Spel Semiconductor 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.

Spel Semiconductor Ltd trades at ₹142, in a downtrend and 9 weeks into that stage. That is −9.5% against its own 200-day average. It sits at 30% of a 52-week range of ₹106 to ₹228. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (14 weeks and counting).

Today the stock is in a downtrend — week 9 of stage 4, confirmed. At ₹142 it trades −9.5% versus its 200-day average and sits at 30% of its 52-week range (₹106–₹228).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +935% while the NIFTY 500 moved +260% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (14 weeks and counting; last ahead the week of 2025-11-28) — 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.

Spel Semiconductor Ltd trades at 429.7× P/E, at the pricey end of its own range (84th percentile). Its long-run median P/E is 266.4×, measured across 3.9 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 429.7× is at the pricey end of its own range (84th percentile), against a long-run median of 266.4× measured over 3.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

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

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).

Spel Semiconductor 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.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

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

43.6/100 — rank 7 of 7 in Electronics - Equipment/Components · 40% evidence confidence · provisional, ranked below fully-evidenced peers

Spel Semiconductor Ltd scores 43.6 out of 100 against the 7 companies it is compared with in Electronics - Equipment/Components, ranking 7. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 16.3 + 5.4 + 10 + 11.9 = 43.6. 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.

Spel Semiconductor Ltd reported ₹2.0 Cr of revenue in the Sep 25 quarter, +100.0% year on year. Over 10 years it has compounded at −16.2% a year. The last full year, FY25, came in at ₹8.0 Cr. The last four reported quarters add to ₹8.0 Cr.

FY25 revenue came in at ₹8.0 Cr (−33.3% on the year), capping 10 years at −16.2% compound. The latest quarter (Sep 25) printed ₹2.0 Cr, +100.0% year on year.

Pace check: the last four quarters averaged +25.0% growth against the decade's −16.2% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.3% over the last 4 quarters against −21.6%/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.

Spel Semiconductor Ltd's operating margin is −42.0% in the Sep 25 quarter, +55.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −68.0% to 35.0%. The current quarter sits inside that band.

The latest quarter's operating margin is −42.0%, +55.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −68.0%–35.0%.

Why the margin moved: operating margin went +55.3 pp year on year while gross margin went +8.2 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.

Spel Semiconductor Ltd posted a net loss of ₹12.0 Cr in the Sep 25 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY25 year was a loss of ₹21.0 Cr. That loss is 600.0% of the quarter's revenue.

Sep 25 profit was ₹−12.0 Cr, null year on year. On the full year, FY25 printed ₹−21.0 Cr (null).

🚨 Read this profit with care: at ₹−12.0 Cr it is larger than the whole quarter's revenue of ₹2.0 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at −42.0% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

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.

Spel Semiconductor Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY25 that was ₹−2.0 Cr of operating cash against ₹−21.0 Cr of profit. After ₹−1.0 Cr of capital spending, ₹−1.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of ₹−2.0 Cr against reported profit of ₹−21.0 Cr, leaving free cash of ₹−1.0 Cr after ₹−1.0 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

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).

Spel Semiconductor Ltd's cash conversion cycle runs 2,534 days in FY25, up from 319 days in FY20. Capital spending ran ₹−6.0 Cr over the last 3 years. At FY25 sales of ₹8.0 Cr each day of that cycle holds about ₹0.0 Cr, so roughly ₹56.0 Cr sits inside the business at any moment.

FY25: debtors at 36 days, inventory at 2,947 days — roughly 96.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 2,534 days, looser than FY20's 319.

The full loop: cash goes out to suppliers and production on day 0; stock waits 2,947 days to sell; customers pay about 36 days after that; and suppliers themselves are paid at 449 days — netting out to the 2,534-day cycle.

In money terms: at FY25 sales of ₹8.0 Cr, each day of the cycle holds about ₹0.0 Cr — so the 2,534-day loop keeps roughly ₹56.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−6.0 Cr over the last 3 fiscal years against ₹9.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

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.

Spel Semiconductor Ltd earns a ROCE of −11% in FY25. That is up from a trough of −20% in FY16. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −262.5% net margin on 0.06× asset turns.

FY25 ROCE is −11%, recovered from a FY16 trough of −20% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): −262.5% net margin × 0.06× asset turns × 9.85× balance-sheet leverage ≈ −155.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

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.

Spel Semiconductor Ltd carries ₹31.0 Cr of borrowings against ₹13.0 Cr of equity in FY25, a debt-to-equity of 2.38. Operating profit covers the interest bill −2×. Over 5 years borrowings went from ₹28.0 Cr to ₹31.0 Cr. Capital spending ran ₹−6.0 Cr across the last 3 of those years.

FY25: borrowings of ₹31.0 Cr against equity of ₹13.0 Cr — a debt-to-equity of 2.38. Operating profit covers the interest bill −2×. Over 5 years borrowings went from ₹28.0 Cr to ₹31.0 Cr while capital spending ran ₹−6.0 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.

No holder of Spel Semiconductor Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.0 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 — Promoters: +0.0 points over 8 quarters to 59.2%; Foreign institutions: +0.0 points over 8 quarters to 0.0%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

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.

Spel Semiconductor 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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