An IPO is being launched by Smarten Power Systems Ltd on the NSE SME platform, aiming to raise funds through a fixed-price issue. The offering includes up to ₹50.00 crore, comprising a fresh issue of 40,00,000 equity shares and an offer for sale (OFS) of 10,00,000 equity shares by existing promoters. The IPO also includes a market maker reservation. The issue is being offered at a fixed price of ₹100 per share, with the total issue size amounting to 50,00,000 equity shares.
Company Overview
Smarten Power Systems Ltd is a leading manufacturer and marketer of energy storage and power backup solutions, offering a wide range of products such as solar inverters, batteries, home UPS systems, charge controllers, and solar panels. Established in 2014 and headquartered in Gurgaon, India, the company has built the SMARTEN brand into a recognized name in the renewable energy and backup power segment.
The company has a strong distribution network spread across 23 states and Union Territories in India and exports to over 17 countries, including regions in the Middle East, Africa, and South Asia. Exports contribute to approximately one-third of the company’s revenue. As of FY24, the company offers 372 unique SKUs, covering both residential and commercial use cases.
Smarten Power Systems is focused on product innovation, reliability, and service support. The company’s in-house R&D and assembly capabilities enable it to cater to growing demand in the solar and power backup sectors—driven by rising electrification, energy independence, and government support for solar adoption.
Proceeds from the IPO will be used to expand manufacturing capacity, upgrade battery production, meet working capital needs, and partially repay debts, positioning the company for its next phase of growth in India’s green energy ecosystem.
Lot Size & Investment Details
| Investor Type | Lots | Shares | Investment |
|---|---|---|---|
| Retail (Minimum) | 1 | 1,200 | ₹1,20,000 |
| Retail (Maximum) | 2 | 2,400 | ₹2,40,000 (capped by retail limit) |
| HNI (S-HNI) | 3 | 3,600 | ₹₹3,60,000 at upper band |
Financial Highlights
| Particulars | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|
| Revenue from Operations | ₹75.93 Cr | ₹108.84 Cr | ₹161.53 Cr | ₹203.23 Cr |
| Total Income | ₹76.08 Cr | ₹108.89 Cr | ₹162.12 Cr | ₹204.00 Cr |
| EBITDA | ₹7.83 Cr | ₹12.41 Cr | ₹17.52 Cr | ₹22.84 Cr |
| EBITDA Margin (%) | 10.29% | 11.40% | 10.85% | 11.20% |
| Profit After Tax (PAT) | ₹3.49 Cr | ₹6.38 Cr | ₹11.29 Cr | ₹12.77 Cr |
| PAT Margin (%) | 4.59% | 5.86% | 6.99% | 6.26% |
| Earnings Per Share (EPS) | ₹2.45 | ₹4.47 | ₹7.91 | ₹8.51 |
| Net Worth | ₹14.26 Cr | ₹20.64 Cr | ₹31.93 Cr | ₹44.46 Cr |
| Return on Net Worth (RoNW) | 24.47% | 30.92% | 35.36% | 33.14% |
Issue Structure
- The IPO is a fixed-price SME issue of 50,00,000 equity shares at ₹100 per share, aggregating up to ₹50.00 crore.
- It includes:
- Fresh Issue: 40,00,000 equity shares (₹40.00 crore)
- Offer for Sale (OFS): 10,00,000 equity shares (₹10.00 crore) by the promoters
- The issue also includes a Market Maker Reservation of 2,50,800 shares (5.02% of the issue)
Key Risks – Smarten Power Systems Ltd IPO
Customer Concentration: A significant portion of revenue comes from a few large clients; the top 10 customers contribute ~40–45% of total revenue, exposing the company to dependency risks.
Raw Material Dependency: The company is reliant on a limited number of suppliers for critical components like batteries and semiconductors. Any disruption could impact production and profitability.
Working Capital Intensive: The business requires large inventory and receivables, leading to high working capital needs and potential strain on cash flows.
Geographic Concentration: While present in 23 states and 17 countries, a major portion of revenue is still concentrated in northern India, increasing regional risk.
Export Reliance: About one-third of the company’s revenue is from exports, making it vulnerable to currency fluctuations, global trade policies, and geopolitical risks.
SME Platform Listing: Being listed on the NSE SME platform may limit stock liquidity and attract lower institutional participation compared to mainboard IPOs.
Competitive Industry: Operates in a highly fragmented and competitive solar and power solutions market, facing pressure from larger brands and price-sensitive buyers.
OFS Component: The presence of a 10 lakh share Offer for Sale (OFS) by promoters may signal partial exit and raise concerns for some investors.
Summary
Smarten Power Systems Ltd is launching a ₹50 crore SME IPO on the NSE EMERGE platform at a fixed price of ₹100 per share, comprising a fresh issue of 40 lakh shares and an offer for sale (OFS) of 10 lakh shares by promoters. The issue includes a small market maker reservation as well.
The company designs and manufactures solar inverters, batteries, UPS systems, and solar panels under the ‘SMARTEN’ brand, with a growing domestic and export presence. With FY24 revenue crossing ₹200 crore and consistent PAT growth, the company aims to fund its next phase of expansion through capex, working capital support, and partial debt repayment.
Backed by strong RoNW (~33%), stable margins, and a competitive valuation (P/E ~11.75×), Smarten positions itself as a high-growth SME in India’s rising solar and power backup market.
Allotment Details – Chemkart India Ltd IPO
- Basis of Allotment Finalization: July 10, 2025
- Refund Initiation: July 11, 2025
- Shares Credited to Demat Accounts: July 11, 2025
- Listing Date (NSE SME): July 14, 2025
- Registrar: Bigshare Services Pvt Ltd
