Revised Annual Report Submission
Swelect Energy Systems Limited submitted a revised FY25-26 annual report to correct clerical errors in CSR spending (₹38.06L vs ₹19.76L), financial figures, and audit dates (May 2026 vs May 2025). The company voluntarily disclosed these non-material errors in the interest of transparency and good corporate governance under SEBI Regulation 34.
Financial Performance Highlights
Consolidated Results: FY26 revenue reached ₹657.12 Cr (5.70% YoY growth) with net profit surging 338% to ₹55.17 Cr and EBITDA growing 30.36% to ₹187.49 Cr. Basic EPS stood at ₹36.40.
Standalone Performance: Reported revenue of ₹376.13 Cr and PAT of ₹19.56 Cr. Property, Plant and Equipment increased to ₹337.73 Cr with CWIP at ₹76.73 Cr indicating significant capital expenditure.
Capital Structure & Financing
Total borrowings increased substantially to ₹793.75 Cr, comprising secured term loans (₹134.73 Cr), non-convertible debentures (₹241.30 Cr), and working capital facilities. The gearing ratio increased to 50% from 36% in FY25. The company adopted new accounting standards including Ind AS 117 for insurance contracts and amendments to Ind AS 7 for supplier finance arrangements.
Strategic Initiatives & Expansion
The revised report highlights solar module manufacturing capacity expansion to 2GW (operational by July 2026) and Battery Energy Storage Systems (BESS) initiatives across residential, C&I, and utility-scale segments. Joint ventures with FortifyGrid LLC for BESS development in India and Singapore were established. IPP portfolio grew to 159MW with target of 1GW in two years.
Corporate Governance & Employee Benefits
The company implemented Swelect ESOP Scheme 2025, granting 284,700 options at ₹600 exercise price, recognizing ₹82.35 Lakhs in expenses. Gratuity obligation stood at ₹77.21 Cr with actuarial assumptions including 7.20% discount rate and 14.00% future salary increases.
Taxation & Contingencies
The company opted for new tax scheme u/s 115BAA with effective tax rate of 25.17%. Contingent liabilities totaled ₹204.30 Lakhs relating to GST, sales tax, income tax, and excise matters. Deferred tax liability stood at ₹47.69 Cr.
Related Party Transactions
Key management personnel remuneration totaled ₹634.87 Lakhs (FY25: ₹339.80 Lakhs). The group has several joint ventures in solar business including AVSW GREEN Energies Pte Limited, GalaxyWatt Energies Pte Limited, and Swelect FortifyGrid entities in Singapore and India.
Risk Management
Financial risk exposure includes ₹527.02 Cr in variable rate borrowings (100bps rate change would affect PBT by ₹527.02 Lakhs), foreign currency exposure in USD and EUR, and trade receivables of ₹609.57 Lakhs with ECL provision of ₹49.64 Lakhs.