Smarten Power Systems SME: Check IPO Date, Live Subscription and Key Details
Smarten Power Systems Limited, established in 2014, specializes in designing, assembling, and supplying a wide range of power backup and energy-efficient solutions, particularly focusing on solar power products. Their key products include Home UPS systems, solar inverters (pure sine wave and hybrid), solar power conditioning units (PCUs), solar charge controllers (MPPT-based), tubular batteries, and EV chargers (an emerging product line). The company also trades in solar panels and batteries. Smarten operates a hybrid B2B2C model, distributing products domestically across 23 states and 2 union territories through a network of 380 distributors and 52 service centers. They also export to over 18 countries, including the Middle East, Africa, and South Asia
Min Investment
₹120000
Price Range
₹100.00
Issue Size
₹47.50 Cr
IPO Type
NSE SME
Key Metrics
Check Live GMP
Face Value
₹10
EPS
6.72
P/E Ratio
14.88
RoNW
33.14%
ROE
39.72%
Debt to Equity
0.43
Timeline
IPO Opens
7 Jul
IPO Closes
9 Jul
Allotment
10 Jul
Listing
14 Jul
IPO Objectives
- Purchase of movable assets of the production line of battery manufacturing unit.
- To meet the working capital requirements.
- Repayment in full or in part, of the outstanding borrowings.
- Funding capital expenditure requirements.
- General corporate purposes.
Strengths
- Innovative Product Range across five categories: Home UPS systems, solar inverters (including MPPT-based PCUs), solar charge controllers, solar panels, and batteries, offering comprehensive power backup and solar solutions. This diverse range is designed in-house to meet specific market requirements.
- Strong Research and Development (R&D) Capabilities: Backed by a team of technologists, Smarten emphasizes innovation, R&D, and is among the first to bring appropriate solar energy products to market.
- Extensive Distribution Network: Boasts a robust pan-India distributor network of 380 distributors across 23 states and 2 union territories, along with 52 service centers for after-sales support. This ensures wide reach and customer satisfaction.
- Strong Relationship with Vendors and Supply Chain Efficiency: Maintains strong vendor relationships, particularly for key components like PCBAs and transformers, and has plans for backward integration into battery manufacturing, optimizing costs and supply chain control.
- Experienced Leadership and Operational Expertise: Led by experienced promoters with over 20 years of industry knowledge in the power sector, guiding the company's strategic growth and expansion.
Weaknesses
- Limited Revenue Growth: While PAT has grown, the revenue increase from FY24 to FY25 was only 2%, which could indicate challenges in scaling top-line growth or intense market competition.
- Negative Cash Flows from Operating Activities: The company has experienced negative cash flows from operating activities in the past (e.g., -₹1.64 crore in FY25 and -₹1.37 crore in FY24), raising concerns about its ability to generate sufficient cash from core operations to fund working capital and growth without external financing.
- Dependence on China for Components: The reliance on imports for key components, particularly from China, exposes the company to geopolitical risks, foreign exchange volatility, and potential supply chain disruptions.
- High Customer Concentration: While not explicitly stated for top customers, heavy reliance on fragmented retail and SME orders (as opposed to large institutional contracts) can create risks if these segments face economic downturns or if competition intensifies.
- High Revenue Concentration on Specific Products: Home UPS systems, solar inverters, and batteries accounted for approximately 84.5% of FY25 revenue, making the business vulnerable to demand declines in these specific product categories.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 97.24 | 79.28 | 76.01 |
| Revenue (₹ Cr.) | 203.2 | 198.73 | 186.06 |
| PAT (₹ Cr.) | 12.77 | 11.29 | 5.16 |
| Net Worth (₹ Cr.) | 38.54 | 25.77 | 14.48 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Smarten Power Systems | 5.82 | 14.88 | 39.72 | 38.54 |
| Gp Eco Solutions | 9.45 | 59.15 | 15.98 | 22.88 |
| Sungarner Energies Limited | 5.61 | 36.51 | 15.36 | 9.58 |
Subscription Details
Daily Bids Status
| Date | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| NII | 0.00x | 1.13x | 6.30x |
| RII | 0.22x | 0.68x | 4.61x |
| Total | 0.11x | 0.91x | 5.48x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| NII | 23,74,800 | 1,49,62,800 | 149.63 |
| RII | 23,74,800 | 1,09,58,400 | 109.58 |
| Total | 47,49,601 | 2,60,43,600 | 260.44 |
Company Details
- 374, 1st Floor Pace City-2, Sector - 3, Gurgaon, Haryana-122001, India
- 0124-2210651
- cs@smartenpowersystems.com
- http://www.smartenpowersystems.com/
Registrar Details
- Maashitla Securities Private Limited
- +91-11-45121795-96
- ipo@maashitla.com
- https://maashitla.com/allotment-status/public-issues