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 ₹ 105 Cr.
- Current Price ₹ 55.2
- High / Low ₹ 158 / 54.0
- Stock P/E 8.41
- 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
* 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: | 46% |
| 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% |
Insights
In beta| Mar 2024 | Sep 2025 | |
|---|---|---|
| Battery Manufacturing Capacity Units per month |
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| International Distributors Number |
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| Inverter Production Capacity Units per day |
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| Total Employees Number |
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| Domestic Distributors Number |
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| Number of Service Engineers Number |
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| Number of SKUs Number |
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| Service Points Number |
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| Total Distributors Number |
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Documents
Announcements
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Resignation
12 March 2026 - Amit Vijay Karia resigned as Independent Director effective March 11, 2026, due to professional commitments.
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Analysts/Institutional Investor Meet/Con. Call Updates
9 March 2026 - Transcript of Mar 6, 2026 meeting: Jhajjar expansion doubles capacity (600→1200/day), ₹7.5cr battery machinery, 20–30% FY27 growth.
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Analysts/Institutional Investor Meet/Con. Call Updates
6 March 2026 - Investor conference call held March 06, 2026; audio available on company's website.
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Press Release
5 March 2026 - Recognized as 'India’s Leading ESG Entity' in Dun & Bradstreet's 'ESG Horizons' report; unveiled at ESG Leadership Summit 2026.
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Analysts/Institutional Investor Meet/Con. Call Updates
2 March 2026 - Smarten Power Systems investor/analyst conference call March 6, 2026, 5:00 PM IST.
Annual reports
Concalls
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Mar 2026TranscriptPPTREC
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Jan 2026Transcript PPT REC
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 (e.g., Bravo Series, Nova Series)
b) Solar inverters (including on-grid Solar Inverters - STAR Series)
c) Solar power conditioning units (PCUs) (MPPT: Helio, Superb+, Trendy+; PWM: Saver+, Shine+, Boom)
d) Solar charge controllers (PWM and MPPT)