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 Limited designs, manufactures, and supplies power backup and solar solutions including Home UPS, solar PCUs, hybrid and on-grid inverters, batteries, and solar panels. It operates an integrated manufacturing model with plants in Gurugram and Baddi, backed by an extensive distribution network.
Data qualityFresh enough for analysisQuote updated 13 Nov, 03:31 pm ISTDetails
Quote13 Nov, 03:31 pm IST
Base fundamentals08 Nov 2026 · screener
Latest result03 May, 01:05 am IST
Score13 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 15.7 (n=93)
Technical timing lens
Trend score and candlestick chart
78Bullishfull bull SMA stack · SMA20 +11.9% / mo · RSI overbought · MACD + · near 52W high
Stock trend: 78
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SMARTENW candles · FIT view-34.5%Latest close ₹89.55 on 2026-11-09
Bar
+13.3%
RSI
68
MACD hist
3.48
52W pos
99%
2026-11-09O ₹79.05H ₹90.00L ₹77.25C ₹89.55Vol 3.7L 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
- +79.5%
- Nifty 500
- +0.3%
- Nifty Power
- -5.4%
- Vs Nifty 500
- +79.1 pp
Chart stats
13 Nov 2026- From 52W high
- -1.8%
- 52W range position
- 97%
- ATR (14)
- 4.7%
- Volume vs 20D
- 2.36x
- Avg traded value
- ₹0.5 Cr
- 20D price channel
- ₹48 - ₹90
₹91.2
₹42 - ₹91.2
₹4.2
Latest completed session
20-session average
76.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +35.1% · PAT -57.1% YoY
Technical
Bullish78
Price trend and sector-relative-strength timing.
Valuation
Legacy model+51.5%
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
Bad · 0/100PAT -57% YoY · margin compression · Rev +35% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹127 Cr | +35.1% | NDF |
| EBITDA | ₹5 Cr | NDF | -28.6% |
| Operating margin | 4.0% | NDF | -200 bps |
| PAT | ₹3 Cr | -57.1% | NDF |
| 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
- 10.10
- P/B
- 1.57
- EV/EBITDA
- 6.38
- Market Cap
- 150.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 17.80%
- ROA
- 10.14%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 22.00×
- Altman Z
- 3.58
- Book Value
- 50.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -8.00 Cr
- EPS TTM
- 7.85
Shareholding
- Promoter Hold
- 67.10%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 13/11/2026
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
Weekly technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 68.
- SMA20 rising (~4.9% over last month) — short-term momentum positive.
- RSI(14) at 68 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
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
90
RS percentile
Stage 2 UptrendRecent S2
1M return
+59.2%
3M return
+64.9%
6M return
+70.3%
1Y return
+22.2%
RS 1D
+3
RS 20D
+69
Sector rank
#13
Industry rank
-
Stage evidence
- Price is 51.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
04 Nov 2026
S2 age
6 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
259 observations
12 Nov 2026Value 93.03+4.52%
RS vs Nifty 50093
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation19/30
Growth20/25
Quality7/20
Balance Sheet12/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-8
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 51.5%.
- Growth contributes 20/25 to the score.
- Balance sheet contributes 12/15 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
10.1
PB
1.6
EV/EBITDA
6.4
ROE
14.4%
ROCE
17.8%
FCF Yield
—
Debt/Equity
0.0
MoS
+51.5%
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: 13 Nov 2026
v4.3-runtime-valuation
Final score
53
Previous: 55 (-2)
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+51.5%
Previous: +53.6%
Score history
12 stored score snapshots. Latest stored move: -1 points.
13 Nov 2026
v4.3-runtime-valuation
54
54
54
46
45
45
44
56
56
56
56
55
Factor attribution
Valuation
19-2
was 21
Modelled fair value
Graham Number
₹94.26
+5.0% MoS
Growth-justified P/E
23.6
Growth-justified Value
₹184.87
+51.5% MoS
PEG
0.39
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
EMMIL
SME
Energy Mission Machineries (India) Ltd.
Industrial Machinery
match 92
51
10.3
13.1%
+56%
FAIR VALUE
ARABIAN
SME
Arabian Petroleum Ltd.
Oil & Gas
match 91
46
10.6
17.6%
+54%
FAIR VALUE
POSITRON
SME
Positron Energy Ltd.
Oil & Gas
match 91
61
21.0
85.5%
+22%
UNDERVALUED
KCEIL
SME
Kay Cee Energy & Infra Ltd.
Electrical Equipment
match 90
65
3.7
22.8%
+84%
UNDERVALUED
SPCL
SME
Shivalic Power Control Ltd.
Power
match 89
16
14.9
11.0%
-239%
OVERVALUED
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 2026-11-10T05:11:32.896Z
Management commentary snapshot
H1 FY27 revenue from operations grew 77.5% YoY to INR 204.54 Crores and PAT surged 103.9% YoY to INR 11.99 Crores, driven by strong execution in power backup and solar segments.
Management's strategy of scaling in-house manufacturing, expanding into solar and hybrid electronics, and backward integration into battery production is yielding strong top-line growth and margin expansion, supported by a conservative balance sheet with a 0.03x D/E ratio.
Current business mix
Sales Split by Activity
Latest issuer-disclosed distribution across 2 reported categories.
Assembling60.0%
Trading40.0%
Growth engines
Expanded Product Portfolio
Offering 372+ SKUs across Home UPS, solar inverters, hybrid & on-grid inverters, charge controllers, batteries, and solar panels.
Backward Integration into Battery Manufacturing
Battery plant at Baddi, HP operates at ~80% capacity with 8,000 units/month capacity, with battery revenue reaching INR 59.43 Crores in H1 FY27.
Institutional and Government Orders
Secured and dispatched a INR 1.75 Crore government order for 4,000 solar PCUs.
Capacity and execution
New Manufacturing Facility at Jhajjar, Haryana
On TrackNew owned 41,903 sq ft facility under construction at MET Jhajjar (90% pre-engineered building, 60% civil works) expected to commence by end of FY27, doubling assembly capacity from 600 to 1,200 units/day.
Tailwinds
PM Surya Ghar Scheme
Driving record household rooftop solar adoption, with over 50 lakh homes solarised as of August 2026.
Expanding Grid-tied and Hybrid Inverter Demand
Rising rooftop solar installations are structurally boosting demand for grid-connected and hybrid solar inverters.
Risk radar
Working Capital Requirements
Inventories stood at INR 54.96 Crores and trade receivables at INR 37.40 Crores as of September 2026, indicating significant working capital lock-in as operations scale.
Execution Risk on New Capacity
The proposed Jhajjar manufacturing facility is slated to commence by the end of FY27; any delay could impact internal production scaling plans.
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 YOY
The issuer presentation highlights half-yearly performance metrics (H1 FY27) compared against H1 FY26, making year-over-year comparison most appropriate for evaluating operational scale and profitability growth.
Sector KPIs management disclosed
Revenue from Operations
PositiveH1 FY27 revenue from operations reached INR 204.54 Crores compared to INR 115.26 Crores in H1 FY26, representing a 77.5% YoY growth.
EBITDA Margin
PositiveH1 FY27 EBITDA margin improved to 8.3% from 5.9% in H1 FY26, an expansion of 238 bps YoY.
Return on Capital Employed (ROCE)
PositiveH1 FY27 annualized ROCE stood at 33.12%, compared to 17.79% in FY26.
Net Debt and Capital Structure
PositiveTotal debt stood at INR 2.83 Crores against a net worth of INR 95.63 Crores, resulting in a low debt-to-equity ratio of 0.03x as of September 2026.
Management forward view
Shift to 100% In-House Production
Management aims to transition from 40% procurement and 60% in-house production to 100% in-house manufacturing upon operationalization of the Jhajjar facility.
Strategic Alliances
Authorised channel distributor status for Exide Industries Limited strengthens the portfolio with premium battery technologies.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Jhajjar Facility Commissioning | Under construction with pre-engineered building at 90% and civil works at 60% | Commercial production start by the end of FY27 |
| Baddi Battery Plant Utilization | ~80% of installed capacity utilized | Sustained volume growth and margin contribution from in-house lead-acid battery manufacturing |
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 40th 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: 40th 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
Annual reportMar 2026
Mar 2026 · Annual Report 2026
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 reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.