MarketFriction

Swelect Energy Systems Ltd

NSE SWELECTES · BSE 532051 · Heavy Electrical Equipment
₹592.90 -0.84%
NSE close2026-10-01
52 week range483.10 - 977.00
Market cap₹885 Cr.
P/E20.6
Price band 20% Delivery 42.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales48.3563.5475.52113.84197.6491.38218.81177.22138.86138.63202.42130.77
Expenses31.5740.0651.6692.85168.8172.97190.18135.5098.10105.21166.94102.37
Operating Profit16.7823.4823.8620.9928.8318.4128.6341.7240.7633.4235.4828.40
OPM %34.71%36.95%31.59%18.44%14.59%20.15%13.08%23.54%29.35%24.11%17.53%21.72%
Other Income12.156.9445.1411.8812.078.9414.0511.628.526.757.299.94
Interest10.7612.0317.4013.5114.7413.1115.6713.9315.5714.5017.2215.24
Depreciation10.0810.0011.9710.2510.4211.2411.2711.5612.8011.6612.7512.70
Profit before tax8.098.3939.639.1115.743.0015.7427.8520.9114.0112.8010.40
Tax %9.64%2.03%9.08%27.66%42.95%453.00%42.95%24.09%24.29%32.05%13.36%26.35%
Net Profit7.318.2236.026.598.99-10.588.9821.1415.839.5211.097.66
EPS in Rs4.515.2323.974.145.43-7.105.8413.5510.016.116.734.66
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales276241294228252253391246243622657611
Expenses253217261202216202321184159525506473
Operating Profit23243425365170628497151138
OPM %8%10%11%11%14%20%18%25%35%16%23%23%
Other Income3236272742321279473432
Interest121010151718253051576163
Depreciation171923263028312642434950
Profit before tax26312710-72836870447658
Tax %36%30%42%35%45%5%9%18%10%68%24%
Net Profit1722167-102632663145844
EPS in Rs10.8914.2310.454.49-6.7117.2021.373.6540.888.3136.3927.51
Dividend Payout %24%19%25%37%-30%17%14%33%10%36%10%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth9%21%39%-11%
Compounded Profit Growth13%19%206%60%
Stock Price CAGR10%22%-2%-35%
Return on Equity2%2%2%5%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital101010101015151515151515
Reserves668672690705716704727760772823842906
Borrowings139132114206198228358459550569629798
Other Liabilities84578770709790166148254263364
Total Liabilities9018719019919941,0441,1921,4011,4851,6611,7492,082
Fixed Assets290301323376427441463566666717813842
CWIP171312131172253277162
Investments257288257272258242277291285275268276
Other Assets337281319331296350380519504663661802
Total Assets9018719019919941,0441,1921,4011,4851,6611,7492,082
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-54293692833971319013095
Cash from Investing Activity494218-98-120-30-142-73-284-83-113-198
Cash from Financing Activity15-28-5249-53-4949911341950
Net Cash Flow5917-5-47-103-6-15124-1424037-52
Free Cash Flow-49-8217-971-19-8211-19-38-7-138
CFO/OP14%43%144%42%300%89%73%149%217%115%142%68%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days9193109726478968099783834
Inventory Days86831571351912092102894121,034166179
Days Payable10791176104173160178231244411108150
Cash Conversion Cycle708690103821281291382677029563
Working Capital Days128-15-23-107-175-178-186-99-267-275-62-84
ROCE %1%3%5%4%1%2%4%5%4%5%5%8%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters56.36%56.36%56.36%56.36%56.36%56.36%56.36%56.36%56.36%56.36%56.36%56.36%
FIIs0.06%0.04%0.06%0.12%0.07%0.09%0.06%0.05%0.04%0.22%0.23%0.58%
DIIs0.41%0.00%0.47%0.20%0.00%0.00%0.04%0.04%0.00%0.00%0.00%0.00%
Public43.17%43.60%43.11%43.32%43.57%43.54%43.53%43.54%43.60%43.41%43.40%43.06%
No. of Shareholders16,53116,84423,90527,19245,23047,66133,57231,52330,58428,83627,71827,232

Fundamentals

Market Cap₹ 885 Cr.
Current Price₹ 583
Stock P/E20.6
Book Value₹ 608
ROCE8.00 %
ROE5.34 %
Dividend Yield0.60 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-11%
Compounded Profit Growth (TTM)60%
Consolidated figures.
Valuation
Market capRs 899 Cr
Enterprise valueRs 1,502 Cr
P/E (TTM)21.55x
Price to book0.98x
Price to sales1.47x
EV / EBITDA8.80x
EV / EBIT12.45x
EV / sales2.46x
Price to cash flow9.41x
Earnings yield4.64%
Dividend yield0.59%
P/E, 3-year average34.10x
P/B, 3-year average1.17x
P/E, 5-year average39.62x
P/B, 5-year average0.96x
Profitability
Operating margin (excl. other income)23.04%
Operating margin (incl. other income)28.24%
EBITDA margin27.93%
Pre-tax margin9.52%
Net profit margin6.83%
Net margin, latest quarter5.41%
ROE6.21%
ROCE8.54%
ROA2.88%
ROE, 3-year average5.11%
ROCE, 3-year average8.10%
ROA, 3-year average2.52%
ROE, 5-year average4.06%
ROCE, 5-year average6.48%
ROA, 5-year average2.09%
ROIC (approx.)6.03%
Tax rate23.81%
Other income / net worth3.71%
Growth
Sales growth (latest year)5.70%
Profit growth (latest year)337.86%
Sales CAGR, 3 years38.81%
Sales CAGR, 5 years21.08%
Profit CAGR, 3 years115.14%
Profit CAGR, 5 years16.17%
Sales growth QoQ-35.40%
Profit growth QoQ-30.69%
Sales growth YoY (latest quarter)-26.21%
Profit growth YoY (latest quarter)-65.58%
Per share
EPS (TTM)Rs 27.51
EPS (latest year)Rs 36.39
EPS (latest quarter)Rs 4.66
EPS, 3-year averageRs 28.53
EPS, 5-year averageRs 22.12
Book value per shareRs 607.66
Sales per shareRs 402.86
Cash flow per shareRs 62.99
Free cash flow per shareRs -91.04
Dividend per share (latest year)Rs 3.50
Dividend per share, 3-year averageRs 3.50
Dividend per share, 5-year averageRs 2.94
Dividends
Dividend payout9.62%
Dividend payout, 3-year average18.50%
Dividend payout, 5-year average20.48%
Efficiency
Asset turnover0.32x
Fixed asset turnover0.78x
Inventory turnover2.40x
Inventory days152 days
Debtor days34 days
Debtors turnover10.78x
Creditor days150 days
Cash conversion cycle63 days
Working capital days-84 days
Leverage
Total debtRs 798 Cr
Cash and bankRs 195 Cr
Net debtRs 603 Cr
Debt to equity0.87x
Net debt / EBITDA3.53x
Interest coverage1.93x
Current ratio (filing 2026-03-31)1.49x
Quick ratio (filing 2026-03-31)1.22x
Trade payables (filing 2026-03-31)Rs 145 Cr
Owners' fund to total sources44.24%
Debt to assets38.30%
Cash flow
Cash from Operating Activity (latest year)Rs 95 Cr
Cash from Investing Activity (latest year)Rs -198 Cr
Cash from Financing Activity (latest year)Rs 50 Cr
Net Cash Flow (latest year)Rs -52 Cr
Free cash flow (latest year)Rs -138 Cr
FCFE (approx.: FCF + change in debt)Rs 30 Cr
Cash from ops / profit, 5 years3.14x
Sales to cash flow6.88x
Statement figures
Net sales (TTM)Rs 611 Cr
Net sales (latest year)Rs 657 Cr
Sales (latest quarter)Rs 131 Cr
Operating profit excl. other income (latest year)Rs 151 Cr
Operating profit (latest quarter)Rs 28 Cr
Other income (TTM)Rs 32 Cr
EBITDA (TTM)Rs 171 Cr
PBDT (TTM)Rs 108 Cr
Profit before tax (TTM)Rs 58 Cr
Tax (latest year)Rs 18 Cr
Net profit (TTM)Rs 42 Cr
Net profit (latest year)Rs 55 Cr
Net profit (latest quarter)Rs 7 Cr
Depreciation (TTM)Rs 50 Cr
Depreciation (latest quarter)Rs 13 Cr
Interest (TTM)Rs 63 Cr
Cost of goods sold (latest year)Rs 416 Cr
Total expenditure (latest year)Rs 506 Cr
Total income (latest year)Rs 691 Cr
Share capitalRs 15 Cr
ReservesRs 906 Cr
Shareholders' fundsRs 921 Cr
Total assetsRs 2,082 Cr
Net blockRs 842 Cr
Capital work in progressRs 162 Cr
InvestmentsRs 276 Cr
ReceivablesRs 61 Cr
InventoryRs 173 Cr
Other liabilitiesRs 364 Cr
Shares outstanding (crore)1.52
Ownership
Promoter holding56.36% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 21.6 is at the 50th percentile of its own 8.4-year range (median 21.6, low 12.5, high 361.0).
P/B 0.98 is at the 69th percentile (median 0.63).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSWELECTESNifty 50Difference
1 week+5.6%-2.8% +8.3 pts
1 month+0.7%-6.8% +7.5 pts
3 months-9.1%-7.6% -1.5 pts
6 months+18.8%+0.4% +18.4 pts
1 year-33.4%-9.9% -23.5 pts
2 years-52.2%-13.6% -38.6 pts
3 years-4.7%+14.2% -18.9 pts
5 years+170.9%+27.9% +143.0 pts

Red flags

F-score 6 of 8
lookProfit leans on other income Other income was 45% of pre-tax profit in 2026
lookAuditor change Auditor change 2026-05-22: Swelect Energy Systems Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹131 Cr -26.2% vs Jun 2025. Net profit ₹8 Cr -63.8%.
Against our estimate for Jun 2026: sales -39.6%, profit -61.2% miss. Our estimate for Sep 2026: sales Rs 115 Cr, profit Rs 7 Cr (how).

Activity

Compare
CompanyMcap (Cr)P/EROCE
Bharat Heavy Electricals Ltd143,93159.29.14 %
ABB India Ltd141,14291.629.9 %
Hitachi Energy India Ltd136,99311529.4 %
CG Power & Industrial Solutions Ltd135,18310626.7 %
Siemens Ltd132,12187.921.4 %
GE Vernova T&D India Ltd108,55480.477.4 %
Suzlon Energy Ltd53,86217.134.2 %
Thermax Ltd39,21471.213.9 %
Schneider Electric Infrastructure Ltd28,51714729.6 %
TD Power Systems Ltd24,38688.734.0 %
Azad Engineering Ltd18,82013511.9 %
Triveni Turbine Ltd17,27949.834.1 %
Atlanta Electricals Ltd12,56657.645.3 %
Quality Power Electrical Equipments Ltd12,50293.831.7 %
Inox Wind Ltd12,35735.910.6 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-07-24Dividend - Rs 3.50 Per Share
2025-07-18Annual General Meeting/Dividend - Rs 3 Per Share
2024-07-22Annual General Meeting/Dividend - Rs 3 Per Share/Special Dividend - Re 1 Per Share
2023-07-19Annual General Meeting/Dividend - Rs 1.20 Per Share
2022-07-20Annual General Meeting/Dividend - Rs 3 Per Share
2021-07-16 Annual General Meeting/Dividend - Rs 3 Per Share
2020-09-01 Annual General Meeting/Dividend - Rs 0.75 Per Share
2020-02-27 Interim Dividend - Rs 1.25 Per Share
2019-08-22 Bonus 1:20.6667
2019-08-01 Annual General Meeting/Dividend - Rs 2.5 Per Share
2018-08-01 Annual General Meeting/Dividend- Rs 4 Per Share
2017-08-03 Annual General Meeting/Dividend - Rs 4 Per Share
2016-07-20 Annual General Meeting/ Dividend - Re 1/- Per Share
2016-03-22 Interim Dividend - Rs 3/- Per Share
2015-07-22Annual General Meeting/ Dividend - Rs 2.50/- Per Share
2014-06-25Annual General Meeting / Dividend - Re. 9/- Per Equity Share
2013-07-18Annual General Meeting/Dividend Rs 8/- Per Equity Share
2012-07-17Annual General Meeting/Final Dividend Rs.3/- Per Share/Interim Dividend Rs.120/- Per Share (Purpose Revised)
2011-08-02Annual General Meeting And Dividend Rs.3/- Per Share
2010-08-03Annual General Meeting And Dividend Rs.3/- Per Share
2009-10-14Bonus 1:10.5000
2009-08-17Agm/Div-Rs.5/- Per Share
2008-08-08Agm/Dividend - 50%
2007-07-31Agm/Div-Rs.4.50/- Per Sh
2006-07-04Agm/Div-Rs.4/- Per Sh
DateTypeWhat it says
2026-10-01Press ReleaseA press release dated October 01, 2026, titled "SWELECT Appoints Pradeep Kumar Madhur as Chief Business Officer".
2026-10-01UpdatesCommissioning of 3.125 MW Solar Power Plant by SWELECT HHV Solar Photovoltaics Private Limited (A Step Down Wholly Owned Subsidiary Company).
2026-10-01AppointmentAppointment of Mr. Pradeep Kumar Madhur as Chief Business Officer of the Company with effect from 01st October 2026 in the capacity of Senior Manageme...
2026-09-26Press ReleaseA press release dated September 26, 2026, titled "SWELECT Expands C&I Energy Solutions Portfolio with Rollout of SWEES EN+ Solar Hybrid Inverter Range...
2026-09-24AcquisitionAcquisition of GNU Solar Assetco Two Private Limited
2026-09-24AcquisitionAdditional Investment in the Equity Shares of USolar Assetco Four Private Limited (Wholly Owned Subsidiary)
2026-08-31Sale or disposalTransfer of 26% equity shares held in ESG Solar Energy Private Limited
2026-08-28Shareholder meetingWith copy of minutes of Annual General Meeting held on July 31, 2026
2026-08-25UpdatesESG Green Energy Private Limited (Subsidiary Company of SWELECT Energy Systems Limited) has successfully commissioned a Solar Power Plant having the c...
2026-08-13Press ReleaseA press release dated August 13, 2026, titled "SWELECT Reports Q1 FY27 Consolidated PAT of INR 765.33 Lakhs".
2026-08-13Board meeting outcomeSWELECT Energy Systems Limited has submitted to the Exchange, the Unaudited Financial Results (Standalone and Consolidated) for the Quarter ended 30th...
2026-08-13AcquisitionAdditional Investment in the Equity Shares of SWELECT Sunpower Plus Private Limited (Wholly Owned Subsidiary) and update on the previous intimation of...
2026-08-04Shareholder meetingSWELECT Energy Systems Limited has submitted to the Exchange the voting results of the 31st Annual General Meeting held on July 31, 2026 along with th...
2026-07-31Shareholder meetingProceedings of 31st Annual General Meeting held on July 31, 2026
2026-07-25AcquisitionAcquisition of DEXLER SOLAR PARK PHASE 1 PRIVATE LIMITED
2026-07-14UpdatesProposed acquisition by SWELECT ENERGY SYSTEMS PTE. LTD. Singapore (wholly owned subsidiary of the Company).
2026-07-08General UpdatesLetter sent to Members providing a web-link including the path to the Notice of AGM and Annual Report for the F.Y 2025-26
2026-07-08Shareholder meetingNotice (including addendum to the Notice) of Annual General Meeting to be held on July 31, 2026
2026-07-06UpdatesThe Board has approved the addendum to the notice of the 31st Annual General Meeting (AGM) of the Company to be held on 31st July 2026.
2026-07-06Board meeting outcomeOutcome of Board Meeting held on July 06, 2026.
2026-07-04UpdatesSWELECT Energy Systems Limited has successfully commissioned 4.40 MW Solar Power plant on 03rd July, 2026 at V. Muthulingapuram Village, Virudhunagar ...
2026-06-25AcquisitionIntimation regarding acquisition of 49% equity shares of Gridnex Solar Power Private Limited by the wholly owned subsidiary company i.e., SWELECT Sola...
2026-05-28AcquisitionAcquisition of USolar Assetco Four Private Limited
2026-05-23CorrigendumCorrigendum to Financial Results of SWELECT Energy Systems Limited publishedon 22.05.2026 in the newspapers
2026-05-22Press ReleaseA press release dated May 22, 2026, titled "SWELECT REPORTS FY26 CONSOLIDATED PAT OF INR 57.58 CR".
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Swelect Energy Systems Ltd?

Swelect Energy Systems Ltd (SWELECTES) has a market capitalisation of Rs 885 Cr. at the 2026-10-01 close.

What is the P/E ratio of Swelect Energy Systems Ltd?

Swelect Energy Systems Ltd trades at a P/E of 20.6 on trailing twelve-month profit, at the 2026-10-01 close.

What were Swelect Energy Systems Ltd's latest quarterly results?

In the Jun 2026 quarter, Swelect Energy Systems Ltd sales was Rs 131 Cr (-26.2% vs Jun 2025) and net profit was Rs 8 Cr.

What is the 52-week high and low of Swelect Energy Systems Ltd?

The 52-week high is Rs 977.00 and the 52-week low is Rs 483.10.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03