Spectrum Electrical Industries Ltd.
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ABOUT
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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 40.3% CAGR over last 5 years
- Latest quarter profit grew 131.9% YoY, showing strong momentum
- Company has delivered good sales growth of 23.3% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Operating margins have improved to 13.2% from 8.9%
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 -0.38x)
- Total debt has risen sharply - up 92.4% year on year
- Stock is trading at 17.1x its book value
- Free cash flow has been persistently negative
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7330.00 | 51.99 | 155328.84 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 908.00 | 114.44 | 143050.87 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3972.00 | 43.19 | 141451.06 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31065.00 | 120.36 | 138464.05 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4500.00 | 617.01 | 115220.94 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3180.50 | 76.12 | 113264.13 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2545.00 | 19.18 | 73207.26 | 0.16 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17293.00 | 61.29 | 72409.83 | 0.35 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1116.00 | 42.88 | 70035.88 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.44 | 19.43 | 61085.61 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1195.30 | 155.53 | 28580.11 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| SPECTRUM | 2868.30 | 78.45 | 4507.20 | 0.00 | 13.05 | 131.89 | 154.55 | 80.91 | 16.01 | 15.69 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 124 | 75 | 87 | 71 | 169 | 85 | 118 | 125 | 283 | 155 | |
| 111 | 66 | 79 | 61 | 143 | 74 | 102 | 106 | 237 | 139 | |
| Operating Profit | 13 | 10 | 8 | 10 | 25 | 12 | 15 | 19 | 46 | 16 |
| OPM % | 10.54% | 13.01% | 9.40% | 14.55% | 15.11% | 13.72% | 12.94% | 15.14% | 16.09% | 10.13% |
| 3 | 0 | 4 | 0 | 1 | 2 | 2 | 1 | 2 | 2 | |
| Interest | 5 | 3 | 2 | 4 | 4 | 5 | 3 | 5 | 7 | 5 |
| Depreciation | 2 | 2 | 3 | 2 | 2 | 3 | 3 | 3 | 6 | 3 |
| Profit before Tax | 9 | 4 | 7 | 4 | 20 | 6 | 12 | 12 | 34 | 18 |
| Tax % | 28.77% | 53.90% | 35.20% | 38.34% | 31.48% | 11.20% | 34.09% | 17.33% | 21.95% | 25.99% |
| Net Profit | 0 | 0 | 0 | 0 | 14 | 6 | 8 | 10 | 26 | 13 |
| 4.20 | 1.38 | 4.59 | 1.73 | 8.70 | 3.65 | 4.93 | 6.44 | 16.93 | 8.31 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 147 | 141 | 151 | 251 | 253 | 328 | 402 | 681 | |
| 129 | 126 | 133 | 226 | 230 | 288 | 349 | 585 | |
| Operating Profit | 18 | 15 | 19 | 25 | 23 | 40 | 53 | 95 |
| OPM % | 12.04% | 10.42% | 12.32% | 9.96% | 9.16% | 12.26% | 13.25% | 14.02% |
| 3 | 1 | 2 | 1 | 5 | 7 | 5 | 7 | |
| Interest | 5 | 3 | 6 | 8 | 7 | 10 | 13 | 20 |
| Depreciation | 6 | 6 | 6 | 8 | 9 | 10 | 9 | 16 |
| Profit before Tax | 10 | 6 | 8 | 11 | 12 | 27 | 36 | 76 |
| Tax % | 27.82% | 27.82% | 27.82% | 27.82% | 27.87% | 27.70% | 29.12% | 24.04% |
| Net Profit | 7 | 5 | 6 | 8 | 8 | 19 | 25 | 58 |
| EPS | 9.05 | 3.10 | 3.91 | 5.06 | 5.59 | 12.48 | 16.41 | — |
| Dividend Payout % | 0.00% | 0.00% | 25.60% | 19.75% | 0.00% | 8.01% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 23%
- 3 Years:
- 17%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 40%
- 3 Years:
- 50%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 121%
- 3 Years:
- 46%
- 1 Year:
- 120%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- 13%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 16 | 16 |
| 51 | 56 | 62 | 68 | 77 | 147 | 172 | |
| 46 | 67 | 69 | 74 | 89 | 81 | 175 | |
| Trade Payables | 25 | 13 | 23 | 38 | 49 | 38 | 38 |
| 6 | 8 | 19 | 22 | 26 | 42 | 51 | |
| Total Liabilities | 143 | 159 | 189 | 218 | 255 | 322 | 451 |
| 45 | 45 | 70 | 80 | 79 | 87 | 138 | |
| Capital Work in Progress | 6 | 20 | 5 | 9 | 15 | 23 | 38 |
| 9 | 10 | 11 | 12 | 13 | 0 | 1 | |
| 36 | 39 | 56 | 66 | 70 | 65 | 76 | |
| 0 | 0 | 0 | 0 | 42 | 82 | 124 | |
| Cash & Bank | 2 | 3 | 9 | 2 | 9 | 12 | 5 |
| 45 | 42 | 39 | 48 | 29 | 55 | 68 | |
| Total Assets | 143 | 159 | 189 | 218 | 255 | 322 | 451 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -15 | 5 | 17 | 24 | 5 | 4 | -26 | |
| Cash from Investing | -12 | -20 | -15 | -23 | -9 | -38 | -53 |
| Cash from Financing | 29 | 18 | 5 | -5 | 14 | 37 | 72 |
| 0 | 1 | 6 | -6 | 6 | 3 | -7 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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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