Smarten Power Systems Ltd
Incorporated in 2014, Smarten Power Systems Limited is in the business of designing and assembling of power back-up and advanced solar power products, and trading of solar panels and batteries[1]
- Market Cap ₹ 130 Cr.
- Current Price ₹ 68.4
- High / Low ₹ 158 / 67.4
- Stock P/E 10.4
- Book Value ₹ 41.3
- Dividend Yield 0.00 %
- ROCE 39.3 %
- ROE 38.3 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 44.3%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -24.6%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 96 | 163 | 170 | 175 | 178 | |
| 95 | 161 | 168 | 162 | 162 | |
| Operating Profit | 2 | 2 | 2 | 13 | 16 |
| OPM % | 2% | 1% | 1% | 8% | 9% |
| 2 | 5 | 5 | 3 | 1 | |
| Interest | 0 | 0 | 0 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 3 | 5 | 7 | 15 | 16 |
| Tax % | 25% | 28% | 29% | 30% | 26% |
| 2 | 4 | 5 | 11 | 12 | |
| EPS in Rs | 96.47 | 164.66 | 47.50 | 107.30 | 7.83 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 3% |
| TTM: | 2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 44% |
| TTM: | 9% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 44% |
| Last Year: | 38% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.24 | 0.24 | 1 | 1 | 15 | 19 |
| Reserves | 4 | 8 | 13 | 24 | 22 | 60 |
| 2 | 2 | 4 | 7 | 17 | 6 | |
| 34 | 50 | 56 | 45 | 40 | 26 | |
| Total Liabilities | 40 | 61 | 74 | 76 | 94 | 111 |
| 1 | 5 | 5 | 5 | 5 | 4 | |
| CWIP | 0 | 0 | 0 | 1 | 5 | 6 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 39 | 56 | 69 | 71 | 84 | 100 | |
| Total Assets | 40 | 61 | 74 | 76 | 94 | 111 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 2 | 3 | -3 | 0 | -2 | |
| -2 | -2 | -0 | -2 | -6 | |
| 1 | 1 | 2 | 2 | 9 | |
| Net Cash Flow | 1 | 1 | -1 | 1 | 1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 49 | 61 | 69 | 86 | 72 |
| Inventory Days | 66 | 55 | 81 | 61 | 89 |
| Days Payable | 127 | 116 | 115 | 82 | 70 |
| Cash Conversion Cycle | -12 | 0 | 34 | 64 | 91 |
| Working Capital Days | 0 | 5 | 18 | 38 | 52 |
| ROCE % | 68% | 48% | 64% | 39% |
Documents
Announcements
-
Monitoring Agency Report
13 November 2025 - Monitoring agency report for quarter ended 30 Sep 2025; INR 1.76 Cr utilized from INR 40.01 Cr IPO.
-
Press Release
11 November 2025 - H1 FY26 revenue ₹11,526 lakh (+6.5% YoY); PAT ₹588 lakh; ₹2,966.38 lakh IPO proceeds utilised.
-
Appointment
10 November 2025 - Unaudited H1 results (Sept 30, 2025); Vandita Tripathi appointed CS/KMP; internal and secretarial auditors appointed.
-
Appointment
10 November 2025 - Approved H1 Sep 30, 2025 unaudited results; appointed CS, internal and secretarial auditors on Nov 10, 2025.
-
Change in Company Secretary/Compliance Officer
10 November 2025 - Approved unaudited H1 FY2025 results; appointed CS Vandita Tripathi (KMP) and auditors effective Nov 10, 2025.
Business Overview:[1][2]
SPSL is engaged in the design and assembly
of power backup and advanced solar energy products. It provides efficient and low-cost
power solutions by assembling and trading various products viz.:
a) Home UPS systems
b) Solar inverters
c) Solar power conditioning units (PCUs)
d) Solar charge controllers
Additionally, the company is involved in the trading of:
a) Solar panels (domestic only)
b) Batteries