Smarten Power Systems IPO will open on July 7, 2025, and close on July 9, 2025. It is a Fixed Price Issue, through which the company aims to raise approximately ₹50.00 crores, comprising a fresh issue of ₹40 crores and an offer for sale (OFS) of up to 9,99,600 equity shares with a face value of ₹10 each.
The IPO price is fixed at ₹100 per share. The retail quota is 50%, HNI quota is 50%, and QIB quota is 0%. The Smarten Power Systems IPO is scheduled to be listed on NSE on July 14, 2025, and the allotment date is July 10, 2025.
In terms of financial performance, the company reported a revenue of ₹203.20 crores in FY 2025, compared to ₹198.73 crores in FY 2024. The net profit increased to ₹12.77 crores in FY 2025, from ₹11.29 crores in FY 2024, indicating stable growth.
Smarten Power Systems IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | July 7, 2025 |
| IPO Close Date: | July 9, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹100 Per Share |
| Issue Size: | Approx ₹50.00 Crores |
| Fresh Issue: | Approx ₹40.00 Crores |
| Offer for Sale: | Approx 9,99,600 Equity Shares |
| Issue Type: | Fixed Price Issue |
| IPO Listing: | NSE SME |
| Retail Quota: | Not more than 50% |
| NII Quota: | Not more than 50% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
Smarten Power Systems IPO Market Lot
The Smarten Power Systems IPO has a minimum market lot of 1,200 shares, requiring an application amount of ₹1,20,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 1200 | ₹1,20,000 |
| Retail Maximum | 1 | 1200 | ₹1,20,000 |
| S-HNI Minimum | 2 | 2,400 | ₹2,40,000 |
Smarten Power Systems IPO Allotment & Listing Dates
The Smarten Power Systems IPO will open on July 7, 2025, and close on July 9, 2025. The IPO allotment will be finalized on July 10, 2025, and the listing date is scheduled for July 14, 2025 on the NSE.
| Type | Date |
|---|---|
| IPO Open Date: | July 7, 2025 |
| IPO Close Date: | July 9, 2025 |
| Basis of Allotment: | July 10, 2025 |
| Refunds: | July 11, 2025 |
| Credit to Demat Account: | July 11, 2025 |
| IPO Listing Date: | July 14, 2025 |
Smarten Power Systems IPO: Promoters
The promoters of Smarten Power Systems are Arun Bhardwaj, Rajnish Sharma, Ravi Dutt, and Tirath Singh Khaira.
Smarten Power Systems IPO Company Financial Report
The company reported a revenue of ₹203.20 crores in FY 2025, compared to ₹198.73 crores in FY 2024, showing steady growth. The net profit increased to ₹12.77 crores in FY 2025, from ₹11.29 crores in FY 2024, reflecting consistent financial performance.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2023 | ₹186.06 | ₹178.85 | ₹5.16 | ₹76.01 |
| 2024 | ₹198.73 | ₹182.64 | ₹11.29 | ₹79.28 |
| 2025 | ₹203.20 | ₹186.04 | ₹12.77 | ₹97.24 |
Smarten Power Systems IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 39.72% |
| ROCE: | 32.58% |
| EBITDA Margin: | 8.39% |
| PAT Margin: | 6.28% |
| Debt to equity ratio: | 0.43 |
| Earning Per Share (EPS): | ₹8.51 (Basic) |
| Price/Earning P/E Ratio: | 11.75 |
| Return on Net Worth (RoNW): | 33.14% |
| Net Asset Value (NAV): | ₹25.69 |
Smarten Power Systems IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| GP Eco Solutions Limited | 8.85 | 42.26 | 15.99% | 55.36 | 247.44 Cr. |
| Sungarner Energies Limited | 7.45 | 40.81 | 15.36% | 48.46 | 33.64 Cr. |
Objects of the Issue – Smarten Power Systems IPO
The net proceeds from the IPO will be utilized for the following purposes:
- Purchase of movable assets for the production line of the battery manufacturing unit
- Meeting working capital requirements
- Repayment, in full or in part, of the outstanding borrowings
- Funding capital expenditure requirements
- General corporate purposes
Smarten Power Systems Company Overview, Strengths, and Risks
Smarten Power Systems Limited is an Indian company engaged in the design, assembly, and trading of power backup and advanced solar energy products. Established in 2014, the company’s vision is to contribute significantly to the global shift towards renewable energy, particularly in developing regions. They operate under the brand “SMARTEN”.
Here’s a breakdown of their company overview, strengths, and risks:
Company Overview:
- Core Business: Designing and assembling power backup and advanced solar energy products. This includes:
- Home UPS systems
- Solar inverters
- Solar power conditioning units (PCUs)
- Solar charge controllers
- Battery storage systems
- Trading of solar panels and batteries.
- Product Portfolio: Offers a diverse range of over 372 SKUs across six categories.
- Market Reach:
- Domestic: Operates in 23 states and 2 union territories across India, supported by a network of over 1,000 channel partners and distributors and 52 service centers.
- International: Exports assembled products (excluding solar panels) to more than 18 countries, including regions in the Middle East, Africa, and South Asia (with a significant portion of export revenue from Nigeria).
- Manufacturing: Engages in in-house product conceptualization, design, manufacturing, testing, and packaging, primarily at their Gurgaon facility. They are expanding capacity with a new plant in Jhajjar, Haryana, aiming to double production from ~600 units/day to 1,200 units/day.
- Business Model: Employs a hybrid B2B2C model with integrated in-house manufacturing and a multi-tier distribution network. They focus on a mid-premium price positioning, emphasizing value engineering and durability.
- Financial Performance (as of March 2025):
- Revenue: ₹203.20 crores
- Profit After Tax (PAT): ₹12.77 crores
- Net Worth: ₹38.54 crores
- ROE (Return on Equity): 39.72%
- ROCE (Return on Capital Employed): 32.58%
- Debt/Equity: 0.43
Strengths:
- Innovative Product Range and Technological Advancements: Smarten has a broad portfolio with over 372 SKUs, catering to various customer segments from households to commercial solar projects. Their use of sine-wave technology in inverters provides a distinct edge, offering quieter operation, safety for sensitive electronics, and efficient power management.
- Strong Research and Development (R&D) Capabilities: The company has a dedicated R&D team focused on continuous product improvement, efficiency, and innovation, which helps them stay ahead of industry trends.
- Extensive Distribution and After-Sales Service Network: Their wide distribution network across India (23 states, 2 UTs, 382 distributors, 52 service centers) and international presence in over 18 countries ensures wide accessibility and robust after-sales support. This network is a core strength, allowing them to compete with both organized and unorganized players.
- Value Chain Integration: Engaging in product conceptualization, design, manufacturing, testing, and packaging in-house provides better quality control and faster customization capabilities.
- Experienced Leadership and Operational Expertise: The company is led by a team of highly qualified and experienced executive directors with in-depth knowledge of the power sector and market requirements.
- Consistent Financial Growth: The company has shown consistent revenue and profit growth in recent fiscal years, indicating financial stability and a promising trajectory.
- Focus on Renewable Energy: Their core mission aligns with the growing global shift towards sustainable energy, particularly solar power, positioning them well for future market demand.
Risks:
- Working Capital Requirements: The business model may lead to working capital drag due to receivables from distributors and inventory held at multiple points in the supply chain. Insufficient cash flows could adversely affect their operations.
- Dependence on Key Customers: A significant portion of their revenue comes from a limited number of top customers (e.g., around 33-45% from top ten customers). Loss of business from one or more of these key customers could adversely affect revenues and profitability.
- Reliance on Third-Party Raw Material Suppliers: The company relies on third parties for key raw materials (e.g., PCBAs, transformers). Failure of these suppliers to meet obligations could materially affect their business.
- Concentration in Specific Markets (Exports): A significant portion of their export revenue is dependent on specific regions like Nigeria and West Africa. Changes in foreign policies, import/export regulations, or political instability in these regions could disrupt international business.
- Competitive Segment: The company operates in a competitive power backup and solar energy sector. Changes in technology, shifts in market preferences, or intense competition from both organized and unorganized players could impact demand and profitability.
- Capacity Utilization Risk: While expanding manufacturing capacity, there’s a risk of inefficiency if the increased demand is overestimated, leading to underutilization of the expanded facilities.
- Lack of Institutional Contracts: Heavy reliance on fragmented retail and SME orders might present challenges compared to companies with large institutional contracts.
- Foreign Exchange Volatility: Dependence on imports for certain components exposes the company to geopolitical risks and forex volatility.
- Logistics and Transportation Disruptions: Success depends on stable and reliable logistics and transportation. Any disruption could impair the ability to deliver raw materials or products, increasing costs.
- Retention of Key Personnel: The success of the company depends significantly on the knowledge and experience of its promoters, directors, key managerial personnel, and senior management. Inability to attract and retain such talent could adversely affect the business.
Smarten Power Systems IPO Review
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Smarten Power Systems IPO Registrar
Maashitla Securities Private Limited
Phone: +91-11-45121795-96
Email: ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues
Smarten Power Systems IPO Lead Managers aka Merchant Bankers
- Arihant Capital Markets Ltd
Smarten Power Systems Company Address
Smarten Power Systems Limited
374,
1st Floor Pace City-2
Sector – 37,
Gurgaon, Haryana, 122001
Phone: 0124-2210651
Email: cs@smartenpowersystems.com
Website: http://www.smartenpowersystems.com/
FAQs about Smarten Power Systems IPO
Smarten Power Systems Limited is primarily engaged in the design, assembly, and trading of power backup and advanced solar energy products. Their product range includes Home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers, and they also trade in solar panels and batteries, all marketed under their “SMARTEN” brand.
The Smarten Power Systems IPO opened on July 7, 2025, and will close on July 9, 2025. The basis of allotment is expected on July 10, 2025, with refunds initiated and shares credited to Demat accounts on July 11, 2025. The IPO is scheduled to list on the NSE SME platform on July 14, 2025.
The Smarten Power Systems IPO Price Band is fixed at ₹100 per equity share. The minimum market lot for investors is 1,200 shares, requiring an application amount of ₹1,20,000.
The net proceeds from the IPO will be primarily used for: purchasing movable assets for their new battery manufacturing unit, meeting working capital requirements, repaying outstanding borrowings (in full or part), funding capital expenditure for expansion, and for general corporate purposes.
Smarten Power Systems boasts an innovative product range with technological advancements (like sine-wave technology), strong in-house R&D capabilities, an extensive distribution and after-sales service network across India and internationally, value chain integration from design to manufacturing, and consistent financial growth. Their focus on renewable energy also positions them well in a growing market.
Potential risks include significant working capital requirements, dependence on a few key customers for a notable portion of revenue, reliance on third-party suppliers for raw materials, concentration of export revenue in specific international markets (like Nigeria), intense competition in the power backup and solar sector, and the need to effectively utilize expanded manufacturing capacity.
The company has shown stable growth, with revenue increasing from ₹186.06 crores in FY2023 to ₹203.20 crores in FY2025. Net profit also rose from ₹5.16 crores in FY2023 to ₹12.77 crores in FY2025.
As of July 7, 2025, the Grey Market Premium (GMP) for Smarten Power Systems IPO is ₹0. This indicates that shares are currently trading at their issue price in the grey market, suggesting a potentially flat listing.
Arihant Capital Markets Ltd is the sole Book Running Lead Manager (BRLM) for the IPO, while Maashitla Securities Private Limited is the Registrar for the issue.
Yes, a Demat account is mandatory to apply for the Smarten Power Systems IPO as shares are allotted in electronic form. You can apply through the ASBA (Application Supported by Blocked Amount) facility via your bank’s net banking or by using a UPI-enabled trading app provided by your registered broker.
