NSE: SERVOTECH
SERVOTECH REN POW SYS LTD
Manufactures clean energy equipment including rooftop solar systems, battery energy storage systems (BESS), and DC fast EV chargers, and runs a Sports & Entertainment subsidiary that is currently loss-making. FY26 revenue stood at ₹671.64 crore at an EBITDA margin of 10.5631%; Q1 FY27 standalone revenue reached ₹208.10 crore, up 66.31% year-on-year. Materials at 74.5% of revenue are the dominant input cost, with capex at 15.4% of revenue. Manufacturing capacity is being scaled via a ₹400 crore MoU with the Haryana government, with BESS production targeted to expand 2x in roughly six months, 3x by March 2027, and 10x over two years. Distribution covers 800+ distributors and 6,000+ retailers across 370+ towns, and channel partner penetration is being expanded across South, North, and North-East India. An internal fraud involving two employees and an external party is under police investigation, with estimated financial impact of ₹2-2.5 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar solutions, Battery Energy Storage Systems (BESS), EV chargers, Sports & Entertainment. Manufacturing and EPC of solar, BESS and EV charging equipment, with an expanding distribution network and a non-core loss-making subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 144 | 270 | 354 | 674 | 672 |
| EBITDA (ex other income) | 9 | 10 | 21 | 56 | 67 |
| margin % | 6.3 | 3.7 | 5.9 | 8.2 | 10.0 |
| Owners' profit | 0 | 11 | 12 | 42 | 34 |
| EPS, as reported (₹) | 2.15 | 1.04 | 0.54 | 1.46 | 1.49 |
| ROE % · ROCE % | — · — | 13.5 · 18.3 | 8.3 · 11.9 | 13.7 · 19.6 | 10.7 · 14.5 |
| Debt / equity (x) | — | 0.51 | 0.51 | 0.32 | 0.71 |
| Cash from operations | 8 | (24) | 1 | (55) | (2) |
| Capex | (3) | 0 | (26) | (18) | (103) |
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 | 200 | 216 | 146 | 137 | 106 | 211 | 217 | 216 |
| Profit before tax | 15 | 13 | 11 | 7 | 1 | 20 | 13 | 11 |
| Net profit | 11 | 9 | 8 | 5 | 0 | 16 | 11 | 8 |
| EPS (₹) | 0.51 | 0.41 | 0.35 | 0.23 | 0.06 | 0.65 | 0.54 | 0.41 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.2 | 22.4 | 36 of 52 | 31% |
| P/B | 5.0 | 3.3 | 35 of 49 | 29% |
| ROCE | 11.2 | 12.4 | 31 of 55 | 44% |
| ROE | 10.7 | 12.4 | 30 of 50 | 41% |
| Debt / Equity | 0.7 | 0.3 | 35 of 50 | 31% |
| EBITDA margin | 9.7 | 12.6 | 35 of 51 | 32% |
| Revenue growth | 57.8 | 20.7 | 10 of 46 | 80% |
| Profit growth | 77.0 | 37.7 | 17 of 45 | 64% |
| Market cap | 1470 | 591 | 20 of 56 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Fraud update: two employees arrested, around 2-2.5 crore involved | regulatory legal | critical | — | — |
| 8 Oct 2026 · RTA confirms SEBI Regulation 74(5) non-applicability for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Credit rating outlook revised to Positive, loan facility enhanced to Rs 451.84 Cr | credit debt | high | — | — |
| 28 Sept 2026 · Servotech launches three new solar inverters at Navaarambh 2026 partner event | business updates | medium | — | — |
| 28 Sept 2026 · Servotech launches Hybrid Solar Inverters and Micro Grid Inverter | business updates | medium | — | — |
| 26 Sept 2026 · AGM Results: Final Dividend of Rs 0.02 per share, All Resolutions Passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Servotech 22nd AGM: 11 resolutions including Rs 0.02 dividend, Rs 800 cr borrowing limit | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Trading window closed from 1 Oct 2026 till 48 hours after Q2 results | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper ad confirms dispatch of 22nd AGM notice for Servotech | compliance | minimal | — | — |
| 2 Sept 2026 · AGM Notice on Sept 25, 2026 with 11 resolutions including final dividend | 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.