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 ₹ 114 Cr.
- Current Price ₹ 59.8
- High / Low ₹ 158 / 42.0
- Stock P/E 13.7
- Book Value ₹ 42.7
- Dividend Yield 0.00 %
- ROCE 17.3 %
- ROE 14.1 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 28.9% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.2%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 58.8 days to 86.4 days
* 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
Part of Nifty SME Emerge
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 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 96 | 163 | 170 | 175 | 178 | 229 | |
| 95 | 161 | 168 | 162 | 162 | 218 | |
| Operating Profit | 2 | 2 | 2 | 13 | 16 | 11 |
| OPM % | 2% | 1% | 1% | 8% | 9% | 5% |
| 2 | 5 | 5 | 3 | 1 | 2 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 3 | 5 | 7 | 15 | 16 | 11 |
| Tax % | 25% | 28% | 29% | 30% | 26% | 25% |
| 2 | 4 | 5 | 11 | 12 | 8 | |
| EPS in Rs | 96.47 | 164.66 | 47.50 | 107.30 | 7.83 | 4.35 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 10% |
| TTM: | 29% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 29% |
| 3 Years: | 20% |
| TTM: | -30% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -60% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 28% |
| Last Year: | 14% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.24 | 0.24 | 1 | 1 | 15 | 19 |
| Reserves | 4 | 8 | 13 | 24 | 22 | 62 |
| 2 | 2 | 4 | 7 | 17 | 5 | |
| 34 | 50 | 56 | 45 | 40 | 48 | |
| Total Liabilities | 40 | 61 | 74 | 76 | 94 | 134 |
| 1 | 5 | 5 | 5 | 5 | 20 | |
| CWIP | 0 | 0 | 0 | 1 | 5 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 39 | 56 | 69 | 71 | 84 | 107 | |
| Total Assets | 40 | 61 | 74 | 76 | 94 | 134 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 2 | 3 | -3 | 0 | -2 | -9 | |
| -2 | -2 | -0 | -2 | -6 | -17 | |
| 1 | 1 | 2 | 2 | 9 | 24 | |
| Net Cash Flow | 1 | 1 | -1 | 1 | 1 | -2 |
| Free Cash Flow | 1 | -1 | -3 | -1 | -6 | -28 |
| CFO/OP | 167% | 253% | -36% | 35% | 10% | -57% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 49 | 61 | 69 | 86 | 72 | 79 |
| Inventory Days | 66 | 55 | 81 | 61 | 89 | 78 |
| Days Payable | 127 | 116 | 115 | 82 | 70 | 78 |
| Cash Conversion Cycle | -12 | 0 | 34 | 64 | 91 | 79 |
| Working Capital Days | 0 | 5 | 18 | 38 | 52 | 86 |
| ROCE % | 68% | 48% | 64% | 39% | 17% |
Insights
In beta| Mar 2024 | Sep 2025 | |
|---|---|---|
| Battery Revenue Share % of Revenue |
|
|
| Domestic Revenue Share % of Revenue |
||
| Solar PCU Revenue Share % of Revenue |
||
| Battery Manufacturing Capacity Units per month |
||
| Inverter / PCU / Home UPS Assembly Capacity Units per day |
||
| Number of SKUs in Product Portfolio SKUs |
||
| Service Engineers (In-house) Engineers |
||
| States & Union Territories Covered in India States + UTs |
||
| Total Distributors (Domestic + International) Distributors |
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Extracted by Screener AI
Documents
Announcements
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Appointment
14 July 2026 - Board appointed COO from Aug 1, 2026; set AGM for Sept 24, 2026 and record dates.
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Updates
14 July 2026 - Board appointed Ranjit Singh COO from Aug 1, 2026; named auditors; AGM on Sept 24, 2026.
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Outcome of Board Meeting
14 July 2026 - Board appointed COO from Aug 1, 2026; named auditors; AGM on Sept 24, 2026.
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Updates
2 July 2026 - Corporate governance report not applicable for quarter ended June 30, 2026; Regulation 23 remains applicable.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
2 July 2026 - Submitted Regulation 74(5) compliance certificate for quarter ended June 30, 2026.
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)