Spectrum Electrical Industries Ltd
SPECTRUMSpectrum Electrical Industries Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: the price moved +112.6% in a year while annual EPS moved +72.3% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (13 weeks in) while the P/E sits at the 56th percentile of its own 6-year range. Underneath, the last four quarters read improving — profit +116.7% year on year, and 82% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has 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.
Spectrum Electrical Industries Ltd trades at ₹3,023, in a confirmed uptrend and 13 weeks into that stage. That is +70.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹1,073 to ₹3,023. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 21 straight weeks.
Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹3,023 it trades +70.5% versus its 200-day average and sits at 100% of its 52-week range (₹1,073–₹3,023).
Against the market, two honest reads. Cumulative: over the last 7.9 years the stock moved +4,623% while the NIFTY 500 moved +161% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 21 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.
Story check
Spectrum Electrical Industries Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Still open: CWIP failing to convert to fixed assets and revenue in FY27, turning the capacity expansion into a debt trap.
Our read, 19 July 2026. Spectrum is undergoing a massive capacity expansion phase, driving 86% PAT growth, but negative free cash flows require monitoring.
From the numbers. Trailing PE of 69x sits at the 44th percentile of the 10-year history. While margins are near peak (16% vs normalized 13.3%), the normalized PE remains reasonable at 76x (48th percentile). The stock is fairly priced for…
From the price. Price stage 2, week 13 — above its 200-day line, relative strength rising.
From the research. Spectrum is undergoing a massive capacity expansion phase, driving 86% PAT growth, but negative free cash flows require monitoring.
🚨 Where they disagree. Trailing PE of 69x sits at the 44th percentile of the 10-year history. While margins are near peak (16% vs normalized 13.3%), the normalized PE remains reasonable at 76x (48th percentile). The stock is fairly priced for a mid-expansion operating cycle.
What is proven. Spectrum is undergoing a massive capacity expansion phase, driving 86% PAT growth, but negative free cash flows require monitoring.
What is not proven yet. CWIP failing to convert to fixed assets and revenue in FY27, turning the capacity expansion into a debt trap.
🚨 What would change our mind. CWIP failing to convert to fixed assets and revenue in FY27, turning the capacity expansion into a debt trap.
🚨 Layer 1 read, 22 August 2026 — DROP. Real, verified 82% quarterly growth - but the document describing it gets its own headline numbers wrong. I checked the filings directly: June-quarter sales were 155 crore against 85 crore a year earlier and profit 13 crore against 6 crore, with almost no non-operating income propping it up, so the growth is genuine factory output. The timeline built on top of that, however, is a web-search stand-in with no earnings call behind it, and its headline claims of 283 crore of revenue and 26 crore of profit for the March quarter are wrong - the real figures are 198 crore and 21 crore. The peak margin the engine flagged is explained but fragile: gross margin actually fell over the year while operating margin rose, meaning the margin comes from spreading fixed costs over doubled volume, and it reverses…
What would change Layer 1’s mind. The single observation that flips this: the 172 Cr of capital work in progress fails to convert into fixed assets and revenue during FY27 while borrowings keep climbing from the 249 Cr FY26 level - the timeline's own kill-switch, sharpened at my level to a testable number: quarterly revenue failing to hold above 155 Cr (the June-2026 print) for two consecutive quarters. Because the margin is leverage-driven rather than price-driven, a stalled volume ramp takes margin and profit down together…
The test written in advance. CWIP failing to convert to fixed assets and revenue in FY27, turning the capacity expansion into a debt trap. — the thesis as written as stated by the next result.
What the company does. The company delivered 86% YoY PAT growth in Q4 FY26, supported by 67% revenue growth. A massive capex program has driven CWIP to 172 Cr, absorbing operating cash flow and increasing debt. The key to re-rating is successful commissioning of this capacity to sustain growth.
🚨 What the surface reading misses. The surface reading is: PAT spike of 50% YoY implies massive acceleration. The research reads it further: Acceleration is genuine and core operating, driven by 17% revenue growth and margin holding at 16%, with no material one-offs.
🚨 What the surface reading misses. The surface reading is: OPM at 16.1% (94th percentile of 10y) looks like a cyclical peak. The research reads it further: Margins are at cycle highs, but supported by robust revenue growth (scale). Normalized OPM is 13.3%.
Sources: our stock research file (19 July 2026) · quarterly results through Jun 26. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Spectrum Electrical Industries Ltd reported ₹155 Cr of revenue in the Jun 26 quarter, +82.4% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 74.6% a year. The last full year, FY26, came in at ₹526 Cr. The last four reported quarters add to ₹596 Cr.
FY26 revenue came in at ₹526 Cr (+30.8% on the year), capping 10 years at 74.6% compound. The latest quarter (Jun 26) printed ₹155 Cr, +82.4% year on year — the 6th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +52.8% growth against the decade's 74.6% — the current year is running slower than its own long-run rate.
FY26-Q4. revenue ₹198 Cr and profit ₹21 Cr as reported.
FY27-Q1. revenue ₹155 Cr and profit ₹13 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
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.
Spectrum Electrical Industries Ltd's operating margin is 16.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 9.0% to 23.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 16.0%, +2.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 9.0%–23.0%.
Why the margin moved: operating margin went +2.0 pp year on year while gross margin went −4.1 pp — the gain came mostly from the gross line: input costs and pricing.
FY26-Q4. revenue ₹198 Cr and profit ₹21 Cr as reported.
FY27-Q1. revenue ₹155 Cr and profit ₹13 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Spectrum Electrical Industries Ltd earned ₹13.0 Cr of net profit in the Jun 26 quarter, +116.7% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹44.0 Cr. That is 8.4% of the quarter's revenue. The same quarter a year earlier earned ₹6.0 Cr.
Jun 26 profit was ₹13.0 Cr, +116.7% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹44.0 Cr (+76.0%).
Why profit moved: revenue contributed +82.4% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +103.6% vs revenue +52.8%. 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.
FY26-Q4. revenue ₹198 Cr and profit ₹21 Cr as reported.
FY27-Q1. revenue ₹155 Cr and profit ₹13 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
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 82% of Spectrum Electrical Industries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹94.0 Cr of operating cash against ₹44.0 Cr of profit. After ₹154 Cr of capital spending, ₹−60.0 Cr was left as free cash.
FY26: operating cash of ₹94.0 Cr against reported profit of ₹44.0 Cr, leaving free cash of ₹−60.0 Cr after ₹154 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 82% 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 82%: the cash cycle tightened 58 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 8.2× 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).
Spectrum Electrical Industries Ltd's cash conversion cycle runs 124 days in FY26, down from 182 days in FY21. Capital spending ran ₹255 Cr over the last 3 years. At FY26 sales of ₹526 Cr each day of that cycle holds about ₹1.4 Cr, so roughly ₹179 Cr sits inside the business at any moment.
Why this happened. CWIP surged to 172 Cr from 38 Cr, indicating a major brownfield/greenfield expansion phase.
FY26: debtors at 60 days, inventory at 157 days — roughly 5.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 124 days, tighter than FY21's 182.
The full loop: cash goes out to suppliers and production on day 0; stock waits 157 days to sell; customers pay about 60 days after that; and suppliers themselves are paid at 92 days — netting out to the 124-day cycle.
In money terms: at FY26 sales of ₹526 Cr, each day of the cycle holds about ₹1.4 Cr — so the 124-day loop keeps roughly ₹179 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹255 Cr over the last 3 fiscal years against ₹31.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹172 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.
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.
Spectrum Electrical Industries Ltd earns a ROCE of 17% in FY26. That is up from a trough of 0% in FY12. Return on invested capital clears the cost of that capital by +0.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 8.4% net margin on 0.79× asset turns.
FY26 ROCE is 17%, recovered from a FY12 trough of 0% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 8.4% net margin × 0.79× asset turns × 2.73× balance-sheet leverage ≈ 18.1% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 12.9% − 12.0% = a +0.9 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. Positive but thin — value creation with little room for error.
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.
Spectrum Electrical Industries Ltd carries total debt of ₹249 Cr against shareholder equity of ₹245 Cr as of Mar 26, a debt-to-equity of 1.02. On the annual view that ratio went from 0.95 in FY22 to 1.02 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹249 Cr against shareholder equity of ₹245 Cr — a debt-to-equity of 1.02. On the annual view, debt-to-equity went from 0.95 (FY22) to 1.02 (FY26). Read the returns on this page with that leverage in mind.
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.
Foreign institutions added 3.1 points of Spectrum Electrical Industries Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 3.6% of the company. Promoters moved −2.2 points over the same window, to 72.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +3.1 points over 8 quarters to 3.6%; Promoters: −2.2 points over 8 quarters to 72.7%; Domestic institutions: +0.4 points over 8 quarters to 0.4%.
Why the register moved: foreign institutions drove it (+3.1 points), absorbed on the other side by promoters (−2.2 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.
Spectrum Electrical Industries 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.
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.
Spectrum Electrical Industries Ltd trades at 91.8× P/E, mid-range by its own standards (56th percentile). Its long-run median P/E is 80.2×, measured across 6.1 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 91.8× is mid-range by its own standards (56th percentile), against a long-run median of 80.2× measured over 6.1 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 +72.3% against a +112.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +121.3%/yr price move, ~+53.2%/yr came from earnings growth and ~+68.1 pp from the multiple (expanding). 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.
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.
Solved at its 27 August 2026 price, Spectrum Electrical Industries Ltd was paying for profit growth of about 31.2% a year. Today the market pays 91.8× P/E, the 56th percentile of its own 6-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.
How to hold this number: it is a reading of one day's price, taken on 27 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. 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.
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).
Spectrum Electrical Industries 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 6 quarters across 1 curve, 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.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +30.8% | +27.6% | +28.4% | +74.6% |
| Profit | +76.0% | +76.5% | +49.0% | — |
| EPS | +72.3% | +71.6% | +48.5% | +16.7% |
| Share price | +112.6% | +46.0% | +121.3% | — |
4-Factor Sector Score
65.2/100 — rank 4 of 19 in Capital Goods - Electric General · 100% evidence confidence
Spectrum Electrical Industries Ltd scores 65.2 out of 100 against the 19 companies it is compared with in Capital Goods - Electric General, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 26.1 + 16.1 + 3.5 + 19.5 = 65.2. 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.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Modison LtdMODISONLTD | 83.0/100Sector-leading setup87% evidence | LEADER | 31.5/35 Revenue 66.9% · PAT 100% · OPM change 13 pp 95% evidence | 19.1/25 ROCE 31% · OPM 19% 95% evidence | 12.7/20 P/E 15.2× · PEG — 50% evidence | 19.7/20 RS sector 113.2% · RS bench 148% · 1Y 212.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.5 + 19.1 + 12.7 + 19.7 = 83 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Modern Insulators LtdMODINSULAT | 68.1/100Favorable setup82% evidence | TURNING | 30.5/35 Revenue 42.7% · PAT 100% · OPM change 8 pp 95% evidence | 18.1/25 ROCE 19.4% · OPM 17% 76% evidence | 7.0/20 P/E 22.5× · PEG — 50% evidence | 12.5/20 RS sector 30.5% · RS bench 52.6% · 1Y 318.7%11 of 12 weeks ahead 100% evidence |
| Exact sum: 30.5 + 18.1 + 7 + 12.5 = 68.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Rishabh Instruments LtdRISHABH | 67.7/100Favorable setup90% evidence | LEADER | 24.8/35 Revenue 5.8% · PAT 100% · OPM change 2 pp 100% evidence | 14.5/25 ROCE 14.5% · OPM 17% 100% evidence | 10.3/20 P/E 39.7× · PEG — 50% evidence | 18.1/20 RS sector 46.8% · RS bench 74.1% · 1Y 74.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 24.8 + 14.5 + 10.3 + 18.1 = 67.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Spectrum Electrical Industries Ltdthis pageSPECTRUM | 65.2/100Favorable setup100% evidence | LEADER | 26.1/35 Revenue 44.7% · PAT 73.3% · OPM change 2 pp 100% evidence | 16.1/25 ROCE 16.7% · OPM 16% 100% evidence | 3.5/20 P/E 91.8× · PEG 9.09 100% evidence | 19.5/20 RS sector 66.9% · RS bench 98% · 1Y 111.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.1 + 16.1 + 3.5 + 19.5 = 65.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5IKIO Technologies LtdIKIO | 60.0/100Mixed-positive evidence87% evidence | LEADER | 26.2/35 Revenue 34.5% · PAT 100% · OPM change 4 pp 95% evidence | 7.5/25 ROCE 9.5% · OPM 13% 95% evidence | 9.4/20 P/E 37.2× · PEG — 50% evidence | 16.9/20 RS sector 7.7% · RS bench 28.9% · 1Y 8.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.2 + 7.5 + 9.4 + 16.9 = 60 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Ravindra Energy LtdRELTD | 57.7/100Mixed-positive evidence93% evidence | LEADER | 27.2/35 Revenue 28.2% · PAT 53% · OPM change 14.6 pp 100% evidence | 13.6/25 ROCE 15.9% · OPM 31.8% 100% evidence | 8.0/20 P/E 51.8× · PEG 1.97 65% evidence | 8.9/20 RS sector -12.9% · RS bench 5% · 1Y 9.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 27.2 + 13.6 + 8 + 8.9 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Alpex Solar LtdALPEXSOLAR | 57.7/100Mixed-positive evidence74% evidence | BASING | 18.2/35 Revenue 100% · PAT 61.3% · OPM change -1 pp 95% evidence | 17.8/25 ROCE 43.5% · OPM 15% 95% evidence | 11.3/20 P/E 11.9× · PEG — 15% evidence | 10.4/20 RS sector -2.2% · RS bench 0.5% · 1Y -25.5%1 of 10 weeks ahead 70% evidence |
| Exact sum: 18.2 + 17.8 + 11.3 + 10.4 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8V-Guard Industries LtdVGUARD | 52.9/100Mixed-positive evidence100% evidence | TURNING | 19.4/35 Revenue 13.4% · PAT 26.4% · OPM change 3 pp 100% evidence | 16.0/25 ROCE 18.4% · OPM 11% 100% evidence | 9.7/20 P/E 37.2× · PEG 2.51 100% evidence | 7.8/20 RS sector -17.7% · RS bench -0.2% · 1Y -12.7%3 of 12 weeks ahead 100% evidence |
| Exact sum: 19.4 + 16 + 9.7 + 7.8 = 52.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Siemens LtdSIEMENS | 52.0/100Mixed-positive evidence82% evidence | TURNING | 19.4/35 Revenue 13.2% · PAT 33.7% · OPM change -4 pp 95% evidence | 16.9/25 ROCE 21.4% · OPM 9% 76% evidence | 5.5/20 P/E 93.7× · PEG — 50% evidence | 10.2/20 RS sector -2.3% · RS bench 17.3% · 1Y 28.1%5 of 12 weeks ahead 100% evidence |
| Exact sum: 19.4 + 16.9 + 5.5 + 10.2 = 52 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 10Kirloskar Electric Company LtdKECL | 51.6/100Mixed-positive evidence80% evidence | BREAKING OUT | 18.8/35 Revenue 3.4% · PAT 100% · OPM change -5.6 pp 95% evidence | 12.2/25 ROCE 14.6% · OPM -0.4% 95% evidence | 9.2/20 P/E 53.8× · PEG — 15% evidence | 11.4/20 RS sector -4.3% · RS bench 14.3% · 1Y 6.8%10 of 12 weeks ahead 100% evidence |
| Exact sum: 18.8 + 12.2 + 9.2 + 11.4 = 51.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Insolation Energy LtdINA | 47.9/100Thin evidence · provisional59% evidence | BASING | 11.9/35 Revenue — · PAT — · OPM change -6 pp 45% evidence | 18.0/25 ROCE 22.2% · OPM 10% 76% evidence | 15.0/20 P/E 10.5× · PEG — 50% evidence | 3.0/20 RS sector -39.3% · RS bench -26.6% · 1Y -55.7%1 of 11 weeks ahead 70% evidence |
| Exact sum: 11.9 + 18 + 15 + 3 = 47.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 12Exicom Tele-Systems LtdEXICOM | 45.1/100Mixed-negative evidence71% evidence | TURNING | 18.1/35 Revenue 55.7% · PAT -25.6% · OPM change 12 pp 74% evidence | 0.2/25 ROCE -14.7% · OPM -7% 100% evidence | 10.0/20 P/E — · PEG — 0% evidence | 16.8/20 RS sector 20.1% · RS bench 42.2% · 1Y 25.3%10 of 12 weeks ahead 100% evidence |
| Exact sum: 18.1 + 0.2 + 10 + 16.8 = 45.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Honda India Power Products LtdHONDAPOWER | 40.1/100Mixed-negative evidence81% evidence | ASLEEP | 16.3/35 Revenue 11.8% · PAT -9.6% · OPM change 3 pp 95% evidence | 8.0/25 ROCE 11.5% · OPM 8% 95% evidence | 8.1/20 P/E 27.1× · PEG — 50% evidence | 7.7/20 RS sector -3.3% · RS bench -12.8% · 1Y -31.7%0 of 10 weeks ahead 70% evidence |
| Exact sum: 16.3 + 8 + 8.1 + 7.7 = 40.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Swelect Energy Systems LtdSWELECTES | 39.9/100Mixed-negative evidence80% evidence | ASLEEP | 15.8/35 Revenue -10.9% · PAT 54.6% · OPM change -1.8 pp 95% evidence | 10.3/25 ROCE 8% · OPM 21.7% 95% evidence | 10.8/20 P/E 20× · PEG — 15% evidence | 3.0/20 RS sector -26.2% · RS bench -11.2% · 1Y -26%3 of 12 weeks ahead 100% evidence |
| Exact sum: 15.8 + 10.3 + 10.8 + 3 = 39.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15HPL Electric & Power LtdHPL | 38.6/100Mixed-negative evidence81% evidence | ASLEEP | 11.1/35 Revenue 15% · PAT -3.2% · OPM change -3 pp 95% evidence | 11.5/25 ROCE 13.5% · OPM 12% 95% evidence | 11.5/20 P/E 19.7× · PEG — 50% evidence | 4.5/20 RS sector -22.2% · RS bench -19.1% · 1Y -37.3%1 of 10 weeks ahead 70% evidence |
| Exact sum: 11.1 + 11.5 + 11.5 + 4.5 = 38.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Servotech Renewable Power System LtdSERVOTECH | 37.8/100Mixed-negative evidence82% evidence | ASLEEP | 12.7/35 Revenue 7.4% · PAT 7.5% · OPM change 1.9 pp 95% evidence | 11.4/25 ROCE 12.8% · OPM 9.5% 76% evidence | 12.1/20 P/E 46.6× · PEG — 50% evidence | 1.6/20 RS sector -28% · RS bench -13.8% · 1Y -37.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 12.7 + 11.4 + 12.1 + 1.6 = 37.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Igarashi Motors India LtdIGARASHI | 36.9/100Mixed-negative evidence80% evidence | BREAKING OUT | 11.1/35 Revenue 11.1% · PAT -11.4% · OPM change 0.2 pp 95% evidence | 8.5/25 ROCE 4.6% · OPM 9.8% 95% evidence | 9.0/20 P/E 79.5× · PEG — 15% evidence | 8.3/20 RS sector -17.2% · RS bench -0.5% · 1Y -16.6%11 of 12 weeks ahead 100% evidence |
| Exact sum: 11.1 + 8.5 + 9 + 8.3 = 36.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Salzer Electronics LtdSALZERELEC | 36.2/100Mixed-negative evidence81% evidence | BASING | 12.5/35 Revenue 20.8% · PAT -36.5% · OPM change -3.2 pp 95% evidence | 9.2/25 ROCE 11.3% · OPM 6.3% 95% evidence | 9.3/20 P/E 22.3× · PEG — 50% evidence | 5.2/20 RS sector -19.1% · RS bench -15% · 1Y -31.7%1 of 10 weeks ahead 70% evidence |
| Exact sum: 12.5 + 9.2 + 9.3 + 5.2 = 36.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Focus Lighting & Fixtures LtdFOCUS | 26.2/100Adverse evidence76% evidence | 7.9/35 Revenue 2.4% · PAT -66.6% · OPM change 0.9 pp 83% evidence | 8.1/25 ROCE 5.5% · OPM 10.2% 95% evidence | 8.9/20 P/E 89.2× · PEG — 15% evidence | 1.3/20 RS sector -27.4% · RS bench -17.3% · 1Y -29.1%3 of 7 weeks ahead to 2026-08-09 100% evidence | |
| Exact sum: 7.9 + 8.1 + 8.9 + 1.3 = 26.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Spectrum Electrical Industries Ltd's share price today?
Spectrum Electrical Industries Ltd trades at ₹3,023, +112.6% over the past year. The company is valued at ₹4,750 Cr. The stock sits at the very top of its 52-week range (₹1,073–₹3,023), +70.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 11 September 2026.
What were Spectrum Electrical Industries Ltd's latest quarterly results?
Spectrum Electrical Industries Ltd reported revenue of ₹155 Cr and net profit of ₹13.0 Cr for the Jun 26 quarter. Revenue rose 82.4% and profit rose 116.7% year on year. Earnings per share were ₹8.29. The operating margin was 16.0%, 2.0 pp higher than a year earlier. — as of 11 September 2026.
What is Spectrum Electrical Industries Ltd's revenue?
Spectrum Electrical Industries Ltd reported revenue of ₹155 Cr in the Jun 26 quarter, +82.4% year on year. For the full FY26 fiscal year, revenue was ₹526 Cr (+30.8%). Over the last 10 years revenue compounded at 74.6% a year. — as of 11 September 2026.
What is Spectrum Electrical Industries Ltd's profit?
Spectrum Electrical Industries Ltd earned ₹13.0 Cr of net profit in the Jun 26 quarter, +116.7% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹44.0 Cr. The operating margin ran 16.0% in the latest quarter. — as of 11 September 2026.
What is Spectrum Electrical Industries Ltd's market cap?
Spectrum Electrical Industries Ltd's market capitalisation is ₹4,750 Cr at a share price of ₹3,023. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Spectrum Electrical Industries Ltd's P/E ratio?
Spectrum Electrical Industries Ltd trades at a P/E of 91.8×, at the 56th percentile of its own 6-year range, against a long-run median of 80.2×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Spectrum Electrical Industries Ltd pay a dividend?
Not in its latest year — Spectrum Electrical Industries Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 2 of its last 11 reported fiscal years, so there is a history but no current dividend. — as of 11 September 2026.
Is Spectrum Electrical Industries Ltd overvalued?
On its own history, Spectrum Electrical Industries Ltd looks mid-range: its P/E of 91.8× sits at the 56th percentile of its 6-year range (long-run median 80.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Spectrum Electrical Industries Ltd growing?
Yes — Spectrum Electrical Industries Ltd is growing: latest-quarter revenue +82.4% year on year, profit +116.7%, and the margin +2.0 pp at 16.0%. The earnings engine currently reads: improving — as of 11 September 2026.
How is Spectrum Electrical Industries Ltd performing?
Spectrum Electrical Industries Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue rose 82.4% and profit rose 116.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 21 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
Is Spectrum Electrical Industries Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +70.5% versus its 200-day average and at the very top 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 11 September 2026.
Is Spectrum Electrical Industries Ltd beating the market?
On recent form, yes — Spectrum Electrical Industries Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 21 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 7.9 years the stock moved +4,623% against the NIFTY 500's +161% — ahead of the index over the full window. — as of 11 September 2026.
Will Spectrum Electrical Industries Ltd's share price go up?
This page publishes no price forecast for Spectrum Electrical Industries Ltd. What it measures instead: the share price is ₹3,023, the price is in a confirmed uptrend 13 weeks in. Its P/E of 91.8× sits at the 56th percentile of its own 6-year range. — as of 11 September 2026.
Who owns Spectrum Electrical Industries Ltd?
Promoters hold 72.7% of Spectrum Electrical Industries Ltd, foreign institutions 3.6%, domestic institutions 0.4% and the public 23.3% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 3.1 points over 8 quarters. — as of 11 September 2026.
Does Spectrum Electrical Industries Ltd have too much debt?
It carries real leverage — Spectrum Electrical Industries Ltd's debt-to-equity is 1.02, and operating profit covers the interest bill 5×. FY26 borrowings were ₹249 Cr against equity of ₹245 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Spectrum Electrical Industries Ltd's capex?
Spectrum Electrical Industries Ltd spent ₹255 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 ₹154 Cr, with ₹172 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Spectrum Electrical Industries Ltd's cash flow?
Spectrum Electrical Industries Ltd generated ₹94.0 Cr of operating cash flow in FY26 and ₹−60.0 Cr of free cash flow after ₹154 Cr of capital spending. Reported profit that year was ₹44.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Spectrum Electrical Industries Ltd's profit real cash?
Yes — over the last 3 fiscal years, 82% of Spectrum Electrical Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹94.0 Cr against reported profit of ₹44.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Spectrum Electrical Industries Ltd in its business cycle?
Spectrum Electrical Industries Ltd's FY26 operating margin was 15.0%, against a 11-year band of 9.0%–23.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Spectrum Electrical Industries Ltd's price assume?
At its price on 27 August 2026, Spectrum Electrical Industries Ltd was priced for profit growth of about 31.2% a year. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Spectrum Electrical Industries Ltd story?
The sharpest disagreement: the price moved +112.6% in a year while annual EPS moved +72.3% — the difference is re-rating, and re-rating has to be repaid with earnings. 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 11 September 2026.
Is Spectrum Electrical Industries Ltd a stock worth studying right now?
This is not investment advice. The machine read: Spectrum Electrical Industries Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!