Spectrum Electrical Industries 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
- Company has delivered good profit growth of 39.0% CAGR over last 5 years
- Latest quarter profit grew 118.2% YoY, showing strong momentum
- Company has delivered good sales growth of 23.0% CAGR over last 5 years
- Operating margins have improved to 13.2% from 8.9%
- Working capital cycle has improved - days down from 39 to 15
- Stock looks reasonably valued - P/E of 94.6 is below its historical median
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.45x)
- Total debt has risen sharply - up 67.0% year on year
- Stock is trading at 17.2x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| SPECTRUM | 3011.70 | 82.38 | 4732.54 | 0.00 | 13.05 | 131.89 | 154.55 | 80.91 | 16.01 | 15.69 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 126 | 73 | 82 | 70 | 172 | 85 | 116 | 120 | 184 | 156 | |
| 113 | 63 | 74 | 60 | 147 | 73 | 101 | 101 | 153 | 141 | |
| Operating Profit | 13 | 10 | 8 | 10 | 25 | 12 | 15 | 18 | 32 | 15 |
| OPM % | 10.34% | 13.10% | 9.87% | 14.33% | 14.33% | 13.72% | 12.72% | 15.25% | 17.16% | 9.66% |
| 2 | 0 | 2 | 1 | 1 | 2 | 2 | 1 | 1 | 3 | |
| Interest | 5 | 3 | 2 | 4 | 4 | 5 | 3 | 5 | 4 | 5 |
| Depreciation | 2 | 2 | 3 | 2 | 2 | 3 | 3 | 3 | 3 | 3 |
| Profit before Tax | 8 | 4 | 5 | 5 | 19 | 7 | 11 | 12 | 26 | 18 |
| Tax % | 28.64% | 49.43% | 14.34% | 36.74% | 30.98% | 10.44% | 29.26% | 22.69% | 23.69% | 24.82% |
| Net Profit | 6 | 2 | 4 | 3 | 13 | 6 | 8 | 9 | 20 | 13 |
| 3.80 | 1.43 | 2.79 | 2.14 | 8.59 | 3.90 | 5.05 | 5.86 | 12.49 | 8.45 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 7 | 120 | 147 | 141 | 151 | 251 | 253 | 322 | 397 | 576 | |
| 2 | 5 | 103 | 129 | 126 | 133 | 226 | 230 | 282 | 345 | 496 | |
| Operating Profit | 0 | 1 | 17 | 18 | 15 | 19 | 25 | 23 | 40 | 52 | 80 |
| OPM % | 23.00% | 18.61% | 13.87% | 12.04% | 10.42% | 12.32% | 9.96% | 9.12% | 12.41% | 13.18% | 13.84% |
| 0 | 0 | 0 | 3 | 1 | 2 | 1 | 5 | 6 | 5 | 7 | |
| Interest | 0 | 0 | 5 | 5 | 3 | 6 | 8 | 7 | 10 | 13 | 16 |
| Depreciation | 0 | 0 | 4 | 6 | 6 | 6 | 8 | 9 | 10 | 9 | 12 |
| Profit before Tax | 0 | 1 | 8 | 10 | 6 | 8 | 11 | 12 | 27 | 35 | 66 |
| Tax % | 22.82% | 19.93% | 27.15% | 27.82% | 27.82% | 27.82% | 27.82% | 27.82% | 27.67% | 30.92% | 24.75% |
| Net Profit | 0 | 1 | 6 | 7 | 5 | 6 | 8 | 8 | 19 | 24 | 50 |
| EPS | 0.00 | 0.00 | 0.00 | 9.05 | 3.10 | 3.91 | 5.06 | 5.57 | 12.29 | 15.56 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 25.60% | 19.76% | 0.00% | 8.14% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 122%
- 5 Years:
- 23%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 106%
- 5 Years:
- 39%
- 3 Years:
- 47%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 121%
- 3 Years:
- 46%
- 1 Year:
- 120%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 11%
- 3 Years:
- 13%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 11 | 15 | 15 | 15 | 15 | 15 | 16 | 16 |
| 0 | 1 | 23 | 51 | 56 | 62 | 68 | 77 | 146 | 171 | |
| 8 | 10 | 38 | 46 | 67 | 69 | 72 | 75 | 80 | 152 | |
| Trade Payables | 1 | 8 | 31 | 25 | 13 | 23 | 38 | 49 | 38 | 42 |
| 1 | 1 | 4 | 6 | 8 | 19 | 22 | 23 | 41 | 50 | |
| Total Liabilities | 15 | 25 | 108 | 143 | 159 | 188 | 216 | 239 | 320 | 430 |
| 1 | 6 | 41 | 45 | 45 | 70 | 80 | 75 | 82 | 128 | |
| Capital Work in Progress | 9 | 14 | 9 | 6 | 20 | 1 | 3 | 7 | 10 | 19 |
| 0 | 0 | 4 | 9 | 10 | 14 | 15 | 16 | 3 | 5 | |
| 1 | 1 | 22 | 36 | 39 | 56 | 66 | 69 | 63 | 75 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47 | 80 | 116 | |
| Cash & Bank | 1 | 2 | 1 | 2 | 3 | 8 | 2 | 8 | 12 | 3 |
| 3 | 2 | 31 | 45 | 42 | 39 | 49 | 18 | 70 | 84 | |
| Total Assets | 15 | 25 | 108 | 143 | 159 | 188 | 216 | 239 | 320 | 430 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2 | 9 | -7 | -15 | 5 | 14 | 27 | 11 | -14 | -18 | |
| Cash from Investing | -5 | -10 | -35 | -12 | -20 | -11 | -21 | -3 | -34 | -40 |
| Cash from Financing | 8 | 2 | 44 | 29 | 18 | 5 | -9 | 0 | 52 | 49 |
| 1 | 1 | -0 | 0 | 1 | 6 | -6 | 6 | 4 | -8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Spectrum Electrical Industries Limited has informed the Exchange regarding allotment of 1623375 securities pursuant to Preferential Issue passed through circular resolution on September 11, 2026
2026-09-09 - Spectrum Electrical Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-08 - Spectrum Electrical Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-04 - Spectrum Electrical Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on September 04, 2026.
2026-08-31 - Spectrum Electrical Industries Limited Receipt of In-Principle Approval from the Stock Exchanges for Preferential Issue.
2026-08-21 - Spectrum Electrical Industries Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 20, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-20 - Spectrum Electrical Industries Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 20, 2026
2026-08-15 - Spectrum Electrical Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Spectrum Electrical Industries Limited has informed the Exchange about General Updates regarding reappointment of Internal Auditor and Cost Auditor of the Company.
News
Recent coverage and analyst commentary for SPECTRUM
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