Swelect Energy Systems Ltd.

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swelectes.comBSE: 532051NSE: SWELECTES

Market Cap₹ 862 Cr.

Current Price

High / Low₹ 977 / 483

Stock P/E20.7

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%

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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 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SYRMA	1598.85	83.75	30830.70	0.09	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3519.90	68.25	23595.53	0.00	564.26	656.26	9460.17	1304.70	13.38	15.60
3.	AVALON	2228.30	111.55	14903.38	0.00	34.87	145.31	484.41	49.83	20.34	11.96
4.	UTLSOLAR	440.50	45.99	13519.02	0.00	577.94	—	13456.93	—	36.46	18.94
5.	CYIENTDLM	921.25	89.07	7313.19	0.00	16.29	118.21	373.80	34.25	10.41	9.93
6.	VIKRAMSOLR	165.50	16.81	5996.97	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	401.95	20.59	5108.99	0.00	5.36	-95.49	511.01	-44.20	55.18	6.62
8.	WEBELSOLAR	75.49	10.82	3277.50	0.33	77.79	—	372.60	115.39	63.74	33.70
9.	KERNEX	1709.45	15.06	2872.50	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	MODINSULAT	443.35	22.20	2090.12	0.00	29.60	94.43	188.30	33.19	10.53	16.89
11.	INA	92.95	10.23	2049.10	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
12.	SWELECTES	568.65	20.67	862.00	0.62	7.65	-63.80	130.77	-26.21	8.59	21.71

Detailed Comparison with:

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
	55	48	64	76	114	198	91	219	177	139	139	202	131
	36	32	40	52	93	169	73	190	136	98	105	167	130
Operating Profit	20	17	23	24	21	29	18	29	42	41	33	36	0
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%
	13	7	8	41	12	12	9	14	12	9	7	7	10
Interest	11	11	12	17	14	15	13	16	14	16	14	17	15
Depreciation	10	10	10	12	10	10	11	11	12	13	12	13	13
Profit before Tax	12	3	9	36	9	16	3	16	28	21	14	13	10
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 Profit	0	0	0	0	7	9	-11	9	21	16	10	11	8
	6.46	1.65	6.00	21.18	4.35	5.93	-7.10	5.31	13.95	10.45	6.11	6.73	4.66

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	241	294	228	252	253	354	246	243	622	657	611
	218	261	205	224	202	273	184	159	525	506	501
Operating Profit	23	34	23	28	50	81	62	84	97	151	110
OPM %	9.49%	11.41%	10.17%	10.99%	19.98%	22.82%	25.16%	34.59%	15.58%	23.04%	18.04%
	36	27	29	12	23	21	24	69	47	34	33
Interest	10	10	15	17	18	23	30	51	57	61	63
Depreciation	18	23	26	30	28	28	26	42	43	49	50
Profit before Tax	31	27	10	-7	28	51	30	60	44	76	58
Tax %	29.94%	42.02%	34.67%	-44.81%	5.36%	6.03%	4.62%	11.15%	67.94%	23.80%	24.10%
Net Profit	22	16	7	-10	26	48	29	54	14	58	44
EPS	0.00	0.00	0.00	0.00	17.18	21.39	4.23	40.88	8.31	36.40	—
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

	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	15	15	15	15	15	15	15
Minority Interest	0	0	0	0	6	11	16	19	20	33
	690	705	716	704	727	760	772	823	842	905
	99	192	196	222	360	447	551	521	585	798
Trade Payables	71	53	52	54	56	130	81	91	113	145
	30	32	20	49	26	38	49	192	174	186
Total Liabilities	901	991	994	1,044	1,192	1,401	1,485	1,661	1,749	2,082
	295	349	407	420	440	543	629	685	784	813
Capital Work in Progress	3	12	13	11	72	25	32	7	7	162
	285	299	278	263	300	291	285	275	268	276
	64	69	57	71	67	162	137	230	172	173
	0	0	0	0	0	0	0	52	65	61
Cash & Bank	158	151	133	121	15	108	196	235	192	195
	97	111	106	158	298	272	207	178	260	403
Total Assets	901	991	994	1,044	1,192	1,401	1,485	1,661	1,749	2,082

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	34	14	76	32	37	105	134	90	130	95
Cash from Investing	21	-101	-120	-30	-142	-73	-284	-83	-113	-198
Cash from Financing	-52	49	-53	-4	94	99	11	34	19	50
	-2	-50	-103	-6	-15	124	-142	40	37	-52

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.37	56.37	56.37	56.37	56.37	56.37	56.37	56.37	56.37
	0.12	0.07	0.09	0.06	0.05	0.04	0.22	0.23	0.58
	0.20	0.00	0.00	0.04	0.04	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	43.31	43.56	43.54	43.53	43.54	43.59	43.42	43.41	43.06

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

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