Servotech Renewable Power System Limited (SERVOTECH)
₹69.60 +0.96% last close, 16 Oct
Q2 FY27 results
📅 Next results: 03 Nov 2026 (board meeting)Servotech Renewable Power System Limited's board meets on 3 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Servotech Renewable's revenue was ₹216 Cr (+57.8% year on year, -0.7% on the previous quarter), and net profit ₹8.1 Cr (+77.0% year on year); the operating margin was 9.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹216 | +57.8% | -0.7% |
| Operating profit | ₹20.4 | +96.3% | -9.3% |
| Net profit | ₹8.1 | +77.0% | -28.1% |
| EPS (₹) | 0.41 | +78.3% | -24.1% |
| Operating margin | 9.5% | — | — |
SERVOTECH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 48.74% of the SERVOTECH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.91%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 40.6% · 41.1% · 38.0% · 56.8% · 48.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Servotech Renewable Power System provided an update regarding an internal fraud incident initially disclosed on July 23, 2026. The estimated fraud amount remains unchanged at approximately ₹2.00 to ₹2.50 crore, representing about 6-7% of TTM PAT (₹35 crore). Investigating authorities have arrested two employees (Mr. Gagandeep Rajora and Mr. Vijay Kumar) and recovered goods and cheques worth approximately ₹75.65 lakh. The company has appointed an independent forensic auditor to review internal controls and assess the final financial impact.
- Estimated fraud amount stands at approximately ₹2.00–₹2.50 crore
- Goods and cheques worth approximately ₹75.65 lakh recovered by investigating authorities
- Two employees (Gagandeep Rajora and Vijay Kumar) arrested; efforts underway to trace other persons
- Independent forensic auditor appointed to review transactions and strengthen internal controls
Infomerics Ratings has reaffirmed Servotech Renewable Power System's long-term bank facility rating at IVR BBB+ while revising the outlook from Stable to Positive, and reaffirmed its short-term rating at IVR A2. The total rated bank facilities were enhanced from ₹298.86 crore to ₹451.84 crore (representing ~60% of TTM revenue of ₹751 crore). The positive outlook reflects scale expansion, with FY26 operating income rising 8.41% to ₹636.73 crore and EBITDA margin expanding to 10.88%. However, working-capital intensity remains high, with receivables at ~₹240 crore and negative operating cash flow in FY26.
- Long-term rating reaffirmed at IVR BBB+ with outlook revised from Stable to Positive; short-term reaffirmed at IVR A2
- Total bank facilities rated enhanced to ₹451.84 crore from ₹298.86 crore
- Total operating income rose 8.41% YoY to ₹636.73 crore in FY26, with a 3-year CAGR of 36.72%
- EBITDA margin improved by 120 bps to 10.88% in FY26, while interest coverage stood at 5.76 times
- Trade receivables increased to ~₹240.00 crore as of March 31, 2026, leading to negative cash flow from operations
Servotech Renewable Power System hosted 'Navaarambh 2026', bringing together over 300 channel partners across India. The company launched three new solar products: Sparkle Pro IP54 Hybrid Inverter, Sparkle Elite IP65 Hybrid Inverter, and Advanced Micro Grid Inverter. Additionally, Servotech announced an exclusive privilege program for its channel partners to strengthen distribution. No commercial orders, pricing, or immediate revenue projections were disclosed in the release.
- Launched 3 new inverter products: Sparkle Pro IP54 Hybrid, Sparkle Elite IP65 Hybrid, and Advanced Micro Grid Inverter
- Over 300 channel partners from across India participated in the Navaarambh 2026 event
- Introduced an exclusive privilege program offering membership certificates to channel partners
- Brand ambassador Sonu Sood and Managing Director Raman Bhatia attended the product unveilings
Servotech Renewable Power System Limited announced the launch of new Hybrid Solar Inverters (IP65 and IP54 rated) and Micro Grid Inverters on September 27, 2026. The products will cater to both domestic and international markets, specifically targeting exports to SAARC countries and the Middle East. While no revenue potential or pricing details were disclosed, this product rollout aligns with the company's broader expansion across solar and EV infrastructure. The business recorded TTM revenue of ₹751 crore and will seek to support its growth targets via this expanded portfolio.
- Launched Hybrid Solar Inverters (IP65 and IP54) and Micro Grid Inverters on September 27, 2026
- Targeting both domestic demand and exports to SAARC countries and the Middle East
- Products listed for distribution and available on the company website
- Servotech reported TTM revenue of ₹751 crore with FY26 revenue at ₹671.63 crore
Servotech Renewable Power System Limited has submitted its scrutinizer report and voting results for its 22nd Annual General Meeting held on September 25, 2026. All listed ordinary and special resolutions were passed with over 99.9% majority votes in favor. Key approvals include the declaration of a final dividend of ₹0.02 per equity share (face value ₹1/-) for FY26 and the re-appointment of Raman Bhatia as Managing Director. Additionally, resolutions covering borrowing limits under Section 180(1)(c) and material related party transactions were approved.
- All resolutions passed with over 99.98% votes in favor across eligible polled shares
- Final dividend of ₹0.02 per equity share of face value ₹1/- approved for FY26
- Special resolution passed approving the re-appointment and remuneration of Raman Bhatia as MD
- A total of 15,25,69,608 votes were polled out of 22,58,45,348 total outstanding shares (67.55% turnout)
Servotech Renewable Power System Limited has announced the closure of its trading window starting Thursday, October 1, 2026. The window will remain shut for designated persons and their immediate relatives pursuant to SEBI (PIT) Regulations. It will reopen 48 hours after the declaration of the un-audited financial results for the quarter and half-year ending September 30, 2026. This is a standard compliance procedure ahead of quarterly earnings.
- Trading window closes on Thursday, October 1, 2026
- Closure applies until 48 hours after the declaration of Q2 and half-year results ending September 30, 2026
- Pertains to un-audited financial results for the quarter and half-year ending September 30, 2026
- Applies to all designated persons, directors, and designated employees
Servotech Renewable Power System has issued the notice for its 22nd Annual General Meeting scheduled for September 25, 2026. Key agenda items include the approval of a final dividend of ₹0.02 per share (face value ₹1) for FY26. The company has also proposed re-appointing Managing Director Raman Bhatia for a 5-year term (June 2027 to May 2032) and revising the annual remuneration ceiling for both MD Raman Bhatia and WTD Sarika Bhatia to up to ₹3.00 crore each (up from ₹1.80 crore earlier), effective October 1, 2026.
- 22nd AGM scheduled for September 25, 2026; e-voting cut-off date is September 18, 2026
- Final dividend of ₹0.02 per equity share (face value ₹1) proposed for FY26
- Proposed remuneration cap of up to ₹25,00,000 per month (₹3.00 Cr p.a.) each for MD Raman Bhatia and WTD Sarika Bhatia vs ₹1.80 Cr drawn previously
- Re-appointment of Managing Director Raman Bhatia proposed for a 5-year term from June 1, 2027 to May 31, 2032
Servotech Renewable Power System Limited has fixed Friday, September 18, 2026, as the record date to determine shareholder eligibility for the final dividend of FY 2025-26. The dividend remains subject to shareholder approval at the upcoming Annual General Meeting (AGM). The company's share transfer books will remain closed from September 19, 2026, to September 25, 2026, with remote e-voting scheduled from September 21 to September 24, 2026.
- Record date fixed as September 18, 2026, for FY26 final dividend entitlement
- Book closure period set from September 19, 2026, to September 25, 2026 (both days inclusive)
- Remote e-voting open from September 21, 2026 (09:00 AM IST) to September 24, 2026 (05:00 PM IST)
Servotech Renewable Power System's Board approved the re-appointment of founder Mr. Raman Bhatia as Managing Director for a 5-year term starting June 1, 2027, subject to shareholder approval. The Board also approved enhancing the company's borrowing limit to ₹800 crore (compared to existing debt of ₹198 crore and TTM revenue of ₹751 crore) and creating charges on assets. Additionally, September 18, 2026, was fixed as the record date for the FY26 final dividend, with the 22nd AGM scheduled for September 25, 2026.
- Re-appointed founder Mr. Raman Bhatia as Managing Director for a 5-year term effective June 1, 2027.
- Approved enhancement of borrowing limits and asset charge creation up to ₹800 crore under Section 180 of the Companies Act.
- Set Friday, September 18, 2026, as the record date for determining eligibility for the FY26 final dividend.
- Scheduled 22nd Annual General Meeting on September 25, 2026, and approved material related party transactions with Rhine Solar Limited.
Servotech Renewable Power System's Board has approved an increase in its borrowing limit up to ₹800 crore under Section 180(1)(c), subject to shareholder approval. The Board also scheduled the 22nd Annual General Meeting for September 25, 2026, and fixed September 18, 2026, as the record date for the final dividend. Additionally, the Board approved a 5-year re-appointment of Managing Director Raman Bhatia from June 1, 2027, and approved material related-party transactions with Rhine Solar Limited.
- Approved enhancement of borrowing limits to ₹800 crore under Section 180(1)(c), subject to special resolution.
- Fixed September 18, 2026, as the record date for determining eligibility for the final FY26 dividend.
- Scheduled 22nd Annual General Meeting for Friday, September 25, 2026.
- Approved 5-year re-appointment of promoter Raman Bhatia as Managing Director effective June 1, 2027.
- Approved material related-party transactions with Rhine Solar Limited subject to shareholder approval.
Servotech Renewable Power System Limited has disclosed the resignation of Mr. Abhishek Khandelwal, Chartered Accountants, from the position of Internal Auditor. The resignation is effective immediately from the close of business hours on August 21, 2026. The reason cited for the departure is personal reasons.
- Internal Auditor Mr. Abhishek Khandelwal resigned effective August 21, 2026
- Cessation is effective from close of business hours on August 21, 2026
- Reason for change stated as personal reasons
Servotech Renewable Power System reported a strong start to FY27, with consolidated revenue rising 57.69% YoY to ₹216.29 Cr. Profitability showed significant momentum as PAT grew 74.51% YoY to ₹7.95 Cr, and EBITDA surged 93.35% to ₹20.94 Cr. The company is currently utilizing only 50% of its production capacity, providing significant headroom for growth as it targets a long-term revenue block of ₹2,500 Cr. Key operational wins include a 900 kW BESS order from UP and an MoU with the Haryana government for manufacturing expansion.
- Consolidated revenue increased 57.69% YoY to ₹216.29 Cr in Q1 FY27.
- Consolidated PAT grew 74.51% YoY to ₹7.95 Cr compared to the previous year's quarter.
- EBITDA witnessed a 93.35% YoY growth, reaching ₹20.94 Cr.
- Current production capacity utilization is reported at approximately 50%.
- Secured a 900 kW Battery Energy Storage System (BESS) order from Uttar Pradesh during the quarter.
Servotech Renewable Power System Ltd has detected an internal fraud estimated at ₹2-2.5 crores involving senior employees and an external party. The fraud involved unauthorized inventory removal and forgery of tax invoices by the Head of Supply Chain and the Manager of Production Planning. While the amount is approximately 0.37% of TTM revenue, it represents nearly 7.8% of TTM PAT (₹32 Cr). The company has initiated criminal action via an FIR and is appointing a forensic auditor to confirm the total loss.
- Estimated financial impact of ₹2.0 to ₹2.5 crores
- Involvement of Head of Supply Chain Management and Manager of Production Planning & Control
- Criminal FIR No- 429/2026 registered with Haryana Police
- Fraud mechanism included forgery of tax invoices and unauthorized physical inventory removal
Servotech Renewable Power System Limited has released the audio recording of its earnings conference call held on July 22, 2026. The call discussed the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. This is a standard regulatory disclosure following the announcement of quarterly results. Investors can access the recording via the company's website to understand management's outlook on their Rs 2,500 Cr revenue target.
- Audio recording for the quarter ended June 30, 2026, is now publicly available.
- The conference call was conducted on July 22, 2026, following the results announcement.
- Company maintains a long-term strategy to scale from Rs 500 Cr to Rs 2,500 Cr revenue.
- TTM revenue currently stands at Rs 672 Cr with an OPM of 10.0%.
- Management previously indicated a 40% CAGR target for the business.
Servotech reported a robust Q1 FY27 with consolidated revenue rising 56.97% YoY to Rs 210.29 Cr and PAT increasing 94.5% to Rs 9.41 Cr. The company signed a significant Rs 400 Cr MoU with the Haryana government for manufacturing expansion, which represents approximately 59.5% of its TTM revenue. While the solar segment dominates at 49.5% of revenue, the EV charger segment remains small at 2.5%, though it recently secured BEE 5-star ratings for its DC chargers.
- Consolidated Revenue grew 56.97% YoY to Rs 210.29 Cr in Q1 FY27
- EBITDA surged 96.65% YoY to Rs 20.95 Cr, reflecting improved operational efficiency
- Signed a Rs 400 Crore MoU with Haryana Govt, equivalent to ~59.5% of TTM revenue
- Solar Plants segment now accounts for 49.5% of the total revenue mix
- Secured BEE 5-Star ratings for 60kW and 120kW DC EV chargers to boost product competitiveness
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew 22.69% to INR 305.69 Cr in FY24 from INR 249.15 Cr in FY23, driven by deeper penetration in Solar and EV segments. Consolidated revenue for H1 FY26 stood at INR 244.82 Cr.
Profitability Margins
Net Profit ratio improved 53.93% to 5.68% in FY25 from 3.69% in FY24. Return on Equity (ROE) increased 75.46% to 18.95% in FY25 from 10.80% in FY24, while Return on Capital Employed (ROCE) grew 97.21% to 17.67% from 8.96% in FY24.
EBITDA Margin
EBITDA margin was 6.61% in FY24, a moderation of 55 bps from 7.16% in FY23 due to increased manufacturing, administration, and employee benefit expenses.
Capital Expenditure
The company is setting up a new unit to double its production capacity; specific INR Cr expenditure for this expansion was not disclosed.
Credit Rating & Borrowing
CRISIL Ratings assigned a 'Stable' outlook with bank limits of INR 47 Cr utilized at 64%. Infomerics Ratings assigned 'IVR BBB/Stable' for long-term facilities. Interest coverage ratio stood at 6.28x in FY24.
Operational Drivers
Raw Materials
Raw materials include components for EV chargers, solar inverters, batteries, and solar panels, representing ~80% of total costs.
Capacity Expansion
Current capacity is being expanded to double existing output to support growth beyond the INR 500 Cr revenue mark.
Raw Material Costs
Raw material costs represent ~80% of total costs. EBITDA margins moderated by 55 bps in FY24 partly due to manufacturing expense increases.
Manufacturing Efficiency
Operating Profit Ratio improved 36% to 8.99% in FY25 from 6.61% in FY24, reflecting higher margins in sales.
Logistics & Distribution
Logistic delays are identified as a threat to the supply chain; specific distribution costs were not disclosed.
Strategic Growth
Expected Growth Rate
40%
Growth Strategy
The company aims to leap from the INR 500 Cr revenue block to INR 2,500 Cr by expanding infrastructure, manpower alignment, and product shifting. Growth is supported by securing large government projects, such as the INR 73.70 Cr rooftop solar project from NREDCAP and the INR 16.31 Cr grid-connected solar project from Railway Energy Management Company Ltd.
Products & Services
EV chargers (AC/DC), solar inverters, batteries, solar panels, battery energy storage systems, Servo Stabilizers, and LED lighting solutions.
Brand Portfolio
Servotech
New Products/Services
Development of ultra-fast DC chargers and home AC chargers to capture the expanding EV infrastructure market.
Market Expansion
Expansion into grassroots levels for better profits and strategic alliances/joint ventures for new market entries.
Strategic Alliances
Strategic alliances and JVs are planned to expand market presence, though specific partner names were not disclosed.
External Factors
Industry Trends
The industry is seeing a thrust from the Government to increase EV and Solar penetration through incentives and subsidies, supporting Servotech's 22.69% revenue growth in FY24.
Competitive Landscape
Intense price-based competition from other players in the renewable energy and EV charging sectors.
Competitive Moat
Moat is built on the 21-year industry experience of promoters and established relationships with B2B customers and suppliers, enabling a 40% CAGR over the last three fiscals.
Macro Economic Sensitivity
Sensitive to economic and political conditions, changes in government regulations, and tax policies.
Consumer Behavior
Increasing demand from environmentally conscious customers and investors aligned with green initiatives.
Geopolitical Risks
Global supply chain disruptions and raw material shortages are identified as key threats.
Regulatory & Governance
Industry Regulations
Regulatory changes could increase compliance costs and operational complexity; the company maintains an internal control system to satisfy legal and industry standards.
Environmental Compliance
The company stays aligned with green initiatives to attract environmentally conscious investors; specific ESG costs were not disclosed.
Taxation Policy Impact
Changes in tax policies are noted as a factor that could influence performance.
Risk Analysis
Key Uncertainties
Rapid technological shifts and regulatory changes are primary uncertainties that could require significant capital or increase operational costs.
Third Party Dependencies
High dependency on raw material suppliers as they constitute ~80% of the cost structure.
Technology Obsolescence Risk
High risk of rapid technological shifts in the EV charging space requiring ongoing R&D and capital investment.
Credit & Counterparty Risk
Receivables from retail customers are typically received within 30-45 days; operations remain working capital intensive due to high debtors (96.05 days in FY25).
