S & S Power Switchgear Ltd

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.

S & S Power Switchgear Ltd trades at ₹409, in a downtrend and 24 weeks into that stage. That is +23.0% against its own 200-day average. It sits at 84% of a 52-week range of ₹227 to ₹444. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 11 straight weeks.

Today the stock is in a downtrend — week 24 of stage 4. At ₹409 it trades +23.0% versus its 200-day average and sits at 84% of its 52-week range (₹227–₹444).

Against the market, two honest reads. Cumulative: over the last 6.1 years the stock moved +2,608% while the NIFTY 500 moved +223% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 11 straight weeks — 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.

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.

S & S Power Switchgear Ltd trades at 62.5× P/E, mid-range by its own standards (48th percentile). Its long-run median P/E is 64.1×, measured across 2.5 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 62.5× is mid-range by its own standards (48th percentile), against a long-run median of 64.1× measured over 2.5 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 −165.9% against a +12.7% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, S & S Power Switchgear Ltd was priced for profit growth of about 33.9% a year. The market pays that at 62.5× P/E, the 48th percentile of its own 3-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is the whole of what a buyer is backing. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: No read 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).

S & S Power Switchgear Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

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.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

49.9/100 — rank 1 of 2 in Capital Goods - Switchgear · 63% evidence confidence

S & S Power Switchgear Ltd scores 49.9 out of 100 against the 2 companies it is compared with in Capital Goods - Switchgear, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.6 + 3.3 + 10 + 17 = 49.9. 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.

S & S Power Switchgear Ltd reported ₹79.1 Cr of revenue in the Dec 25 quarter, +101.1% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 7.5% a year. The last full year, FY25, came in at ₹186 Cr. The last four reported quarters add to ₹254 Cr.

FY25 revenue came in at ₹186 Cr (+17.0% on the year), capping 10 years at 7.5% compound. The latest quarter (Dec 25) printed ₹79.1 Cr, +101.1% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +51.1% growth against the decade's 7.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +46.8% over the last 4 quarters against +25.0%/yr over the last 8 — accelerating.

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.

S & S Power Switchgear Ltd's operating margin is 5.9% in the Dec 25 quarter, +11.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −9.0% to 7.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 5.9%, +11.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −9.0%–7.0%.

Why the margin moved: operating margin went +11.0 pp year on year while gross margin went −0.3 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

S & S Power Switchgear Ltd earned ₹3.5 Cr of net profit in the Dec 25 quarter. The full FY25 year was a loss of ₹4.0 Cr. That is 4.4% of the quarter's revenue. The same quarter a year earlier lost ₹5.3 Cr. 4 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹3.5 Cr, null year on year. On the full year, FY25 printed ₹−4.0 Cr (−200.0%).

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 −40% of S & S Power Switchgear Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹12.0 Cr of operating cash against ₹−4.0 Cr of profit. After ₹35.0 Cr of capital spending, ₹−23.0 Cr was left as free cash.

FY25: operating cash of ₹12.0 Cr against reported profit of ₹−4.0 Cr, leaving free cash of ₹−23.0 Cr after ₹35.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −40% 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 −40%: the cash cycle tightened 45 days between FY20 and FY25 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 6.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

S & S Power Switchgear Ltd's cash conversion cycle runs −27 days in FY25, down from 18 days in FY20. Capital spending ran ₹43.0 Cr over the last 3 years. At FY25 sales of ₹186 Cr each day of that cycle holds about ₹0.5 Cr, so roughly ₹−14.0 Cr sits inside the business at any moment.

FY25: debtors at 88 days, inventory at 148 days — roughly 4.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −27 days, tighter than FY20's 18.

The full loop: cash goes out to suppliers and production on day 0; stock waits 148 days to sell; customers pay about 88 days after that; and suppliers themselves are paid at 263 days — netting out to the −27-day cycle.

In money terms: at FY25 sales of ₹186 Cr, each day of the cycle holds about ₹0.5 Cr — so the −27-day loop keeps roughly ₹−14.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹43.0 Cr over the last 3 fiscal years against ₹7.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY25) — 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.

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.

S & S Power Switchgear Ltd earns a ROCE of 3% in FY25. That is up from a trough of −37% in FY22. 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.

FY25 ROCE is 3%, recovered from a FY22 trough of −37% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY25): −2.2% net margin × 0.84× asset turns × 3.22× balance-sheet leverage ≈ −6.0% 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.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

S & S Power Switchgear Ltd carries ₹29.0 Cr of borrowings against ₹69.0 Cr of equity in FY25, a debt-to-equity of 0.42. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹22.0 Cr to ₹29.0 Cr. Capital spending ran ₹43.0 Cr across the last 3 of those years.

FY25: borrowings of ₹29.0 Cr against equity of ₹69.0 Cr — a debt-to-equity of 0.42. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹22.0 Cr to ₹29.0 Cr while capital spending ran ₹43.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

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.

Promoters added 24.8 points of S & S Power Switchgear Ltd over 8 quarters, the biggest move on the register. That takes promoters to 75.0% of the company. Domestic institutions moved −0.2 points over the same window, to 0.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +24.8 points over 8 quarters to 75.0%; Domestic institutions: −0.2 points over 8 quarters to 0.2%.

Why the register moved: promoters drove it (+24.8 points) — steady accumulation by institutions reading the same numbers this page reads.

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.

S & S Power Switchgear 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.

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