Swelect Energy Systems Ltd

₹ 643 -0.03%

08 Jun 9:27 a.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

Market Cap ₹ 974 Cr.
Current Price ₹ 643
High / Low ₹ 979 / 480
Stock P/E 46.8
Book Value ₹ 531
Dividend Yield 0.55 %
ROCE 5.40 %
ROE 2.61 %
Face Value ₹ 10.0

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Pros

Company has been maintaining a healthy dividend payout of 30.6%

Cons

Company has low interest coverage ratio.
Company has a low return on equity of 2.31% over last 3 years.
Earnings include an other income of Rs.33.5 Cr.
Working capital days have increased from 55.5 days to 207 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 Industrials

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	50.29	68.47	19.73	114.93	44.44	66.38	145.92	108.48	110.56	65.64	94.55	66.96	148.98
	44.14	57.08	15.00	99.89	37.69	59.77	134.70	96.57	107.23	59.77	82.89	59.03	129.88
Operating Profit	6.15	11.39	4.73	15.04	6.75	6.61	11.22	11.91	3.33	5.87	11.66	7.93	19.10
OPM %	12.23%	16.64%	23.97%	13.09%	15.19%	9.96%	7.69%	10.98%	3.01%	8.94%	12.33%	11.84%	12.82%
	10.28	14.55	9.26	9.16	28.96	12.21	12.33	10.03	16.86	10.80	8.89	7.10	6.71
Interest	7.22	7.83	7.98	8.13	9.60	7.66	8.28	8.54	8.31	7.55	7.43	7.81	8.98
Depreciation	2.96	3.50	3.68	3.74	3.79	3.73	3.79	3.73	4.02	4.07	4.24	4.18	4.26
Profit before tax	6.25	14.61	2.33	12.33	22.32	7.43	11.48	9.67	7.86	5.05	8.88	3.04	12.57
Tax %	6.24%	1.92%	0.00%	-0.08%	-1.21%	0.00%	60.28%	130.82%	105.34%	20.00%	30.29%	46.05%	38.74%
	5.86	14.33	2.33	12.34	22.59	7.43	4.55	-2.99	-0.41	4.04	6.19	1.64	7.69
EPS in Rs	3.87	9.45	1.54	8.14	14.90	4.90	3.00	-1.97	-0.27	2.67	4.08	1.08	5.07
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	48	163	170	174	120	142	185	225	229	249	431	376
	49	153	161	161	118	129	158	173	189	210	397	332
Operating Profit	-0	9	9	12	2	13	27	51	40	39	35	45
OPM %	-1%	6%	5%	7%	1%	9%	14%	23%	18%	16%	8%	12%
	23	34	46	38	35	-1	26	15	9	62	50	34
Interest	11	10	5	6	7	10	12	19	25	34	33	32
Depreciation	9	13	11	13	14	17	15	14	14	15	15	17
Profit before tax	3	21	38	31	15	-14	24	34	10	52	36	30
Tax %	55%	43%	24%	24%	28%	18%	0%	0%	4%	0%	76%	34%
	1	12	29	23	11	-17	24	34	9	52	9	20
EPS in Rs	0.88	7.90	19.33	15.44	7.27	-11.04	16.04	22.29	6.16	34.13	5.66	12.90
Dividend Payout %	190%	34%	14%	17%	23%	-18%	19%	13%	19%	12%	53%	27%

Compounded Sales Growth
10 Years:	9%
5 Years:	15%
3 Years:	18%
TTM:	-13%

Compounded Profit Growth
10 Years:	6%
5 Years:	4%
3 Years:	72%
TTM:	668%

Stock Price CAGR
10 Years:	9%
5 Years:	23%
3 Years:	26%
1 Year:	8%

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	10	10	10	10	10	15	15	15	15	15	15	15
Reserves	635	617	645	663	669	643	666	695	720	772	774	789
	112	60	65	84	93	122	275	290	366	358	309	439
	29	67	85	89	95	124	101	194	98	177	142	223
Total Liabilities	786	754	805	847	868	904	1,056	1,195	1,199	1,321	1,240	1,466
	153	131	146	153	206	236	273	265	250	266	279	326
CWIP	15	0	0	1	1	0	3	1	2	0	7	77
Investments	367	407	386	401	410	370	416	474	523	459	495	572
	251	216	273	291	250	299	364	455	424	597	459	492
Total Assets	786	754	805	847	868	904	1,056	1,195	1,199	1,321	1,240	1,466

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-21	25	-30	2	25	7	-21	86	9	-24	31
	71	9	42	-20	-43	-21	-107	-45	-88	82	66
	-2	-67	-25	-10	-23	4	112	30	-11	-2	-34
Net Cash Flow	48	-33	-13	-29	-41	-9	-16	71	-90	56	64
Free Cash Flow	-52	-41	-36	-25	-43	-33	-74	79	-11	-41	-4
CFO/OP	5,968%	350%	-284%	79%	1,821%	60%	-72%	173%	29%	-52%	100%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	169	101	126	67	54	80	149	96	114	147	118	106
Inventory Days	158	104	143	165	236	249	155	405	159	379	69	65
Days Payable	34	189	215	219	392	354	259	516	90	151	66	164
Cash Conversion Cycle	294	16	54	12	-102	-25	44	-15	183	375	121	7
Working Capital Days	600	116	141	-116	-50	-36	128	-203	-297	-99	59	207
ROCE %	1%	3%	6%	5%	0%	2%	3%	7%	5%	6%	4%	5%

Insights

In beta

Mar 2015

Mar 2016

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Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

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Mar 2024

Mar 2025

Solar PV Module Manufacturing Capacity
MW

xx	xxx	xxx		xxx	xxx	xxx	xxx	xxx	x,xxx	x,xxx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx			xxx.xx	xxx.xx	xxx.xx	xxx.xx
xx	xx	xx	xxx			xxx				x,xxx
		xxx		xxx					xxx	xxx
			x,xxx	xx,xxx					xx,xxx	xx,xxx
				xxx						xxx
										xx
x.xx	x.xx

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Solar Power Generation (IPP) Capacity
MW

Cumulative Solar Experience (Projects Executed)
MW

Module Mounting Structures (MMS) Capacity
MW

Total Cumulative Solar Power Installations
Count

Channel Partner Network
Count

Green Energy Share in Module Manufacturing
%

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%	56.36%
	0.03%	0.06%	0.04%	0.06%	0.12%	0.07%	0.09%	0.06%	0.05%	0.04%	0.22%	0.23%
	0.00%	0.41%	0.00%	0.47%	0.20%	0.00%	0.00%	0.04%	0.04%	0.00%	0.00%	0.00%
	43.61%	43.17%	43.60%	43.11%	43.32%	43.57%	43.54%	43.53%	43.54%	43.60%	43.41%	43.40%
No. of Shareholders	13,642	16,531	16,844	23,905	27,192	45,230	47,661	33,572	31,523	30,584	28,836	27,718

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	64.08%	54.69%	56.19%	56.36%	56.37%	56.37%	56.36%	56.36%	56.36%	56.36%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.06%	0.06%	0.23%
	1.72%	0.64%	0.31%	0.02%	0.00%	0.00%	0.00%	0.47%	0.04%	0.00%
	34.20%	44.67%	43.50%	43.62%	43.63%	43.57%	43.64%	43.11%	43.53%	43.40%
No. of Shareholders	10,826	13,174	12,888	12,694	12,309	13,489	14,707	23,905	33,572	27,718

* 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

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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