Smarten Power Systems Q3 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹110 Cr
- P/E
- 12.48
- ROE
- 14.40%
- PEG
- 0.65
- Price to sales
- 0.46
- Debt to equity
- 0.07
- 52W high / low
- ₹91.0 / ₹43.0
- Sales growth (5Y)
- 19.97%
- EBITDA margin
- 5.01%
- Net profit margin
- 3.69%
- Promoter holding
- 67.10%
- Sales (last year)
- ₹239 Cr
Incorporated in 2014, Smarten Power Systems Limited is in the business of designing and assembling of power back-up and advanced solar power products, and trading of solar panels and batteries[1]
Guidance scorecard · Q3 FY26 call
What Smarten Power's management guided
and where it ranks in Electrical Equipment
Electrical Equipment
RevenueQ3 FY26 call
20–40%- Smarten Power Systems expects a minimum of 20-30% growth in revenue for FY27.
- Growth drivers include enhanced operational efficiency (manufacturing capability) and geographical expansion beyond Haryana and UP, which currently contribute around 80% of domestic sales.
- New manufacturing facility in Jhajjar, Haryana, will double inverter production capacity to 1,200 units/day on a single shift, improving volumes.
- Expansion efforts also include entering government tenders and increasing repeat orders, particularly in projects like Har Ghar Jal Yojana.
2 more points from Smarten Power's call on revenue
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MarginsQ3 FY26 call
Up 2%+See what Smarten Power said on margins — free account, 30 seconds.
CapexQ3 FY26 call
Planned- Current capex includes expansion of the new manufacturing facility in Jhajjar, Haryana, focused on electronics manufacturing (solar inverters, charge controllers, home UPS), doubling production capacity from 600 to 1200 units per day on a single shift.
- Investment of around ₹7.5 crores in machinery specifically for lithium battery manufacturing.
- Outsourcing certain heavy investment manufacturing (PCB assembly, injection molding, sheet metal fabrication) to maintain low machinery capex.
- No huge state or PLI benefits expected for the new facility but small benefits like a 50% stamp duty refund and electricity subsidies are factored in.
- Strategic focus on backward integration in battery and energy storage manufacturing to improve margins and supply chain control.
- Continued investment in in-house R&D to develop new products and improve operational efficiency.
2 more points from Smarten Power's call on capex
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FundraisingQ3 FY26 call
Ask what Smarten Power said on fundraising →
Full Q3 FY26 analysisOrder bookQ3 FY26 call
Rising- Smarten Power Systems has recently started participating in government tenders through third parties.
- They secured a 5,000-piece order for Odisha under projects like the Har Ghar Jal Yojana.
- This initial order has led to inquiries for repeat orders ranging between 10,000 to 15,000 units.
- The initial phase was considered the introduction phase; significant repeat orders are expected in 6 months to a year.
2 more points from Smarten Power's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingFinancials of Smarten Power
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Smarten Power
Quarterly Results
Quarter-by-quarter operating performance
Financials of Smarten Power
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales + | 96 | 160 | 176 | 192 | 201 | 243 |
| Expenses + | 95 | 158 | 174 | 178 | 184 | 231 |
| Operating Profit | 2 | 2 | 2 | 14 | 17 | 12 |
| OPM % | 2% | 1% | 1% | 7% | 8% | 5% |
| Other Income + | 2 | 5 | 6 | 4 | 1 | 2 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 3 | 6 | 7 | 16 | 17 | 12 |
| Tax % | 25% | 28% | 29% | 30% | 26% | 25% |
| Net Profit + | 2 | 4 | 5 | 11 | 13 | 9 |
| EPS in Rs | 96.47 | 165.90 | 51.60 | 112.90 | 8.51 | 4.63 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Smarten Power
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.24 | 0.24 | 1 | 1 | 15 | 19 |
| Reserves | 4 | 8 | 13 | 25 | 24 | 65 |
| Borrowings + | 2 | 2 | 4 | 7 | 17 | 5 |
| Other Liabilities + | 34 | 51 | 57 | 47 | 42 | 50 |
| Total Liabilities | 40 | 62 | 76 | 79 | 97 | 139 |
| Fixed Assets + | 1 | 5 | 5 | 5 | 5 | 20 |
| CWIP | 0 | 0 | 0 | 1 | 5 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 39 | 57 | 71 | 74 | 88 | 112 |
| Total Assets | 40 | 62 | 76 | 79 | 97 | 139 |
Financials of Smarten Power
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 2 | 3 | -3 | 0 | -3 | -8 |
| Cash from Investing Activity + | -2 | -2 | -0 | -2 | -6 | -17 |
| Cash from Financing Activity + | 1 | 1 | 2 | 2 | 9 | 24 |
| Net Cash Flow | 1 | 1 | -1 | 1 | 1 | -1 |
| Free Cash Flow | 1 | -1 | -3 | -1 | -6 | -27 |
| CFO/OP | 167% | 249% | -26% | 37% | 11% | -43% |
Financials of Smarten Power
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 49 | 62 | 67 | 81 | 70 | 78 |
| Inventory Days | 66 | 55 | 77 | 56 | 81 | 74 |
| Days Payable | 127 | 116 | 111 | 77 | 64 | 76 |
| Cash Conversion Cycle | -12 | 2 | 33 | 60 | 86 | 76 |
| Working Capital Days | 0 | 5 | 18 | 36 | 49 | 83 |
| ROCE % | 68% | 51% | 65% | 41% | 18% |
Guidance history
How Smarten Power's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Up 0–2% | Planned | Planned | — |
| Q2 FY26 call → | 20–40% | Up 0–2% | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Smarten Power's management said in earlier quarters
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