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 ₹ 60.0
- High / Low ₹ 158 / 42.0
- Stock P/E 13.0
- 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 56.3 days to 83.3 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 | 243 | |
| 95 | 158 | 174 | 178 | 184 | 231 | |
| Operating Profit | 2 | 2 | 2 | 14 | 17 | 12 |
| OPM % | 2% | 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: | 21% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 19% |
| TTM: | -31% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| 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 | 78 |
| Inventory Days | 66 | 55 | 77 | 56 | 81 | 74 |
| Days Payable | 127 | 116 | 111 | 77 | 64 | 76 |
| Cash Conversion Cycle | -12 | 2 | 33 | 60 | 86 | 76 |
| Working Capital Days | 0 | 5 | 18 | 36 | 49 | 83 |
| ROCE % | 68% | 51% | 65% | 41% | 18% |
Insights
In beta| Mar 2024 | Sep 2025 | |
|---|---|---|
| Battery Manufacturing Capacity Units per month |
|
|
| International Distributors Number |
||
| Inverter Production Capacity Units per day |
||
| Total Employees Number |
||
| Domestic Distributors Number |
||
| Number of Service Engineers Number |
||
| Number of SKUs Number |
||
| Service Points Number |
||
| Total Distributors Number |
||
Extracted by Screener AI
Documents
Announcements
-
Appointment
28 April 2026 - Board approved audited FY26 results and appointed M/s Nitin Arora & Associates as internal auditor for FY27.
-
Outcome of Board Meeting
28 April 2026 - Board approved audited FY2026 standalone and consolidated results; appointed M/s Nitin Arora & Associates as internal auditor for FY2026-27.
-
Updates
13 April 2026 - On April 13, 2026, Smarten confirmed it is not a Large Corporate for FY2026.
-
Updates
10 April 2026 - SME-listed Smarten Power Systems says corporate governance provisions are not applicable for quarter ended March 31, 2026.
-
Updates
9 April 2026 - Q4 FY26 business update: 65% battery plant utilisation, stronger volumes, Li-Ion strategy, and broad geographic growth.
Annual reports
Concalls
-
Mar 2026TranscriptPPTREC
-
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)