Swelect Energy Systems Limited (SWELECTES)
₹595.45 +1.84% last close, 23 Oct
Snapshot
Swelect Energy Systems Limited closed at ₹595.45 on 23 Oct 2026, 0.4% below its 200-day average, with an RSI(14) of 48.5 and a P/E of 20.94. On the daily chart it is in a range, with a technical score of 34/100 (bearish). In the quarter ended June 2026, revenue fell 26.2% and net profit fell 63.8% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹595.45
- Day change
- +1.84%
- Market Cap
- ₹925 Cr
- 52-week range
- ₹483.10 – ₹885.00
- From 52-week high
- -32.72%
Financials23 Oct 2026
- P/E
- 20.94
- P/B
- 1.00
- ROE
- 4.8%
- ROCE
- 9.0%
- Debt to Equity
- 0.87
- OPM
- 22.6%
- YoY qtr sales growth
- -26.2%
- YoY qtr profit growth
- -63.8%
- Dividend Yield
- 0.59%
Latest quarter Jun 2026 · Consolidated
Technicals23 Oct 2026
- Trend
- Range
- Technical score
- 34/100 · Bearish
- MACD
- Bearish
- RSI (14)
- 48.49
- ADX (14)
- 24.19
- SuperTrend
- Bullish
- vs 20-day SMA
- -1.11%
- vs 50-day SMA
- -0.08%
- vs 200-day SMA
- -0.42%
- RS rating
- 54.00
- Nearest support
- ₹531.05
- Nearest resistance
- ₹601.20
Exchange activity23 Oct 2026
- Delivery
- 58.43% vs 50.0% average
- Volume vs its average
- 2.1×
Events
- Latest results
- Q1 FY27, filed 14 Aug 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Swelect Energy's revenue was ₹131 Cr (-26.2% year on year, -35.3% on the previous quarter), and net profit ₹7.7 Cr (-63.8% year on year); the operating margin was 21.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹131 | -26.2% | -35.3% |
| Operating profit | ₹28.4 | -31.9% | -18.8% |
| Net profit | ₹7.7 | -63.8% | -30.4% |
| EPS (₹) | 4.66 | -66.6% | -30.8% |
| Operating margin | 21.7% | — | — |
SWELECTES delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 58.43% of the SWELECTES shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.0%. That is close to its usual level. It traded 2.1 times its average daily volume.
Delivery in the last 5 sessions: 53.2% · 60.0% · 53.0% · 47.6% · 58.4%
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
SWELECT Energy Systems Limited's Investment Committee approved the off-market transfer of 12,78,000 equity shares (face value Rs. 10 each) in its subsidiary, ESG Green Energy Private Limited, to Ramco Industries Limited on October 23, 2026. Ramco Industries is entering as a proposed group captive consumer in the subsidiary. Following the transfer, ESG Green Energy will continue to remain a subsidiary of SWELECT. The financial consideration for the transfer was not disclosed in the filing.
- Transfer of 12,78,000 equity shares of subsidiary ESG Green Energy Private Limited approved
- Shares have a face value of Rs. 10 each
- Shares transferred to Ramco Industries Limited as a proposed group captive consumer
- ESG Green Energy Private Limited continues to remain a subsidiary of SWELECT Energy Systems
SWELECT Energy Systems has approved the acquisition of 100% equity shares of Rajasthan-based Sushma Solar Energy Private Limited for an aggregate cash consideration not exceeding ₹2.27 crore. Sushma Solar, incorporated in May 2025, has zero historical revenue and a net worth of ₹0.01 crore. Through this wholly owned subsidiary, SWELECT plans to set up a 50 MW solar power plant under the Group Captive Scheme, adding meaningfully to its existing 113 MW solar capacity base.
- Acquisition of 100% equity stake (10,000 shares) for a cash consideration not exceeding ₹2,27,24,000
- Target entity Sushma Solar plans to set up a 50 MW solar power plant under the Group Captive Scheme
- Adds significant pipeline to SWELECT's existing 113 MW operational solar asset base
- Target entity was incorporated on 18th May 2025 with ₹0 turnover and ₹0.01 crore net worth
SWELECT Energy Systems Limited has appointed Pradeep Kumar Madhur as Chief Business Officer (CBO), effective October 1, 2026. He will lead commercial strategy, sales, and business development across EPC, IPP, channel, and solar module verticals. Madhur brings over 17 years of industry experience, notably leading LONGi Solar's India business where he scaled annual revenues past USD 1 billion and previously assisted in deploying over 4 GW of solar inverters at Sungrow India. This appointment is aimed at driving commercial scale across SWELECT's operations, which generated Rs 610 Cr in TTM revenue.
- Pradeep Kumar Madhur appointed as Chief Business Officer effective October 1, 2026
- Executive brings over 17 years of experience in solar and power infrastructure across India and APAC
- Previously led LONGi Solar's India business generating over USD 1 billion annually
- Part of the founding team at Sungrow India with over 4 GW deployed during its initial 3 years
SWELECT Energy Systems Limited announced that its step-down wholly owned subsidiary, SWELECT HHV Solar Photovoltaics Private Limited, has commissioned a 3.125 MW solar power plant in Virudhunagar District, Tamil Nadu. The project is interfaced at a 33 KV level with the existing 33/11 KV Naranapuram TNEB substation. The generated energy is dedicated to captive consumption via the Intra State Open Access System. Relative to SWELECT's existing ~113 MW solar capacity base, this addition represents an incremental increase of ~2.8%.
- Commissioned 3.125 MW solar power plant in Virudhunagar District, Tamil Nadu
- Executed by step-down wholly owned subsidiary SWELECT HHV Solar Photovoltaics Private Limited
- Interfaced at 33 KV level into 33/11 KV Naranapuram TNEB substation
- Output designated for captive consumption via Intra State Open Access
- Expands company's total installed solar operational portfolio of 113 MW by ~2.8%
SWELECT Energy Systems has announced the rollout of its SWEES EN+ scalable solar hybrid inverter range targeted at Commercial & Industrial (C&I) clients. The inverters span capacities from 5 kW to 50 kW (and scalable beyond 50 kW) to integrate solar power, battery storage, and grid management. The product range has received Bureau of Indian Standards (BIS) certification under the Compulsory Registration Scheme (CRS), enabling commercial launch in Q2 FY27. Financial metrics, capex, and expected revenue contributions from the rollout were not disclosed.
- Launched SWEES EN+ hybrid inverter range spanning 5 kW to 50 kW capacity, scalable beyond 50 kW
- Certified by Bureau of Indian Standards (BIS) under Compulsory Registration Scheme (CRS)
- Commercial rollout scheduled for Q2 FY27
- Targets Commercial & Industrial (C&I) customers integrating solar, battery storage, and grid supply
SWELECT Energy Systems has approved an additional equity investment of up to ₹20.77 crore in its subsidiary USolar Assetco Four Private Limited to set up a 26.6 MWp DC solar power plant under the Group Captive Scheme. Following this and allotments to group captive investors, SWELECT's shareholding in USolar Four will dilute from 100% to 74%. In parallel, the company will acquire 100% of GNU Solar Assetco Two Private Limited for up to ₹10 lakh to develop an additional 11 MWp DC group captive solar plant. Combined, the moves support 37.6 MWp of planned solar capacity additions relative to the company's existing 113 MW asset base.
- Board approved additional investment of up to ₹20,76,66,459 in USolar Assetco Four Private Limited at ₹89 per share.
- USolar Four is setting up a 26.6 MWp DC solar plant; SWELECT's holding will adjust from 100% to 74% post group captive allotments.
- Acquisition of 100% equity (10,00,000 shares) of GNU Solar Assetco Two Private Limited for a consideration not exceeding ₹10 lakh.
- GNU Solar Two plans to develop an initial capacity of up to 11 MWp DC under the Group Captive Scheme.
Swelect Energy Systems has approved the transfer of a 26% equity stake (2,600 shares) in its wholly owned subsidiary, ESG Solar Energy Private Limited, to Garg Acrylics Limited for ₹31,00,000. Garg Acrylics is partnering as a proposed group captive consumer to meet standard captive solar power regulations. ESG Solar Energy is yet to commence commercial operations, reporting nil turnover and a negative net worth of ₹7.83 lakhs in FY26. Following the share transfer, the entity will continue as a 74% subsidiary of Swelect Energy.
- Swelect Energy transfers 2,600 shares representing a 26% equity stake in ESG Solar Energy Private Limited.
- Total cash consideration received for the 26% stake is ₹31,00,000 (₹31 lakhs).
- Target subsidiary had NIL revenue and a negative net worth of ₹7.83 lakhs as of FY26 audited accounts.
- Buyer is Garg Acrylics Limited, joining as a proposed group captive consumer.
SWELECT Energy Systems Limited has submitted the official minutes of its 31st Annual General Meeting (AGM) held on July 31, 2026, via Video Conferencing/OAVM. This submission is a statutory compliance filing under SEBI listing regulations. The document places the proceedings of the shareholder meeting on exchange records and contains no new financial or operational disclosures.
- Minutes of the 31st Annual General Meeting submitted to BSE and NSE.
- AGM was conducted on July 31, 2026, via Video Conferencing / Other Audio-Visual Means.
- Filing made on August 28, 2026, in compliance with regulatory reporting norms.
SWELECT Energy Systems Limited announced that its subsidiary, ESG Green Energy Private Limited, successfully commissioned a 10 MW Solar Power Plant in Tiruvannamalai District, Tamil Nadu on August 24, 2026. The new facility adds to the company's existing 113 MW solar portfolio (~8.8% capacity increase). Power generated will be sold under the Group Captive model via intra-state open access, ensuring steady recurring revenue streams.
- Commissioned 10 MW solar power plant on 24th August 2026 via subsidiary ESG Green Energy Private Limited
- Located at Nedumpirai Village, Cheyyar Taluk, Tiruvannamalai District, Tamil Nadu
- Interfaced at 33 KV level to SWELECT's 110/33 KV pooling sub-station connected to TANTRANSCO SS at 110 KV
- Power to be supplied under the Group Captive Power Sale model via Intra State Open Access
SWELECT Energy Systems reported a weak consolidated performance for Q1 FY27, with PAT falling 63.8% YoY to ₹7.65 Cr and revenue declining 26.2% to ₹130.77 Cr. The decline was primarily driven by customer order deferrals due to uncertainty surrounding ALMM 2 implementation between May and July 2026, alongside a ₹8 Cr contingency provision. In contrast, standalone results were robust, with PAT surging 362.5% to ₹18.68 Cr. Management is currently pursuing 140 MW of solar park acquisitions in Rajasthan and is in advanced talks for two large EPC orders to bolster the order book.
- Consolidated Profit After Tax (PAT) fell 63.8% YoY to ₹765.33 Lakhs from ₹2,113.96 Lakhs.
- Consolidated Revenue from Operations decreased 26.2% YoY to ₹13,077.21 Lakhs.
- Standalone PAT grew 362.5% YoY to ₹1,867.81 Lakhs, showing a sharp divergence from consolidated figures.
- Recognized a ₹8 crore provision for contingencies under other expenses in the consolidated statement.
- In process of completing acquisition of two solar parks in Rajasthan totaling 140 MW, more than doubling current 113 MW capacity.
SWELECT Energy Systems has approved a ₹5.52 Cr investment in its subsidiary, SWELECT Sunpower Plus, to develop a 5 MW solar plant in Karnataka under a group captive model. This investment will reduce the parent's stake from 100% to 86.10% as captive consumers are onboarded. Concurrently, the company has placed the previously announced acquisition of Dexler Solar Park Phase 1 in abeyance. Financial results for Q1 FY27 are impacted by a ₹8.00 Cr provision for potential litigation contingencies, representing approximately 13.8% of the company's TTM PAT.
- ₹5.52 Cr additional investment approved for a 5 MW solar power plant in Karnataka.
- ₹8.00 Cr provision made in Q1 FY27 results for potential litigation contingencies.
- Acquisition of Dexler Solar Park Phase 1 Private Limited (announced July 25, 2026) put in abeyance.
- Parent shareholding in SWELECT Sunpower Plus to decrease from 100% to 86.10% post-investment.
- The 5 MW project represents a ~4.4% addition to the company's existing 113 MW solar asset portfolio.
Shareholders of SWELECT Energy Systems approved all 17 resolutions at the 31st Annual General Meeting held on July 31, 2026. Key approvals include the declaration of a final dividend for FY26 and the reappointment of directors K V Nachiappan and Jayashree Nachiappan. Crucially, shareholders authorized increasing limits for loans, guarantees, and investments under Sections 185 and 186 of the Companies Act, providing financial flexibility for its subsidiary-heavy structure. Material related party transactions with subsidiaries USolar Assetco Four and Gridnex Solar Power were also ratified with over 99.9% majority.
- 17 resolutions passed with requisite majority at the AGM held on July 31, 2026
- 99.99% of votes cast were in favor of the FY26 final dividend declaration
- Approval granted for increasing loan and guarantee limits under Section 185 with 95,60,243 votes in favor
- Material Related Party Transactions approved for subsidiaries including USolar Assetco Four and Gridnex Solar Power
- Total of 55 shareholders attended the meeting through video conferencing facilities
SWELECT Energy Systems concluded its 31st AGM on July 31, 2026, presenting 17 resolutions for shareholder approval. Key items included the adoption of FY26 financials (Revenue: Rs 656.85 Cr, PAT: Rs 57.66 Cr) and the declaration of a final dividend. Significant special resolutions were proposed to increase the company's borrowing powers and limits for loans, guarantees, and investments under Sections 185 and 186. The company also sought approval for material Related Party Transactions with subsidiaries including USolar Assetco Four and Gridnex Solar Power.
- 31st Annual General Meeting held on July 31, 2026, covering 17 distinct resolutions.
- Special resolutions proposed to increase borrowing powers and investment limits under Sections 185 and 186.
- Approval sought for material Related Party Transactions with three entities including Gridnex Solar Power.
- Management confirmed the implementation of the SWELECT Employees Stock Option Scheme 2025.
- Statutory Auditors provided an unmodified opinion on the financial statements for the year ended March 31, 2026.
SWELECT Energy Systems has approved the 100% acquisition of Dexler Solar Park Phase 1 Private Limited (DSPP1) for a nominal cost of under Rs. 1 Lakh. The target entity is currently non-operational with zero turnover over the last three fiscal years and a negative net worth of Rs. 6.45 Lakhs. SWELECT intends to utilize this SPV to establish a 7.0 MWdc solar power plant in Karnataka under a group captive scheme. This project will expand the company's existing 113 MW solar portfolio by approximately 6.2%.
- Acquisition of 10,000 equity shares (100% stake) for a total consideration not exceeding Rs. 1 Lakh
- Target entity reported zero turnover for FY25, FY24, and FY23
- Planned initial solar capacity of 7.0 MWdc to be set up under a group captive scheme
- Target entity has a negative net worth of Rs. 6.45 Lakhs as of FY25
- The acquisition adds approximately 6.2% to the company's current 113 MW installed capacity
SWELECT Energy Systems' Singapore subsidiary has approved a strategic investment of up to US$ 500,000 in Comstock BESS LLC. The investment will be in Class B Preferred Equity, aimed at providing the company an entry into the US grid-storage market. While the financial outlay is small at approximately ‡4.2 crore (less than 1% of TTM revenue), it represents a strategic move into a high-growth international segment. This aligns with the company's existing 113 MW solar portfolio and focus on renewable energy infrastructure.
- Strategic investment of up to US$ 500,000 in Class B Preferred Equity
- Target entity is Comstock BESS LLC, facilitating entry into the US grid-storage market
- Investment represents approximately 0.52% of the company's ‡804 crore net worth
- Approved by the Investment Committee of the Board on July 14, 2026
Company profilewritten 14 Dec 2025
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 grew 1.48% YoY to INR 316.08 Cr from INR 311.48 Cr in H1 FY25. Standalone revenue for H1 FY26 was INR 160.19 Cr, a 24.5% decrease from INR 212.30 Cr in H1 FY25, indicating that subsidiaries (IPP assets) are the primary growth drivers.
Geographic Revenue Split
The company is headquartered in Chennai, Tamil Nadu, with operations primarily focused on solar power projects across India. Specific regional % split is not disclosed in available documents.
Profitability Margins
Consolidated Profit After Tax (PAT) for H1 FY26 was INR 10.23 Cr, representing a net margin of 3.2%, down from a 3.8% margin (INR 11.98 Cr) in H1 FY25. Operating margins are monitored against a 17% threshold by credit agencies.
EBITDA Margin
EBITDA margins are expected to remain above 17% to maintain credit stability. A decline below 17% is identified as a key downward rating factor, leading to lower cash accruals.
Capital Expenditure
The group is expected to contract debt of INR 250 Cr to replace short-term working capital borrowings in non-IPP segments, aiming to term out debt and improve the financial risk profile.
Credit Rating & Borrowing
Unsupported rating of 'CRISIL A-/Stable' and short-term rating of 'CRISIL A2+'. The group maintains moderate bank limit utilization of approximately 78% as of November 2023.
Operational Drivers
Raw Materials
Key raw materials include PV modules, solar cells, PV inverters, solar charge controllers, and solar junction boxes. Specific cost percentages for each are not disclosed.
Capacity Expansion
Current installed capacity is 113 MW of solar power assets, with 50 MW held by the parent company (SESL) and 63 MW distributed across seven subsidiaries.
Raw Material Costs
Raw material costs are subject to volatility as the non-IPP segment lacks a pass-through mechanism, leading to volatile operating margins.
Manufacturing Efficiency
Efficiency is measured by the Plant Load Factor (PLF) of solar assets. Lower-than-expected PLF is a significant risk to revenue and credit ratings.
Strategic Growth
Growth Strategy
Growth is driven by the Independent Power Producer (IPP) business and EPC contracts. The strategy involves pooling 113 MW of solar assets into a Restricted Group (RG) to stabilize cash flows and utilizing surplus IPP cash to service debt across other business segments.
Products & Services
Solar power (electricity), PV inverters, solar charge controllers, solar junction boxes, rooftop solar installations, and EPC (Engineering, Procurement, and Construction) services.
Brand Portfolio
SWELECT
New Products/Services
The company is issuing up to 303,175 equity shares under the SWELECT Employees Stock Option Scheme 2025 to incentivize and retain key personnel.
Strategic Alliances
The group operates through a co-obligor structure involving SESL and seven subsidiaries (e.g., Swelect Renewable Energy Private Limited) to pool operational solar assets.
External Factors
Industry Trends
The renewable energy industry is growing but faces intense competition and regulatory shifts. SWELECT is positioning itself by diversifying into IPP, manufacturing, and EPC services.
Competitive Landscape
Intense competition from both domestic and international players in solar module manufacturing and power generation.
Competitive Moat
Moat is built on 30+ years of promoter experience and a diversified business model. The co-obligor structure for 113 MW of assets provides a durable financial advantage by stabilizing debt servicing.
Macro Economic Sensitivity
Sensitive to regulatory changes in the renewable energy sector and state-level power policies.
Consumer Behavior
Increasing demand for rooftop solar and renewable energy installations among commercial and industrial consumers.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 (Sections 196, 197, 198) regarding managerial remuneration and SEBI (LODR) Regulations for listing and disclosure.
Risk Analysis
Key Uncertainties
Climatic conditions affecting solar PLF (impacts revenue by ~5-10% if PLF drops) and regulatory changes in solar tariffs.
Geographic Concentration Risk
Concentrated in India, with significant administrative and operational presence in Tamil Nadu.
Third Party Dependencies
Dependency on state DISCOMs for timely payments of power generation invoices.
Technology Obsolescence Risk
Risk of evolving solar cell and inverter technologies requiring frequent manufacturing upgrades.
Credit & Counterparty Risk
Offtake risk is considered low due to established PPAs, but payment delays from DISCOMs remain a monitorable risk.
