Smarten Power Systems Limited – FY'26 Results Overview

Date: 29 April 2026
Symbol: SMARTEN
ISIN: INE14GK01016

Key Financial Highlights

• Revenue: ₹242.66 crore (+20.3% YoY)
• Profit After Tax: ₹8.80 crore
• Export Revenue: ₹22.17 crore (down from ₹48.5 crore in FY'25)
• Depreciation: ₹78.08 lakh (up from ₹40.84 lakh) – reflects new plant commissioning
• Employee Costs: ₹17.67 crore (up from ₹14.98 crore) – includes R&D expansion and 70 new battery‑unit hires

Strategic Progress

Product Development

• Li‑Ion Batteries & Hybrid Inverters: Field trials started in H2 FY'26; mass‑market launch targeted for H2 FY'27.
• Make‑in‑India Initiative: On‑grid inverter localisation under review to reduce import reliance.

Capacity Expansion

• New manufacturing facility commissioned, expanding fixed‑asset base 4.4×.
• Baddi battery plant operational, incurring ~₹20 lakh/month salary cost.

Geographic & Channel Expansion

• Strong domestic growth in East India (WB & Bihar) and South India.
• Punjab entered for the first time, generating ~₹1.8 crore in FY'26; further upside expected.
• Ongoing dealer/distributor onboarding in Tier‑2/3 cities.

Management Commentary

"FY2026 was a demanding but purposeful year. We grew revenue by over 20%, but we also chose to absorb significant one‑off costs — a new plant, a larger R&D team, and the cost of entering new markets. Raw material inflation and the decline in exports were headwinds we did not control, but our domestic franchise held firm. We enter FY2027 with a commissioned plant, in‑house products entering the market, and a bigger R&D team."

Risks & Challenges

• Export Market Pressure: Intense competition from low‑cost Chinese manufacturers.
• Raw‑Material Price Volatility: Geopolitical tensions affecting component availability and cost.
• Short‑Term Profitability Drag: Higher depreciation and employee expenses until new capacity is fully utilized.
• Execution Risk: Successful commercialization of Li‑Ion batteries and hybrid inverters.

Outlook for FY'27 and Beyond

• Revenue Growth: Expected to be driven by domestic market expansion and new product launches.
• Margin Improvement: Anticipated as depreciation normalises and higher‑margin battery/inverter sales ramp up.
• Strategic Positioning: Enhanced R&D capability and increased manufacturing capacity should improve competitive resilience.

Forward‑Looking Statements: The above contains forward‑looking statements subject to risks and uncertainties. Actual results may differ materially.

Prepared for investors on 29 April 2026.