Swelect Energy Systems Limited (SWELECTES.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1482.2%

-₹8,451.24

vs ₹611.45 price

Levered DCF

-₹4,961.33

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.71×	64.27×	24.49×	77.94×	17.73×	11.76×	-12.45×	36.96×
P/B	0.82×	0.96×	1.81×	0.55×	0.74×	0.41×	0.18×	0.35×
P/S	1.15×	1.33×	6.42×	1.83×	1.62×	1.26×	0.52×	1.15×
EV / EBITDA	8.98×	8.76×	13.54×	9.44×	9.12×	8.9×	8.56×	8.53×
Gross margin	27.1%	27.9%	63.2%	47.4%	36.8%	49.5%	46.2%	45.6%
Operating margin	15.6%	8.6%	18.4%	14.8%	15.0%	8.8%	3.8%	0.9%
Net margin	8.4%	2.0%	26.2%	2.3%	9.1%	10.7%	-4.2%	3.1%
Current ratio	1.49×	1.69×	1.59×	1.67×	1.68×	2.04×	1.87×	2.19×
Debt / equity	0.87×	0.73×	0.68×	0.7×	0.59×	0.48×	0.32×	0.27×
Interest coverage	1.68×	0.94×	0.85×	1.18×	2.34×	1.21×	0.53×	0.12×
Dividend yield	0.6%	0.7%	0.1%	1.1%	0.8%	0.4%	4.2%	1.6%
Payout ratio	8.2%	48.1%	2.9%	82.0%	14.0%	4.4%	-52.4%	59.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.0%	1.5%	7.4%	0.7%	4.2%	3.5%	-1.4%	0.9%
Return on invested capital	4.3%	1.1%	2.7%	2.4%	4.0%	1.8%	1.0%	0.1%
Return on assets	2.6%	0.7%	3.7%	0.4%	2.3%	2.2%	-1.0%	0.7%
Free cash flow yield	-24.7%	-5.9%	-2.5%	-4.6%	1.8%	-26.8%	-15.0%	0.3%
Earnings yield	7.3%	1.5%	4.1%	1.3%	5.6%	8.5%	-8.0%	2.7%
Enterprise value	₹13.6B	₹12.6B	₹20.7B	₹9.7B	₹9.3B	₹6.5B	₹3.4B	₹4.4B
Net debt / EBITDA	3.98×	3.03×	3.62×	5.24×	3.46×	4.72×	5.4×	3.65×
Cash conversion cycle (days)	59	89	600	273	159	138	47	86