Smarten Power SystemsShare price, financial results, shareholding and management
- Market cap
- ₹150 cr
- Stock P/E
- 17.1peers 31.9
- Book value
- ₹44
- Price to book
- 1.80
- EV / operating profit
- 12.8
- Market cap to sales
- 0.62
- ROCE · FY26
- 17.7%
- ROE · FY26
- 14.4%
- ROE, 3-year average
- 36.5%
- Operating margin · FY26
- 4.9%peers 16.5%
- Sales growth, 3 years
- 11.3%
- Profit growth, 3 years
- 20.7%
- Debt to equity
- 0.07peers 0.43
- Borrowings
- ₹5.5 cr
- Interest cover
- 12.2×
- Cash from business / op. profit
- -68%
- Debtor days
- 78
- Pledged
- 0.00%
- Promoter holding
- 67.10%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,277
- 52-week high / low
- ₹88 / ₹42
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Smarten Power Systems share price chart
Close on 6 Nov 2026 · +9.94% on the day · Vol 1.48 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +48.7%
- 3 months
- +52.0%
- 6 months
- +50.7%
- 1 year
- -5.3%
- Since IPO
- -21.0%
- Traded a day, 20 days
- ₹0.40 cr
- Taken for delivery
- 88%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +21% | -32% |
| 3 years, a year | +11% | +21% |
| Latest half, H2 FY26 | +36% | -58% |
About Smarten Power Systems: business, products and customers
Smarten Power Systems designs and assembles home inverters, solar inverters and solar charge controllers, makes batteries and sells solar panels under its own name, mostly through distributors in north India and abroad. Its shares trade on NSE Emerge.
Smarten Power Systems sells power backup and home solar products: home UPS inverters, solar inverters and power conditioning units, solar charge controllers, lead acid batteries, and solar panels bought from outside and sold under the Smarten brand. It designs the electronics in house and does the final assembly in rented premises in Gurugram, while circuit boards, plastic parts and sheet metal are made by outside suppliers.
Nearly all sales go through area distributors and their dealers. Haryana and half of Uttar Pradesh bring about 80% of domestic sales, according to the Whole Time Director on the January 2026 call, and exports were 23.59% of FY25 revenue. The company was formed in 2014 in Gurugram.
Read more about the business
It listed on NSE Emerge on 14 July 2025 at ₹100 a share. With the money it bought a battery production line at Baddi in Himachal Pradesh from Su-Urja Solar Systems, its earlier battery supplier, and is building its own inverter plant at Jhajjar in Haryana to double daily assembly capacity.
From the prospectus, the FY25 annual report, the H1 FY26 investor presentation and the January and March 2026 investor calls.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.07.
- The promoters own a large part of the company: 67.10%.
To watch
- The move of assembly to the Jhajjar plant, which was to start within three to four months of March 2026 (Investor call, March 2026, p.9).
- The EBITDA margin against the company's aim of about 9% to 10% for FY27 (Investor call, March 2026, p.12).
- Output from the Baddi battery line, with capacity of 8,000 units a month (Investor presentation, H1 FY26, p.17).
- Growth in sales outside Haryana and Uttar Pradesh, which now bring about 80% of domestic sales (Earnings call, January 2026, p.5).
- Customers take longer to pay than before: 78 days in FY26, against 49 in FY21.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Smarten Power Systems revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Smarten Power Systems half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 108 | 94 | 115.26 | 127.40 |
| Expenses | 101 | 84 | 108.42 | 122.27 |
| Operating profit | 7 | 9 | 6.84 | 5.13 |
| OPM | 7.0% | 10.0% | 5.9% | 4.0% |
| Interest | 0 | 1 | 0.63 | 0.42 |
| Depreciation | 0 | 0 | 0.15 | 0.63 |
| Profit before tax | 8 | 9 | 7.47 | 4.31 |
| Net profit | 6 | 7 | 5.88 | 2.92 |
Smarten Power Systems profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 96 | 160 | 176 | 192 | 201 | 242.66 |
| Expenses | 95 | 158 | 174 | 178 | 184 | 230.69 |
| Operating profit | 2 | 2 | 2 | 14 | 17 | 11.97 |
| OPM | 1.6% | 1.0% | 1.1% | 7.0% | 8.0% | 4.9% |
| Other income | 2 | 5 | 6 | 4 | 1 | 1.64 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1.05 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0.78 |
| Exceptional and other items | -1 | -1 | -1 | -1 | · | · |
| Profit before tax | 3 | 6 | 7 | 16 | 17 | 11.78 |
| Tax rate | 33.3% | 33.3% | 28.6% | 31.2% | 23.5% | 25.3% |
| Net profit | 2 | 4 | 5 | 11 | 13 | 8.80 |
| EPS ₹ | 96.47 | 165.90 | 51.60 | 112.90 | 8.51 | 4.63 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Smarten Power Systems profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 1.6% | 1.0% | 1.1% | 7.0% | 8.0% | 4.9% |
| Tax rate | 33.3% | 33.3% | 28.6% | 31.2% | 23.5% | 25.3% |
| ROCE | · | 72.8% | 49.6% | 66.7% | 40.4% | 17.7% |
| ROE | · | 64.1% | 45.0% | 55.0% | 40.0% | 14.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Smarten Power Systems debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Smarten Power Systems balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.24 | 0.24 | 1 | 1 | 15 | 19 |
| Reserves | 4 | 8 | 13 | 25 | 24 | 64.64 |
| Net worth | 4.24 | 8.24 | 14 | 26 | 39 | 83.64 |
| Borrowings | 2 | 2 | 4 | 7 | 17 | 5.48 |
| Other liabilities | 33.76 | 51.76 | 58 | 46 | 41 | 49.66 |
| Total liabilities | 40 | 62 | 76 | 79 | 97 | 138.78 |
| Fixed assets | 1 | 5 | 5 | 5 | 5 | 20.25 |
| Capital work in progress | 0 | 0 | 0 | 1 | 5 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 39 | 57 | 71 | 73 | 87 | 111.53 |
| Receivables | · | · | · | · | · | 51.57 |
| Inventory | · | · | · | · | · | 39.28 |
| Cash | · | · | · | · | · | 2.56 |
| Trade payables | · | · | · | · | · | 40.02 |
Smarten Power Systems cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 2 | 3 | -3 | 0 | -3 | -8.08 |
| Cash from investing | -2 | -2 | 0 | -2 | -6 | -16.82 |
| Cash from financing | 1 | 1 | 2 | 2 | 9 | 24.14 |
| Net cash flow | 1 | 2 | -1 | 0 | 0 | -0.76 |
| Capital spending | · | · | · | · | · | 18.79 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 49 | 62 | 67 | 81 | 70 | 78 |
| Inventory days | 66 | 55 | 77 | 56 | 81 | 74 |
| Days payable | 127 | 116 | 111 | 77 | 65 | 76 |
| Cash conversion cycle | -12 | 2 | 33 | 60 | 85 | 77 |
| Working capital days | 0 | 5 | 18 | 36 | 49 | 85 |
Smarten Power Systems peers and competitors
Listed SME companies in the same industryBy sales, Smarten Power Systems is number 12 of the 34 listed SME companies in electrical equipment.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| INDO SMC | 1,183 | 37.0 | 310 | 32 | 15.0% | 0.31 |
| Sugs Lloyd | 569 | 19.6 | 301 | 29 | 14.0% | 0.50 |
| Smarten Power Systems | 150 | 17.1 | 243 | 8.8 | 4.9% | 0.07 |
| Yash Highvoltage | 3,671 | 99.2 | 235 | 37 | 24.0% | 0.21 |
| Vivid Electromech | 1,510 | 47.2 | 200 | 32 | 23.0% | 0.45 |
| Parth Electricals & Engineering | 802 | 56.4 | 198 | 14.2 | 10.5% | 0.15 |
| Supreme Power Equipment | 732 | 34.9 | 182 | 21 | 18.0% | 0.42 |
| Himalayan Solar | 187 | 8.9 | 170 | 21 | 18.0% | 0.77 |
| G V Electricals | 139 | 13.9 | 156 | 10 | 12.0% | 0.48 |
| Shivalic Power Control | 165 | 14.0 | 155 | 11.8 | 12.1% | 0.30 |
| Anawil Wire and Engineering | 1,069 | 28.9 | 143 | 37 | 43.0% | 1.42 |
| Median of the 10 others | 767 | 31.9 | 190 | 25 | 16.5% | 0.43 |
Smarten Power Systems shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Smarten Power Systems shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jul 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 | |
|---|---|---|---|---|---|---|
| Promoters | 67.10% | 67.10% | 67.10% | 67.10% | 67.10% | 67.10% |
| Indian institutions (DIIs) | 1.38% | - | - | - | - | 0.01% |
| HNIs (over ₹2 lakh each) | 4.58% | 9.20% | 9.69% | 9.21% | 9.54% | 11.33% |
| Small holders (up to ₹2 lakh) | 21.14% | 17.25% | 16.88% | 16.23% | 16.34% | 14.91% |
| Companies and others | 5.80% | 6.45% | 6.33% | 7.46% | 7.02% | 6.65% |
| Number of shareholders | 1,674 | 1,547 | 1,489 | 1,365 | 1,353 | 1,277 |
The named holders are at 30 Sept 2026, beside 30 June 2026, each under the group the pattern files them in.
Smarten Power Systems study: the business from its own documents
Read from 5 of the company's own documentsSmarten Power Systems so far
From the company's own record
- 14 July 2025Listed on NSE Emerge at ₹100
- 30 Sept 2026Promoters at 67.10%
- 25 July 2025Highest close since listing, ₹135.79
Smarten Power Systems key facts from the filings
Each figure with the document it comes from
- H1 FY26 revenue
- ₹115.3 cr
- Sales for April to September 2025, against ₹108 cr a year earlier, with profit of ₹5.9 cr.Earnings call, January 2026, p.4
- Exports
- 23.59%
- Share of FY25 revenue from outside India, through distributors in the Middle East, Africa and South Asia.Annual report FY25, p.12
- Home region
- About 80%
- Share of domestic sales from Haryana and half of Uttar Pradesh, as stated by the Whole Time Director.Earnings call, January 2026, p.5
- Distributors
- 380 + 31
- Domestic and international distributors, backed by 52 service points and 87 in house service engineers.Investor presentation, H1 FY26, p.16
- Inverter capacity
- 600 units a day
- Current assembly capacity, which ran at 74.57% in FY25 on the chartered engineer's measure.Prospectus, p.156
Show 5 more facts
- Jhajjar plant
- 1,200 units a day
- Owned plant of 41,903 sq ft to double capacity on one shift; civil work was complete in March 2026.Investor presentation, H1 FY26, p.17; Investor call, March 2026, p.9
- Battery plant
- 8,000 units a month
- Baddi production line bought from Su-Urja for ₹4.2 cr, turning batteries from a traded line into a made one.Prospectus, p.135; Investor presentation, H1 FY26, p.17
- Top ten customers
- 33.40%
- Share of FY25 product sales; the annual report says the company is not significantly dependent on them.Prospectus, p.34; Annual report FY25, p.60
- EBITDA margin
- 8.39%
- In FY25, up from 1.03% in FY23; the Managing Director put it near 6% in January 2026.Prospectus, p.112; Earnings call, January 2026, p.7
- IPO
- ₹50.0 cr
- Offer at ₹100 a share: ₹40.0 cr of new shares and ₹10.0 cr of shares sold by the four promoters.Prospectus, p.24
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the January 2026 call the Managing Director said the company targets about 30% growth a year and to double revenue in three years, and expected FY26 revenue of about ₹230 to 240 cr. On the March 2026 call the Whole Time Director said the company expects at least 20% to 30% growth in FY27 and an EBITDA margin of about 9% to 10%, helped by ending about ₹20 lakh a month of rent on three buildings. The company said production would start moving to the Jhajjar plant within three to four months of March 2026, with a year of parallel running.
| What management said | When | What happened |
|---|---|---|
| FY26 revenue of about ₹230 to 240 cr | January 2026 call | ₹242.7 cr reported for FY26 |
| Jhajjar plant operational by March 2026 | H1 FY26 investor presentation | In March 2026 civil work was done and production was to move in stages over the following months |
| Use IPO money to acquire the battery production line | Prospectus, June 2025 | Baddi battery line acquired; the company said in January 2026 that almost all IPO money had been spent |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Smarten Power Systems earns its money by designing inverters and solar electronics, assembling them, and selling them with batteries and panels through distributors, mostly in its home region.
Its weak spots are thin margins against much larger brands, and sales that lean heavily on two states.
WatchCan it set its own prices?It sells in a market led by large national brands, so prices are set by competition. Margins are thin and moved down in the latest year.
AverageHow strong is it against rivals?It designs its own electronics and has a strong hold in its home state. Outside that region it is still building a name.
StrongWho are its customers?It supplies hundreds of distributors in India and abroad. No small group of buyers dominates.
WatchDoes it need a lot of money?Machines cost little because parts are made outside, but stock and money owed by distributors tie up a lot of cash. Operations used cash in FY25.
AverageCan it keep finding new work?Demand for backup and home solar is steady and the company is adding states, exports and government tenders. Most sales still come from its home region.
AverageDo good and bad years swing a lot?Sales have risen every year but are seasonal, with most selling from February to September. Margins have moved a lot from year to year.
Who runs Smarten Power Systems?
Promoters, directors and officers; tap a name for the background
ABArun BhardwajPromoter and Managing Director · holds 17.89%
Director since 3 September 2014; Managing Director for three years from 21 November 2024. Over 20 years in engineering, earlier with Su-Kam Power Systems and Krishna Maruti. Bachelor of Technology in electronics and telecommunication from J.R.N Rajasthan Vidyapeeth, MBA from Maharshi Dayanand University and a diploma from the State Board of Technical Education, Haryana; the prospectus states that the document evidencing the Bachelor of Technology degree is not available.
Prospectus, p.177, p.179 and p.180RSRajnish SharmaPromoter, Whole Time Director and Chief Executive Officer · holds 17.89%
With the company since incorporation on 30 July 2014. Over 22 years in the power backup sector, earlier with Su-Kam Power Systems. Diploma in Electronics and Communication Engineering; the prospectus states that the document evidencing this diploma is not available.
Prospectus, p.177 and p.180RDRavi DuttPromoter and Whole Time Director · holds 17.89%
With the company since 24 November 2014. Diploma in Electronics and Communications from the State Board of Technical Education, Haryana, with over 21 years in the power backup sector; earlier with Su-Kam Power Systems, Delta Power Solutions and Integrated Technologies.
Prospectus, p.177, p.178 and p.180TSTirath Singh KhairaPromoter and Whole Time Director · holds 13.42%
With the company since 19 September 2017. Bachelor of Engineering (Electrical) from the National University of Singapore and MBA from the University of Warwick, with over 21 years in power backup and electronics; earlier with Century Yuasa Batteries, Delta Energy Systems, ICE Corporation and Sony Precision Engineering Center (Singapore).
Prospectus, p.178 and p.180TPTejas Pralhad KarhadkarChairman and Independent Director
Director since 21 November 2024. MBA from the University of Pune, Bachelor of Laws and Bachelor of Commerce, with over 20 years as an HR professional across industries.
Prospectus, p.178 to p.180AVAmit Vijay KariaIndependent Director
Director since 21 November 2024. Associate company secretary and cost accountant, advocate and insolvency professional member, with 12 years as a professional; director of Organic Waste (India), Solapur Bioenergy Systems and Organic Recycling Systems.
Prospectus, p.179 and p.180Smarten Power Systems latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹127 cr (+36%), net profit ₹2.9 cr (-58%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 67.10%.
Smarten Power Systems announcements
26 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026PDF ↗
- Updates'Submission of Non-applicability of the compliance on Corporate Governance as required under Regulation 27(2)(a) of Securities and Exchange Board of India (ListPDF ↗
- Change in AuditorsOf the companyPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 24, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- General UpdatesRegarding PROCEEDINGS OF THE 12TH ANNUAL GENERAL MEETING OF SMARTEN POWER SYSTEMS LIMITEDPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Press Releasea press release dated September 21, 2026, titled "Press Release for Smarten Power Systems Unveils 7 New Power Solutions at REV Expo Lucknow 2026"PDF ↗
- General Updates"Intimation of Appointment of Investor Relations (IR) Agency"PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper Advertisement(s)- For the Notice of 12th (Twelfth) Annual General Meeting (AGM) of the CompanyPDF ↗
- Updates'Letter to shareholders for web-link of Annual Report 2025-26, whose e-mail IDs are not registered with the Company/Depository'PDF ↗
- Updates'Submission of Business Responsibility and Sustainability Report (BRSR) for the Financial Year 2025-26'PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on Thursday, September 24, 2026PDF ↗
Smarten Power Systems annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 March 2026 ↗read
- 31 Jan 2026 ↗read
- 31 Jan 2026 ↗read
- FY25 ↗read
Smarten Power Systems share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Smarten Power Systems' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,90,00,800 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY22 (₹165.90) and FY23 (₹51.60) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Smarten Power Systems
What does Smarten Power Systems do?
Smarten Power Systems designs and assembles home inverters, solar inverters and solar charge controllers, makes batteries and sells solar panels under its own name, mostly through distributors in north India and abroad. Its shares trade on NSE Emerge.
What is the share price of Smarten Power Systems?
₹79.1 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Smarten Power Systems?
₹150 cr at the close on 6 Nov 2026, on 1,90,00,800 shares.
What is the P/E of Smarten Power Systems?
17.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Smarten Power Systems' revenue and profit?
Revenue ₹243 cr and profit after tax ₹9 cr in FY26.
Who are the promoters of Smarten Power Systems?
Arun Bhardwaj, Rajnish Sharma, Ravi Dutt, Tirath Singh Khaira; promoters held 67.10% at 30 Sept 2026.
What was the IPO price of Smarten Power Systems?
₹100 a share; it listed on 14 July 2025.
What is Smarten Power Systems' website?
www.smartenpowersystems.com
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Other listed SME companies in electrical equipment, the closest in size first, each read from its own documents.
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Every listed SME company in Electrical Equipment → · SME companies listed in 2025 →
Built from 2 earnings call transcripts, 1 offer document, 1 investor presentation, 1 annual report, 26 exchange announcements, 6 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.