Swelect Energy Systems Limited (IN:SWELECTES)
:SWELECTES
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Swelect Energy Systems Limited
(SWELECTES)
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Rating:56Neutral
Price Target:
₹648.00
▲(4.72% Upside)
Action:Reiterated
Date:05/25/26
The score is primarily constrained by weak cash conversion and sharply negative, worsening free cash flow alongside rising leverage, despite improved profitability. Technicals are neutral with price below key longer-term resistance (200DMA), while a reasonable P/E and modest dividend yield provide some valuation support.
Positive Factors
Improved profitability
Earnings and operating margins rebounded materially in 2026, demonstrating the business can drive profitable operations across its solar product and services mix. Sustained mid-teens EBIT and high-teens EBITDA margins provide operating leverage to absorb cost shocks and fund strategic investments over the medium term.
Negative Factors
Weak cash conversion
Despite reported net income improvement, operating cash covered only a small share of revenue and free cash flow was deeply negative. Persistent negative FCF indicates heavy capex or working-capital strain, which limits self-funded growth, raises refinancing risk, and can force external financing if not corrected.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability
Earnings and operating margins rebounded materially in 2026, demonstrating the business can drive profitable operations across its solar product and services mix. Sustained mid-teens EBIT and high-teens EBITDA margins provide operating leverage to absorb cost shocks and fund strategic investments over the medium term.
Read all positive factors
Swelect Energy Systems Limited (SWELECTES) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.63B
Dividend Yield0.47%
Average Volume (3M)1.52K
Price to Earnings (P/E)17.2
Beta (1Y)1.44
Revenue Growth5.70%
EPS Growth337.96%
CountryIN
Employees279
SectorEnergy
Sector Strength52
IndustrySolar
Share Statistics
EPS (TTM)23.16
Shares Outstanding15,158,760
10 Day Avg. Volume872
30 Day Avg. Volume1,522
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.82
Price to Sales (P/S)1.15
P/FCF Ratio-4.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Swelect Energy Systems Limited Business Overview & Revenue Model
Company Description
Swelect Energy Systems Limited is a diversified enterprise specializing in renewable energy solutions and industrial manufacturing. The company's core business involves the fabrication and distribution of solar power components, including photovol...
How the Company Makes Money
SWELECTES makes money primarily through (1) sale of solar products and (2) income linked to solar power assets and related services. Product-led revenues typically come from manufacturing and selling solar PV modules and associated solar component...
Swelect Energy Systems Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.26B | 6.57B | 6.22B | 2.37B | 2.36B | 3.54B |
| Gross Profit | 2.49B | 1.78B | 1.73B | 1.50B | 1.12B | 1.30B |
| EBITDA | 1.73B | 1.51B | 1.44B | 1.52B | 847.22M | 1.02B |
| Net Income | 337.96M | 551.72M | 125.97M | 620.09M | 55.45M | 324.02M |
Balance Sheet | ||||||
| Total Assets | 17.79B | 20.83B | 17.50B | 16.62B | 14.87B | 14.03B |
| Cash, Cash Equivalents and Short-Term Investments | 5.93B | 4.71B | 4.60B | 5.16B | 4.84B | 4.36B |
| Total Debt | 6.66B | 7.98B | 6.28B | 5.69B | 5.50B | 4.59B |
| Total Liabilities | 8.61B | 11.28B | 8.72B | 8.04B | 6.83B | 6.16B |
| Stockholders Equity | 8.93B | 9.21B | 8.57B | 8.39B | 7.87B | 7.76B |
Cash Flow | ||||||
| Free Cash Flow | 15.22M | -1.87B | -489.02M | -383.25M | -198.72M | 101.40M |
| Operating Cash Flow | 655.98M | 549.91M | 886.68M | 895.37M | 1.31B | 970.09M |
| Investing Cash Flow | -736.54M | -2.08B | -1.28B | -823.14M | -2.84B | -728.17M |
| Financing Cash Flow | -453.38M | 1.01B | 759.66M | 324.30M | 107.98M | 993.93M |
Swelect Energy Systems Limited Technical Analysis
Positive
618.80
Price Trends
635.27
Negative
585.68
Positive
668.89
Negative
Market Momentum
0.20
Positive
49.54
Neutral
35.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SWELECTES, the sentiment is Positive. The current price of 618.8 is below the 20-day moving average (MA) of 637.13, below the 50-day MA of 635.27, and below the 200-day MA of 668.89, indicating a bearish trend. The MACD of 0.20 indicates Positive momentum. The RSI at 49.54 is Neutral, neither overbought nor oversold. The STOCH value of 35.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SWELECTES.
Swelect Energy Systems Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹46.06B | 15.89 | ― | ― | 82.37% | 90.41% | |
71 Outperform | ₹881.45B | 23.85 | ― | ― | 83.72% | 98.80% | |
66 Neutral | ₹478.02B | 31.51 | ― | 0.11% | 20.03% | 60.95% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | ₹9.63B | 17.21 | ― | 0.47% | 5.70% | 337.96% | |
51 Neutral | ₹18.60B | 631.00 | ― | ― | -38.23% | -21.16% | |
47 Neutral | ₹50.00B | -16.48 | ― | ― | 19.77% | -479.90% |
* Energy Sector Average
IN:SWELECTES
Swelect Energy Systems Limited
625.80
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12.19%
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-32.56%
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140.65
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IN:WEBELSOLAR
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-13.25%
Swelect Energy Systems Limited Corporate Events
Swelect Energy approves FY26 results, proposes dividend and strengthens audit oversight
May 22, 2026
Swelect Energy Systems Limited has announced that its board has approved the unaudited standalone and consolidated financial results for the quarter ended 31 March 2026 and the audited results for the full financial year, with the statutory audito...
Swelect Energy Clears FY26 Results, Declares Dividend and Appoints New Auditors
May 22, 2026
Swelect Energy Systems Limited has approved its unaudited standalone and consolidated financial results for the quarter ended 31 March 2026 and audited results for the full year, with its statutory auditors issuing an unmodified opinion. The board...
Swelect Energy Approves FY26 Results, Dividend and New Audit Appointments
May 22, 2026
Swelect Energy Systems Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended 31 March 2026 and the audited results for the full year, with statutory auditors Deloitte Haskins Sells LL...
Swelect Energy Approves FY26 Results, Recommends Dividend and Names New Auditors
May 21, 2026
Swelect Energy Systems Limited’s board has approved unaudited standalone and consolidated financial results for the quarter ended 31 March 2026 and audited results for the full year, with the statutory auditors issuing an unmodified opinion....
Swelect Energy clears FY26 results, dividend and new audit appointments
May 21, 2026
Swelect Energy Systems Limited’s board has approved its standalone and consolidated unaudited results for the quarter and audited results for the year ended 31 March 2026, with statutory auditors Deloitte Haskins Sells LLP issuing an unmodi...
Swelect Energy Clears FY26 Results, Proposes Final Dividend and New Audit Appointments
May 21, 2026
Swelect Energy Systems Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended 31 March 2026, along with the audited results for the full year, supported by an unmodified opinion from it...
Swelect Energy Systems Clears FY26 Results, Proposes Dividend and New Auditor Appointments
May 21, 2026
Swelect Energy Systems Limited’s board has approved its unaudited standalone and consolidated financial results for the quarter ended 31 March 2026 and audited results for the full financial year, with statutory auditors issuing an unmodifie...
Swelect Commissions 5 MW Solar Plant for Chennai Airport, Completes 10 MW AAI Project
May 2, 2026
Swelect Energy Systems Limited has commissioned a 5 MW solar power plant at Perumpoondi and Nedumpirai villages in Cheyyar Taluk, Tiruvannamalai district, Tamil Nadu, connecting it to the Sirungattur TANTRANSCO substation at the 110 kV level. The ...
CRISIL Reaffirms Swelect Energy Systems’ Ratings on Bank Loans and NCDs
May 1, 2026
Swelect Energy Systems Limited said CRISIL Ratings has reaffirmed its long-term rating at CRISIL A-/Stable and short-term rating at CRISIL A2+ on bank loan facilities totaling Rs.345 crore. The agency also reaffirmed a CRISIL A (CE)/Stable rating ...
Swelect Commissions 110/33 KV Substation to Evacuate Power from 50 MW Solar Project in Tamil Nadu
Apr 16, 2026
Swelect Energy Systems Limited has commissioned a newly erected 110/33 KV pooling substation at Sirungattur in Tamil Nadu’s Tiruvannamalai district to support its solar operations. The facility includes a 1 x 50 MVA, 110/33 KV power transfor...
Swelect Energy Systems Closes Trading Window Ahead of FY26 Results
Mar 27, 2026
Swelect Energy Systems Limited has announced the closure of its trading window for designated persons, effective from April 1, 2026, until 48 hours after the Board approves and discloses the audited standalone and consolidated financial results fo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.