Swelect Energy Systems

Listed Integrated — per-stock model.

As of 21 Aug 2026

Integrated—

CMP ₹609NSE: SWELECTES

Latest concall

Q4 FY26 · 7 May 2026

FY26 revenue ₹657cr (+5.7%); consolidated PAT ₹57.6cr (turnaround from ₹14cr).
Q4 revenue ₹202cr (+46% QoQ, -7.5% YoY); PAT ₹11cr; final dividend ₹3.50.
Doubling solar module capacity toward 2GW; TopCon bifacial focus, order book >150MW.
Entered BESS via 50% stake in Swelect FortifyGrid India (Feb-2026).

Order-book execution

TopCon module order book exceeding 150MW.

Management guidance

2GW module capacity by Q1 FY27; DCR-cell supply tie-ups secured.
Targets 2GW manufacturing + 1GW IPP + 1GW EPC within two years.
C&I BESS with hybrid inverters launching Q2 FY27; solar-wafer push planned.

Swelect Q4 & FY26 results (7-May-2026) + management commentary (Q3 FY26 call/press); formal Q4 concall transcript not located

Revenue FY26E

657₹ cr

EBITDA margin

23%

P/E

21.4×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	222	8	3.5%	0	—	—	—	—	—	-0.3	—
FY16	276	23	8.0%	17	—	—	—	—	—	10.9	—
FY17	241	24	10.0%	22	—	—	—	—	—	14.2	—
FY18	294	34	11.0%	16	—	—	—	—	—	10.4	—
FY19	228	25	11.0%	7	—	—	—	—	—	4.5	—
FY20	252	36	14.0%	-10	—	—	—	—	—	-6.7	—
FY21	253	51	20.0%	26	—	—	—	—	—	17.2	—
FY22	391	70	18.0%	32	—	—	—	—	—	21.4	—
FY23	246	62	25.0%	6	—	—	—	—	—	3.6	—
FY24	243	84	35.0%	63	—	—	—	—	—	40.9	—
FY25	622	97	16.0%	14	—	—	—	—	—	8.3	—
FY26	657	151	23.0%	58	—	—	—	—	—	36.4	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY23	62	12	19.0%	4	6.5%
Q1FY24	85	24	28.0%	12	14.1%
Q2FY24	48	17	35.0%	7	14.6%
Q3FY24	64	23	37.0%	8	12.5%
Q4FY24	76	24	32.0%	36	47.4%
Q1FY25	114	21	18.0%	7	6.1%
Q2FY25	198	29	15.0%	9	4.5%
Q3FY25	91	18	20.0%	-11	-12.1%
Q4FY25	219	29	13.0%	9	4.1%
Q1FY26	177	42	24.0%	21	11.9%
Q2FY26	139	41	29.0%	16	11.5%
Q3FY26	139	33	24.0%	10	7.2%
Q4FY26	202	35	18.0%	11	5.5%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

21.4×

EV / EBITDA

12.5×

P/B

1.0×

Operating metrics

What the rest of the dashboard tracks for Swelect Energy Systems — capacity, auctions, offtake, manufacturing and returns.

14.8%

Greenfield IRR · Module

at its 23% margin

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026