A cash-generative “picks-and-shovels” electrification and data-center enabler with a strong ABB moat—tempered by project-mix margin pressure and ABB concentration risk.
Overview
IPD Group is a long-established Australian specialist distributor and solutions provider in electrical infrastructure—spanning energy management, industrial automation, and power distribution—with a business model combining procurement/inventory, value-added assembly, and an expanding suite of technical services (installation, commissioning, maintenance). Operations are organized across complementary brands: IPD (LV distribution/control), CMI Electrical (industrial/resources cabling), LEX Engineering (hazardous area), and Addelec Power Services (high-voltage/project services), with Platinum Advanced Cable Solutions acquired on 31 Dec 2025 to deepen mining exposure. End markets are diversified across infrastructure/industrial/mining (~31%), commercial construction (~28%), and data centers (~15–16%) with 8,000+ customers. Financial momentum is strong (FY25 revenue A$354.7m +22.1%; 1H FY26 revenue A$192.7m +8.9%; underlying NPAT A$14.4m +8.3%). The core moat is tier-one partnerships—especially ABB master distribution—supported by conservative leverage (~0.5x) and strong cash conversion.