NSE: SPELS · BSE: 517166
SPEL SEMICONDUCTOR LTD
Provides outsourced semiconductor back-end services — assembly, test, mark, and packaging of integrated circuits — from a single factory in Maraimalai Nagar, Chennai. Revenue for FY26 was Rs 6.28 crore, with total income of Rs 853.07 lakhs, and the customer base and end markets are not disclosed in the filings. Operations at the Chennai factory have been suspended since January 14, 2026 due to a working capital shortage that left the company unable to procure raw materials, pay utilities, or cover overheads, and the statutory auditor flagged material uncertainty about the company's ability to continue as a going concern. On the cost side, other operating expenses stood at 52.4% of revenue, employee costs at 40.5%, materials at 22.5%, and depreciation at 18.2%. The board has approved plans to modernize and expand manufacturing capacity in packaging, testing and automation, and has cleared applications for India Semiconductor Mission, PLI and state incentives. Funding proposals include a Rights Issue or QIP of up to Rs 500 crore and a further Rs 500 crore via FDI or FCCBs, and authorized share capital may rise from Rs 60 crore to Rs 150 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IC Assembly, Test, Mark and Package services. Capital-intensive, single-site semiconductor back-end assembly and test; factory currently non-operational
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16 | 11 | 12 | 8 | 6 |
| EBITDA (ex other income) | (7) | (5) | (12) | (18) | (20) |
| margin % | (47.0) | (44.5) | (102.7) | (232.1) | (316.7) |
| Owners' profit | (12) | (3) | (17) | (21) | (24) |
| EPS, as reported (₹) | (2.57) | (0.67) | 7.28 | (4.56) | (5.17) |
| ROE % · ROCE % | (19.6) · (9.5) | (6.2) · (2.1) | (50.7) · (17.9) | (163.0) · (33.2) | (783.1) · (47.1) |
| Debt / equity (x) | 0.52 | 0.51 | 0.84 | 2.40 | 6.86 |
| Cash from operations | (22) | (3) | (9) | (2) | 13 |
| Capex | (4) | (1) | (0) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 1 | 2 | 2 | 2 | 2 | 1 | 2 |
| Profit before tax | (4) | (5) | (5) | (8) | (6) | (12) | (7) | 1 |
| Net profit | (5) | (5) | (5) | (8) | (6) | (12) | (7) | 1 |
| EPS (₹) | 2.06 | (1.01) | (1.05) | (1.73) | (1.21) | (2.70) | (1.42) | 0.17 |
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 | 66,217 | 17.3 | 4.41 | 10.8 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,472 | 51.2 | 11.21 | 31.8 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,992 | 23.1 | 9.05 | 15.9 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,279 | 159.4 | 25.87 | 113.6 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,656 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,824 | 12.6 | 4.55 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,776 | 103.0 | 19.09 | 68.7 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,299 | 11.6 | 3.74 | 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 |
|---|---|---|---|---|
| ROCE | (59.8) | 12.4 | 54 of 55 | 2% |
| ROE | (783.1) | 12.4 | 50 of 50 | 0% |
| Debt / Equity | 6.9 | 0.3 | 50 of 50 | 0% |
| EBITDA margin | 129.5 | 12.6 | 3 of 51 | 96% |
| Revenue growth | (10.9) | 20.7 | 35 of 46 | 24% |
| Profit growth | 109.6 | 37.7 | 14 of 45 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Independent Director Mr. Ramanujam Venkatesh resigns from SPEL board | management changes | medium | — | — |
| 15 Sept 2026 · SPEL Semiconductor 41st AGM held on Sep 14, 2026; key resolutions passed | board shareholder meetings | low | — | — |
| 21 Aug 2026 · SPEL AGM Sep 14 - Rights Issue up to Rs 500 Cr, Land Sale and Borrowing Plan on Agenda | board shareholder meetings | low | — | — |
| 21 Aug 2026 · SPEL Semiconductor FY26 Annual Report filed; AGM on Sep 14 | compliance | low | — | — |
| 21 Aug 2026 · SPEL Semiconductor Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| 20 Aug 2026 · SPEL Semiconductor sets 41st AGM for Sep 14, 2026; Q1 FY27 results approved | results | high | — | — |
| 20 Aug 2026 · SPEL Semi Q1 FY27 - narrower loss, going concern flag persists | results | high | — | — |
| 20 Aug 2026 · SPEL Semi Q1 loss at Rs 134L; auditor flags going concern | results | high | — | — |
| 17 Aug 2026 · Board to review June 2026 quarter results on August 20 | results | low | — | — |
| 13 Aug 2026 · SPEL Semiconductor delays Q1 results, cites financial crisis and plant shutdown | capex operations | critical | — | — |
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.