s growth story is still intact. With our government`s Make in India initiative, more and more companies are opting for Make in India products rather than buying imported goods. However, the major challenge for our industry in the coming days will be our rising input costs and shortage of electronic components.

Regarding the GST issue, we would like to mention that we could foresee this problem coming in, therefore right from day one we have been charging 28% GST on all batteries, even if we were supplying these batteries along with the UPS system. However, we feel that if this notification is implemented retrospectively MSME units will be suffering the most and may not be able to survive this setback. We strongly feel that all the members of the industry association should come together to take up this matter with the GST council, to ensure that this notification should not be implemented retrospectively.

Softdisk has been doing a commendable service of providing awards for top UPS & Solar Manufacturers of India. This paved the way for meeting the CEOs and MDs of UPS manufacturers in India to meet and share their thoughts in a single platform. Softdisk gives lot of articles about the new technologies and current updates on Indian UPS market - which helps the industry in a big way. Dr Sai Krishnan, Editor of Softdisk has never been a silent spectator for the problems faced by our UPS industry, but he has been a participant, meaning committed to togetherness of the entire UPS fraternity in India. His un-biased analysis of industry as whole covers all UPS manufactutrers Big & Small alike. His commitment has brought togetherness among all manufacturers and dealers in the UPS industry, in turn promoting cooperation and coexistence with each other.

As far as the market is concerned, it is alrady started growing after a dip and is expected further, Softdisk has been more or near the mark in all these years and their projection published in September 2021 issue will hold good for the year ending March 2022. We also see a slight growth in last quarter as Covid-19 Pandemic recedes and we start living as we used to in pre-covid times.

Mr. Palash Nandy, MD, Numeric by Legrand believes that Softdisk Magazine is the only magazine which brings all the UPS manufacturers under one platform. The publication has been conducting surveys in the various segments of Power, Solar & IT Industry and coming up with SD Awards. These surveys provide an in-depth analysis of each segment of the industry and users utilize it as one of their decision-making tools and also serves so as a guide to the industry.

Digital acceleration across industry segments has not only given rise to data explosion but the need for on demand availability of data.  The increased focus on digital first initiatives and the rise investments in data centers and strengthening IT infrastructure by organisation is a testimony to the rapid shift to digital future. This sudden uptick in the digital initiatives and the thrust on data centers has given rise to the need for high power availability to meet the growing demand. With remote working and hybrid working model here to stay, the need for business continuity has become all the more significant. All this has fuelled the demand for sustainable and quality power back up solutions coupled with high levels of service efficiency.

At Numeric, we are driven by innovation and smart solutions that will solve the pain points of the customers, while at the same time offering low TCO and energy saving. Our power backup solutions is customized according to the needs of the customers across various segments. To cite an example of our need-based innovation, we understood the changing need during the pandemic and introduced small changes in our standard products to offer DIY products to ensure business continuity as their employees transformed to WFH. We also continued to innovate and launched new product in the three-phase segment, Keor MOD which works on modular granular system with super compact modules of 25 kW each, each of these modules itself serving as an independent three phase UPS.

With markets opening up and on a road to recovery, we see the demand for uninterrupted power backup is only bound to grow. In the year 2021 we have witnessed growth in demand for the Line interactive and small kVA UPS systems in Residential and SOHO segments. On the other hand, there is huge demand in the Data center segment for higher kVA UPS systems. As per our understanding we see UPS market in the FY2021 should grow at about 8-9% over Fy2020.

We wish a very good year ahead for all the industry friends.

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