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 ₹ 103 Cr.
- Current Price ₹ 54.0
- High / Low ₹ 105 / 42.0
- Stock P/E 11.7
- Book Value ₹ 44.0
- Dividend Yield 0.00 %
- ROCE 17.8 %
- ROE 14.4 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 30.6% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.0%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 56.7 days to 84.6 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
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 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 96 | 160 | 176 | 192 | 201 | 239 | |
| 95 | 158 | 174 | 178 | 184 | 227 | |
| Operating Profit | 2 | 2 | 2 | 14 | 17 | 12 |
| OPM % | 1.6% | 1.0% | 1.1% | 7% | 8% | 5% |
| 2 | 5 | 6 | 4 | 1 | 2 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 3 | 6 | 7 | 16 | 17 | 12 |
| Tax % | 25% | 28% | 29% | 30% | 26% | 25% |
| 2 | 4 | 5 | 11 | 13 | 9 | |
| EPS in Rs | 96.47 | 165.90 | 51.60 | 112.90 | 8.51 | 4.63 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 11% |
| TTM: | 19% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 19% |
| TTM: | -31% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -44% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 32% |
| 3 Years: | 29% |
| Last Year: | 14% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 25 | 24 | 65 |
| 2 | 2 | 4 | 7 | 17 | 5 | |
| 34 | 51 | 57 | 47 | 42 | 50 | |
| Total Liabilities | 40 | 62 | 76 | 79 | 97 | 139 |
| 1 | 5 | 5 | 5 | 5 | 20 | |
| CWIP | 0 | 0 | 0 | 1 | 5 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 39 | 57 | 71 | 74 | 88 | 112 | |
| Total Assets | 40 | 62 | 76 | 79 | 97 | 139 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 2 | 3 | -3 | 0 | -3 | -8 | |
| -2 | -2 | -0 | -2 | -6 | -17 | |
| 1 | 1 | 2 | 2 | 9 | 24 | |
| Net Cash Flow | 1 | 1 | -1 | 1 | 1 | -1 |
| Free Cash Flow | 1 | -1 | -3 | -1 | -6 | -27 |
| CFO/OP | 167% | 249% | -26% | 37% | 11% | -43% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 49 | 62 | 67 | 81 | 70 | 79 |
| Inventory Days | 66 | 55 | 77 | 56 | 81 | 74 |
| Days Payable | 127 | 116 | 111 | 77 | 65 | 76 |
| Cash Conversion Cycle | -12 | 2 | 33 | 60 | 85 | 77 |
| Working Capital Days | 0 | 5 | 18 | 36 | 49 | 85 |
| ROCE % | 68% | 51% | 65% | 41% | 18% |
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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General Updates
- Smarten appointed Adfactors PR as IR agency effective September 3, 2026.
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Copy of Newspaper Publication
- Smarten Power Systems announces 12th AGM on September 24, 2026, at registered office through physical mode.
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Updates
- 12th AGM on September 24, 2026; annual report links shared and shareholders reminded to update KYC.
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Updates
- Submitted BRSR for FY 2025-26 on August 26, 2026.
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Shareholders meeting
- Notice of 12th AGM on Sept 24, 2026 and FY26 annual report filed.
Concalls
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Mar 2026Transcript REC
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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)