India UPS inverter
India UPS inverterReuters

New Delhi-based Luminous Power Technologies, which operates in power storage and home electricals segment, is aiming to double its annual turnover to Rs 5,000 crore in the next five years as the power backup solutions provider eyes product portfolio expansion and tapping into new markets.

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The company plans to expand production capacity at its seven existing plants and focus more on innovative products in the segment. Luminous, in which French multinational Schneider Electric has a 74 percent stake, sells it products in more than 36 countries with a strong foothold in Africa, the Middle East and the Indian Subcontinent. 

"We believe that over a period of time, we should be able to deliver a double digit growth coming in from power storage with a combination of solar and home electrical brand," Vipul Sabharwal, managing director at Luminous, told PTI. "In next 4-5 years, we would be around Rs 5,000 crore and the growth would come from domestic and international markets," he added. 

Moving beyond traditional UPS devices, the company recently launched Regalia - which is a wall mountable power backup system - marketing it as a product customers would love to flaunt, unlike those traditional power backups people prefer to hide somewhere in a corner of their houses. Regalia can also be connected with wi-fi to access power information on any connected device.

Similarly, Luminous Zelio is a state-of-the-art home UPS that tells you how many hours of power still remains through a simple and intuitive LED display. Further, Luminous designer fans come with a LED light diffuser and a fully functional intuitive RF Remote.

In an industry worth Rs 15,000 crore currently, Luminous has a market share of around 39 percent in UPS and 27 percent in inverter batteries. The company's power storage products contribute about 90 percent of the sales and rest 10 percent comes from home electricals, which includes segments as fan, switches and electric cables. 

"We would soon enter a new category which is LED lights in the next quarter," Sabharwal said, adding that the company is scouting for new markets and looking at greater penetration in the existing markets. Luminous also sells its products using online channels in the domestic market through its own e-commerce portal and other channel partners.