NSE: SWELECTES · BSE: 532051
SWELECT ENERGY SYS LTD
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.3 | 36.5 | 9 of 34 | 76% |
| P/B | 0.9 | 5.4 | 1 of 33 | 100% |
| ROCE | 5.3 | 16.6 | 31 of 36 | 14% |
| ROE | 6.0 | 14.7 | 30 of 34 | 12% |
| Debt / Equity | 0.8 | 0.1 | 33 of 34 | 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 | 903 | 6267 | 29 of 35 | 18% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Swelect transfers ESG Green Energy shares to proposed captive power user | strategic transactions | high | — | — |
| 22 Oct 2026 · SWELECT to acquire 100% of Sushma Solar for a planned 50 MW solar plant | strategic transactions | medium | — | — |
| 13 Oct 2026 · Compliance filing: no demat requests received in Jul-Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · SWELECT appoints Pradeep Kumar Madhur as Chief Business Officer | management changes | medium | — | — |
| 1 Oct 2026 · SWELECT commissions 3.125 MW solar plant in Tamil Nadu | capex operations | medium | — | — |
| 1 Oct 2026 · Appointment of Chief Business Officer - Mr. Pradeep Kumar Madhur | management changes | medium | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1 Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 26 Sept 2026 · SWELECT launches SWEES EN+ hybrid inverter range for C and I customers | business updates | medium | — | — |
| 24 Sept 2026 · Acquires GNU Solar Two and invests more in USolar Four for solar projects | strategic transactions | high | — | — |
| 24 Sept 2026 · SWELECT invests in two solar subsidiaries for captive power projects | strategic transactions | medium | — | — |
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.