S&S Power Switchgear Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Operating margins have improved to 1.7% from -7.6%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.32x)
- Company has delivered good sales growth of 15.1% CAGR over last 5 years
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -4.0% over last 3 years
- Interest coverage is weak at 0.1x - earnings barely cover interest
- Equity base is being diluted - shares outstanding up 99.1%
- Stock is trading at 7.3x its book value
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7419.90 | 52.62 | 157233.90 | 0.53 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| SIEMENS | 3976.00 | 43.23 | 141593.51 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31650.00 | 122.63 | 141071.53 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| CGPOWER | 893.95 | 112.67 | 140837.36 | 0.15 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| ENRIN | 3114.90 | 74.55 | 110927.98 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| GVT&D | 4325.00 | 593.01 | 110740.13 | 0.23 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| WAAREEENER | 2636.00 | 19.87 | 75824.89 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17412.20 | 61.71 | 72908.95 | 0.34 | 467.45 | 77.80 | 6591.06 | 29.64 | 31.84 | 11.50 |
| HAVELLS | 1156.00 | 44.42 | 72546.13 | 0.87 | 2897.10 | 733.63 | 65181.90 | 1094.83 | 25.74 | 7.15 |
| SUZLON | 45.38 | 19.84 | 62377.70 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1233.30 | 160.47 | 29488.70 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| S&SPOWER | 317.00 | 48.39 | 391.23 | 0.00 | -0.26 | -114.64 | 71.21 | 19.97 | 1.10 | 2.48 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 36 | 34 | 46 | 43 | 36 | 55 | 39 | 56 | 59 | 60 | 79 | 65 | 71 | |
| 35 | 32 | 42 | 40 | 36 | 49 | 41 | 55 | 56 | 63 | 74 | 60 | 71 | |
| Operating Profit | 1 | 2 | 5 | 3 | -0 | 5 | -2 | 0 | 3 | -3 | 5 | 5 | 0 |
| OPM % | 3.35% | 6.29% | 9.98% | 5.92% | -0.91% | 9.43% | -5.06% | 0.45% | 5.14% | -4.67% | 5.93% | 7.58% | 0.28% |
| 0 | 0 | 1 | 0 | 0 | 1 | -1 | 1 | 1 | 1 | 1 | -0 | 0 | |
| Interest | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | -0 | 0 | 3 | 1 | -2 | 4 | -5 | -2 | 3 | -3 | 4 | 2 | 1 |
| Tax % | -0.00% | -9.38% | -0.88% | -7.69% | 1.79% | 9.86% | -7.54% | 90.71% | 32.44% | 187.99% | 21.30% | -2.69% | 140.60% |
| Net Profit | 0 | 0 | 0 | 0 | -2 | 4 | -5 | -0 | 2 | 3 | 4 | 2 | -0 |
| -0.69 | 0.56 | 5.53 | 1.57 | -1.77 | 3.11 | -4.28 | -0.14 | 1.43 | 2.38 | 2.84 | 1.54 | -0.21 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 114 | 88 | 103 | 104 | 92 | 132 | 110 | 140 | 160 | 185 | 276 | |
| 107 | 86 | 99 | 106 | 97 | 128 | 120 | 138 | 148 | 182 | 269 | |
| Operating Profit | 7 | 2 | 4 | -2 | -6 | 3 | -9 | 2 | 11 | 3 | 7 |
| OPM % | 6.23% | 2.71% | 3.88% | -1.84% | -6.07% | 2.51% | -8.52% | 1.15% | 7.05% | 1.70% | 2.54% |
| 2 | 1 | 3 | 2 | -4 | 2 | 1 | 8 | 1 | 1 | 2 | |
| Interest | 2 | 3 | 3 | 3 | 4 | 5 | 5 | 5 | 6 | 5 | 5 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 3 | 3 |
| Profit before Tax | 6 | -0 | 4 | -4 | -16 | -2 | -15 | 2 | 4 | -5 | 4 |
| Tax % | 3.34% | 182.53% | 13.87% | 2.11% | 1.40% | 10.32% | -0.43% | 11.50% | -2.95% | 19.23% | -123.02% |
| Net Profit | 6 | 0 | 3 | -4 | -15 | -2 | -16 | 2 | 4 | -4 | 8 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -24.98 | -2.48 | -25.00 | 3.39 | 4.65 | -3.07 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 15%
- 3 Years:
- 19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 63%
- 3 Years:
- 66%
- 1 Year:
- -18%
RETURN ON EQUITY
- 10 Years:
- -25%
- 5 Years:
- -2%
- 3 Years:
- -4%
- Last Year:
- -12%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 12 |
| Minority Interest | 12 | 2 | 3 | 1 | 1 | 1 | 0 | -0 | 1 | 0 |
| 37 | 7 | 10 | 6 | -6 | -8 | -18 | -14 | -12 | 56 | |
| 17 | 19 | 30 | 30 | 23 | 22 | 49 | 52 | 57 | 28 | |
| Trade Payables | 34 | 25 | 25 | 27 | 32 | 38 | 42 | 39 | 49 | 86 |
| 24 | 25 | 27 | 27 | 41 | 51 | 25 | 25 | 28 | 28 | |
| Total Liabilities | 130 | 84 | 103 | 97 | 97 | 111 | 105 | 108 | 130 | 210 |
| 78 | 37 | 45 | 44 | 41 | 43 | 41 | 44 | 45 | 77 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 15 | 8 | 13 | 12 | 19 | 20 | 21 | 23 | 27 | 48 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40 | 45 | |
| Cash & Bank | 5 | 4 | 6 | 3 | 3 | 5 | 6 | 3 | 9 | 21 |
| 33 | 31 | 39 | 39 | 34 | 43 | 37 | 37 | 9 | 19 | |
| Total Assets | 130 | 84 | 103 | 97 | 97 | 111 | 105 | 108 | 130 | 210 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5 | -0 | 1 | -0 | 15 | 5 | -4 | -11 | 6 | 12 | |
| Cash from Investing | -1 | -1 | -4 | -0 | -4 | -1 | -1 | 10 | -2 | 41 |
| Cash from Financing | -2 | 1 | 2 | -2 | -12 | -3 | 4 | -1 | 2 | -41 |
| 2 | 0 | -1 | -3 | -0 | 2 | -0 | -2 | 5 | 11 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 6.27 | -0.41 | 4.85 | -3.33 | -23.19 | -2.56 | -21.14 | 3.95 | 4.65 | -3.07 |
| Book Value (₹) | 68.87 | 20.76 | 26.69 | 20.11 | 0.04 | -2.73 | -18.26 | -12.41 | -8.73 | 55.32 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 11.33 | 1.19 | 6.33 | -4.46 | -21.94 | 0.59 | -21.41 | 6.64 | 10.82 | -0.72 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 6.31% | 3.75% | 7.03% | -0.12% | -4.57% | 3.81% | -7.56% | 2.67% | 7.05% | 1.70% |
| Net Margin % | 4.98% | 0.06% | 3.17% | -3.52% | -16.89% | -1.17% | -14.03% | 1.51% | 2.70% | -2.04% |
| ROE % | 14.49% | 0.19% | 22.38% | -25.23% | -247.94% | 0.00% | 0.00% | 0.00% | 0.00% | -12.06% |
| ROCE % | 14.18% | 5.95% | 17.07% | -2.30% | -36.67% | 14.92% | -37.16% | 18.78% | 20.84% | 1.10% |
| 4.64% | 0.05% | 3.52% | -3.65% | -15.91% | -1.48% | -14.36% | 1.97% | 3.62% | -2.23% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 71 | 93 | 96 | 110 | 110 | 82 | 99 | 71 | 78 | 83 |
| Inventory Days | 46 | 46 | 37 | 43 | 62 | 55 | 68 | 58 | 57 | 74 |
| Payable Days | 171 | 196 | 140 | 148 | 187 | 144 | 184 | 150 | 154 | 206 |
| -54 | -56 | -6 | 6 | -15 | -7 | -17 | -22 | -20 | -49 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.39x | 1.49x | 1.79x | 2.40x | 836.03x | -12.66x | -4.28x | -6.46x | -10.59x | 0.37x |
| Interest Coverage (x) | 3.98x | 0.98x | 2.34x | -0.37x | -3.01x | 0.64x | -2.18x | 1.47x | 1.75x | 0.15x |
| 0.92x | 0.86x | 0.96x | 0.89x | 0.75x | 0.77x | 0.66x | 1.22x | 1.31x | 1.27x | |
| GROWTH | ||||||||||
| Revenue Growth % | 26.86% | -22.86% | 17.23% | 0.77% | -11.95% | 43.49% | -16.04% | 26.31% | 14.43% | 16.18% |
| Operating Profit Growth % | 1079.21% | -54.04% | 115.19% | -101.70% | -3264.82% | 219.67% | -266.56% | 144.69% | 226.15% | -58.27% |
| Net Profit Growth % | 567.25% | -99.09% | 6063.30% | -211.22% | -323.14% | 90.08% | -908.84% | 113.56% | 105.36% | -187.82% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 17.95% | -166.01% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 48.09x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -25.64x | 7.26x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 15.34x | 98.32x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - S&S Power Switchgears Limited has informed the Exchange regarding 'General updates'.
2026-09-05 - S&S Power Switchgears Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-03 - S&S Power Switchgears Limited has informed the Exchange about Registrar & Share Transfer Agent Update
2026-08-24 - S&S Power Switchgears Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
2026-08-24 - S&S Power Switchgears Limited has informed the Exchange about Awarding of order(s)/contract(s)
2026-08-21 - S&S Power Switchgears Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-08-17 - S&S Power Switchgears Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-15 - S&S Power Switchgears Limited has informed the Exchange about General Updates
2026-08-14 - S&S Power Switchgears Limited has informed the Exchange about Resignation of Director/KMP/SMP
News
Recent coverage and analyst commentary for S&SPOWER
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