Swelect Energy Systems Ltd.

•

swelectes.comBSE: 532051NSE: SWELECTES

Market Cap₹ 888 Cr.

Current Price

High / Low₹ 977 / 483

Stock P/E26.0

Book Value₹ 543

Price to Book0.94

Dividend Yield0.60 %

ROCE5.2 %

ROE2.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Solar Power Generating Systems & Accessories: 84.3% • Sale of Power: 11.3% • Annual Maintenance Contracts: 2.9%

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

Latest quarter profit grew 362.3% YoY, showing strong momentum
Company has delivered good sales growth of 15.3% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.03x)
Stock looks reasonably valued - P/E of 26.0 is below its historical median
Company generates healthy free cash flow
Company has a consistent dividend-paying track record

CONS

A large part of profit comes from other income (119.9% of PBT)
Company has a low return on equity of 3.4% over last 3 years
Company has a low return on capital employed of 6.4%
Interest coverage is weak at 1.9x - earnings barely cover interest
Operating margins have contracted to 11.8% from 31.6%
Company has delivered a poor profit growth of -4.3% over past five years

* 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	1436.45	75.25	27699.14	0.10	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3586.70	69.55	24043.32	0.00	56.43	-24.37	946.02	40.47	13.38	15.60
3.	AVALON	2189.15	109.59	14641.54	0.00	34.87	145.31	484.41	49.83	14.12	11.96
4.	UTLSOLAR	441.50	45.40	13549.71	0.00	577.94	—	13456.93	—	40.63	18.94
5.	CYIENTDLM	854.70	82.64	6784.90	0.00	16.29	118.21	373.80	34.25	10.41	9.93
6.	VIKRAMSOLR	169.00	17.16	6123.79	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	416.25	21.33	5290.75	0.00	53.63	-54.01	5110.10	458.04	55.18	6.62
8.	WEBELSOLAR	73.93	10.59	3209.77	0.34	777.90	1511.56	3726.00	2053.88	63.74	33.70
9.	KERNEX	1735.35	15.29	2916.02	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	INA	89.45	9.85	1971.94	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
11.	MODINSULAT	410.00	20.53	1932.90	0.00	29.60	94.43	188.30	33.19	10.53	16.89
12.	SWELECTES	585.95	21.30	888.23	0.60	7.65	-63.80	130.77	-26.21	8.59	21.71

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	69	20	115	44	66	146	108	111	66	95	67	149	119
	57	15	100	38	60	135	97	107	60	83	59	130	109
Operating Profit	12	5	15	40	7	11	12	3	6	12	5	19	25
OPM %	17.33%	25.82%	13.09%	91.00%	9.96%	7.68%	10.97%	3.01%	8.94%	12.32%	6.80%	12.53%	21.18%
Other Income	14	9	9	12	12	12	10	17	11	9	9	7	11
Interest	8	8	8	10	8	8	9	8	8	7	8	9	9
Depreciation	4	4	4	4	4	4	4	4	4	4	4	4	5
	15	2	12	22	7	11	10	8	5	9	3	13	22
Tax %	1.90%	2.51%	-0.08%	-1.21%	0.00%	60.33%	130.95%	105.22%	20.00%	30.21%	46.05%	38.74%	16.07%
Net Profit	14	2	12	23	7	5	-3	-0	4	6	2	8	19
	10	2	8	15	5	3	-2	-0	3	4	1	5	1
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	15	15
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	170	174	120	142	185	225	229	249	431	376	430
	162	162	118	137	158	173	189	210	398	332	380
Operating Profit	54	50	37	37	59	82	72	84	84	80	—
OPM %	32	29	31	26	32	36	32	34	20	21	—
Other Income	46	38	35	32	33	31	32	45	51	35	36
Interest	5	6	7	10	12	19	25	34	33	32	34
Depreciation	10	13	14	17	15	14	14	15	15	17	18
	38	31	15	-14	24	50	33	52	36	30	47
Tax %	24	24	28	-18	0	0	1	0	76	34	27
Net Profit	29	23	11	-17	24	50	33	52	9	20	34
EPS	0	0	0	0	16	22	6	34	6	13	—
Dividend Payout %	14	17	23	-18	19	9	6	12	53	27	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	19	15	7	-11	16	33	22	34	6	13	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 15%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 5%
5 Years:: -4%
3 Years:: -16%

STOCK PRICE CAGR

10 Years:: 9%
5 Years:: 21%
3 Years:: 2%
1 Year:: -20%

RETURN ON EQUITY

10 Years:: 3%
5 Years:: 4%
3 Years:: 3%
Last Year:: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	10	10	10	15	15	15	15	15	15	15
	645	663	669	643	666	695	720	772	774	789
	39	68	85	89	141	175	257	226	146	275
Trade Payables	72	76	76	78	82	176	34	64	53	104
	39	30	28	80	153	134	173	245	251	283
Total Liabilities	805	847	868	904	1,056	1,195	1,199	1,321	1,240	1,466
ASSETS	-	-	-	-	-	-	-	-	-	-
	129	136	190	219	254	247	229	243	255	300
Capital Work in Progress	0	1	1	0	3	1	2	0	7	77
	404	418	426	387	435	474	523	459	495	572
	48	57	45	54	49	138	59	159	56	41
	0	0	0	0	0	0	0	100	140	110
Cash & Bank	74	78	63	39	6	35	100	130	65	81
	151	156	142	205	310	301	286	229	223	286
Total Assets	805	847	868	904	1,056	1,195	1,199	1,321	1,240	1,466
Total Debt	65	84	93	122	273	289	365	356	307	437
Net Working Capital	391	290	299	262	343	193	190	320	400	294
Contingent Liabilities	23	46	28	37	37	35	33	23	21	18
Book Value per Share	648.15	666.16	672.40	433.94	449.22	468.65	485.13	519.05	520.79	530.19
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-30	2	25	7	-21	86	9	-24	31	75
Cash from Investing	42	-20	-43	-21	-107	-45	-88	82	66	-157
Cash from Financing	-25	-10	-23	4	112	30	-11	-2	-34	15
	-13	-29	-41	-9	-16	71	-90	56	64	-67
Free Cash Flow	-39	-19	-43	-32	-73	80	9	-67	-0	-56
OCF / Net Profit	-1.03	0.08	2.22	-0.45	-0.86	1.73	0.28	-0.46	3.59	3.85
Cumulative 5-Year FCF	0	0	0	0	-205	-87	-58	-82	-51	-34

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	29.07	23.22	10.94	-11.04	16.04	32.68	21.54	34.13	5.66	12.91
Book Value (₹)	648.15	666.16	672.40	433.94	449.22	468.65	485.13	519.05	520.79	530.19
Dividend per Share (₹)	4.00	4.00	2.50	2.00	3.00	3.00	1.20	4.00	3.00	3.50
Cash EPS (₹)	26.07	24.34	16.63	-0.09	26.25	41.61	30.69	44.03	15.74	23.96
PROFITABILITY
Operating Margin %	31.66%	28.82%	30.62%	26.02%	32.08%	36.34%	31.55%	15.63%	7.67%	11.85%
Net Margin %	17.27%	13.50%	9.22%	-11.78%	13.17%	22.06%	14.26%	20.79%	1.99%	5.20%
ROE %	4.58%	3.53%	1.63%	-2.50%	3.63%	7.12%	4.52%	6.80%	1.09%	2.46%
ROCE %	6.21%	4.96%	2.99%	-0.56%	4.25%	6.97%	5.56%	7.63%	6.18%	5.24%
	3.77%	2.84%	1.29%	-1.89%	2.48%	4.40%	2.73%	4.11%	0.67%	1.45%
EFFICIENCY
Debtor Days	111	95	75	63	105	109	104	126	101	121
Inventory Days	86	110	156	128	102	152	157	160	91	47
Payable Days	196	214	392	349	253	378	282	116	73	124
	1	-9	-161	-158	-46	-117	-21	171	120	44
FINANCIAL HEALTH
Debt to Equity (x)	0.10x	0.13x	0.14x	0.19x	0.40x	0.41x	0.50x	0.45x	0.39x	0.54x
Interest Coverage (x)	8.25x	6.32x	3.07x	-0.44x	2.95x	3.67x	2.30x	2.53x	2.11x	1.93x
	4.10x	2.82x	2.70x	2.26x	2.47x	1.53x	1.54x	1.74x	2.42x	1.68x
GROWTH
Revenue Growth %	4.35%	2.43%	-31.02%	18.52%	29.92%	21.69%	1.94%	8.70%	73.35%	-12.80%
Operating Profit Growth %	26.73%	-6.94%	-26.75%	0.70%	60.15%	37.86%	-11.49%	15.91%	0.93%	-5.36%
Net Profit Growth %	144.60%	-20.11%	-52.90%	-251.37%	245.30%	103.79%	-34.10%	58.47%	-83.42%	128.11%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	58.47%	-83.42%	128.11%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	27.95x	95.85x	38.74x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.84x	1.04x	0.94x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%	0.55%	0.70%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	19.98x	12.59x	13.93x

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

Recent coverage and analyst commentary for SWELECTES

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Name

SYRMA

1436.45

75.25

27699.14

0.10

105.69

111.72

1588.62

68.29

17.70

10.17

KAYNES

3586.70

69.55

24043.32

0.00

56.43

-24.37

946.02

40.47

13.38

15.60

AVALON

2189.15

109.59

14641.54

0.00

34.87

145.31

484.41

49.83

14.12

11.96

UTLSOLAR

441.50

45.40

13549.71

0.00

577.94

—

13456.93

—

40.63

18.94

CYIENTDLM

854.70

82.64

6784.90

0.00

16.29

118.21

373.80

34.25

10.41

9.93

VIKRAMSOLR

169.00

17.16

6123.79

0.00

19.78

-85.17

1563.09

37.89

34.07

8.06

SAATVIKGL

416.25

21.33

5290.75

0.00

53.63

-54.01

5110.10

458.04

55.18

6.62

WEBELSOLAR

73.93

10.59

3209.77

0.34

777.90

1511.56

3726.00

2053.88

63.74

33.70

KERNEX

1735.35

15.29

2916.02

0.00

109.85

1382.00

503.58

800.38

23.69

32.33

INA

89.45

9.85

1971.94

0.00

380.25

796.94

7406.98

1766.82

34.98

9.74

MODINSULAT

410.00

20.53

1932.90

0.00

29.60

94.43

188.30

33.19

10.53

16.89

SWELECTES

585.95

21.30

888.23

0.60

7.65

-63.80

130.77

-26.21

8.59

21.71

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

115

146

108

111

149

119

100

135

107

130

109

Operating Profit

OPM %

17.33%

25.82%

13.09%

91.00%

9.96%

7.68%

10.97%

3.01%

8.94%

12.32%

6.80%

12.53%

21.18%

Other Income

Interest

Depreciation

Tax %

1.90%

2.51%

-0.08%

-1.21%

0.00%

60.33%

130.95%

105.22%

20.00%

30.21%

46.05%

38.74%

16.07%

Net Profit

-3

-0

-2

-0

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

170

174

120

142

185

225

229

249

431

376

430

162

118

137

158

173

189

210

398

332

380

Operating Profit

—

OPM %

—

Other Income

Interest

Depreciation

-14

Tax %

-18

Net Profit

-17

EPS

—

Dividend Payout %

-18

—

Minority Interest

Share of Associates

Adjusted EPS

-11

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

645

663

669

643

666

695

720

772

774

789

141

175

257

226

146

275

Trade Payables

176

104

153

134

173

245

251

283

Total Liabilities

805

847

868

904

1,056

1,195

1,199

1,321

1,240

1,466

ASSETS

129

136

190

219

254

247

229

243

255

300

Capital Work in Progress

404

418

426

387

435

474

523

459

495

572

138

159

100

140

110

Cash & Bank

100

130

151

156

142

205

310

301

286

229

223

286

Total Assets

805

847

868

904

1,056

1,195

1,199

1,321

1,240

1,466

Total Debt

122

273

289

365

356

307

437

Net Working Capital

391

290

299

262

343

193

190

320

400

294

Contingent Liabilities

Book Value per Share

648.15

666.16

672.40

433.94

449.22

468.65

485.13

519.05

520.79

530.19

Face Value

10.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-30

-21

-24

Cash from Investing

-20

-43

-21

-107

-45

-88

-157

Cash from Financing

-25

-10

-23

112

-11

-2

-34

-13

-29

-41

-9

-16

-90

-67

Free Cash Flow

-39

-19

-43

-32

-73

-67

-0

-56

OCF / Net Profit

-1.03

0.08

2.22

-0.45

-0.86

1.73

0.28

-0.46

3.59

3.85

Cumulative 5-Year FCF

-205

-87

-58

-82

-51

-34

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

29.07

23.22

10.94

-11.04

16.04

32.68

21.54

34.13

5.66

12.91

Book Value (₹)

648.15

666.16

672.40

433.94

449.22

468.65

485.13

519.05

520.79

530.19

Dividend per Share (₹)

4.00

2.50

2.00

3.00

1.20

4.00

3.00

3.50

Cash EPS (₹)

26.07

24.34

16.63

-0.09

26.25

41.61

30.69

44.03

15.74

23.96

PROFITABILITY

Operating Margin %

31.66%

28.82%

30.62%

26.02%

32.08%

36.34%

31.55%

15.63%

7.67%

11.85%

Net Margin %

17.27%

13.50%

9.22%

-11.78%

13.17%

22.06%

14.26%

20.79%

1.99%

5.20%

ROE %

4.58%

3.53%

1.63%

-2.50%

3.63%

7.12%

4.52%

6.80%

1.09%

2.46%

ROCE %

6.21%

4.96%

2.99%

-0.56%

4.25%

6.97%

5.56%

7.63%

6.18%

5.24%

3.77%

2.84%

1.29%

-1.89%

2.48%

4.40%

2.73%

4.11%

0.67%

1.45%

EFFICIENCY

Debtor Days

111

105

109

104

126

101

121

Inventory Days

110

156

128

102

152

157

160

Payable Days

196

214

392

349

253

378

282

116

124

-9

-161

-158

-46

-117

-21

171

120

FINANCIAL HEALTH

Debt to Equity (x)

0.10x

0.13x

0.14x

0.19x

0.40x

0.41x

0.50x

0.45x

0.39x

0.54x

Interest Coverage (x)

8.25x

6.32x

3.07x

-0.44x

2.95x

3.67x

2.30x

2.53x

2.11x

1.93x

4.10x

2.82x

2.70x

2.26x

2.47x

1.53x

1.54x

1.74x

2.42x

1.68x

GROWTH

Revenue Growth %

4.35%

2.43%

-31.02%

18.52%

29.92%

21.69%

1.94%

8.70%

73.35%

-12.80%

Operating Profit Growth %

26.73%

-6.94%

-26.75%

0.70%

60.15%

37.86%

-11.49%

15.91%

0.93%

-5.36%

Net Profit Growth %

144.60%

-20.11%

-52.90%

-251.37%

245.30%

103.79%

-34.10%

58.47%

-83.42%

128.11%

0.00%

58.47%

-83.42%

128.11%

VALUATION

P/E (x)

0.00x

27.95x

95.85x

38.74x

P/B (x)

0.00x

1.84x

1.04x

0.94x

Dividend Yield %

0.00%

0.42%

0.55%

0.70%

0.00x

19.98x

12.59x

13.93x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

56.37

0.12

0.07

0.09

0.06

0.05

0.04

0.22

0.23

0.58

0.20

0.00

0.04

0.00

Government

0.00

43.31

43.56

43.54

43.53

43.54

43.59

43.42

43.41

43.06

Swelect Energy Systems Ltd.

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Swelect Energy Systems Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI