Swelect Energy Systems Ltd

₹ 599 -1.99%

12 Jun 2:49 p.m.

swelectes.com BSE: 532051 NSE: SWELECTES

About

Incorporated in 1994, Swelect Energy Systems Ltd is in the business of Solar and Solar
Related Activities^[1]

Key Points

Business Overview:^[1]
SESL, the flagship of the Swelect group, formerly produced UPS under the Numeric brand. Now, it focuses on renewable energy—generating solar and wind power, manufacturing solar modules (1 GW capacity), PV inverters, charge controllers, and junction boxes. It also handles rooftop installations and EPC contracts for solar projects.

Website BSE NSE - BE

Market Cap ₹ 907 Cr.
Current Price ₹ 599
High / Low ₹ 1,405 / 460
Stock P/E 106
Book Value ₹ 521
Dividend Yield 0.51 %
ROCE 6.20 %
ROE 1.09 %
Face Value ₹ 10.0

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Pros

Stock is trading at 1.19 times its book value
Company is expected to give good quarter
Company has been maintaining a healthy dividend payout of 28.1%

Cons

Company has a low return on equity of 1.89% over last 3 years.
Earnings include an other income of Rs.51.4 Cr.
Working capital days have increased from 276 days to 431 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 Heavy Electrical Equipment

Part of BSE SmallCap BSE Allcap BSE Industrials

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	147.59	30.27	116.91	31.45	50.29	68.47	19.73	114.93	44.44	66.38	145.92	108.48	110.56
	132.50	15.04	102.39	27.22	44.14	57.08	15.00	99.89	37.69	59.77	134.70	96.57	107.23
Operating Profit	15.09	15.23	14.52	4.23	6.15	11.39	4.73	15.04	6.75	6.61	11.22	11.91	3.33
OPM %	10.22%	50.31%	12.42%	13.45%	12.23%	16.64%	23.97%	13.09%	15.19%	9.96%	7.69%	10.98%	3.01%
	9.44	-8.67	-1.05	7.61	10.28	14.55	9.26	9.16	28.96	12.21	12.33	10.03	16.86
Interest	4.85	5.22	5.94	6.94	7.22	7.83	7.98	8.13	9.60	7.66	8.28	8.54	8.31
Depreciation	4.25	3.40	3.39	3.50	2.96	3.50	3.68	3.74	3.79	3.73	3.79	3.73	4.02
Profit before tax	15.43	-2.06	4.14	1.40	6.25	14.61	2.33	12.33	22.32	7.43	11.48	9.67	7.86
Tax %	0.00%	0.00%	0.00%	0.00%	6.24%	1.92%	0.00%	-0.08%	-1.21%	0.00%	60.28%	130.82%	105.34%
	15.43	-2.06	4.14	1.40	5.86	14.33	2.33	12.34	22.59	7.43	4.55	-2.99	-0.41
EPS in Rs	10.18	-1.36	2.73	0.92	3.87	9.45	1.54	8.14	14.90	4.90	3.00	-1.97	-0.27
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	51	48	163	170	174	120	142	185	225	229	246	431
	50	49	153	161	161	118	129	158	173	189	210	398
Operating Profit	1	-0	9	9	12	2	13	27	51	40	37	33
OPM %	3%	-1%	6%	5%	7%	1%	9%	14%	23%	18%	15%	8%
	29	23	34	46	38	35	-1	26	15	9	62	51
Interest	1	11	10	5	6	7	10	12	19	25	33	33
Depreciation	4	9	13	11	13	14	17	15	14	14	14	15
Profit before tax	25	3	21	38	31	15	-14	24	34	10	51	36
Tax %	0%	55%	43%	24%	24%	28%	18%	0%	0%	4%	0%	76%
	25	1	12	29	23	11	-17	24	34	9	51	9
EPS in Rs	16.41	0.88	7.90	19.33	15.44	7.27	-11.04	16.04	22.29	6.16	33.84	5.66
Dividend Payout %	36%	190%	34%	14%	17%	23%	-18%	19%	13%	19%	12%	53%

Compounded Sales Growth
10 Years:	24%
5 Years:	25%
3 Years:	24%
TTM:	75%

Compounded Profit Growth
10 Years:	32%
5 Years:	17%
3 Years:	-34%
TTM:	-72%

Stock Price CAGR
10 Years:	7%
5 Years:	45%
3 Years:	23%
1 Year:	-52%

Return on Equity
10 Years:	2%
5 Years:	2%
3 Years:	2%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	10	10	10	10	10	15	15	15	15	15	15
Reserves	636	635	617	645	663	669	643	666	695	720	769	774
	92	112	60	65	84	93	122	275	290	366	352	309
	45	29	67	85	89	95	124	101	194	98	177	142
Total Liabilities	784	786	754	805	847	868	904	1,056	1,195	1,199	1,313	1,240
	145	153	131	146	153	206	236	273	265	250	255	279
CWIP	11	15	0	0	1	1	0	3	1	2	0	7
Investments	393	367	407	386	401	410	370	416	474	523	460	495
	235	251	216	273	291	250	299	364	455	424	598	459
Total Assets	784	786	754	805	847	868	904	1,056	1,195	1,199	1,313	1,240

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-64	-21	25	-30	2	25	7	-21	86	9	-30	31
	-0	71	9	42	-20	-43	-21	-107	-45	-88	87	66
	55	-2	-67	-25	-10	-23	4	112	30	-11	-1	-34
Net Cash Flow	-9	48	-33	-13	-29	-41	-9	-16	71	-90	56	64

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	245	169	101	126	67	54	80	149	96	114	147	118
Inventory Days	200	158	104	143	165	236	249	155	405	159	379	69
Days Payable	47	34	189	215	219	392	354	259	516	90	151	66
Cash Conversion Cycle	398	294	16	54	12	-102	-25	44	-15	183	375	121
Working Capital Days	201	660	147	226	27	208	193	408	82	113	285	431
ROCE %	2%	1%	3%	6%	5%	0%	2%	3%	7%	5%	6%	6%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	56.37%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%
	0.08%	0.01%	0.07%	0.00%	0.03%	0.06%	0.04%	0.06%	0.12%	0.07%	0.09%	0.06%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%	0.00%	0.47%	0.20%	0.00%	0.00%	0.04%
	43.56%	43.64%	43.56%	43.64%	43.61%	43.17%	43.60%	43.11%	43.32%	43.57%	43.54%	43.53%
No. of Shareholders	16,256	18,086	18,789	14,707	13,642	16,531	16,844	23,905	27,192	45,230	47,661	33,572

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	64.08%	54.69%	56.19%	56.36%	56.37%	56.37%	56.36%	56.36%	56.36%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.06%	0.06%
	1.72%	0.64%	0.31%	0.02%	0.00%	0.00%	0.00%	0.47%	0.04%
	34.20%	44.67%	43.50%	43.62%	43.63%	43.57%	43.64%	43.11%	43.53%
No. of Shareholders	10,826	13,174	12,888	12,694	12,309	13,489	14,707	23,905	33,572

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Swelect Energy Systems Ltd

Swelect Energy Systems Ltd

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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