Annual reportSep 2026
Sep 2026 · Updates 27 Aug - 12th AGM on September 24, 2026; annual report links shared and shareholders reminded to update KYC.
Source: Nse
Smarten Power Systems Ltd. (SMARTEN)
SME CapPower stocks · SME cap · NSE
Smarten Power Systems Ltd. manufactures integrated energy storage and power backup solutions, including solar inverters, UPS systems, batteries, solar charge controllers, and solar panels. It serves residential, commercial, and solar energy applications across 23 Indian states, 2 UTs, and 17+ international markets.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result03 May, 01:05 am IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 +3.5% / mo · MACD −
Stock trend: 47
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SMARTEND candles · FIT view-20.2%Latest close ₹54.00 on 2026-10-21
Bar
+1.8%
RSI
45
MACD hist
-0.29
52W pos
22%
2026-10-21O ₹53.05H ₹55.00L ₹52.15C ₹54.00Vol 6,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SMARTENNifty PowerNifty 500
- SMARTEN
- -10.0%
- Nifty 500
- -6.5%
- Nifty Power
- -14.5%
- Vs Nifty 500
- -3.5 pp
Chart stats
21 Oct 2026- From 52W high
- -44.0%
- 52W range position
- 22%
- ATR (14)
- 5.1%
- Volume vs 20D
- 0.22x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹52 - ₹67
₹96.5
₹42 - ₹96.5
₹2.7
Latest completed session
20-session average
62.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+53.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹127 Cr | NDF | +10.4% |
| EBITDA | ₹5 Cr | NDF | -28.6% |
| Operating margin | 4.0% | NDF | -200 bps |
| PAT | ₹3 Cr | NDF | -50.0% |
| PAT margin | 2.4% | NDF | -286 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.00
- P/B
- 1.26
- EV/EBITDA
- 8.54
- Market Cap
- 106.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 17.80%
- ROA
- 6.47%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 12.00×
- Altman Z
- 4.03
- Book Value
- 44.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -8.00 Cr
- EPS TTM
- 4.63
Shareholding
- Promoter Hold
- 67.10%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 239+18.9% vs prev
Net Profit
₹ CrLatest: 9.0-30.8% vs prev
Return on Equity
%Latest: 10.7-67.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~3.4% over last month) — short-term momentum positive.
- RSI(14) at 45 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 44% off 52W high · 29% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
25
RS percentile
Stage 1 Base / Transition
1M return
+0.0%
3M return
-10.0%
6M return
-10.1%
1Y return
-39.5%
RS 1D
-1
RS 20D
+7
Sector rank
#12
Industry rank
-
Stage evidence
- Price is within 1.8% of the 30-week proxy.
- The 30-week proxy changed -0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
259 observations
21 Oct 2026Value 60.04-2.75%
RS vs Nifty 50060
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation22/30
Growth19/25
Quality7/20
Balance Sheet13/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-8
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 53.6%.
- Balance sheet contributes 13/15 to the score.
- Growth contributes 19/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Quality is weaker at 7/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
12.0
PB
1.3
EV/EBITDA
8.5
ROE
14.4%
ROCE
17.8%
FCF Yield
—
Debt/Equity
0.1
MoS
+53.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+53.6%
Previous: +53.6%
Score history
12 stored score snapshots. Latest stored move: +1 points.
22 Oct 2026
v4.3-runtime-valuation
58
58
58
58
56
56
56
56
56
56
55
56
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹67.7
+20.2% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹116.35
+53.6% MoS
PEG
0.46
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ARABIAN
SME
Arabian Petroleum Ltd.
Oil & Gas
match 93
52
10.1
17.6%
+60%
FAIR VALUE
KCEIL
SME
Kay Cee Energy & Infra Ltd.
Electrical Equipment
match 92
65
5.0
22.8%
+83%
UNDERVALUED
EMMIL
SME
Energy Mission Machineries (India) Ltd.
Industrial Machinery
match 91
53
11.4
13.1%
+55%
FAIR VALUE
LAKSHYA
SME
Lakshya Powertech Ltd.
Electrical Equipment
match 90
21
9.8
9.8%
-27%
OVERVALUED
SPCL
SME
Shivalic Power Control Ltd.
Power
match 89
45
11.4
11.0%
+47%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-01T01:14:51.726Z
Management commentary snapshot
Management outlines strategic priorities, capacity expansion, and growth outlook for energy storage and power backup solutions, targeting 20-30% minimum growth next year.
The company is strategically expanding manufacturing capacity and distribution, with backward integration into batteries. Focus on geographical expansion and government tenders aims to drive significant revenue growth. Management expects 20-30% minimum growth next year and improved EBITDA margins from cost savings.
Current business mix
Revenue by Product Category
Latest issuer-disclosed distribution across 3 reported categories.
Electronics (Solar Inverters, Charge Controllers)60.0%
Batteries30.0%
Solar Panels10.0%
Growth engines
New Manufacturing Facility
The new Jhajjar facility will double inverter assembly capacity to 1200 units/day (single shift), supporting increased production and revenue.
Geographical Expansion
Aggressively working to expand sales beyond Haryana and UP, which currently account for 80% of domestic sales revenue.
Government Tenders
Recently started participating in state government tenders, securing a 5000-piece order for Odisha with inquiries for significant repeat orders.
Backward Integration in Batteries
Entry into battery manufacturing is a key step to improve margins, strengthen supply chain reliability, and maintain product quality.
Capacity and execution
Jhajjar Manufacturing Facility
Civil work is 100% completed. Partial 25% production capacity will shift in 3-4 months, with parallel operations for about one year.
Tailwinds
Accelerating Energy Transition
Global demand for solar power solutions, energy storage, and reliable power backup systems continues to grow.
Increased Adoption in Emerging Markets
India and emerging markets are witnessing increased adoption of solar and hybrid energy systems, presenting significant opportunities.
Headwinds
GST Regime for Batteries
New GST regime reduced lead-acid battery rates to 18%, providing a 10% advantage over lithium batteries (28% GST), impacting lithium adoption.
Risk radar
Outsourced Manufacturing Components
PCB assembly, injection molding, and sheet metal manufacturing are outsourced, requiring reliance on third-party quality and delivery.
Lead-Acid Battery Market Dominance
Around 90% of current revenue comes from lead-acid batteries, with lithium battery acceptability at only 10% in power backup.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document is an investor interaction transcript focusing on business strategy, growth outlook, and capacity expansion, rather than specific financial results for a reporting period. Future growth targets are discussed.
Sector KPIs management disclosed
Inverter Assembly Capacity
Current production is around 600 units per day. The new Jhajjar facility will double this to 1200 units per day on a single shift.
Battery Manufacturing Investment
The company has invested around 7.5 crores in machinery for its battery manufacturing plant.
Government Order Pipeline
Delivered a 5000-piece order for Odisha and is receiving inquiries for repeat orders of 10,000-15,000 units.
EBITDA Margin Expectation
Management expects EBITDA margins to improve to 9-10% due to savings from eliminating rent (currently 20 lakhs/month) and administrative efficiencies.
Management forward view
Strategic Priorities
Expanding manufacturing, strengthening backward integration in batteries, expanding distribution (India/overseas), investing in R&D, and building brand trust.
Revenue Growth Target
Management expects a minimum growth of 20-30% next year, driven by operational efficiency and geographical expansion.
EBITDA Margin Improvement
Expects EBITDA margins to reach 9-10% due to cost savings from moving to owned facilities and administrative efficiencies.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Jhajjar Facility Commissioning | Civil work 100% complete; partial shift in 3-4 months. | Timely commissioning and ramp-up of 1200 units/day capacity. |
| Geographical Expansion | 80% domestic sales from Haryana and UP. | Increased revenue contribution from new states and international markets. |
| Government Tender Orders | 5000-piece order delivered, inquiries for 10,000-15,000 repeat orders. | Conversion of inquiries into firm repeat orders and new tender wins. |
| EBITDA Margin | Expected to improve to 9-10%. | Realization of cost savings from new facility and administrative efficiencies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 41st percentile within Power. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · Power: 41st pctile, median 65 · SME: 45th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 67.1%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.06.
Trust risks
- ▸Operating cash flow is negative at ₹-8 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -23.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Smarten Power Systems Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Shareholders meeting 26 Aug - Notice of 12th AGM on Sept 24, 2026 and FY26 annual report filed.
Source: Nse
Concall transcriptMar 2026
Mar 2026 · Transcript
Source: Nse
Investor presentationJan 2026
Jan 2026 · PPT
Source: Nse
Concall transcriptJan 2026
Jan 2026 · Transcript
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.