BSE: 517201
SWITCHING TECHNOLOGIES GUNTHER
The company operates in the electrical equipment industry, classified under capital goods / other electrical equipment, with FY26 revenue of Rs. 8.2472 crore and net profit of Rs. 6.5522 crore. Filings disclose FY26 revenue from operations of Rs. 192.77 lakhs and flag material uncertainty over the going concern assumption, with accumulated losses of Rs. 1,535.18 lakhs fully eroding net worth and current liabilities exceeding current assets by Rs. 733.64 lakhs. The cost structure is dominated by employee expenses at 90.4% of revenue and materials at 76.8% of revenue, with capex at just 0.5% of revenue. A complete change of control occurred when old promoter Guenther America Inc. sold its entire 37.63% stake, and the new promoter group (Touristas Horizons, BBU Enterprises, Nikhil Pujari) together holds 58.27%. The board approved a Business Transfer Agreement to sell the existing business to Canolli Manufacturing Pvt Ltd for Rs. 425 lakhs, with Rs. 300 lakhs already received as partial payment. The new promoters have also approved 100% share-swap acquisitions of Tekfoods International (FMCG, FY25 turnover Rs. 18.16 cr) and Samridh Overseas Trading (FY25 turnover Rs. 149.65 cr) for a combined Rs. 237.43 cr, pending shareholder approval at the August 2026 EGM. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Existing electrical equipment business, Planned FMCG business via Tekfoods International acquisition, Planned overseas trading via Samridh Overseas Trading acquisition. BSE-listed entity in other electrical equipment undergoing change of control and business pivot, with going-concern uncertainty flagged by the board
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11 | 12 | 9 | 8 | 8 |
| EBITDA (ex other income) | (7) | 11 | (4) | (7) | 7 |
| margin % | (66.1) | 98.9 | (41.8) | (85.9) | 80.1 |
| Owners' profit | (7) | 11 | (3) | (7) | 7 |
| EPS, as reported (₹) | (26.97) | 36.59 | (13.03) | 27.30 | 26.74 |
| ROE % · ROCE % | 64.0 · 87.6 | (838.4) · 391.3 | 56.2 · 8290.6 | 52.2 · 101.3 | (111.5) · (527.9) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | 0 | 0 | 0 | 0 |
| Capex | (0) | (0) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | (2) | (2) | (2) | (1) | (2) | (2) | (2) | 12 |
| Net profit | (2) | (2) | (2) | (1) | (2) | (2) | (2) | 12 |
| EPS (₹) | (6.65) | (7.81) | (7.26) | 5.58 | 6.84 | 7.13 | 8.61 | 49.33 |
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. % |
|---|---|---|---|---|---|---|---|---|
| APAR INDUSTRIES LTD. | 76,078 | 64.4 | 14.11 | 40.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| WAAREE ENERGIES LIMITED | 71,884 | 18.8 | 4.79 | 11.6 | 25.9 | 29.0 | — | 20.3 |
| PREMIER ENERGIES LIMITED | 41,305 | 24.5 | 9.58 | 16.9 | 35.0 | 25.7 | — | 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 23,540 | 17.6 | 6.37 | 13.1 | 29.3 | 31.2 | — | 36.3 |
| MTAR TECHNOLOGIES LIMITED | 21,562 | 161.6 | 26.21 | 115.1 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 19,696 | 100.2 | — | 95.8 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 16,562 | 123.8 | 22.95 | 82.4 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 9,470 | 13.2 | 4.27 | 11.7 | 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) | 1.8 | 24.2 | 4 of 54 | 94% |
| ROCE | (527.9) | 12.3 | 56 of 56 | 0% |
| ROE | (111.5) | 11.5 | 50 of 53 | 6% |
| Debt / Equity | 0.0 | 0.2 | 3 of 53 | 89% |
| EBITDA margin | 580.0 | 12.6 | 1 of 51 | 100% |
| Revenue growth | 11.5 | 20.7 | 31 of 46 | 33% |
| Profit growth | 984.3 | 37.7 | 2 of 45 | 98% |
| Market cap | 31 | 600 | 50 of 57 | 13% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 15 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 11 Sept 2026 · Board to approve new CFO, Company Secretary and director changes | management changes | medium | — | — |
| 26 Aug 2026 · 38th AGM Notice published; Book Closure from 18 to 24 September 2026 | compliance | minimal | — | — |
| 26 Aug 2026 · Annual report resubmitted under BSE compliance category | compliance | minimal | — | — |
| 25 Aug 2026 · 38th AGM notice and annual report filed for FY2025-26 | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Annual Report FY26 filed; profit only from one-time gain | results | high | — | — |
| 19 Aug 2026 · AGM on 24 Sept 2026; book closure 18-24 Sept | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Q1 FY27 results: Net loss Rs. 169.23 L; going concern flagged; acquisitions approved | compliance | minimal | — | — |
| 13 Aug 2026 · Company Secretary Mr. S Ramesh resigns on health grounds | management changes | high | — | — |
| 3 Aug 2026 · EGM approves share-swap acquisitions of Tekfoods and Samridh | 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.