Swelect Energy Systems Ltd
SWELECTESSwelect Energy Systems Ltd's earnings have outrun its stock. EPS grew +337.9% in a year against a +5.1% price move.
The sharpest disagreement: annual EPS moved +337.9% against a +5.1% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (1 weeks in) while the P/E sits at the 42nd percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +22.2% year on year, and 233% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Swelect Energy Systems Ltd trades at ₹618, in a downtrend and 1 weeks into that stage. That is −3.8% against its own 200-day average. It sits at 27% of a 52-week range of ₹500 to ₹934. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).
Today the stock is in a downtrend — week 1 of stage 4, confirmed. At ₹618 it trades −3.8% versus its 200-day average and sits at 27% of its 52-week range (₹500–₹934).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +142% while the NIFTY 500 moved +266% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 42nd percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Swelect Energy Systems Ltd trades at 19.6× P/E, mid-range by its own standards (42nd percentile). Its long-run median P/E is 23.1×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 19.6× is mid-range by its own standards (42nd percentile), against a long-run median of 23.1× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +337.9% against a +5.1% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +18.5%/yr price move, ~+19.1%/yr came from earnings growth and ~−0.6 pp from the multiple (roughly flat); over 10y, of the +8.6%/yr price move, ~+12.6%/yr came from earnings growth and ~−4.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Swelect Energy Systems Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −51.7% at the trough to +314.3%, a 3-quarter improving streak, ROCE lifting at 8.0%. The read is built from 8 quarters across 4 curves, on partial evidence.
Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +5.6% | +38.7% | +21.0% | +9.1% |
| Profit | +314.3% | +113.0% | +17.4% | +13.1% |
| EPS | +337.9% | +115.2% | +16.2% | +12.8% |
| Share price | +5.1% | +9.3% | +18.5% | +8.6% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
48.9/100 — rank 10 of 19 in Capital Goods - Electric General · 70% evidence confidence
Swelect Energy Systems Ltd scores 48.9 out of 100 against the 19 companies it is compared with in Capital Goods - Electric General, ranking 10. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 21.8 + 9.3 + 10.8 + 7 = 48.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Swelect Energy Systems Ltd reported ₹202 Cr of revenue in the Mar 26 quarter, −7.8% year on year. Over 10 years it has compounded at 9.1% a year. The last full year, FY26, came in at ₹657 Cr. The last four reported quarters add to ₹657 Cr.
Swelect Energy Systems Ltd reported ₹202 Cr of revenue in the Mar 26 quarter, −7.8% year on year. Over 10 years it has compounded at 9.1% a year. The last full year, FY26, came in at ₹657 Cr. The last four reported quarters add to ₹657 Cr.
FY26 revenue came in at ₹657 Cr (+5.6% on the year), capping 10 years at 9.1% compound. The latest quarter (Mar 26) printed ₹202 Cr, −7.8% year on year.
Pace check: the last four quarters averaged +17.6% growth against the decade's 9.1% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +5.6% over the last 4 quarters against +55.1%/yr over the last 8 — rolling over; TTM profit +314.3% vs −4.1%/yr — accelerating.
→ Revenue slipped — did margins hold as it scaled? Next: 18.0% this quarter (+5.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Swelect Energy Systems Ltd's operating margin is 18.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 3.0% to 35.0%. The current quarter sits inside that band.
Swelect Energy Systems Ltd's operating margin is 18.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 3.0% to 35.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 18.0%, +5.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 3.0%–35.0%.
Why the margin moved: operating margin went +4.5 pp year on year while gross margin went +10.9 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit +22.2% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Swelect Energy Systems Ltd earned ₹11.0 Cr of net profit in the Mar 26 quarter, +22.2% year on year. Full-year FY26 profit was ₹58.0 Cr. The 10-year compound rate is 13.1%. That is 5.4% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr. 1 of the last 12 reported quarters were loss-making.
Swelect Energy Systems Ltd earned ₹11.0 Cr of net profit in the Mar 26 quarter, +22.2% year on year. Full-year FY26 profit was ₹58.0 Cr. The 10-year compound rate is 13.1%. That is 5.4% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr. 1 of the last 12 reported quarters were loss-making.
Mar 26 profit was ₹11.0 Cr, +22.2% year on year. On the full year, FY26 printed ₹58.0 Cr (+314.3%), and the 10-year compound rate is 13.1%.
Why profit moved: revenue contributed −7.8% and the margin +5.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +100.0% vs revenue +17.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 233% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 233% of Swelect Energy Systems Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹95.0 Cr of operating cash against ₹58.0 Cr of profit. After ₹233 Cr of capital spending, ₹−138 Cr was left as free cash.
FY26: operating cash of ₹95.0 Cr against reported profit of ₹58.0 Cr, leaving free cash of ₹−138 Cr after ₹233 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 233% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 233%: the cash cycle tightened 66 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 3.3× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹440 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Swelect Energy Systems Ltd's cash conversion cycle runs 63 days in FY26, down from 129 days in FY21. Capital spending ran ₹440 Cr over the last 3 years. At FY26 sales of ₹657 Cr each day of that cycle holds about ₹1.8 Cr, so roughly ₹113 Cr sits inside the business at any moment.
FY26: debtors at 34 days, inventory at 179 days — roughly 5.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 63 days, tighter than FY21's 129.
The full loop: cash goes out to suppliers and production on day 0; stock waits 179 days to sell; customers pay about 34 days after that; and suppliers themselves are paid at 150 days — netting out to the 63-day cycle.
In money terms: at FY26 sales of ₹657 Cr, each day of the cycle holds about ₹1.8 Cr — so the 63-day loop keeps roughly ₹113 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹440 Cr over the last 3 fiscal years against ₹134 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹162 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 8% and the ROIC − WACC spread is −4.8 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified
Swelect Energy Systems Ltd earns a ROCE of 8% in FY26. That is up from a trough of 1% in FY15. Return on invested capital clears the cost of that capital by −4.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 8.8% net margin on 0.32× asset turns.
FY26 ROCE is 8%, recovered from a FY15 trough of 1% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 8.8% net margin × 0.32× asset turns × 2.26× balance-sheet leverage ≈ 6.4% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 7.2% − 12.0% = a −4.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.87.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified
Swelect Energy Systems Ltd carries total debt of ₹798 Cr against shareholder equity of ₹954 Cr as of Mar 26, a debt-to-equity of 0.84. On the annual view that ratio went from 0.58 in FY22 to 0.84 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹798 Cr against shareholder equity of ₹954 Cr — a debt-to-equity of 0.84. On the annual view, debt-to-equity went from 0.58 (FY22) to 0.84 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: the register is quiet.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of Swelect Energy Systems Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved −0.2 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +0.5 points over 8 quarters to 0.6%; Domestic institutions: −0.2 points over 8 quarters to 0.0%; Promoters: +0.0 points over 8 quarters to 56.4%.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Swelect Energy Systems Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Swelect Energy Systems Ltd this page | 19.6× | ₹930 Cr | Turning around | |||
| Siemens Ltd | 46.8× | ₹1.3L Cr | Mixed | |||
| V-Guard Industries Ltd | 39.5× | ₹12,705 Cr | Turning around | |||
| Spectrum Electrical Industries Ltd | 80.7× | ₹3,585 Cr | No read | |||
| Ravindra Energy Ltd | 42.2× | ₹3,404 Cr | No read | |||
| Insolation Energy Ltd | 13.9× | ₹2,783 Cr | Improving | |||
| Insolation Energy Ltd | 12.4× | ₹2,482 Cr | — | — | — | — |
| Rishabh Instruments Ltd | 29.5× | ₹2,406 Cr | Improving | |||
| Modern Insulators Ltd | 29.1× | ₹2,324 Cr | Consistent | |||
| Exicom Tele-Systems Ltd | — | ₹2,229 Cr | No read | |||
| Servotech Renewable Power System Ltd | 57.7× | ₹2,160 Cr | Mixed | |||
| HPL Electric & Power Ltd | 22.6× | ₹2,144 Cr | Mixed | |||
| Alpex Solar Ltd | 10.6× | ₹2,136 Cr | No read | |||
| Honda India Power Products Ltd | 29.5× | ₹2,118 Cr | Mixed | |||
| IKIO Technologies Ltd | 38.2× | ₹1,583 Cr | Turning around | |||
| Igarashi Motors India Ltd | 118.0× | ₹1,436 Cr | Mixed | |||
| Modern Insulators Ltd | 16.7× | ₹1,122 Cr | Improving | |||
| Modern Insulators Ltd | 17.5× | ₹1,122 Cr | Improving | |||
| Salzer Electronics Ltd | 19.2× | ₹1,018 Cr | Mixed | |||
| Modison Ltd | 11.4× | ₹897 Cr | Improving | |||
| Kirloskar Electric Company Ltd | 95.1× | ₹829 Cr | Turning around | |||
| Focus Lighting & Fixtures Ltd | 96.1× | ₹487 Cr | Turning around |
Frequently asked questions
What is Swelect Energy Systems Ltd's share price today?
Swelect Energy Systems Ltd trades at ₹618, +5.1% over the past year. The company is valued at ₹930 Cr. The stock sits at 27% of its 52-week range of ₹500–₹934, −3.8% versus its 200-day average. On the tape, the price is in a downtrend, 1 weeks in. — as of 24 July 2026.
What were Swelect Energy Systems Ltd's latest quarterly results?
Swelect Energy Systems Ltd reported revenue of ₹202 Cr and net profit of ₹11.0 Cr for the Mar 26 quarter. Revenue fell 7.8% and profit rose 22.2% year on year. Earnings per share were ₹6.73. The operating margin was 18.0%, 5.0 pp higher than a year earlier. — as of 24 July 2026.
What is Swelect Energy Systems Ltd's revenue?
Swelect Energy Systems Ltd reported revenue of ₹202 Cr in the Mar 26 quarter, −7.8% year on year. For the full FY26 fiscal year, revenue was ₹657 Cr (+5.6%). Over the last 10 years revenue compounded at 9.1% a year. — as of 24 July 2026.
What is Swelect Energy Systems Ltd's profit?
Swelect Energy Systems Ltd earned ₹11.0 Cr of net profit in the Mar 26 quarter, +22.2% year on year. Full-year FY26 profit was ₹58.0 Cr. The operating margin ran 18.0% in the latest quarter. — as of 24 July 2026.
What is Swelect Energy Systems Ltd's market cap?
Swelect Energy Systems Ltd's market capitalisation is ₹930 Cr at a share price of ₹618. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Swelect Energy Systems Ltd's P/E ratio?
Swelect Energy Systems Ltd trades at a P/E of 19.6×, at the 42nd percentile of its own 10-year range, against a long-run median of 23.1×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Swelect Energy Systems Ltd pay a dividend?
Yes — Swelect Energy Systems Ltd's dividend payout was 10% of profit in FY26, and it recorded a payout in 11 of its last 13 reported fiscal years. 2 of those years show a negative ratio because profit itself was negative. — as of 24 July 2026.
Is Swelect Energy Systems Ltd overvalued?
On its own history, Swelect Energy Systems Ltd looks mid-range against its own history: its P/E of 19.6× sits at the 42nd percentile of its 10-year range (long-run median 23.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Swelect Energy Systems Ltd growing?
Yes — Swelect Energy Systems Ltd is growing: latest-quarter revenue −7.8% year on year, profit +22.2%, and the margin +5.0 pp at 18.0%. The 10-year compound rates are 9.1% (revenue) and 13.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Swelect Energy Systems Ltd performing?
Swelect Energy Systems Ltd is in a downtrend, 1 weeks in. Its latest quarter's revenue fell 7.8% and profit rose 22.2% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Swelect Energy Systems Ltd in?
Turning around — profit growth swung from −51.7% at the trough to +314.3%, a 3-quarter improving streak, ROCE lifting at 8.0%. The read comes from the last 12 quarters of growth (revenue growth +5.6% latest, profit growth +314.3% latest, eps growth +338.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Swelect Energy Systems Ltd in an uptrend?
No — the price is in a downtrend (week 1 of stage 4), trading −3.8% versus its 200-day average and at 27% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Swelect Energy Systems Ltd beating the market?
Not lately — on a trailing-13-week view Swelect Energy Systems Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +142% against the NIFTY 500's +266% — behind the index over the full window. — as of 24 July 2026.
Will Swelect Energy Systems Ltd's share price go up?
This page publishes no price forecast for Swelect Energy Systems Ltd. What it measures instead: the share price is ₹618, the price is in a downtrend 1 weeks in. Its P/E of 19.6× sits at the 42nd percentile of its own 10-year range. — as of 24 July 2026.
Who owns Swelect Energy Systems Ltd?
Promoters hold 56.4% of Swelect Energy Systems Ltd, foreign institutions 0.6%, domestic institutions 0.0% and the public 43.1% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.
Does Swelect Energy Systems Ltd have too much debt?
It is moderate — Swelect Energy Systems Ltd's debt-to-equity is 0.87, and operating profit covers the interest bill 3×. FY26 borrowings were ₹798 Cr against equity of ₹921 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Swelect Energy Systems Ltd's capex?
Swelect Energy Systems Ltd spent ₹440 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹233 Cr, with ₹162 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Swelect Energy Systems Ltd's cash flow?
Swelect Energy Systems Ltd generated ₹95.0 Cr of operating cash flow in FY26 and ₹−138 Cr of free cash flow after ₹233 Cr of capital spending. Reported profit that year was ₹58.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Swelect Energy Systems Ltd's profit real cash?
Yes — over the last 3 fiscal years, 233% of Swelect Energy Systems Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹95.0 Cr against reported profit of ₹58.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Swelect Energy Systems Ltd in its business cycle?
Swelect Energy Systems Ltd's FY26 operating margin was 23.0%, against a 13-year band of 3.0%–35.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 18.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Swelect Energy Systems Ltd story?
The sharpest disagreement: annual EPS moved +337.9% against a +5.1% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Swelect Energy Systems Ltd a stock worth studying right now?
This is not investment advice. The machine read: Swelect Energy Systems Ltd's earnings have outrun its stock. EPS grew +337.9% in a year against a +5.1% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.