SPEL Semiconductor Ltd (SPELS)

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SPEL Semiconductor Ltd (SPELS) · mywealthgrid

About

SPEL Semiconductor Ltd manufactures electrical equipment within the Industrials sector. The company operates at small scale—recent quarterly revenue ranges ₹0.63–₹2.45 Cr with a market cap of ₹679.05 Cr—and is held 59.17% by promoters with minimal institutional participation.

Face value: ₹10

Market cap

₹577 Cr

P/E

—

P/B

44.7×

Dividend yield

ROE

—

ROCE

—

Debt / equity

—

OPM

-17%

EPS (TTM)

₹-5.2

Book value

₹2.8

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Severe operating volatility: margins swung from -256.64% to +79.94% over eight quarters; revenue ranged ₹0.63–₹2.45 Cr. Verify the drivers of this instability and whether operations have stabilized.
Persistent losses: six of eight recent quarters posted negative net profit (₹-12.47 to ₹-3.58 Cr). Verify unit economics and whether Mar 2026's ₹0.77 Cr profit represents a sustainable turn or an outlier.
Metrics unavailable: PE, ROE and D/E listed as n/a, likely due to unprofitability. Verify actual debt levels and whether the company is adequately capitalized given recent losses.
Minimal institutional participation: FII/DII holdings at 0.02% each, limiting non-promoter funding sources and potential analyst coverage.

Generated analysis · source review pending

Growth drivers

Mar 2026 profitability turnaround: ₹0.77 Cr net profit on ₹2.18 Cr revenue with 79.94% OPM, reversing six prior quarters of losses; verify whether cost reductions, pricing improvements or one-time items drove this.
Investor confidence recovery: stock returned 31.22% over one year and traded as high as ₹250.3; verify what corporate catalysts or market sentiment drove this and whether fundamentals support it.
Operational improvement signs: Mar 2026 achieved profitability on lower revenue than Mar 2025 (₹2.18 Cr vs ₹2.45 Cr) despite ₹-8 Cr prior loss; verify whether cost management or restructuring has stabilized margins.
Volume recovery signals: Mar 2026 revenue ₹2.18 Cr returned to higher levels (vs Dec 2025 low ₹0.63 Cr) while maintaining 79.94% OPM; verify whether normalized order flow is sustaining and margins can hold at scale.

Generated analysis · source review pending

2,163 historical price candles were omitted because the exchange source has not been verified.

Only one verified price point is available. The trend chart will appear when more exchange closes are stored.

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -43.1% (3-yr avg)
−Revenue shrank over the last 5 years (-17% a year)
−Weak interest coverage of 0×
−Trading at 44.7× book value

Research score

Structured signal from quality, growth, valuation and momentum.

0/100

Business quality: 0
Growth: 0
Valuation: 0

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	25	36	42	26	37	16	16	28	12	8	6
COGS	2	-4	-17	-9	9	5	-4	-9	-5	-3	—
Gross profit	24	—	—	—	28	11	—	—	—	—	—
	33	41	62	45	22	17	21	28	19	15	14
Operating profit (EBITDA)	-9	-1	-3	-9	6	-6	-2	9	-3	-5	-1
OPM %	-36.4%	-3.6%	-8%	-34.7%	16.4%	-35.4%	-10.8%	30.4%	-21.5%	-60.1%	-17%
Depreciation	10	7	6	—	5	4	5	4	3	2	1
Interest	4	3	3	3	1	1	1	3	3	4	5
	1	2	3	5	2	8	1	7	-8	-11	2
Profit before tax	-22	-8	-8	-11	1	-8	-12	0	-16	-21	-24
Tax	—	—	—	-0	—	—	0	-1	0	-0	—
Tax %	—	—	—	-2.5%	—	—	2.4%	-946.7%	2.6%	-2.1%	—
	-20	-9	-8	-11	1	-9	-12	2	-17	-21	-24
PAT margin %	-77.3%	-24.6%	-19.8%	-40.8%	2.9%	-54.2%	-75.7%	5.6%	-139.8%	-267.5%	-379.6%
EPS (₹)	-4.3	-1.9	-1.8	-2.3	0.2	-1.9	-2.6	-0.1	-3.6	-2.1	-5.2
EPS adjusted (₹)	—	—	—	-2.3	0.2	-1.9	-2.6	0.3	-3.6	-4.6	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	46	46	46	46	46	46	46
Reserves	31	33	26	14	3	-13	-33
Minority interest	—	—	—	—	—	0	—
	22	28	30	31	—	—	—
	64	75	64	86	114	112	115
Total equity & liabilities	163	182	166	177	164	146	128
	122	117	113	112	—	—	—
CWIP	—	—	—	—	—	—	—
Investments	0	0	—	—	—	—	—
	41	65	54	65	164	146	128
Total assets	163	182	166	177	164	146	128

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-7	-2	-22	-3	-9	-2
Cash from investing	1	1	21	12	9	1
Cash from financing	5	1	1	-8	0	0
Net cash flow	0	-0	0	—	0	0
Free cash flow	—	—	—	—	—	—
CFO / Operating profit %	-112.4%	—	—	-37.5%	—	—

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	75.7%	68.8%	—	—	—	—	—
EBITDA margin %	-34.7%	16.4%	-35.4%	-10.8%	30.4%	-21.5%	-60.1%	-17%
EBIT margin %	-34.7%	2.8%	-62.4%	-40.8%	16.5%	-45.5%	-81.2%	-35.2%
PAT margin %	-40.8%	2.9%	-54.2%	-75.7%	5.6%	-139.8%	-267.5%	-379.6%
Working capital
Receivable days	60	319	926	1,134	—	—	—	—
Inventory days	46	436	779	250	937	6	11	—
Payable days	163	723	—	—	—	113	102	—
NWC days	-57	32	—	—	—	—	—	—
Leverage
Current ratio	0.9	1.09	1.08	0.99	—	—	—	—
Debt to EBITDA	—	4.61	—	—	—	—	—	—
Debt to equity	0.29	0.35	0.42	0.52	—	—	—	—
Interest coverage	-1.5	2	-3.9	-5.8	4.5	-1.6	-1.1	0
Asset turnover	0.16	0.2	0.1	0.09	0.17	0.08	0.06	—
Return ratios
Return on assets %	-6.6%	0.6%	-5.2%	-6.7%	1%	-11.5%	-16.4%	—
Return on capital employed %	-3.6%	2.3%	-3.7%	-4.4%	11.4%	-4.8%	-7.2%	—
Return on equity %	-13.8%	1.3%	-12%	-19.8%	3.2%	-50.8%	-162.9%	—

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.17%	59.17%	59.17%	59.17%	59.17%	59.17%	59.17%	59.17%	59.17%	59.17%	59.17%	59.17%
	0.02%	0.02%	0.09%	0.11%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	40.79%	40.79%	40.72%	40.7%	40.79%	40.79%	40.79%	40.79%	40.79%	40.79%	40.79%	40.79%
No. of shareholders	—	—	—	—	—	—	—	—	1,09,590	1,10,132	1,09,999	1,10,209

Promoter holding up 0 percentage points since Sep 2023.

4 deals · 13 Oct 2021 – 11 Jul 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Jul 2024	TOPGAIN FINANCE PRIVATE LIMITED	Bulk	BSE	Sell	2,50,000	₹218.28	₹5.46 Cr
11 Jul 2024	TOPGAIN FINANCE PRIVATE LIMITED	Bulk	BSE	Buy	2,50,000	₹204.53	₹5.11 Cr
24 Jan 2022	VARSHA SHARAD SHAH	Bulk	BSE	Buy	2,50,000	₹90.50	₹2.26 Cr
13 Oct 2021	SHARAD KANAYALAL SHAH	Bulk	BSE	Buy	4,55,095	₹27.94	₹1.27 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. SWAMINATHAN CHANDRAMOHANNon-Executive - Independent Director
Mr. PALANICHAMY BALAMURUGANExecutive Director
Mr. NAKKEERAN EKAMBARAMNon-Executive - Non Independent Director
Mr. RAMANUJAM VENKATESHNon-Executive - Independent Director
Mrs. VENKATASUBRAMANIAN V MEENAKSHINon-Executive - Non Independent Director
Mr. GOVINDAN NAGARAJANNon-Executive - Independent Director
Ms. Nupur GargCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in SPEL Semiconductor Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results20 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

16 Jul 2026, 1:00 pmBoard Meeting

Board Meeting Intimation for Considering And Approving Raising Funds By Way Of One Or More Rights Issue And/Or Qips Or Any Combination Thereof

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	75.7%	68.8%	—	—	—	—	—
EBITDA margin %	-34.7%	16.4%	-35.4%	-10.8%	30.4%	-21.5%	-60.1%	-17%
EBIT margin %	-34.7%	2.8%	-62.4%	-40.8%	16.5%	-45.5%	-81.2%	-35.2%
PAT margin %	-40.8%	2.9%	-54.2%	-75.7%	5.6%	-139.8%	-267.5%	-379.6%
Working capital
Receivable days	60	319	926	1,134	—	—	—	—
Inventory days	46	436	779	250	937	6	11	—
Payable days	163	723	—	—	—	113	102	—
NWC days	-57	32	—	—	—	—	—	—
Leverage
Current ratio	0.9	1.09	1.08	0.99	—	—	—	—
Debt to EBITDA	—	4.61	—	—	—	—	—	—
Debt to equity	0.29	0.35	0.42	0.52	—	—	—	—
Interest coverage	-1.5	2	-3.9	-5.8	4.5	-1.6	-1.1	0
Asset turnover	0.16	0.2	0.1	0.09	0.17	0.08	0.06	—
Return ratios
Return on assets %	-6.6%	0.6%	-5.2%	-6.7%	1%	-11.5%	-16.4%	—
Return on capital employed %	-3.6%	2.3%	-3.7%	-4.4%	11.4%	-4.8%	-7.2%	—
Return on equity %	-13.8%	1.3%	-12%	-19.8%	3.2%	-50.8%	-162.9%	—

Date	Category	Subject	Filing
16 Jul 2026, 1:00 pm	Board Meeting	Board Meeting Intimation for Considering And Approving Raising Funds By Way Of One Or More Rights Issue And/Or Qips Or Any Combination Thereof	PDF

SPEL Semiconductor Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Board meetings1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Board meetings1

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

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