SWELECTES share price, P/E, ROE & financials

Swelect Energy Systems (SWELECTES) had a P/E of 21.8× on 6 Nov 2026, above the industry P/E of 15.5×, and the shares are 26% below their 52-week high. Sales and net profit grew 40% and 115% a year over 3 years; its ROCE of 9.2% is the lowest among the 7 largest Solar peers. Debt is 0.84× equity, and its dividend yield is 0.6%. It is a small-cap company with a market cap of ₹946 Cr, ranked 15th of 27 Solar companies by market cap; the shares fell 24% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year

Open: ₹605.90
Day high: ₹612.00
Day low: ₹589.40
Prev. close: ₹606.50
Volume: 9.2K

Health check

3 fair · 3 to check

ReturnsIn line
−23.8% over a year, better than 3 of 7 peers.
Price tagPricier
P/E 21.8 vs industry 15.5.
GrowthSteady
Sales +40.0%, profit +115.1% a year over 3 years.
ProfitabilityWeak
ROCE 9.2% vs peer median 27.4%.
Balance sheetFair
Debt 0.84× equity, interest covered 2.3×, Piotroski 4 of 9.
Red flags4 to check
Return on equity is low at 6.2%.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Solar

26 listed peers. Screen the industry

Small cap

₹946 Cr, #15 of 27 in its industry by size.

Defensive

Beta 0.69 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Jun 2026: sales ₹611 Cr · profit ₹42 Cr

Market cap: ₹946 Cr; Small cap
P/E: 21.8; Industry 15.5
Price to book: 1.00; Peers 4.38
Dividend yield: 0.57%
ROE: 6.2%; Peers 29.9%
ROCE: 9.2%; Peers 27.4%
Debt to equity: 0.84; Debt ₹798 Cr
EPS (TTM): ₹27.92; Face value ₹10
OPM (TTM): 22.6%; Net margin 6.8%
Sales growth: −26.2%; Latest quarter vs a year ago
Profit growth: −65.6%; Latest quarter vs a year ago
Price to sales: 1.55; EV/EBITDA 10.3

Strengths

Positive operating cash flow in each of the last 4 years.

Risks to check

Return on equity is low at 6.2%.
Quarterly profit down 65.6% on a year ago.
Quarterly sales down 26.2% on a year ago.
Interest coverage of only 2.8×.

Derived automatically from reported figures. Not a recommendation.

About Swelect Energy Systems

Swelect Energy Systems Limited engages in the manufacture and trading of solar mounting structures, solar photovoltaic inverters**and other ancillary products in India. The company offers photovoltaic modules, including mono PERC, TOPCon, monofacial, bifacial, domestic content requirements, and non-DCR; module mounting structures (MMS), such as ground mount, rooftop, and solar water pumps; energy storage systems, including solar energy storage systems,…

Headquarters: Chennai
Employees: 354
Sector: Technology
ISIN: INE409B01013
Website: swelectes.com

Price range

52 weeks

₹483.10₹821.15

Today

₹589.40₹612.00

Avg volume (3M): 26.8K
1-year return: minus 23.8%
From 52-week high: minus 25.8%

Peers · Solar

Capital-heavy industry columns

Compare with peers Screen the whole industry

Company
WAAREEENERWaaree Energies	2,438.00	minus 0.46%	70,129	19.0	12.0	30.1%	19.9%	0.31	57.8%	minus 27.3%
PREMIERENEPremier Energies	890.00	plus 0.85%	40,316	22.5	17.4	27.4%	29.9%	0.86	76.2%	minus 15.3%
EMMVEEEmmvee Photovoltaic Power	251.31	minus 0.28%	17,399	12.1	9.7	34.5%	34.7%	0.25	102.7%	plus 14.5%
KARAMTARAKaramtara Engineering	375.70	minus 0.96%	12,091	52.8	27.7	18.1%	9.0%	0.91	40.4%	plus 6.7%
UTLSOLARFujiyama Power Systems	351.80	minus 9.21%	10,811	35.7	22.5	28.9%	18.8%	0.41	58.7%	plus 68.8%
BORORENEWBOROSIL RENEWABLES	403.20	minus 2.55%	5,934	13.4	12.1	9.5%	30.1%	0.07	20.2%	minus 37.6%
VIKRAMSOLRVikram Solar	142.39	plus 1.95%	5,160	14.1	6.0	20.5%	15.4%	0.20	32.3%	minus 56.6%
SWELECTESSwelect Energy Systems	609.20	plus 0.45%	946	21.8	8.1	9.2%	22.6%	0.84	40.0%	minus 23.8%
Median of 7 peers	–	−0.46%	12,091	19.0	12.1	27.4%	19.9%	0.31	57.8%	−15.3%

Quarterly results

Consolidated, ₹ crore

SalesSelect a row below to chart it

Jun 25	Sep 25	Dec 25	Mar 26	Jun 26
177	139	139	202	131
136	98.1	105	167	102
41.7	40.8	33.4	35.5	28.4
23.5%	29.4%	24.1%	17.5%	21.7%
11.6	8.5	8.6	7.4	9.9
13.9	15.6	14.5	17.2	15.2
11.6	12.8	11.7	12.8	12.7
–	–	−1.8	−0.1	–
27.8	20.9	14	12.8	10.4
24.1%	24.3%	32.0%	13.4%	26.4%
20.5	15.2	9.3	10.2	7.1
13.53	10.45	6.11	6.72	4.64

Profit & loss

Yearly, ₹ crore

Sales CAGR 3Y: +40.0%
Profit CAGR 3Y: +115.1%
EPS CAGR 3Y: +104.8%
ROE: 6.2%

Net profitSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
236	237	614	649
–	+0.1%	+159.8%	+5.6%
156	152	513	491
80.1	84.8	101	157
33.9%	35.8%	16.5%	24.2%
9.2	14.3	15.8	11
28.4	48.8	52.7	56.3
43.3	41.8	43.2	47.3
12.3	51.8	22.3	11
29.9	60.2	43.6	75.6
4.6%	11.2%	67.9%	23.8%
5.5	62	12.6	55.2
–	+1017.6%	minus 79.7%	+338.0%
4.23	41.59	8.31	36.36

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore

Total assetsSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
15.2	15.2	15.2	15.2
772	823	842	906
550	569	629	798
150	255	264	364
1,487	1,662	1,750	2,083
534	570	676	868
31.5	6.8	7	162
5.5	0.7	0.7	0
488	516	464	475
427	569	602	577
1,487	1,662	1,750	2,083

Cash flow

Yearly, ₹ crore

Cash from operationsSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
131	89.5	130	95.5
−284	−83.5	−113	−198
10.8	33.6	19.4	50.3
−142	39.7	36.7	−52.5
−151	−128	−138	−242
−19.9	−38.3	−7.5	−146
−4.5	−1.8	−6.1	−4.5

Shareholding pattern

Source: NSE filings

56.4%

promoters

Promoters56.37%
Public43.63%
As of 30 Sep 2026

Quarter	Promoters	Public	Promoter change
30 Sep 2026	56.37%	43.63%	0.00
30 Jun 2026	56.37%	43.63%	0.00
31 Mar 2026	56.37%	43.63%	0.00
31 Dec 2025	56.37%	43.63%	0.00
30 Sep 2025	56.37%	43.63%	–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you