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 ₹ 110 Cr.
- Current Price ₹ 57.9
- High / Low ₹ 158 / 56.3
- Stock P/E 8.69
- Book Value ₹ 42.5
- Dividend Yield 0.00 %
- ROCE 41.0 %
- ROE 39.7 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 45.8%
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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 96 | 160 | 176 | 192 | 201 | |
| 95 | 158 | 174 | 178 | 184 | |
| Operating Profit | 2 | 2 | 2 | 14 | 17 |
| OPM % | 2% | 1% | 1% | 7% | 8% |
| 2 | 5 | 6 | 4 | 1 | |
| Interest | 0 | 0 | 0 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 3 | 6 | 7 | 16 | 17 |
| Tax % | 25% | 28% | 29% | 30% | 26% |
| 2 | 4 | 5 | 11 | 13 | |
| EPS in Rs | 96.47 | 165.90 | 51.60 | 112.90 | 8.51 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 8% |
| TTM: | 5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 47% |
| TTM: | 13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 47% |
| 3 Years: | 46% |
| Last Year: | 40% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 25 | 24 | 62 |
| 2 | 2 | 4 | 7 | 17 | 6 | |
| 34 | 51 | 57 | 47 | 42 | 29 | |
| Total Liabilities | 40 | 62 | 76 | 79 | 97 | 116 |
| 1 | 5 | 5 | 5 | 5 | 4 | |
| CWIP | 0 | 0 | 0 | 1 | 5 | 6 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 39 | 57 | 71 | 74 | 88 | 105 | |
| Total Assets | 40 | 62 | 76 | 79 | 97 | 116 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 2 | 3 | -3 | 0 | -3 | |
| -2 | -2 | -0 | -2 | -6 | |
| 1 | 1 | 2 | 2 | 9 | |
| Net Cash Flow | 1 | 1 | -1 | 1 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 49 | 62 | 67 | 81 | 70 |
| Inventory Days | 66 | 55 | 77 | 56 | 81 |
| Days Payable | 127 | 116 | 111 | 77 | 64 |
| Cash Conversion Cycle | -12 | 2 | 33 | 60 | 86 |
| Working Capital Days | 0 | 5 | 18 | 36 | 49 |
| ROCE % | 68% | 51% | 65% | 41% |
Documents
Announcements
-
Updates
29 January 2026 - Q3 FY26: 26.4% YoY sales growth; 4,000 PCUs government tender; Jhajjar plant expansion by April 2026.
-
Updates
22 January 2026 - Smarten Power lists KMPs authorised for disclosures; contact details published on website, dated Jan 22, 2026.
-
Updates
19 January 2026 - SMARTEN: Non-applicability of Reg 27(2) for quarter ended Dec 31, 2025; Reg 23 applicable (paid-up >₹10Cr, net worth >₹25Cr).
-
Reply to Clarification- Financial results
19 January 2026 - Company corrected financial results to include March 31, 2025 comparatives; provided monitoring agency report; no change in figures.
-
Updates
13 January 2026 - CIN changed to L31401HR2014PLC052897; MCA listing status updated to Yes on 13 Jan 2026.
Annual reports
Concalls
-
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
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