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 ₹ 170 Cr.
- Current Price ₹ 89.6
- High / Low ₹ 90.0 / 42.0
- Stock P/E 11.4
- Book Value ₹ 50.3
- 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 | TTM | |
|---|---|---|---|---|---|---|---|
| 96 | 160 | 176 | 192 | 201 | 239 | 332 | |
| Sales growth | +67% | +10% | +9% | +5% | +19% | +59% | |
| 95 | 158 | 174 | 178 | 184 | 227 | 310 | |
| Operating Profit | 2 | 2 | 2 | 14 | 17 | 12 | 22 |
| OPM % | 1.6% | 1.0% | 1.1% | 7% | 8% | 5% | 7% |
| 2 | 5 | 6 | 4 | 1 | 2 | 1 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 2 |
| Profit before tax | 3 | 6 | 7 | 16 | 17 | 12 | 20 |
| Tax % | 25% | 28% | 29% | 30% | 26% | 25% | |
| 2 | 4 | 5 | 11 | 13 | 9 | 15 | |
| EPS in Rs | 6.44 | 11.08 | 3.44 | 7.53 | 8.51 | 4.63 | 7.85 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 11% |
| TTM: | 59% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 19% |
| TTM: | 18% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 21% |
| 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 | Sep 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.24 | 0.24 | 1 | 1 | 15 | 19 | 19 |
| Reserves | 4 | 8 | 13 | 25 | 24 | 65 | 77 |
| 2 | 2 | 4 | 7 | 17 | 5 | 3 | |
| 34 | 51 | 57 | 47 | 42 | 50 | 49 | |
| Total Liabilities | 40 | 62 | 76 | 79 | 97 | 139 | 148 |
| 1 | 5 | 5 | 5 | 5 | 20 | 20 | |
| CWIP | 0 | 0 | 0 | 1 | 5 | 7 | 8 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 39 | 57 | 71 | 74 | 88 | 112 | 120 | |
| Total Assets | 40 | 62 | 76 | 79 | 97 | 139 | 148 |
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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 167% | 249% | -26% | 37% | 11% | -43% |
Ratios
Consolidated / 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 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Inverter / PCU / Home UPS Assembly Capacity Units per day |
|
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| Battery Revenue Share % of Revenue |
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| Solar PCU Revenue Share % of Revenue |
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| Domestic Revenue Share % of Revenue |
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| Battery Manufacturing Capacity Units per month |
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| Number of SKUs in Product Portfolio SKUs |
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| Service Engineers (In-house) Engineers |
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| States & Union Territories Covered in India States + UTs |
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Extracted by Screener AI
Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
- Smarten Power Systems released H1 FY27 earnings call transcript, reporting 77.5% revenue growth and INR11.99 crore PAT.
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Monitoring Agency Report
- Monitoring agency report for quarter ended September 30, 2026 shows ₹0.70 crore unutilized and six-month capex delay.
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Analysts/Institutional Investor Meet/Con. Call Updates
- Audio recording of H1 FY27 earnings conference call conducted on November 4, 2026.
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Investor Presentation
- Smarten Power Systems shared its H1 FY27 investor presentation on November 4, 2026.
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Press Release
- Smarten Power Systems Limited has informed regarding a press release dated November 04, 2026, titled "Press Release on H1 FY 27 Financial Results".
Concalls
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Nov 2026Transcript
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Nov 2026Transcript PPT REC
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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)