SMARTEN
Smarten Power Systems financials
- Market cap
- ₹102 Cr
- Sector
- Capital Goods
- Calls analysed
- 2
SMARTEN H1 FY26 Earnings and Q3 FY26 Business Update Call Analysis
What went well
- H1 FY26 revenue grew to INR 115 crores from INR 108 crores in H1 FY25, representing a 6.48% YoY growth.
- H1 FY26 profit stood at INR 5.88 crores.
- New manufacturing facility for inverters and batteries to double capacity by March 2026 (Q1 FY27).
What to watch
- Current EBITDA margins are around 5.6-6%, which is lower than the targeted 9-10% for next year.
- Analyst feedback highlighted issues with customer service responsiveness and communication from the company.
Guidance record · Q3 FY26
what the last two calls moved 5 tracked 0 delivered 0 missed 5 open- Annual Revenue Growth on track said Q2 FY26 Promised: Every year we are targeting about 30% growth Q3 FY26: Guided for '20-30% minimum growth next year'.
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 93 | 87 | 108 | 122 |
| EBITDA | 6 | 10 | 7 | 5 |
| Net profit | 5 | 7 | 6 | 3 |
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 −42.1% 1Y
1Y: ₹92.6 on 10 Sept 2025 → ₹53.6. High ₹98.1 (17 Sept 2025), low ₹43 (8 Jun 2026).
How the price took the results
close before → close after
- Q3 FY26
- +4.0%
- 2 Jan
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.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹4 Cr | ₹8 Cr | ₹13 Cr | ₹24 Cr | ₹62 Cr | ₹62 Cr |
| Borrowings | ₹2 Cr | ₹2 Cr | ₹4 Cr | ₹7 Cr | ₹6 Cr | ₹5 Cr |
| Other liabilities | ₹34 Cr | ₹50 Cr | ₹56 Cr | ₹45 Cr | ₹29 Cr | ₹48 Cr |
| Total liabilities | ₹40 Cr | ₹61 Cr | ₹74 Cr | ₹76 Cr | ₹116 Cr | ₹134 Cr |
| Fixed assets | ₹1 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹4 Cr | ₹20 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹6 Cr | ₹7 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹39 Cr | ₹56 Cr | ₹69 Cr | ₹71 Cr | ₹105 Cr | ₹107 Cr |
| Total assets | ₹40 Cr | ₹61 Cr | ₹74 Cr | ₹76 Cr | ₹116 Cr | ₹134 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.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Sep 2025. The shareholder count shrank 13% to 1,353.
- Promoters
- 67.1%
- Public
- 32.9%
Since Sep 2025
- Promoters 0.00 pp
- Public 0.00 pp
How it drifted, 4 quarters
Ownership split by quarter, oldest first. Sep '25: Promoters 67.1%, Public 32.9%.Dec '25: Promoters 67.1%, Public 32.9%.Mar '26: Promoters 67.1%, Public 32.9%.Jun '26: Promoters 67.1%, Public 32.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Saturn Dess Private newly disclosed 1.01% held
- Rajeev Garg +0.15 pp 2.91% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Smarten Power Systems Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Arun Bhardwaj | 17.89% | unchanged |
| Rajnish Sharma | 17.89% | unchanged |
| Ravi Dutt | 17.89% | unchanged |
| Tirath Singh Khaira | 13.42% | unchanged |
| Rajeev Garg | 2.91% | +0.15 pp |
| Arihant Capital Markets Limited | 1.53% | −0.08 pp |
| Saturn Dess Private | 1.01% | newly disclosed |
| Sunita Rani | 0.00% | unchanged |
| Sanjay Sharma | 0.00% | unchanged |
| Rajbala | 0.00% | unchanged |
| Shivani Sharma | 0.00% | unchanged |
| Vikram Sharma | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -12.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Smarten Power Systems Limited
Guides on how to read this kind of business and the numbers that matter.