BSE: 517360
SBEC SYSTEMS (INDIA) LTD.
Operates two main lines — technical services/consultancy and solar power generation — plus a small stream of income from investments in associates. In the quarter ended 31 March 2026, the technical services/consultancy segment generated Rs 0.76 crore of revenue and the solar power generation segment generated Rs 0.29 crore. The company commissioned a 265 KWp solar power project on the premises of G S Pharmbutor Private Limited in Modinagar, Uttar Pradesh on 31 March 2026, and had earlier secured a Rs 2.80 crore term loan from SVC Co-operative Bank Ltd to set up further solar capacity, with security taken on the solar modules, inverters and mounting structures. Other operating expenses made up 39.1% of revenue and employee cost 8.2%, while capex was 82.5% of revenue, reflecting the ongoing solar build-out rather than steady-state operations. The company also completed a SEBI-directed open offer for associate SBEC Sugar Limited in January 2026. The standalone balance sheet shows deeply negative other equity of Rs -646.73 lakh against share capital of Rs 1,000 lakh, indicating accumulated past losses. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Technical Services / Consultancy Services, Solar Power Generation, Other Income / Investment in Associates. Small services business adding a solar power generation vertical, currently capex-heavy and loss-making on a consolidated basis.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 3 | 3 | 3 | 3 |
| EBITDA (ex other income) | 2 | 2 | 2 | 2 | 2 |
| margin % | 71.7 | 67.7 | 75.3 | 73.4 | 52.7 |
| Owners' profit | 0 | 1 | 1 | 2 | 2 |
| EPS, as reported (₹) | 1.30 | 1.11 | 1.33 | 2.44 | 1.51 |
| ROE % · ROCE % | (7.6) · (22.5) | (6.9) · (27.8) | (9.1) · (45.2) | (20.0) · 612.4 | (14.1) · 57.7 |
| Debt / equity (x) | (1.01) | (1.06) | (1.14) | (1.77) | (2.28) |
| Cash from operations | 2 | 2 | 2 | 3 | 2 |
| Capex | 0 | 0 | (0) | (6) | (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 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 0 | 1 | 1 | 0 | (0) | (0) | 0 | 0 |
| Net profit | 0 | 1 | 1 | 0 | (0) | (0) | 2 | 0 |
| EPS (₹) | 0.26 | 0.56 | 1.42 | 0.22 | (0.19) | (0.29) | 1.77 | 0.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Technical Services/Consultancy Services | 1 | 19.4 |
| Solar Power Generation unit | 0 | 7.5 |
| Other Income/Investment in Associates | 0 | 0.1 |
| TECHNICAL SERVICES/CONSULTANCY SERVICES | 1 | 32.8 |
| SOLAR POWER GENERATION UNIT | 1 | 15.8 |
| OTHER INCOME/INVESTMENT IN ASSOCIATES | 0 | 0.4 |
| TECHNICAL SERVICES | 1 | 14.5 |
| INTEREST ON FINANCE LEASE RENT FOR SOLAR POWER UNIT/PROFIT ON FINANCE LEASE | 0 | 9.5 |
| OTHER INCOME | 0 | 0.0 |
| Total, before eliminations | 4 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 30,351 | 17.8 | 2.91 | 14.1 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,166 | 18.3 | 3.85 | 17.4 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 4,696 | 20.0 | 5.20 | 13.9 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,593 | 24.5 | 4.11 | 18.4 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,178 | — | 13.10 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 755 | 8.3 | 0.59 | 190.1 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 748 | 65.8 | 6.19 | 47.7 | 6.0 | 6.9 | — | 4.9 |
| SHANKARA BUILDPRO LIMITED | 609 | 4.6 | 1.12 | 2.7 | 23.4 | 31.8 | — | 3.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.5 | 15.8 | 58 of 130 | 56% |
| ROCE | 3.2 | 2.1 | 81 of 177 | 55% |
| EBITDA margin | 95.8 | 4.5 | 4 of 137 | 98% |
| Revenue growth | (6.3) | (8.6) | 62 of 135 | 55% |
| Profit growth | (12.4) | 0.6 | 82 of 157 | 48% |
| Market cap | 19 | 22 | 98 of 180 | 46% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Newspaper notice on special window for physical share transfers | compliance | minimal | — | — |
| 30 Sept 2026 · 37th AGM of SBEC Systems held Sept 29, 2026; all 3 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Proceedings of 37th AGM of the Company. | board shareholder meetings | low | — | — |
| 29 Sept 2026 · PROCEEDINGS OF 37TH AGM OF THE COMPANY HELD ON 28TH SEPTEMBER, 2026. | board shareholder meetings | low | — | — |
| 26 Sept 2026 · SBEC Systems: Trading window closed from Oct 1 until Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · SBEC Systems gets 305 KWp solar installation order from G.S. Pharmbutor | business updates | medium | — | — |
| 15 Sept 2026 · 637 KWp solar power project commissioned in UP | capex operations | medium | — | — |
| 6 Sept 2026 · 37th AGM notice and remote e-voting information published | compliance | minimal | — | — |
| 5 Sept 2026 · SBEC Systems shares 37th AGM notice web link and Annual Report with shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · SBEC Systems 37th AGM: book closure Sep 19-29, e-voting Sep 26-28, 2026 | board shareholder meetings | 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.