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Smarten Power Systems IPO
Smarten Power Systems Ltd
₹1,20,000 /1200 sharesMinimum Investment
Smarten Power Systems IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹100.00 | ₹144.00 | ₹44.00 (44.00%) |
Smarten Power Systems IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 7 Jul ‘25 - 9 Jul ‘25 | ₹2,40,000 | 1,200 | ₹100 - ₹100 |
| Issue Size | IPO Doc |
|---|---|
| 50.00Cr | RHP PDF |
Subscription rate
As of 09 Jul'25, 05:00 PM
| Qualified Institutional Buyers | 0.00x |
| Non-Institutional Investor | 6.35x |
| Retail Individual Investor | 4.51x |
| Total | 5.18x |
About Smarten Power Systems
Founded in
2014
Managing director
Mr Arun Bhardwaj
Parent organisation
Smarten Power Systems Ltd
Strengths & Financials of Smarten Power Systems
Strengths
Risks
Smarten Power Systems has developed a portfolio comprising over 372 stock-keeping units (SKUs) across six major categories, including home UPS systems, solar inverters, and solar charge controllers. The company claims that its use of sine-wave technology and the adoption of pulse width modulation (PWM) and maximum power point tracking (MPPT) based charge controllers provide safer, more efficient energy solutions tailored for both residential and commercial uses.
The company claims to have a dedicated R&D team with deep expertise in power electronics, contributing to developing compact, high-efficiency systems and smart energy management tools.
Smarten Power Systems claims to operate through a distribution network spanning 23 Indian states, two Union Territories, and 18 international markets, supported by 380 domestic distributors, 31 international distributors, and 52 service centres.
The company claims to maintain 87 in-house service engineers and a centralised customer delight centre, where customer relationship management (CRM) software and management information system (MIS) tools are used to track complaints and ensure service quality.
Smarten Power Systems claims to have developed strategic relationships with over 100 domestic suppliers and multiple international vendors, ensuring a steady supply of high-quality raw materials and components.
The company is ISO 9001:2015 certified for its quality management system and ISO 14001:2015 certified for its environmental management system.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 179.93 crore in FY23 to Rs 195.19 crore in FY24 to Rs 201.75 crore in FY25. PAT increased from Rs 5.16 crore in FY23 to Rs 11.29 crore in FY24 to Rs 12.77 crore in FY25.
A significant portion of the company’s revenue is derived from Haryana and Uttar Pradesh. Revenue from Haryana accounted for Rs 72.86 crore (47.26 percent) of the company’s total revenue in FY25, Rs 66.93 crore (53.33 percent) in FY24, and Rs 75.39 crore (61.37 percent) in FY23. Revenue from Uttar Pradesh accounted for Rs 55.56 crore (36.05 percent) in FY25, Rs 39.29 crore (31.31 percent) in FY24, and Rs 26.65 crore (21.69 percent) in FY23. Any adverse political, social, or economic developments in these regions could be detrimental to the company’s financial performance.
The top 10 customers accounted for Rs 67.16 crore (33.40 percent) of the company’s total revenue in FY25, Rs 82.25 crore (42.29 percent) in FY24, and Rs 67.68 crore (37.74 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
The top five suppliers accounted for Rs 78.70 crore (92.08 percent) of the company’s total purchases in FY25, Rs 60.39 crore (92.47 percent) in FY24, and Rs 65.44 crore (85.48 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
A significant portion of the company’s revenue is derived from the sale of home UPS systems and solar inverters/solar PCUs. Home UPS systems contributed Rs 36.95 crore (20.18 percent) to the company’s total revenue in FY25, Rs 57.93 crore (29.78 percent) in FY24, and Rs 49.70 crore (27.72 percent) in FY23. Sales from solar inverters/solar PCUs contributed Rs 66.84 crore (32.60 percent) in FY25, Rs 60.78 crore (31.25 percent) in FY24, and Rs 55.40 crore (30.89 percent) in FY23. Any decline in the demand or volume of these products could adversely affect the company’s revenues and profitability.
The company, its promoter, and some directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company reported negative cash flow from investing activities, amounting to Rs 5.80 crore in FY25, Rs 1.50 crore in FY24, and Rs 0.35 crore in FY23. Furthermore, negative cash flow from operating activities amounted to Rs 2.51 crore in FY25 and Rs 2.54 crore in FY23. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
The company’s operations are impacted by seasonality, with higher sales during summer and lower demand in winter. Any inability to manage this fluctuation in demand or associated working capital needs could adversely affect its business and financial performance.
As of April 30, 2025, Smarten Power Systems had outstanding financial indebtedness of Rs 11.54 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Smarten Power Systems Financials
*All values are in Rs. Cr
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Application Details of Smarten Power Systems IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹100 - 100 | ₹2 - 5 Lakh |
| High Networth Individual | ₹100 - 100 | ₹2 - 5 Lakh |
For Smarten Power Systems IPO, eligible investors can apply as Regular.