Swelect Energy

NSE: SWELECTES · Heavy Electrical Equipment

52W Range₹483 ₹977

Snapshot

Unlock Swelect Energy's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Swelect Energy Systems Limited is an Indian company specialising in the manufacturing and trading of solar energy products, including modules, inverters, and mounting structures. The company also operates a foundry business and provides engineering, procurement, and construction services alongside solar and wind power generation.

Business Model

The company generates revenue through the sale of solar photovoltaic components, foundry casting services, and the provision of energy conservation and maintenance contracts. It further monetises its assets through the generation and sale of electricity from its solar and wind power plants.

Growth Outlook

Growth is driven by the increasing demand for sustainable energy solutions, engineering services for retrofitting buildings, and the expansion of solar and wind power generation capacities. The company continues to leverage its expertise in site feasibility and EPC contracts to capture market share in the renewable energy sector.

Key Risks

  • Regulatory and Policy Risk. Changes in government subsidies and renewable energy policies in India and international markets could adversely impact demand for solar products.
  • Raw Material Price Volatility. Fluctuations in the cost of steel, iron, and silicon-based components can significantly affect profit margins in both the foundry and solar manufacturing segments.
  • Technological Obsolescence. The rapid pace of innovation in solar module efficiency and inverter technology requires continuous capital investment to remain competitive.
  • Project Execution Risk. Delays in large-scale EPC contracts or power generation projects due to site issues or supply chain disruptions may impact revenue recognition.

Price

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Key Metrics

REVENUE

₹657 Cr

TTM · consolidated

+5.7%YoY

NET PROFIT

₹58 Cr

TTM · consolidated

+312.2%YoY

EPS

₹37.24

TTM · consolidated

+303.9%YoY

RETURN ON EQUITY

6.6%

TTM · consolidated

+4.9 ppYoY

RETURN ON CAPITAL EMPLOYED

10.6%

TTM · consolidated

+1.8 ppYoY

P/E

16.9x

Q4 FY26 · consolidated

16.9 vs 51.4x5Y avg

EV/EBITDA

9.1x

Q4 FY26 · consolidated

9.1 vs 15.5x5Y avg

EBITDA MARGIN

28.5%

TTM · consolidated

+5.4 ppYoY

NET PROFIT MARGIN

5.5%

Q4 FY26 · consolidated

+1.4 ppYoY

DEBT TO EQUITY

0.9x

Q4 FY26 · consolidated

+0.14xYoY

Peers · Heavy Electrical Equipment

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Swelect EnergySWELECTES
83716.939.145.7%28.5%6.6%10.6%+6.7%
IndosolarWAAREEINDO
1,7546.555.92110.8%40.0%241.6%110.3%+51.5%
Indo Tech.Trans.INDOTECH
1,34739.3227.4627.8%16.7%30.5%40.3%+83.0%
Jyoti StructuresJYOTISTRUC
1,23124.6147.7150.7%9.3%10.4%2.3%-41.3%
Exicom Tele-Sys.EXICOM
1,224-7.73-33.5732.7%-7.0%-44.0%-19.3%-7.0%
Danish PowerDANISH
1,21118.0%-14.0%

As of Q4 FY26

Financials