Spectrum Electrical Industries Limited (SPECTRUM)
₹3,786.70 -0.32% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Spectrum Electrical's revenue was ₹155 Cr (+76.5% year on year, -45.4% on the previous quarter), and net profit ₹13.1 Cr (+131.9% year on year); the operating margin was 15.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹155 | +76.5% | -45.4% |
| Operating profit | ₹24.2 | +102.0% | -47.3% |
| Net profit | ₹13.1 | +131.9% | -49.8% |
| EPS (₹) | 8.31 | +127.7% | -50.8% |
| Operating margin | 15.7% | — | — |
SPECTRUM exchange data
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📢 Recent Corporate Announcements
Spectrum Electrical Industries Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that zero dematerialisation requests were received during the period from July 1, 2026 to September 30, 2026. This is a purely administrative compliance filing and carries no operational or financial impact on the company.
- Compliance certificate submitted under Regulation 74(5) of SEBI regulations for the quarter ended September 30, 2026
- Confirmation received from RTA Bigshare Services Private Limited dated October 7, 2026
- Zero dematerialisation requests received between July 1, 2026 and September 30, 2026
Spectrum Electrical Industries has received trading approvals from NSE and BSE for 13,73,625 equity shares allotted on a preferential basis to non-promoters. The shares were allotted at an issue price of Rs 2,002 each (face value Rs 10 plus premium of Rs 1,992), representing a capital raise of approximately Rs 275 crore. Trading becomes effective October 7, 2026, with the shares locked in until April 10, 2027. This preferential issue corresponds to roughly 4.5% of the company's Rs 6,129 crore market cap and surpasses its existing net worth of Rs 242 crore.
- Trading approval granted for 13,73,625 equity shares on NSE and BSE effective October 7, 2026
- Issued at Rs 2,002 per share (Rs 10 face value plus Rs 1,992 premium), raising ~Rs 275 crore
- Allotted to Non-Promoters on preferential basis with lock-in till April 10, 2027
- Shares allotted on September 11, 2026 under distinctive numbers 15713841 to 17087465
Spectrum Electrical Industries has received in-principle listing approval from NSE and BSE for 13,73,625 equity shares allotted on a preferential basis. The shares were issued at ₹2,002 each (face value ₹10 plus a premium of ₹1,992), representing a capital raise of approximately ₹275 crore. This capital influx is substantial relative to the company's net worth of ₹242 crore (~113.6%) and TTM revenue of ₹682 crore (~40.3%). Trading will commence upon confirmation of depository credit from NSDL and CDSL.
- Received in-principle listing approval for 13,73,625 equity shares from NSE and BSE on October 01, 2026.
- Issue price set at ₹2,002 per share, comprising ₹10 face value and ₹1,992 premium.
- Total capital raised stands at approximately ₹275 crore, exceeding existing net worth of ₹242 crore.
- Distinctive share range approved spans from 15713841 to 17087465.
CRISIL Ratings has upgraded Spectrum Electrical Industries Limited's bank loan facilities totaling Rs 250 crore. The long-term rating was raised from 'Crisil BBB+/Stable' to 'Crisil A-/Stable', while the short-term rating was upgraded from 'Crisil A2' to 'Crisil A2+'. The rated debt represents approximately 36.7% of TTM revenue (Rs 682 crore) and exceeds the company's current total debt of Rs 214 crore. This credit profile enhancement reflects improving operational stability and financial resilience.
- CRISIL revised the rating on Rs 250 crore total bank loan facilities
- Long-term bank facilities upgraded to 'Crisil A-/Stable' from 'Crisil BBB+/Stable'
- Short-term bank facilities upgraded to 'Crisil A2+' from 'Crisil A2'
- Rated facilities include Rs 151.31 crore in term loans and Rs 95 crore in working capital/cash credit lines
- Rating letter issued on September 24, 2026, and valid until March 31, 2027
Spectrum Electrical Industries Limited has entered into a Memorandum of Understanding (MoU) with the Government of Maharashtra under a Public-Private Partnership (PPP) model. The project focuses on the development and upgradation of Kavayitri Bahinabai Chaudhari Government ITI (Boys) in Jalgaon, Maharashtra. The company will support infrastructure, training equipment, and vocational skill development as part of its Corporate Social Responsibility (CSR) commitments. Financial outlay for the initiative was not disclosed, and it has no direct impact on commercial operations or revenue generation.
- MoU signed on 22/09/2026 with Government of Maharashtra under PPP model
- Covers development and upgradation of Kavayitri Bahinabai Chaudhari Government ITI (Boys), Jalgaon
- Initiative executed under Corporate Social Responsibility (CSR) mandate
- Total project expenditure and financial commitment not disclosed
Spectrum Electrical Industries announced that its Board has approved the temporary interim investment of Rs 287.50 Cr of unutilized preferential issue proceeds. These funds will be temporarily placed in money market instruments, liquid funds, fixed deposits with scheduled banks, and government securities until required for stated objectives. The unutilized corpus is substantial, representing approximately 42% of the company's TTM revenue (Rs 682 Cr) and surpassing its net worth (Rs 242 Cr). This treasury management ensures yield generation on parked capital while awaiting project deployment.
- Board approved interim investment of Rs 287,49,97,125 unutilized preferential issue proceeds
- Proceeds will be parked in money market mutual funds, liquid funds, bank fixed deposits, or government securities
- Unutilized amount of ~Rs 287.50 Cr represents ~42% of TTM revenue (Rs 682 Cr) and exceeds net worth (Rs 242 Cr)
- Board meeting commenced at 3:30 PM and concluded at 4:10 PM on September 20, 2026
Spectrum Electrical Industries has approved the allotment of 13,73,625 equity shares at ₹2,002 per share, raising ₹275 crore from institutional and non-promoter investors including HDFC Mutual Fund and Valuequest India Inflexion Fund. Additionally, 2,49,750 warrants were allotted to promoter Deepak Suresh Chaudhari at ₹2,002 each, mobilizing ₹12.50 crore upfront (25% of ₹50 crore total). The total capital raise of ~₹325 crore represents ~134% of the company's existing net worth (₹242 crore) and ~7.2% of its current market cap. Post full dilution, paid-up share capital increases from 1.57 crore shares to 1.73 crore shares.
- Allotted 13,73,625 equity shares at ₹2,002 each, raising ₹274.99 crore in cash
- Allotted 2,49,750 convertible warrants at ₹2,002 each to promoter Deepak Chaudhari, receiving ₹12.50 crore upfront
- HDFC Mutual Fund schemes collectively acquired 7,49,250 equity shares (4.32% post-dilution stake)
- Valuequest India Inflexion Fund subscribed to 3,74,625 equity shares (2.16% post-dilution stake)
- Total fully diluted share count increases from 1,57,13,840 to 1,73,37,215 equity shares
Spectrum Electrical Industries Limited has issued the notice convening its 18th Annual General Meeting (AGM) on September 30, 2026, at 11:30 a.m. at its registered office in Jalgaon. Key business items include the adoption of standalone and consolidated financial statements for FY26 and the re-appointment of retiring director Mrs. Bharti Deepak Chaudhari. Additionally, shareholder approval is sought to ratify Rs 50,000 in remuneration for the cost auditor, M/s. Kolhe & Associates, for FY27.
- 18th Annual General Meeting scheduled for September 30, 2026, at 11:30 a.m.
- Adoption of audited financial statements for the fiscal year ended March 31, 2026
- Proposed ratification of Rs 50,000 plus statutory levies for cost auditor remuneration for FY27
- Re-appointment of retiring director Mrs. Bharti Deepak Chaudhari under ordinary business
Spectrum Electrical Industries Limited held its Board of Directors meeting on September 04, 2026. The Board approved the Directors' Report for the financial year ended March 31, 2026, and scheduled the 18th Annual General Meeting (AGM) for September 30, 2026, at 11:30 a.m. Additionally, Ms. Yuti Nagarkar, Practicing Company Secretary, was appointed as the Scrutinizer for the voting process. This is a routine administrative filing with no operational or financial impact.
- Board approved the Directors' Report along with annexures for the financial year ended March 31, 2026.
- 18th Annual General Meeting (AGM) scheduled to be held on September 30, 2026, at 11:30 a.m.
- Ms. Yuti Nagarkar appointed as Scrutinizer for remote e-voting and poll voting.
- Board meeting commenced at 15:00 P.M. and concluded at 16:10 P.M. on September 04, 2026.
Spectrum Electrical Industries has secured in-principle approval from both NSE and BSE for its preferential issue aggregating ₹325 crore. The issuance comprises up to 13,73,625 equity shares at ₹2,002 per share (raising ₹275.00 crore) and up to 2,49,750 convertible warrants at ₹2,002 per warrant (raising ₹50.00 crore). This fundraise is substantial, representing approximately 9.6% of the company's current market cap of ₹3,371 crore and exceeding its existing net worth of ₹242 crore.
- In-principle approval received from NSE and BSE on August 31, 2026
- Preferential equity issue of up to 13,73,625 shares at ₹2,002 each, raising up to ₹274.9997 crore
- Convertible warrant issue of up to 2,49,750 warrants at ₹2,002 each, raising up to ₹49.99995 crore
- Total capital to be raised across equity and warrants aggregates to ₹324.9997 crore
Spectrum Electrical Industries Limited has announced the voting results for its Extraordinary General Meeting (EGM) held on August 20, 2026. Shareholders approved a special resolution for the offer, issue, and allotment of equity shares and convertible warrants on a preferential basis. A total of 14,114,102 votes were polled (representing 89.82% of total voting capital), with 100% voting in favour and zero votes against. Promoter and promoter group members participated and voted 11,427,260 shares in favour.
- Special resolution to issue equity shares and convertible warrants on a preferential basis approved with 100% votes in favour
- 14,114,102 total votes polled out of 15,713,840 outstanding shares (89.82% turnout)
- Public non-institutions polled 2,075,879 votes (56.78% of category) and public institutions polled 610,963 votes (96.94%), both voting 100% in favour
- Promoter and promoter group cast 11,427,260 votes in favour with zero dissenting votes
Spectrum Electrical Industries held its Extra-Ordinary General Meeting on August 20, 2026, to approve the preferential issue of equity shares and convertible warrants totaling ₹324.99 Cr. The fundraise will be sourced from promoters and marquee non-promoter investors. Relative to the company's financial profile, the ₹325 Cr capital raise is equal to ~134% of net worth (₹242 Cr) and ~9.4% of market capitalization (₹3,463 Cr). Final scrutinizer voting results will be submitted within two working days.
- Transacted special resolution for preferential issue and allotment of equity shares and convertible warrants
- Aggregate proposed fundraise value is ₹324,99,96,750 (~₹325 Cr)
- Issue allocated between promoters and non-promoter marquee investors
- Consolidated scrutinizer report and voting results to be disclosed within 2 working days
Spectrum Electrical Industries Limited has reappointed its existing audit partners for the financial year 2026-27. M/s. Sonawane MOR and Company will continue as the Internal Auditor, while M/s. Kolhe & Associates remains the Cost Auditor. These appointments, approved in the board meeting on August 13, 2026, are standard procedural requirements under the Companies Act, 2013. The move ensures continuity in the company's internal control and cost management reporting systems.
- Reappointment of M/s. Sonawane MOR and Company as Internal Auditor for the full financial year 2026-27
- Reappointment of M/s. Kolhe & Associates as Cost Auditor for the financial year 2026-27
- Internal Auditor partners possess approximately 10 years of professional experience in audit and taxation
- Cost Auditor proprietor has approximately 7 years of experience in cost management and reporting
- Board meeting for these approvals was concluded on August 13, 2026
Spectrum Electrical Industries reported a strong year-on-year performance for Q1 FY27, with revenue from operations rising 84.4% to ₹155.88 cr compared to ₹84.55 cr in the same quarter last year. Net profit more than doubled, reaching ₹13.29 cr against ₹6.09 cr in Q1 FY26, driven by operational scaling and improved margins. However, on a sequential basis, revenue and PAT declined by 15.4% and 32.1% respectively compared to the high-base March 2026 quarter. The company continues to focus on its core electrical and automobile component segments while re-appointing its internal and cost auditors for FY27.
- Revenue from operations grew 84.4% YoY to ₹155.88 cr in Q1 FY27.
- Net profit surged 118.2% YoY to ₹13.29 cr from ₹6.09 cr in the year-ago period.
- Profit Before Tax (PBT) increased 160% YoY to ₹17.68 cr, reflecting improved operating leverage.
- Basic EPS for the quarter stood at ₹8.45, up from ₹3.90 in Q1 FY26.
- Raw material costs remained the largest expense at ₹116.23 cr, representing ~75% of revenue.
Spectrum Electrical Industries reported a robust YoY performance for Q1 FY27, with revenue rising 84.3% to ₹155.88 cr from ₹84.55 cr in the previous year's quarter. Net profit surged 118.2% to ₹13.29 cr, driven by operational scale, although it showed a sequential decline from the ₹26 cr reported in Q4 FY26. The company maintained its focus on electrical and automobile components, with the board also re-appointing internal and cost auditors for the 2026-27 fiscal year. Despite the strong YoY growth, the company faces high client concentration and a high P/E valuation of 72.1.
- Revenue from operations grew 84.3% YoY to ₹155.88 cr from ₹84.55 cr.
- Net profit (PAT) increased 118.2% YoY to ₹13.29 cr compared to ₹6.09 cr.
- Basic Earnings Per Share (EPS) improved to ₹8.45 from ₹3.90 in the year-ago period.
- Raw material costs stood at ₹116.23 cr, representing approximately 74.5% of total revenue.
- Finance costs remained relatively stable at ₹4.85 cr versus ₹4.54 cr in Q1 FY26.
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment comprising electrical, automobile, and irrigation components. Consolidated revenue grew nearly 30% in FY24 to INR 328 Crores, up from INR 258 Crores in FY23.
Profitability Margins
Gross Profit margin was 24.4% in FY24 (INR 80 Cr), slightly down from 24.8% in FY23. Net Profit (PAT) margin improved significantly from 3.3% in FY23 to 5.9% in FY24, representing a ~2x jump in core profitability.
EBITDA Margin
EBITDA margin stood at 13.6% in FY24, a 30% relative improvement from 10.4% in FY22. Operating margins are expected to sustain between 13% and 13.5% in the near term.
Capital Expenditure
Total assets increased from INR 316.10 Cr in March 2024 to INR 423.66 Cr in March 2025, reflecting ongoing capex to support a projected 15-20% annual revenue growth.
Credit Rating & Borrowing
CRISIL Ratings maintains a healthy profile for the company, citing a comfortable capital structure and debt coverage metrics, though specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Electrical components, automobile components, irrigation components, and polymers (implied by the original name Spectrum Polytech). Specific cost percentages per material are not disclosed.
Key Suppliers
Not disclosed in available documents; however, the company is actively pursuing a strategy to develop more vendors to ensure business continuity.
Capacity Expansion
Revenue growth is supported by increased capacity and the addition of new customers, though specific unit-based capacity figures (MT/units) were not disclosed.
Manufacturing Efficiency
Operational efficiency is highlighted by a 30% jump in EBITDA and a doubling of PBT margins from 4.2% in FY22 to 8.2% in FY24.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be achieved through increased manufacturing capacity, the addition of new customers, organic growth from existing global clients like Schneider and Panasonic, and strategic positioning in the electric vehicle (EV) and smart technology markets.
Products & Services
Design and manufacture of electrical components, automobile components, and irrigation components.
Brand Portfolio
Spectrum Electrical Industries Limited (formerly Spectrum Polytech).
New Products/Services
The company is focusing on innovative offerings for the EV and smart technology sectors to capitalize on rapidly expanding sustainable technology adoption.
Market Expansion
Market expansion is targeted through strategic collaborations and partnerships with leading organizations to enhance service delivery and market presence.
Strategic Alliances
Strategic partnerships are formed with leading organizations to combine resources and expertise, though specific partner names for new JVs were not disclosed.
External Factors
Industry Trends
The industry is shifting toward sustainable practices, Electric Vehicles (EV), and smart technology. Spectrum is positioning itself to leverage these trends through advanced technology expertise.
Competitive Landscape
The company operates in a dynamic market environment requiring precision and innovation to maintain a competitive edge against other electrical component manufacturers.
Competitive Moat
The company's moat is built on over 30 years of promoter experience and established, long-standing relationships with global market leaders like Schneider and Panasonic, providing a healthy market position.
Macro Economic Sensitivity
Sensitive to global economic conditions; IMF forecasts global growth at 3.0% for 2025, with China at 4.8% and the US at 1.9%, which affects export demand for components.
Consumer Behavior
Increasing consumer and business adoption of sustainable technology is driving demand for EV and smart technology components.
Geopolitical Risks
Operations are subject to changes in government regulations, tax laws, and international trade conditions affecting domestic and overseas markets.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI (LODR) Regulations, 2015, and Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act.
Environmental Compliance
The company integrates sustainable practices into its product lines, though specific ESG compliance costs were not disclosed.
Taxation Policy Impact
Current tax liabilities (net) were INR 4.43 Cr as of March 31, 2025.
Legal Contingencies
Statutory auditors issued an unmodified opinion for FY25, indicating no material legal or financial misstatements were detected during the audit of standalone and consolidated results.
Risk Analysis
Key Uncertainties
Key risks include a decline in operating margins below 10%, higher-than-expected debt-funded capex, and potential fraud or management override of internal controls.
Geographic Concentration Risk
The registered office and primary operations are concentrated in Jalgaon, Maharashtra, India.
Third Party Dependencies
High dependency on the top 3 customers (53% revenue) and the need to develop a more robust vendor network to mitigate supply chain disruptions.
Technology Obsolescence Risk
The company faces technology risks in the rapidly evolving EV and smart tech sectors, addressed through continuous refinement of innovative product offerings.
Credit & Counterparty Risk
Trade payables stood at INR 42.23 Cr as of March 2025, with a focus on maintaining adequate internal controls to ensure the quality of financial reporting and receivables.
