Swelect Energy Systems Ltd.
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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 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
- 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
| 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 |
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 |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - SWELECT Energy Systems Limited has informed the Exchange with copy of minutes of Annual General Meeting held on July 31, 2026
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 - 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 - 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 - 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 - 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 - 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 - 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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