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Swelect Energy Systems Ltd.

•
swelectes.comBSE: 532051NSE: SWELECTES
Market Cap₹ 859 Cr.
Current Price
High / Low₹ 977 / 483
Stock P/E20.6
Book Value₹ 610
Price to Book0.83
Dividend Yield0.62 %
ROCE8.6 %
ROE6.5 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Solar Energy Systems / Services: 100.0%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good sales growth of 21.1% CAGR over last 5 years
  • Company has consistently been profitable over the last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.52x)
  • Company generates healthy free cash flow
  • Company has a consistent dividend-paying track record
  • Attractively priced for its growth - PEG of 0.8

CONS

  • A large part of profit comes from other income (47.7% of PBT)
  • Recent results are weak - TTM profit is down 26.8% versus prior year
  • Company has a low return on equity of 4.9% over last 3 years
  • Company has a low return on capital employed of 7.9%
  • Operating margins have contracted to 23.0% from 35.0%
  • Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsElectricalsElectronics - Components
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.SYRMA1588.6583.2230634.010.09105.69111.721588.6268.2917.7010.17
2.KAYNES3500.0067.8723462.130.00564.26656.269460.171304.7013.3815.60
3.AVALON2265.95113.4415155.190.0034.87145.31484.4149.8320.3411.96
4.UTLSOLAR446.7046.5813709.300.00577.94—13456.93—36.4618.94
5.CYIENTDLM904.1587.427177.450.0016.29118.21373.8034.2510.419.93
6.VIKRAMSOLR166.8016.946044.070.0019.78-85.171563.0937.8934.078.06
7.SAATVIKGL396.3020.305037.170.005.36-95.49511.01-44.2055.186.62
8.WEBELSOLAR75.7910.863290.520.3377.79—372.60115.3963.7433.70
9.KERNEX1734.3515.282914.340.00109.851382.00503.58800.3823.6932.33
10.MODINSULAT449.5022.512119.120.0029.6094.43188.3033.1910.5316.89
11.INA93.0410.242051.080.00380.25796.947406.981766.8234.989.74
12.SWELECTES566.8520.61859.270.627.65-63.80130.77-26.218.5921.71
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
5548647611419891219177139139202131
36324052931697319013698105167130
Operating Profit2017232421291829424133360
OPM %35.83%34.73%36.95%31.59%18.45%14.58%20.15%13.09%23.54%29.35%24.11%17.55%0.37%
13784112129141297710
Interest11111217141513161416141715
Depreciation10101012101011111213121313
Profit before Tax1239369163162821141310
Tax %17.80%24.92%1.84%10.08%27.66%42.95%452.67%42.87%24.09%24.25%32.05%13.33%26.36%
Net Profit000079-119211610118
6.461.656.0021.184.355.93-7.105.3113.9510.456.116.734.66

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
241294228252253354246243622657611
218261205224202273184159525506501
Operating Profit233423285081628497151110
OPM %9.49%11.41%10.17%10.99%19.98%22.82%25.16%34.59%15.58%23.04%18.04%
3627291223212469473433
Interest1010151718233051576163
Depreciation1823263028282642434950
Profit before Tax312710-728513060447658
Tax %29.94%42.02%34.67%-44.81%5.36%6.03%4.62%11.15%67.94%23.80%24.10%
Net Profit22167-1026482954145844
EPS0.000.000.000.0017.1821.394.2340.888.3136.40—
Dividend Payout %18.69%25.44%37.00%-29.81%17.44%14.03%32.81%9.79%36.10%9.62%—

COMPOUNDED SALES GROWTH

10 Years:
9%
5 Years:
21%
3 Years:
39%

COMPOUNDED PROFIT GROWTH

10 Years:
13%
5 Years:
16%
3 Years:
115%

STOCK PRICE CAGR

10 Years:
9%
5 Years:
21%
3 Years:
1%
1 Year:
-36%

RETURN ON EQUITY

10 Years:
3%
5 Years:
5%
3 Years:
5%
Last Year:
7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 24

₹ 0.35

Rs.3.5000 per share(35%)Final Dividend

2025

Jul 18

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2024

Jul 22

₹ 0.10

Rs.1.0000 per share(10%)Special Dividend

2024

Jul 22

₹ 0.30

Rs.1.0000 per share(10%)Special Dividend

2023

Jul 19

₹ 0.12

Rs.1.2000 per share(12%)Final Dividend

2022

Jul 20

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2021

Jul 16

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2020

Sep 1

₹ 0.07

Rs.0.7500 per share(7.5%)Final Dividend

2020

Feb 27

₹ 0.12

Rs.1.2500 per share(12.5%)Interim Dividend

2018

Aug 1

₹ 0.40

Rs.4.0000 per share(40%)Dividend

2017

Aug 3

₹ 0.40

Rs.4.0000 per share(40%)Dividend

2016

Jul 20

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2016

Mar 22

₹ 0.30

Rs.3.0000 per share(30%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital10101015151515151515
Minority Interest000061116192033
690705716704727760772823842905
99192196222360447551521585798
Trade Payables71535254561308191113145
30322049263849192174186
Total Liabilities9019919941,0441,1921,4011,4851,6611,7492,082
295349407420440543629685784813
Capital Work in Progress312131172253277162
285299278263300291285275268276
6469577167162137230172173
0000000526561
Cash & Bank15815113312115108196235192195
97111106158298272207178260403
Total Assets9019919941,0441,1921,4011,4851,6611,7492,082

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
34147632371051349013095
Cash from Investing21-101-120-30-142-73-284-83-113-198
Cash from Financing-5249-53-4949911341950
-2-50-103-6-15124-1424037-52

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
56.3756.3756.3756.3756.3756.3756.3756.3756.37
0.120.070.090.060.050.040.220.230.58
0.200.000.000.040.040.000.000.000.00
Government0.000.000.000.000.000.000.000.000.00
43.3143.5643.5443.5343.5443.5943.4243.4143.06

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31
Sale or disposal

2026-08-31 - SWELECT Energy Systems Limited has informed the Exchange about Transfer of 26% equity shares held in ESG Solar Energy Private Limited

2026-08-28
Shareholders meeting

2026-08-28 - SWELECT Energy Systems Limited has informed the Exchange with copy of minutes of Annual General Meeting held on July 31, 2026

2026-08-25
Updates

2026-08-25 - SWELECT Energy Systems Limited has informed the Exchange that ESG Green Energy Private Limited (Subsidiary Company of SWELECT Energy Systems Limited) has successfully commissioned a Solar Power Plant having the capacity of 10 MW at Nedumpirai Village, Cheyyar Taluk, Tiruvannamalai District, Tamil Nadu on 24th August 2026.

2026-08-14
Copy of Newspaper Publication

2026-08-14 - SWELECT Energy Systems Limited has informed the Exchange about Copy of Newspaper Publication of the Unaudited Financial Results of the Company for the Quarter ended 30.06.2026

2026-08-13
Press Release

2026-08-13 - SWELECT Energy Systems Limited has informed the Exchange regarding a press release dated August 13, 2026, titled "SWELECT Reports Q1 FY27 Consolidated PAT of INR 765.33 Lakhs".

2026-08-13
Outcome of Board Meeting

2026-08-13 - SWELECT Energy Systems Limited has submitted to the Exchange, the Unaudited Financial Results (Standalone and Consolidated) for the Quarter ended 30th June, 2026.

2026-08-13
Acquisition

2026-08-13 - SWELECT Energy Systems Limited has informed the Exchange about Additional Investment in the Equity Shares of SWELECT Sunpower Plus Private Limited (Wholly Owned Subsidiary) and update on the previous intimation of acquisition of Dexler Solar Park Phase 1 Private Limited

2026-08-04
Shareholders meeting

2026-08-04 - SWELECT Energy Systems Limited has submitted to the Exchange the voting results of the 31st Annual General Meeting held on July 31, 2026 along with the copy of Scrutinizers report.

2026-07-31
Shareholders meeting

2026-07-31 - SWELECT Energy Systems Limited has informed the Exchange regarding Proceedings of 31st Annual General Meeting held on July 31, 2026

News

Recent coverage and analyst commentary for SWELECTES

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