Builds and operates solar power plants and provides solar energy systems and services to commercial and industrial customers in India. The reported FY24 segment is Solar Energy Systems / Services, which earned 242.78 crore at an EBIT of 36.55 crore, while consolidated FY26 revenue reached 657.12 crore and total assets stood at 2082.81 crore. The company commissions its own solar plants — it brought a 4.40 MW plant online in Tamil Nadu in July 2026 under a third-party power sale model through intra-state open access — and is setting up additional capacity including a 7.0 MWdc plant in Karnataka and a 26.6 MWp DC plant under group captive schemes. Through subsidiary SWELECT SolarKraft, it is taking a 49% stake in 80 MW (8x10 MW) of grid-connected solar PV projects under the PM KUSUM-C scheme for power sale to MPPMCL in Haryana. The business is asset-heavy: materials account for 65.8% of revenue and depreciation 7.4%, with capex at 36.8% of revenue reflecting the capital intensity of building solar plants. A small strategic investment in US grid-scale battery storage was made via a Singapore subsidiary. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar Energy Systems / Services (100%). Asset-heavy, capex-intensive solar power generation and EPC
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 391 | 366 | 243 | 622 | 657 |
| EBITDA (ex other income) | 71 | 72 | 116 | 97 | 150 |
| margin % | 18.0 | 19.7 | 48.0 | 15.6 | 22.8 |
| Owners' profit | 0 | 6 | 62 | 13 | 55 |
| EPS, as reported (₹) | 21.39 | 4.23 | 41.62 | 9.22 | 36.40 |
| ROE % · ROCE % | 4.1 · 6.1 | 0.8 · 6.0 | 7.4 · 10.1 | 1.6 · 8.1 | 6.0 · 9.6 |
| Debt / equity (x) | 0.58 | 0.68 | 0.66 | 0.72 | 0.84 |
| Cash from operations | 106 | 131 | 90 | 130 | 95 |
| Capex | (87) | (151) | (128) | (138) | (242) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 198 | 91 | 219 | 177 | 139 | 139 | 202 | 131 |
| Profit before tax | 16 | 3 | 16 | 28 | 21 | 14 | 13 | 10 |
| Net profit | 9 | (11) | 9 | 21 | 16 | 10 | 11 | 8 |
| EPS (₹) | 5.93 | (6.98) | 5.92 | 13.95 | 10.45 | 6.11 | 6.73 | 4.66 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ABB INDIA LIMITED | 1,54,136 | 51.6 | 16.50 | — | 23.0 | 10.2 | — | 15.2 |
| BHEL | 1,50,076 | 61.7 | 5.74 | 49.8 | 6.1 | 4.7 | 14.3 | 9.3 |
| CG POWER AND IND SOL LTD | 1,43,168 | 93.7 | 17.46 | 77.9 | 14.6 | 19.2 | 33.2 | 14.7 |
| SIEMENS LTD | 1,40,869 | 43.0 | 10.17 | 39.7 | 19.9 | 20.6 | 31.1 | 11.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 31 Aug 2026 · SWELECT transfers 26% stake in ESG Solar to Garg Acrylics for Rs 31 lakh | strategic transactions | high | — | — |
| 28 Aug 2026 · SWELECT Energy 31st AGM minutes filed; all 17 resolutions passed | compliance | minimal | — | — |
| 25 Aug 2026 · 10 MW solar plant commissioned in Tamil Nadu by subsidiary | capex operations | high | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
| 13 Aug 2026 · SWELECT Q1 FY27: Standalone PAT up 362%, consolidated PAT down 64% | results | medium | — | — |
| 13 Aug 2026 · SWELECT Q1 FY27: Standalone PAT up 362%, Consolidated PAT falls 64% | results | high | — | — |
| 13 Aug 2026 · Swelect invests more in subsidiary, updates on Dexler Solar Park acquisition | strategic transactions | medium | — | — |
| 13 Aug 2026 · SWELECT Energy submits Q1 FY2027 unaudited results to NSE | results | high | — | — |
| 13 Aug 2026 · SWELECT puts Dexler Solar Park acquisition on hold; Q1 results shared | strategic transactions | high | — | — |
| 13 Aug 2026 · SWELECT board approves extra investment in subsidiary for 5 MW solar plant in Karnataka | strategic transactions | low | — | — |
| 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 |
| HITACHI ENERGY INDIA LTD |
| 1,40,200 |
| 121.8 |
| 27.09 |
| — |
| 19.1 |
| 24.7 |
| — |
| 16.9 |
| GE VERNOVA T&D INDIA LTD | 1,16,454 | 89.2 | 43.29 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,13,147 | 76.0 | 23.51 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 60,678 | 19.4 | 6.41 | 18.8 | 33.4 | 22.7 | 38.0 | 16.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.2 | 35.1 | 9 of 34 | 76% |
| P/B | 0.9 | 5.7 | 1 of 33 | 100% |
| ROCE | 5.3 | 16.6 | 31 of 36 | 14% |
| ROE | 6.0 | 14.6 | 30 of 35 | 15% |
| Debt / Equity | 0.8 | 0.1 | 34 of 35 | 3% |
| EBITDA margin | 29.3 | 16.4 | 5 of 35 | 88% |
| Revenue growth | (26.2) | 17.7 | 32 of 33 | 3% |
| Profit growth | (63.8) | 6.7 | 29 of 32 | 10% |
| Market cap | 855 | 7198 | 30 of 35 | 15% |
| 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 |
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.
