NSE: S&SPOWER · BSE: 517273
S&S POWER SWITCHGEARS LTD
Makes power transmission switchgear equipment, principally isolators and high-voltage disconnectors, serving power utilities and EPC contractors through manufacturing operations in India and the UK. Two reportable segments make up the business: an India segment at 41.1% of segment revenue (Rs 110.397 crore) covering products sold domestically, and a UK segment at 58.9% (Rs 158.4431 crore) routed through the UK subsidiary Acrastyle Ltd. The India segment generated segment EBIT of Rs 4.8343 crore against the UK segment's Rs 0.7751 crore in the period. Recent order wins include a purchase order from Siemens Energy India worth over Rs 8 crore to supply isolators for the KCC Wagdari project in Maharashtra, an international order from Egypt, and the grant of a patent for a 765 kV disconnector. Materials are the largest cost line at 68.3% of revenue, followed by employee costs at 19.4% and other operating expenses at 10.1%. The company has six subsidiaries including overseas UK operations, with Phase-I capacity expansion completed and a stated plan to double FY25 revenue by FY28. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. UK Segment (59%), India Segment (41%). Asset-heavy power transmission equipment manufacturer with India and UK operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 110 | 140 | 159 | 185 | 264 |
| EBITDA (ex other income) | (9) | 7 | 11 | 2 | 10 |
| margin % | (8.0) | 5.1 | 6.8 | 0.9 | 3.7 |
| Owners' profit | (13) | 2 | 3 | (4) | 10 |
| EPS, as reported (₹) | (25.00) | 3.39 | 6.96 | (3.07) | 8.19 |
| ROE % · ROCE % | 138.1 · (58.7) | (27.3) · 11.5 | (100.1) · — | (5.5) · 0.6 | 11.3 · 7.1 |
| Debt / equity (x) | (2.50) | (6.64) | — | 0.36 | 0.40 |
| Cash from operations | (3) | (11) | 6 | 12 | (2) |
| Capex | (0) | (1) | (1) | (5) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55 | 39 | 56 | 59 | 60 | 79 | 65 | 71 |
| Profit before tax | 4 | (5) | (2) | 3 | (3) | 4 | 2 | 1 |
| Net profit | 4 | (5) | (0) | 2 | 3 | 4 | 2 | (0) |
| EPS (₹) | 3.11 | (4.28) | (0.14) | 1.43 | 2.38 | 2.84 | 1.54 | (0.21) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India Segment | 77 | 28.7 |
| UK Segment | 111 | 41.2 |
| INDIA SEGMENT | 33 | 12.3 |
| UK SEGMENT | 48 | 17.7 |
| Total, before eliminations | 269 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · S&S Power subsidiary wins 765kV isolator order for Adani project | business updates | high | — | — |
| 6 Oct 2026 · RTA compliance certificate for Q2 FY26 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · All 3 resolutions passed at S&S Power Switchgears 48th AGM | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 48th AGM of S&S Power Switchgear held via video conferencing | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 7 Sept 2026 · S&S Power 48th AGM Notice Published in Newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · 48th AGM notice and FY26 Annual Report web-link shared with shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · S&S Power FY26 Annual Report and 48th AGM Notice filed | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · 48th AGM on 28 Sep 2026; FY26 revenue up 42% to Rs 266.79 Cr | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Change of Registrar and Share Transfer Agent to KFin Technologies | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.