S&SPOWER - S & S Power Swit

📊 NSE: S&SPOWER 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 12:31

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: Manufacture of electrical equipment for transmission and distribution of power. Standalone total income for H1 FY26 was INR 3.63 Cr, representing a 55.9% decrease from INR 8.24 Cr in H1 FY25.

Geographic Revenue Split

Not disclosed in exact percentages; however, the group includes subsidiaries in India and the UK (Acrastyle and Hamilton Research), with a strategic focus on expanding into 1-2 select export markets by FY28.

Profitability Margins

Standalone Net Margin for H1 FY26 was -5.6% (Loss of INR 0.20 Cr on INR 3.63 Cr income), compared to a positive margin of 0.97% in H1 FY25. The company targets doubling organic revenues by FY28 to improve these figures.

EBITDA Margin

The company has set a target EBITDA margin corridor of 12-15% by FY28. Core profitability is currently under pressure with a standalone operating loss of INR 0.20 Cr in H1 FY26.

Capital Expenditure

The company received a INR 50 Cr promoter-investor infusion to boost net worth and balance sheet strength. Planned investments include 1.0-1.25% of revenue into R&D annually.

Credit Rating & Borrowing

Not disclosed in available documents; however, standalone finance costs were INR 0.33 Cr in H1 FY26, and the company targets becoming debt-free within 3 years.

⚙️ Operational Drivers

Raw Materials

Not specifically named in documents; typically includes copper, steel, and electrical components for switchgear manufacturing.

Capacity Expansion

Not disclosed in units; however, the 3-year strategic plan (FY 2026-2028) focuses on doubling organic revenues and expanding into new export markets.

Raw Material Costs

Cost of materials consumed for H1 FY26 was INR 2.94 Cr, representing 80.9% of total standalone income. This is a significant increase in cost intensity compared to H1 FY25 where material costs were INR 2.94 Cr against a higher revenue base.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

The company plans to achieve a CAGR of over 20% by doubling organic revenues from FY25 levels, expanding into 1-2 identified export markets, and pursuing 1-2 technology-based acquisitions that fit the group's future potential.

Products & Services

Switchgear and protection engineering equipment for electrical transmission and distribution of power.

Brand Portfolio

S&S Power, Acrastyle, Hamilton Research.

New Products/Services

Not disclosed in specific product names, but the company is investing 1.0-1.25% of revenue into R&D for innovation and product development.

Market Expansion

Targeting 1-2 specific export markets with dedicated resources and identified steps as part of the FY 2026-2028 strategic plan.

🌍 External Factors

Industry Trends

The industry is focused on the modernization of power transmission and distribution (T&D) networks. S&S Power is positioning itself through a 3-year roadmap focused on operational excellence and technology-led growth.

Competitive Landscape

Faces competition from both domestic and international players in the electrical equipment sector.

Competitive Moat

The company possesses a 60-year legacy (Since 1962) in switchgear engineering and established brands like Acrastyle, which provide a competitive advantage in specialized protection engineering.

Macro Economic Sensitivity

Sensitive to economic growth in India and abroad, as power infrastructure demand is linked to industrial and GDP growth.

Geopolitical Risks

Risks include managing international operations and navigating government policies and regulations in different jurisdictions.

⚖️ Regulatory & Governance

Industry Regulations

Subject to SEBI (LODR) Regulations. The company was fined INR 3,28,040 (INR 0.03 Cr) by BSE and NSE for non-compliance with Regulation 19 regarding the composition of the Nomination and Remuneration Committee.

Environmental Compliance

The company is implementing robust processes for Environment, Health, and Safety (EHS) and Compliance as part of its FY28 KPIs.

Legal Contingencies

Key Audit Matter identified regarding the impairment testing of investments in subsidiaries and loans granted, involving subjective management estimates and judgments.