Swelect Energy Systems Ltd

SWELECTES

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Market Cap

₹ 994 Cr

P/E

29.42

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Swelect Energy Systems Limited specializes in the manufacturing and trading of solar power projects, solar photovoltaic modules, and related energy-efficient systems.

In recent years, the company has expanded significantly into solar energy solutions, including the construction of a 500 MW solar PV module manufacturing plant.

The company has consistently developed and commissioned large-scale solar projects, enhancing its presence in renewable energy.

Swelect holds historical strength in UPS system manufacturing, having been a leader in this field for many years before its solar transition.

The company has shown strategic intent in expanding internationally, notably through historical operations in Sri Lanka and extensive solar parks in India.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Medium / Small

Market Cap

994 Cr

Volatility

Moderate Risk

P/E Ratio

29.4

Industry P/E

27.4

PEG Ratio

—

P/B Ratio

1.1

52W High

1,148.90

52W Low

459.75

Sales CAGR

156.06%

24.31%

24.88%

10Y

11.41%

Profit CAGR

-77.83%

-44.27%

—

10Y

-3.67%

ROE

TTM

3.78%

3.16%

3.40%

10Y

2.49%

ROCE

TTM

8.03%

8.00%

7.39%

10Y

5.99%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PROSTARM	176.65	1,066 Cr	43.51	4.04	0.00	9.28	13.55	7.20
VIDYAWIRES	50.68	1,047 Cr	25.77	2.38	0.00	24.57	21.30	0.00
SWELECTES	640.10	994 Cr	29.42	1.12	0.46	3.78	8.03	1.99
GGBL	325.55	829 Cr	27.41	4.04	0.00	21.02	25.93	11.65
APS	375.85	762 Cr	13.70	5.64	0.00	41.20	45.61	20.63
PERMAGNET	852.00	735 Cr	60.47	4.87	0.23	8.06	10.92	5.83
MODINSULAT	163.20	733 Cr	14.85	1.48	0.00	10.06	12.55	7.47

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	85	48	64	76	114	198	91	219	177	139
Expenses	62	32	40	52	93	169	73	190	136	98
Operating Profit	24	17	23	24	21	29	18	29	42	41
OPM %	27.69	34.73	36.95	31.59	18.45	14.58	20.15	13.10	23.54	29.35
Other Income	13	7.39	7.82	41	12	12	8.94	14	12	8.52
Interest	11	11	12	17	14	15	13	16	14	16
Depreciation	11	10	10	12	10	10	11	11	12	13
Profit Before Tax	14	3.33	9.26	36	9.11	16	3.00	16	28	21
Tax %	15.51	23.42	1.84	10.08	27.66	42.88	452.67	42.95	24.09	24.25
Net Profit	12	2.55	9.09	32	6.59	8.98	-11	8.98	21	16
EPS in Rs	7.62	4.82	5.42	23.77	4.35	5.93	-6.98	5.93	13.95	10.45

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	247	296	228	252	253	354	246	243	622	685
Expenses	217	261	202	224	202	273	184	159	525	567
Operating Profit	30	35	25	28	50	81	62	84	97	118
OPM %	11.98	11.92	11.08	10.99	19.98	22.82	25.16	34.59	15.58	17.17
Other Income	36	27	27	12	23	21	24	69	47	47
Interest	9.59	10	15	17	18	23	30	51	57	57
Depreciation	19	23	26	30	28	28	26	42	43	44
Profit Before Tax	31	27	10	-7.02	28	51	30	60	44	62
Tax %	29.94	42.02	34.67	-44.81	5.36	6.03	4.62	11.08	67.94	54.24
Net Profit	22	16	6.83	-10	26	48	29	54	14	29
EPS in Rs	—	—	3.25	-5.95	17.18	21.39	4.64	41.63	9.23	23.35
Dividend Payout %	18.69	25.45	55.56	-29.81	17.46	14.03	28.37	9.61	32.54	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	10	10	10	15	15	15	15	15	15
Reserves	672	690	705	716	704	727	760	772	824	842
Borrowings	112	98	190	195	218	358	459	550	569	628
Other Liabilities	77	103	88	75	109	93	168	150	254	265
Total Liabilities	871	901	994	996	1,047	1,194	1,403	1,487	1,662	1,750
Fixed Assets	301	295	349	407	420	440	543	629	685	784
CWIP	0.77	3.01	12	13	11	72	25	32	6.75	7.00
Investments	288	285	299	278	263	300	314	322	307	297
Other Assets	281	319	333	298	353	383	521	505	664	661
Total Assets	871	901	994	996	1,047	1,194	1,403	1,487	1,662	1,750

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3.50	29	2.79	69	28	33	97	131	90	130
Cash from Investing Activity	42	18	-98	-120	-30	-142	-73	-284	-82	-113
Cash from Financing Activity	-28	-52	49	-53	-4.20	94	99	11	32	19
Net Cash Flow	17	-4.79	-47	-103	-5.75	-15	124	-142	40	37

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	56.37%	56.37%	56.37%	56.37%	56.37%	56.37%	56.37%	56.37%	56.37%	56.37%	56.37%	56.37%
FIIs	0.07%	0.00%	0.03%	0.06%	0.04%	0.06%	0.12%	0.07%	0.09%	0.06%	0.05%	0.04%
DIIs	0.00%	0.00%	0.00%	0.41%	0.00%	0.47%	0.20%	0.00%	0.00%	0.04%	0.04%	0.00%
Public	43.56%	43.63%	43.60%	43.17%	43.60%	43.10%	43.31%	43.56%	43.54%	43.53%	43.54%	43.59%
Total Shareholders	18,789	14,707	13,642	16,531	16,844	23,905	27,192	45,230	47,661	33,572	31,523	30,584

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 01, 2023	Patel wealth advisors private...	Bulk	Sell	572.70	4.79 Cr	83,577	0.55
Aug 01, 2023	Patel wealth advisors private...	Bulk	Buy	628.31	2.65 Cr	42,247	0.27

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

3 days ago

Approval for Listing of Equity Shares Under ESOP Scheme

The Stock Exchanges (BSE and NSE) have granted in-principle approval for listing up to 303,175 equity shares of Rs. 10 each under the SWELECT Employees Stock Option Scheme 2025.

Shareholder Meeting

6 days ago

Outcome of Postal Ballot for Management Changes

SWELECT Energy Systems Limited disclosed the results of its postal ballot held on November 15, 2025, including key management appointments and approvals of related party transactions.

Documents

Presentations

Concalls

Reports

Presentations

No documents found!

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Overall

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Moving Averages

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	85	48	64	76	114	198	91	219	177	139
Expenses	62	32	40	52	93	169	73	190	136	98
Operating Profit	24	17	23	24	21	29	18	29	42	41
OPM %	27.69	34.73	36.95	31.59	18.45	14.58	20.15	13.10	23.54	29.35
Other Income	13	7.39	7.82	41	12	12	8.94	14	12	8.52
Interest	11	11	12	17	14	15	13	16	14	16
Depreciation	11	10	10	12	10	10	11	11	12	13
Profit Before Tax	14	3.33	9.26	36	9.11	16	3.00	16	28	21
Tax %	15.51	23.42	1.84	10.08	27.66	42.88	452.67	42.95	24.09	24.25
Net Profit	12	2.55	9.09	32	6.59	8.98	-11	8.98	21	16
EPS in Rs	7.62	4.82	5.42	23.77	4.35	5.93	-6.98	5.93	13.95	10.45

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	247	296	228	252	253	354	246	243	622	685
Expenses	217	261	202	224	202	273	184	159	525	567
Operating Profit	30	35	25	28	50	81	62	84	97	118
OPM %	11.98	11.92	11.08	10.99	19.98	22.82	25.16	34.59	15.58	17.17
Other Income	36	27	27	12	23	21	24	69	47	47
Interest	9.59	10	15	17	18	23	30	51	57	57
Depreciation	19	23	26	30	28	28	26	42	43	44
Profit Before Tax	31	27	10	-7.02	28	51	30	60	44	62
Tax %	29.94	42.02	34.67	-44.81	5.36	6.03	4.62	11.08	67.94	54.24
Net Profit	22	16	6.83	-10	26	48	29	54	14	29
EPS in Rs	—	—	3.25	-5.95	17.18	21.39	4.64	41.63	9.23	23.35
Dividend Payout %	18.69	25.45	55.56	-29.81	17.46	14.03	28.37	9.61	32.54	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	10	10	10	15	15	15	15	15	15
Reserves	672	690	705	716	704	727	760	772	824	842
Borrowings	112	98	190	195	218	358	459	550	569	628
Other Liabilities	77	103	88	75	109	93	168	150	254	265
Total Liabilities	871	901	994	996	1,047	1,194	1,403	1,487	1,662	1,750
Fixed Assets	301	295	349	407	420	440	543	629	685	784
CWIP	0.77	3.01	12	13	11	72	25	32	6.75	7.00
Investments	288	285	299	278	263	300	314	322	307	297
Other Assets	281	319	333	298	353	383	521	505	664	661
Total Assets	871	901	994	996	1,047	1,194	1,403	1,487	1,662	1,750

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3.50	29	2.79	69	28	33	97	131	90	130
Cash from Investing Activity	42	18	-98	-120	-30	-142	-73	-284	-82	-113
Cash from Financing Activity	-28	-52	49	-53	-4.20	94	99	11	32	19
Net Cash Flow	17	-4.79	-47	-103	-5.75	-15	124	-142	40	37

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PROSTARM	176.65	1,066 Cr	43.51	4.04	0.00	9.28	13.55	7.20
VIDYAWIRES	50.68	1,047 Cr	25.77	2.38	0.00	24.57	21.30	0.00
SWELECTES	640.10	994 Cr	29.42	1.12	0.46	3.78	8.03	1.99
GGBL	325.55	829 Cr	27.41	4.04	0.00	21.02	25.93	11.65
APS	375.85	762 Cr	13.70	5.64	0.00	41.20	45.61	20.63
PERMAGNET	852.00	735 Cr	60.47	4.87	0.23	8.06	10.92	5.83
MODINSULAT	163.20	733 Cr	14.85	1.48	0.00	10.06	12.55	7.47

Overview

Detailed Summary

Swelect Energy Systems Limited specializes in the manufacturing and trading of solar power projects, solar photovoltaic modules, and related energy-efficient systems.

In recent years, the company has expanded significantly into solar energy solutions, including the construction of a 500 MW solar PV module manufacturing plant.

The company has consistently developed and commissioned large-scale solar projects, enhancing its presence in renewable energy.

Swelect holds historical strength in UPS system manufacturing, having been a leader in this field for many years before its solar transition.

The company has shown strategic intent in expanding internationally, notably through historical operations in Sri Lanka and extensive solar parks in India.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Medium / Small

Market Cap

994 Cr

Volatility

Moderate Risk

P/E Ratio

29.4

Industry P/E

27.4

PEG Ratio

—

P/B Ratio

1.1

52W High

1,148.90

52W Low

459.75

Sales CAGR

156.06%

24.31%

24.88%

10Y

11.41%

Profit CAGR

-77.83%

-44.27%

—

10Y

-3.67%

ROE

TTM

3.78%

3.16%

3.40%

10Y

2.49%

ROCE

TTM

8.03%

8.00%

7.39%

10Y

5.99%