Depth bar: NCR ₹20L+ dossier for Manesar HPDC pre-IPO account. DRHP and website machine counts public. Use [~] for estimates.

Product glossary / vs LNM Auto: lnm-auto-vs-sunrays-engineers.md — every website product family, photo-level part ID, machinery overlap, and survey-only data at Manesar.

1. Company overview & snapshot

1.1 Legal identity & corporate structure

Sunrays Engineers Limited (formerly private limited, converted public limited 2025 ahead of IPO). Incorporated July 2005 [~]. Registered office shifted from Delhi to Haryana with manufacturing in IMT Manesar per DRHP narrative.

Website: https://sunrayseng.com · Email: info@sunraysengineers.com, cs@sunrayseng.com (company secretary per DRHP aggregators).

Funding stage: Pre-IPO / SME IPO track — capital raise aimed at HPDC machinery capex and capacity expansion. Not listed as of Aug 2026 research pass [~] — verify SEBI filing status before citing IPO timeline on calls.

Ownership: Promoter-led private company; detailed shareholding in DRHP (not reproduced here — read filing before investor-style claims).

Entity collisions: Distinguish from unrelated “Sunrays” brands in solar EPC or lighting retail. Contract on Sunrays Engineers Limited only.

1.2 What they make & where money comes from

Sunrays is an IATF 16949:2016 certified manufacturer of customised aluminium high-pressure die-cast (HPDC) components for:

• Automotive: Two-wheeler, passenger, commercial vehicle programmes (Tier-1 / Tier-2 supply chain)
• Non-automotive: Engineering, electrical, LED lighting housings and thermal components

Capacity (public):

• 18 HPDC machines, 120–700 ton clamp force
• 23 vertical machining centres (VMCs)
• 12 turning centres
• In-house toolroom, powder coating / finishing lines
• 5–6 new dies per month capability cited in industry profiles [~]

Revenue band:

• Company website targets ₹120–130 Cr turnover (2025 ambition)
• DRHP / IPO aggregator bands cite FY25 revenue ~₹144 Cr [~] and PAT ~₹90 lakh [~] — verify DRHP; aggregator figures often contain transcription errors. Treat FY25 financials as qualification-required.

Growth narrative: 40% YoY growth ambition (lead research); heavy capex on new machines last two years — scaling increases melt hours and MD risk.

Money comes from OEM programme parts — aluminium die castings sold on piece price with aluminium and energy in supplier margin pressure.

1.3 Plants, addresses & footprint

Company states two expansive manufacturing plants plus one warehouse, all Sector 8 IMT Manesar — geographically concentrated (IPO risk factor: single-location concentration).

Pilot recommendation: Identify two separate HT connections if they exist; pick higher-load HPDC plant for 60-Day Proof. If only one HT meter feeds both plants, cluster bill ₹30–45L [~] supports Band A gate even when per-plant allocation is unclear.

1.4 Leadership & CRM map

Decision path: Plant Head + Maintenance jointly own melt-start SOPs; promoter visibility likely high pre-IPO — keep pilot one meter, fixed fee, fast proof to match their timeline.

1.5 Recent news (24 months) & timing for Stamped

• IPO / DRHP filing 2025 — operational KPI scrutiny (energy cost / crore) likely in Q&A preparation
• Capacity expansion — new HPDC machines → MD spikes at commissioning
• Website refresh — positions as Tier-1 OEM partner; 20+ years track record
• Compliance: DRHP notes past delays in statutory form filing — addressed; not energy-related but signals admin bandwidth constraints
• Customer concentration risk in DRHP — revenue sensitivity to few OEMs

Timing: Pre-IPO window is double-edged — management distraction vs hunger for auditable cost metrics. Frame Stamped as fast, read-only, evidence-verified — no capex committee.

2. Energy profile

DISCOM / supply: DHBVN — Manesar IMT Sector 8 industrial HT accounts standard for die casters in campaign cluster.

2.1 Bill band, tariff & demand

Corrected estimate (Aug 2026 — kVA/meter-based): ₹18–28L/month per plant [~] · ₹30–45L cluster [~] · Primary ≥₹20L: Borderline→Yes · confidence Medium · visit action: Two HPDC plants — map meters. Canonical: bill-qualification-sheet.md.

Estimation logic: 18 HPDC machines (120–700T) plus VMC fleet and powder coating ovens typically draw 1.2–2.5 MVA class connected load per modern die-cast shop [~]. At Haryana industrial HT tariff ~₹8–11/kWh effective [~] with demand charges, ₹18–28L/plant is consistent. Two plants push cluster toward ₹30–45L even when one meter reads ₹18–22L (borderline).

Qualification rule: Must obtain two redacted DHBVN bills per candidate meter. If single meter <₹20L, evaluate cluster contract or disqualify for Band A pricing.

MD hypothesis: Tower melt + holding furnace restart at shift; multiple cells after lunch; powder oven preheat overlapping melt startup.

2.2 Generation, fuel & renewables

No public solar or wind PPA found on website or lead research — likely 100% grid [~] unless recent undisclosed rooftop. DG standard for die casters — confirm run hours (diesel vs grid MD tradeoff).

PNG: Not cited — melting likely electric holding + gas-fired tower melt [~] typical; verify on site.

2.3 EnMS, PAT, ISO, BRSR

• IATF 16949 — quality system; energy not core
• ISO 14001 / 50001: Not advertised — assume not certified
• PAT / BRSR: Not applicable pre-listing [~]
• IPO prospectus may add ESG section — opportunity to offer SEC per kg die-cast metric

2.4 Likely ₹ leak categories (hypothesis)

1. Simultaneous HPDC cell melt startup — MD spike
2. Holding furnace overnight hold — kWh leak
3. Powder coating oven preheat overlapping production restart
4. Compressors + dust extraction at shift
5. Idle VMC aisles — auxiliary during die change
6. Low power factor if older melt equipment [~]

3. Operations, equipment & digital stack

3.1 Process flow & critical loads

Aluminium ingot → melt (tower) → holding furnace → HPDC shot → trim → heat treat [~] → CNC/VMC → powder coat → pack → dispatch

Critical loads: DC furnaces, HPDC machine hydraulics and heaters, compressors, ovens, VMC spindles (secondary on bill).

3.2 Shifts, seasonality, production pattern

Likely three shifts on high-volume OEM lines [~]; die changes create batchy melt demand. OEM shutdowns (Diwali) drop load — good baseline week.

3.3 Automation, metering, SCADA/EMS/DCS

Mid-market die caster — machine-level HMIs, central monitoring unknown. Path A default. Toolroom simulation maturity (website) suggests engineering culture receptive to data-backed SOP changes.

3.4 Capex / tech projects affecting energy

• New HPDC machines (IPO use of proceeds) — baseline drift; Stamped should reset baseline post-commission
• Powder coating line additions — thermal overlap risk

4. Stamped Energy fit analysis

4.1 ICP scorecard

4.2 Fit score rationale

Classic Stamped HPDC wedge geography; 18 machines justify MD focus. Borderline single-meter bill requires visit discipline. Pre-IPO adds urgency for verified cost metrics. Minus: financial disclosure noise in aggregators; IPO distraction; customer concentration.

4.3 Wedge (parser-critical)

The strongest wedge is: map Sector-8 DHBVN meter(s), stagger tower melt / holding furnace startup across 18 HPDC cells, quantify powder-coat oven overlap, run 60-Day Proof Run with savings verified with evidence.

4.4 Objections & competitors

• “We’re investing in new efficient machines” → new tonnage increases MD risk without stagger discipline
• “Too busy with IPO” → read-only, one prescription, minimal plant time
• EMS vendors → not selling dashboards; prescribe + verify

4.5 Pilot design

• Site: Higher-load of two Sector 8 plants
• Kill: Scoped meter <₹20L sustained two months
• Success: MD ₹ down with named stagger SOP adopted
• Rollout: Second plant benchmark for IPO data room

5. Before you reach out

5.1 Discovery checklist

• One vs two HT consumer numbers
• Connected load kVA per plant
• Machine tonnage map by cell
• Melt-start SOP today (if any)
• Powder oven schedule vs shifts
• IPO timeline and who signs pilot PO

5.2 Do not lead with

• Investor deck language / valuation
• Group scope beyond Manesar
• “Next bill verification” hero line

5.3 Opening hooks

• “Eighteen machines — do you stagger melt start or accept the MD spike?”
• “Pre-IPO — is energy cost per crore tracked at plant or only total kWh?“

6. Risks, flags, controversies & sources

6.1 Integrity / controversy / regulatory

Search terms: Sunrays Engineers IPO fraud; environmental; labour; Manesar (2024–2026).

Result: DRHP flags statutory filing delays (corrected) and customer concentration — operational governance notes, not fraud. No GST raid, NGT order, or major lawsuit found for Sunrays Engineers Limited in this pass.

None found for integrity controversy blocking engagement.

6.2 Data quality flags

• IPO aggregator revenue/PAT figures conflict — verify against DRHP before citing on calls
• Bill band borderline — mandatory two-bill qualification
• Website claims 40% growth — self-reported

6.3 Sources consulted

• https://sunrayseng.com/ and /about.php
• DRHP aggregators (indiaipo.in, a2zipo.com) — verify primary filing
• leads/auto-components/lead-research-auto-component-batch4-2026-06.md (Lead 5)
• outreach/extras/2026-08-ncr-20l-plus/bill-qualification-sheet.md

Appendix A — HPDC machine map (qualification template)

Fill on visit — do not invent tonnage online:

Powder coating overlap question: Does oven preheat begin before melt readiness on the same shift? If yes, MD coincidence is likely — Stamped prescription targets 15–30 minute stagger with rupee attached.

Appendix B — IPO diligence energy metrics (pre-empt)

If management asks “why now before listing”:

• Investors will compare energy cost / crore revenue vs peers (Craftsman, other Manesar die casters).
• Stamped delivers auditable 60-day ledger suitable for data room annex — not a multi-year EnMS capex story.
• Read-only scope avoids SEBI material-contract complexity if fee stays plant-level.

Appendix C — Peer context in NCR campaign

Sunrays sits alongside Machino (#01), ASK (#05), Lumax (#06), Craftsman (#07) in same visit week — use HPDC-specific language; do not pitch plastics or suspension hooks used for other accounts.

Appendix D — Extended discovery questions (first call)

1. “How many tower melts can start within the same 15-minute window today?”
2. “When a die change runs long, do holding furnaces stay at temperature — who decides?”
3. “Powder line — is oven on a timer independent of HPDC shift supervisor?”
4. “Do you have interval data from DHBVN AMR or only monthly bills?”
5. “IPO timeline — who signs a ₹X lakh software pilot PO at plant level without board?”
6. “Top three customers by revenue — any energy-intensity supplier forms in last 12 months?”
7. “DG test schedule — fixed weekday or ad hoc?”
8. “Last time MD penalty appeared on bill — which month and suspected cause?”

Appendix E — Toolroom and die-change energy (often missed)

Sunrays advertises in-house toolroom and 5–6 new dies monthly [~]. Each new cell commissioning creates:

• Trial shots at partial load — inefficient kWh per kg
• Extended holding while first-off approval runs
• Auxiliary equipment (trim presses, conveyors) left running between trials

Stamped can segment trial vs production weeks in M&V if production planning shares die-change calendar — high-value for IPO story (“energy per crore improved after trial SOP fix”).

Appendix F — Customer concentration mitigation via cost story

DRHP warns revenue concentration in few OEMs. If a top customer pushes 5% cost-down, energy is one of few levers that does not require material spec change. Frame pilot ROI as margin defense not green marketing:

• ₹3L/month saved on ₹25L bill ≈ 12% electricity cost reduction [~] — material at ALPS margins
• Verified ledger gives CFO-ready number for prospectus operational excellence section

Appendix G — DHBVN tariff sensitivity (qualification)

Manesar Sector 8 industrial consumers typically face:

• Contract demand charge even when production is low (IPO year capex timing)
• Fuel surcharge volatility — Stamped tracks avoidable MD kVA which survives surcharge changes better than generic “save 10%” claims

Ask accounts for HT industrial tariff category code on bill — required for accurate ₹ prescription modeling.

Appendix H — ACMA / cluster intro path

Sunrays is IMT Manesar-local — if Utso lacks warm intro:

• ACMA NCR chapter events occasionally host mid-market die casters
• Peer reference from Machino or Craftsman campaign accounts (same visit week) only if relationship exists — do not name without permission
• Cold email via info@sunraysengineers.com remains valid per index

Appendix I — Powder coating line walk-through questions

On plant tour, capture:

• Oven type (batch vs conveyor)
• Preheat setpoint and time to ready
• Whether HPDC shift supervisor can delay oven start by 20 minutes without quality risk
• Exhaust fan and burner interlocks — can they be sequenced?

These answers determine whether first prescription is melt stagger or oven stagger — pick higher ₹ lever first.

Appendix J — Validation script outcome (lead research cohort)

Batch 4 lead research scored Sunrays 8/10 with note: verify not duplicate of other Manesar die casters. Confirmed distinct entity vs Shanker/Craftsman campaign accounts. IPO timeline flagged as distraction risk — counter with 60-day bounded engagement and plant-level PO authority question on first call.

Appendix K — LinkedIn champion search strings

Copy-paste search combinations for Apollo-free hunt:

• "Sunrays Engineers" AND Manesar AND "Plant Head"
• "Sunrays Engineers" AND "Maintenance Manager" AND Gurgaon
• "Sunrays Engineers" AND HPDC AND electrical

Expect thin results — mid-market pre-IPO companies often under-index on LinkedIn; complement with gate pass visit and cs@sunrayseng.com routing.

Appendix L — Bill borderline contingency

If single plant meter reads ₹18–19L on two consecutive bills:

• Evaluate cluster pricing only if legally same consumer (unlikely with two plants)
• Alternatively pair with Sunrays warehouse LT only for operational insight — not Stamped contract scope
• Downgrade commercial band to Band B pricing per ICP rules while keeping research dossier in NCR campaign for visit efficiency