SERVOTECH

Servotech Renewable Power System share price & financials

Indian clean-energy manufacturer of solar inverters, EV chargers, BESS and lithium-ion batteries.

Price: ₹101.67
Market cap: ₹2.1k Cr
Sector: Capital Goods
Calls analysed: 7

Latest concall · Q1 FY27 · call held 22 Jul 2026

Servotech Renewable Power System Limited Q1 FY27

Standalone Revenue ₹208.1 cr +66%Standalone EBITDA ₹47 cr +63%Consolidated PAT ₹7.95 cr +75%

What went well

Standalone Revenue grew 66.31% YoY to ₹208.1 crore, reflecting strong financial performance.
Standalone EBITDA increased 62.85% YoY to ₹47 crore, indicating improved operational efficiencies.
Consolidated Revenue increased 57.69% YoY to ₹216.29 crore, demonstrating robust overall growth.

What to watch

Servotech Sports & Entertainment subsidiary was not profitable this quarter.
Growth in DC and AC chargers is currently stagnant due to market conditions.

Read the full call →

What Servotech Renewable Power System Limited does

Servotech Renewable Power System Limited designs and manufactures solar inverters, panels and batteries, AC/DC EV chargers and charging components, battery energy storage systems (BESS), and lithium-ion battery packs for electric three-wheelers, sold through a pan-India distributor-retailer network and directly to public-sector oil marketing companies and government agencies. It earns revenue from product manufacturing/OEM supply and from executing solar and EV-charging installation projects for PSU, government and institutional clients, and also operates as a charge-point operator (CPO) through its EV Infra subsidiary, branded Incharz. The group has a minority stake in a solar panel/cell manufacturer for backward integration, and has diversified into unrelated ventures such as medical-device manufacturing (oxygen concentrators, under Rebreathe) and sports/entertainment franchises (Siliguri Strikers, Dream League of India).

Segments

Solar
EV Charging & Infrastructure
BESS & Lithium-ion Batteries
Other diversified ventures

Cumulative EV chargers installed: 11,000+
Homes reached with solar power: 200,000+
Distribution network: 600+ distributors and 6,000+ retailers
Towns/cities with retail presence: 370+ towns, 650+ cities across India
Manufacturing plants: 2 (Kundli and Safiabad, Haryana)
Automated warehouse: 1 (Jhundpur, Haryana)

Company website

Guidance record · Q1 FY27

what the last two calls moved 24 tracked 4 delivered 10 missed 10 open

Solar Division Revenue Contribution delivered said Q3 FY25 Promised: Reach 50% of total revenue Q1 FY27: Promise was achieved in a prior quarter.
Equity Fundraising missed said Q3 FY25 Promised: Raise ₹200-300 crore before June (2025) Q1 FY27: Management explicitly pivoted away from equity, stating 'there is no logic to go towards equity which is the position of the market. So, we will go towards debt.' This confirms the original promise remains abandoned.
Lithium Battery Production revised up said Q3 FY26 Promised: Reach 25,000 batteries per month within a year Q1 FY27: Management issued significantly more ambitious targets for BESS capacity (double in 6 months, 3x by Mar-27, 10x in 2 years), effectively superseding and raising the original guidance.

All 24 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 57.8%, net profit up 77.1% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	200	216	146	137	106 −47%	211 −2%	217 +49%	216 +58%
Expenses	181	200	134	126	100	183	195	195
EBITDA	19	16	12	10	6 −67%	28 +73%	23 +85%	20 +96%
Margin	9%	7%	8%	8%	6%	13%	10%	9%
Other income	0	1	1	0	1	0	2	1
Interest	2	2	1	2	3	3	4	5
Depreciation	1	2	2	2	4	5	7	6
Profit before tax	15	13	11	7	1 −97%	20 +58%	13 +24%	11 +62%
Tax rate	27%	28%	27%	31%	25%	24%	20%	25%
Net profit	11	9	8	5	0 −97%	16 +69%	11 +45%	8 +77%
EPS	0.51	0.41	0.35	0.23	0.06	0.65	0.54	0.41

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −43.9% 1Y

1Y: ₹137.7 on 10 Sept 2025 → ₹77.28. High ₹137.7 (10 Sept 2025), low ₹58.84 (28 Jan 2026).

How the price took the results

close before → close after

Q1 FY27: −0.5%; 22 Jul
Q4 FY26: +0.7%; 7 May
Q3 FY26: +12.8%; 3 Feb
Q2 FY26: −9.2%; 10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 35.0% a year over 3 years, FY23 to FY26. Operating margin widened to 10.0%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹273 Cr	₹354 Cr	₹674 Cr	₹672 Cr
Operating profit	₹14 Cr	₹21 Cr	₹56 Cr	₹67 Cr
Operating margin	5.0%	5.9%	8.2%	10.0%
Interest	₹3 Cr	₹3 Cr	₹7 Cr	₹12 Cr
Depreciation	₹2 Cr	₹3 Cr	₹6 Cr	₹18 Cr
Net profit	₹11 Cr	₹12 Cr	₹33 Cr	₹32 Cr
Net margin	4.1%	3.3%	4.8%	4.7%
ROCE	18.0%	11.0%	20.0%	13.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹18 Cr	₹19 Cr	₹21 Cr	₹22 Cr	₹23 Cr	₹23 Cr
Reserves	₹21 Cr	₹28 Cr	₹61 Cr	₹120 Cr	₹246 Cr	₹265 Cr
Borrowings	₹25 Cr	₹19 Cr	₹42 Cr	₹73 Cr	₹152 Cr	₹211 Cr
Other liabilities	₹34 Cr	₹24 Cr	₹42 Cr	₹62 Cr	₹96 Cr	₹186 Cr
Total liabilities	₹98 Cr	₹89 Cr	₹167 Cr	₹277 Cr	₹517 Cr	₹685 Cr
Fixed assets	₹11 Cr	₹12 Cr	₹22 Cr	₹32 Cr	₹153 Cr	₹156 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹1 Cr	₹15 Cr	₹0 Cr	₹0 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹6 Cr	₹13 Cr
Other assets	₹88 Cr	₹78 Cr	₹144 Cr	₹230 Cr	₹358 Cr	₹516 Cr
Total assets	₹98 Cr	₹89 Cr	₹167 Cr	₹277 Cr	₹517 Cr	₹685 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Attractive

To justify its price of ₹77, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~66%. At that growth it is worth ₹360 — upside of 366%.

Growth the price implies: 31.7% a year; for 7 years, fading to 4%
It has actually compounded at: 66.4% a year; net profit, FY23–FY26 · EPS 66.4%
The gap: -0.3 pp; 366% downside if it only repeats history

Price today ₹77.28 Value at the reference growth ₹360.28

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Servotech Renewable Power System Limited

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