Any current/future capex/capital investment/strategic investment?

Smarten Power Systems is acquiring a battery manufacturing unit, which will expand their battery production capacity and contribute to revenue growth. They are doubling the solar inverter manufacturing capacity from 600 to 1,200 units per day by moving to a new company-owned facility by March 2026. This new facility will feature automation, reducing manufacturing costs and improving margins. The new facility is in a modern industrial area, with the building almost complete, and there will be a six-month overlap with the existing rented facility during the transition. No new bank borrowings apa

Future growth expectations in sales/revenue/volumes?

Targeting around 20% revenue growth by end of March 2026, with expected revenue of INR230-240 crores (up from INR200 crores last year). (Page 25) Expecting 30%-40% growth in revenue for FY27, following INR115 crores in H1 FY26. (Pages 17, 24) Long-term goal to double revenue in three years, targeting annual growth of about 30%. (Pages 5, 17, 25) Expansion includes doubling production capacity (inverter units from 600 to 1200 per day) starting Q1 FY27 with overlapping old and new facilities. (Pages 6, 21) Sales expansion planned alongside capacity expansion with efforts to strengthen sales

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets about 30% revenue growth annually; aiming to double revenue within three years from INR 200+ crores to around INR 400+ crores. EBITDA margins currently around 8.5%; expected to increase to 9-10% next year post battery plant acquisition and manufacturing automation. No plan for drastic price cuts; focus remains on increasing sales volume while maintaining margin. Operating profits expected to improve with increased capacity and automation reducing costs. Expansion of manufacturing from 600 to 1,200 units/day and battery manufacturing facility to boost top line. Hyb

Current/ Expected Orderbook/ Pending Orders?

The company recently won an order of approximately 4,000 pieces worth around INR 1.5 to 1.7 crores. There is mention of receiving new orders recently, but specific aggregate order book numbers are not disclosed. The first half-year revenue was around INR 115 crores, with expectation to grow to INR 230-240 crores by March 2026. Capacity constraints lead to lost orders during peak season, indicating strong demand. The company targets revenue growth of about 20-30% for the coming year. Expansion of manufacturing units for inverters and batteries is underway to meet pending demand. Focus on both B

Smarten PowerQ3 FY26Electrical Equipment

Smarten Power Q3 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹57.85P/E: 12.5Market Cap: ₹110 CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Targeting around 20% revenue growth by end of March 2026, with expected revenue of INR230-240 crores (up from INR200 crores last year). (Page 25)
Expecting 30%-40% growth in revenue for FY27, following INR115 crores in H1 FY26. (Pages 17, 24)
Long-term goal to double revenue in three years, targeting annual growth of about 30%. (Pages 5, 17, 25)
Expansion includes doubling production capacity (inverter units from 600 to 1200 per day) starting Q1 FY27 with overlapping old and new facilities. (Pages 6, 21)
Sales expansion planned alongside capacity expansion with efforts to strengthen sales and after-sales service network to support growth. (Page 21)
Focus on increasing revenue without reducing profit margins; no plans for price cuts to gain volume. (Page 22)
Entry into new markets and project segments (500 kW to 1 MW rooftop solar for private sector) to drive growth. (Page 18)

Margin guidance

Category 2

The company targets about 30% revenue growth annually; aiming to double revenue within three years from INR 200+ crores to around INR 400+ crores.
EBITDA margins currently around 8.5%; expected to increase to 9-10% next year post battery plant acquisition and manufacturing automation.
No plan for drastic price cuts; focus remains on increasing sales volume while maintaining margin.
Operating profits expected to improve with increased capacity and automation reducing costs.
Expansion of manufacturing from 600 to 1,200 units/day and battery manufacturing facility to boost top line.
Hybrid inverters launch expected by H1 FY27 to drive product growth.
EPS expected to rise in line with revenue and margin expansion, supported by capacity and product portfolio growth.

See what Smarten Power management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

- The company has recently acquired a battery manufacturing unit to double its capacity. - They currently have a ₹6 crore cash credit (CC) limit as working capital; no other bank borrowings were mentioned. - Post-IPO funds were primarily spent on acquiring the battery unit and setting up a new inverter plant. - No explicit mention of any new upcoming fundraising plans through debt or equity during the call. - The company is focusing on organic growth, expanding manufacturing capacity, and geographic reach. - Management emphasized using reserves along with IPO proceeds rather than external fundraising. In summary, there are no announced or planned new fundraising activities via debt or equity at present or in the near future, based on the information from the call.

Order book

The company recently won an order of approximately 4,000 pieces worth around INR 1.5 to 1.7 crores.
There is mention of receiving new orders recently, but specific aggregate order book numbers are not disclosed.
The first half-year revenue was around INR 115 crores, with expectation to grow to INR 230-240 crores by March 2026.
Capacity constraints lead to lost orders during peak season, indicating strong demand.
The company targets revenue growth of about 20-30% for the coming year.
Expansion of manufacturing units for inverters and batteries is underway to meet pending demand.
Focus on both B2B and emerging B2C channels for order growth.

See what Smarten Power management said on order book — free account, 30 seconds.

Capex plans

Yes

Smarten Power Systems is acquiring a battery manufacturing unit, which will expand their battery production capacity and contribute to revenue growth.
They are doubling the solar inverter manufacturing capacity from 600 to 1,200 units per day by moving to a new company-owned facility by March 2026. This new facility will feature automation, reducing manufacturing costs and improving margins.
The new facility is in a modern industrial area, with the building almost complete, and there will be a six-month overlap with the existing rented facility during the transition.
No new bank borrowings apart from a INR6 crore CC limit.
Strategic investment includes enhancing R&D capabilities and expanding geographically with infrastructure for sales and after-sales service.
Focus on establishing service networks before expanding sales footprint to new states.
No mention of specific strategic investments beyond capacity expansion and manufacturing modernization.

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Smarten Power Q3 FY26 Earnings Call Analysis

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Capex plans

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What Smarten Power's management said in earlier quarters

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