Smarten Power Systems is engaged into designing and assembling of power back-up and advanced solar power products such as Home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers. They are also engaged in the trading of solar panels and batteries. They sell their products through our distributors within India. They also export their products except solar panels outside India.
Smarten Power Systems, an Fixed Price Issue amounting to ₹ 50.00 Crores, consisting an Fresh Issue of 40.00 Lakh Shares worth ₹ 40.00 Crores and an Offer for Sale of 9.99 Lakh Shares totaling to ₹ 10.00 Crores. The subscription period for the Smarten Power Systems IPO opens on July 07, 2025, and closes on July 09, 2025. The allotment is expected to be finalized on or about Thursday, July 10, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Monday, July 14, 2025.
The Share Price of Smarten Power Systems IPO is set at ₹ 100 per equity share. The Market Capitalisation of the Smarten Power Systems Limited at IPO price of ₹ 100 per equity share will be ₹ 190.00 Crores. The lot size of the IPO is 1,200 shares. Individual investors are required to invest a minimum of 2 lots (2,400 shares), amounting to ₹ 2,40,000.
Arihant Capital Markets Limitedis the book running lead manager of the Smarten Power Systems IPO, while Maashitla Securities Private Limitedis the registrar for the issue. Arihant Capital Markets Limited is the Market Maker for Smarten Power Systems IPO.
Smarten Power Systems LimitedIPO GMP Today
The Grey Market Premium of Smarten Power Systems Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Smarten Power Systems LimitedIPO Live Subscription Status Today: Real-Time Update
As of 11:30 AM on 09 July, 2025, the Smarten Power Systems Limited IPO live subscription status shows that the IPO subscribed 1.56 times on Final Day of subscription period. Check the Smarten Power Systems IPO Live Subscription Status Today at NSE.
Smarten Power Systems LimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
02 June 2025
₹ 100
₹ 100
₹ 0 (0.00%)
06:00 PM; 02 July 2025
Smarten Power Systems Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Smarten Power Systems IPO allotment date is 10 July, 2025, Thursday. Smarten Power Systems IPO Allotment will be out on 10th July, 2025 and will be live on Registrar Website from the allotment date. Check Smarten Power Systems IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Smarten Power Systems Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Smarten Power Systemsa LimitedIPO
Smarten Power Systems to utilise the Net Proceeds towards the following objects: 1. ₹ 418.90 Lakhs is required for purchase of movable assets of the production line of battery manufacturing unit; 2.₹ 2,200.00 Lakhs is required to meet the working capital requirements; 3.₹ 95.00 Lakhs is required for repayment in full or in part, of their outstanding borrowings; 4. ₹ 446.15 Lakhs is required for funding capital expenditure requirements; and 5. ₹ 469.91 Lakhs is required for general corporate purposes.
50,00,400 Equity Shares (aggregating to ₹ 50.00 Cr)
Fresh Issue
40,00,800 Equity Shares (aggregating to ₹ 40.00 Cr)
Offer for Sale
9,99,600 Equity Shares (aggregating to ₹ 10.00 Cr)
Issue Type
Fixed Price Issue
Listing At
NSE SME
Share holding pre issue
1,50,00,000
Share holding post issue
1,90,00,800
Smarten Power Systems IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
1
1,200
₹1,20,000
Retail (Max)
1
1,200
₹1,20,000
S-HNI (Min)
2
2,400
₹2,40,000
S-HNI (Max)
8
9,600
₹9,60,000
B-HNI (Min)
9
10,800
₹10,80,000
Smarten Power Systems IPO Timeline (Tentative Schedule)
IPO Open Date
July 07, 2025
IPO Close Date
July 09, 2025
Basis of Allotment
July 10, 2025
Initiation of Refunds
July 11, 2025
Credit of Shares to Demat
July 11, 2025
Listing Date
July 14, 2025
Cut-off time for UPI mandate confirmation
5 PM on July 09, 2025
Smarten Power Systems IPO Reservation
Investor Category
Shares Offered
Reservation %
Non-Institutional Investor Portion
23,74,800
50% of the Net Issue
Retail Shares Offered
23,74,800
50% of the Net Issue
Market Maker Portion
2,50,800
-
Smarten Power Systems IPO Promoter Holding
Share Holding Pre Issue
91.67 %
Share Holding Post Issue
67.10 %
Smarten Power Systems IPO Subscription Status
Investor Category
Shares Offered
Shares Bid For
No oF Times Subscribed
Non Institutional Investors(NIIS)
26,25,600
46,99,200
1.79
Retail Individual Investors (RIIs)
23,74,800
30,98,400
1.30
Total
50,00,400
77,97,600
1.56
About Smarten Power Systems Limited
BUSINESS OVERVIEW
Smarten Power Systems is engaged in the design and assembly of power backup and advanced solar energy products, including Home UPS systems, solar inverters, solar power conditioning units (PCUs), and solar charge controllers. The company also deals in the trading of solar panels and batteries. Products are sold through a domestic distributor network and exported globally (excluding solar panels).
The company generates 76.41% of revenue from domestic sales and 23.59% from exports, operating in 23 Indian states, 2 union territories, and exporting to over 18 countries across the Middle East, Africa, and South Asia.
Key revenue drivers include Home UPS systems, solar inverters/PCUs, solar panels, and batteries.
Driven by a mission to enable a sustainable energy future, Smarten Power Systems focuses on affordable, efficient, and eco-friendly solutions through advanced technology and innovative design. The slogan “Fusion is the Future” reflects the company’s vision of powering households and industries with renewable energy, especially solar power. Expansion into global markets, particularly in Asia, Africa, and the Middle East, remains a strategic priority. The company have workforce of 252 permanent employees as of May 31, 2025. The Banker to the company is ICICI Bank Limited.
INDUSTRY ANALYSIS
India’s Evolving Energy Consumption and Storage Landscape: A Comprehensive Analysis
Global & Domestic Electricity Consumption Trends
According to the International Energy Agency (IEA), global electricity demand is set to grow sharply in 2024 and 2025, with a projected increase of 4% in 2024—the fastest growth rate in two decades, barring post-crisis rebounds. This surge is driven by strong economic activity, greater air conditioning use due to extreme heatwaves, and the rapid adoption of electric vehicles (EVs) and heat pumps.
India's electricity demand has shown considerable dynamism, with daily variability reaching 15% in 2023, a figure expected to triple by 2050. The increasing use of air conditioners, home appliances, and EVs—enabled by rising incomes—is expected to fuel this variability.
In 2024, India is expected to register an 8% increase in electricity demand, sustaining the rapid growth seen in 2023. However, per capita electricity consumption remains only 20% of the EU average, highlighting significant headroom for growth. Intense and prolonged heatwaves—such as the record 24-day event in May 2024—along with expanding industrial activity, led to peak demand reaching 250 GW, with projections pointing to 258 GW by year-end. Demand growth is expected to moderate to 6.8% in 2025, assuming normal weather conditions, but long-term consumption is poised to increase significantly due to ongoing economic and demographic shifts.
India is currently the third-largest electricity producer and consumer, with an installed power capacity of 446.18 GW as of June 2024.
Solar Energy Expansion in India
India’s solar sector has witnessed remarkable growth, with installed solar capacity rising 26-fold in the past nine years to reach 73.32 GW by December 2023. Solar power contributed 16.9% of total installed power capacity and 40.1% of the renewable mix. In FY 2023–24, India added a record 18.48 GW of renewable capacity, marking a 21% year-over-year increase. However, to meet the 2030 target of 500 GW of non-fossil energy, experts suggest India must add at least 50 GW annually.
In Q1 2024 alone, India added 10 GW of solar capacity, a nearly 400% YoY jump, supported by reduced module costs, grid connectivity improvements, and temporary easing of ALMM regulations. Shirdi is set to become Maharashtra’s first solar-powered town, aiming for zero energy bills.
Solar Inverter Market Outlook
Driven by government programs like the Smart Cities Mission and solar subsidies, the solar inverter market is expanding rapidly. As of FY 2022–23, India’s solar inverter market stood at ~2,520 MW, with expectations of 14.4% CAGR growth from 2020 to 2026.
Grid-connected inverters dominate residential and commercial segments, while off-grid inverters remain prevalent in rural electrification.
Home UPS Market in India
India’s home UPS market was valued at $317.8 million in 2023 and is projected to reach $493 million by 2032, growing at a 5% CAGR. The rise in demand is driven by:
Frequent power outages, especially in rural and semi-urban areas.
Remote work, online education, and home healthcare, which rely on consistent power.
Climate-induced disruptions like floods and heatwaves.
Growing digital adoption in households, increasing the need for uninterrupted power.
The Standby UPS segment dominates with 63.82% market share, due to its affordability, simplicity, and suitability for household usage. Additionally, lead-acid batteries, used in most UPS systems, account for 65.29% market share, favored for their cost-effectiveness, wide availability, and compatibility.
There's also a clear urban-rural divide: urban areas lead with 67.08% market share, but rural regions are expected to grow faster (CAGR of 5.7%) due to electrification initiatives and increasing awareness of power backup benefits.
Rooftop Solar & Government Schemes
The PM Surya Ghar: Muft Bijli Yojana, launched in February 2024 with a budget of ₹75,021 crore, aims to install rooftop solar for 1 crore households, offering up to 300 units/month of free electricity. Key features include:
Subsidies up to ₹78,000 per household.
Ability to sell surplus electricity back to the grid.
Subsidies for RWAs and group housing societies for EV-compatible solar setups.
As of May 2024, 12.12 GW of rooftop solar capacity has been installed. In FY 2023–24, 2,866 MW was added.
Lithium-ion Battery (LIB) and Energy Storage Market
India is targeting 50% non-fossil-based installed capacity by 2030 and aims to cut emission intensity by 45% from 2005 levels. Energy Storage Systems (ESS) are pivotal in addressing the variability of renewable sources like solar and wind.
The lithium-ion battery market is expected to grow at a CAGR of 50%, rising from 20 GWh in 2022 to 220 GWh by 2030. The market will benefit from:
Advanced Chemistry Cell (ACC) manufacturing.
Government backing on both supply and demand sides.
Recycling potential, estimated at 22–23 GWh by 2030.
India’s lithium-ion industry is set to grow from 2.9 GWh in 2018 to 132 GWh by 2030 (35.5% CAGR). The discovery of large lithium reserves in Jammu & Kashmir and Rajasthan may enable domestic supply to meet up to 80% of the country’s demand.
Energy storage is essential to meet India's projected 334 GW peak electricity demand and 2,229 BU generation need by 2030.
Conclusion
India's energy ecosystem is undergoing a transformative shift driven by:
Electrification of the economy and homes.
Massive investments in solar and renewable energy.
Rising demand for reliable backup solutions like UPS and energy storage.
Government-backed initiatives accelerating solar adoption and battery production.
This multi-faceted growth signals a strong transition toward clean, stable, and self-reliant power systems, positioning India as a global leader in the green energy transition.
BUSINESS STRENGTHS
1. Innovative Product Portfolio:
Offers over 372 SKUs across five core categories—Home UPS systems, solar inverters, PCUs, solar charge controllers, solar panels, and batteries. Products serve diverse customer segments, ranging from individual households to commercial solar projects.
2. Robust R&D Capabilities:
A dedicated R&D team of seven experts in power electronics drives product innovation, focusing on efficiency, quality, and reliability. The team brings over a decade of experience in power conversion, inverter design, and energy storage systems, maintaining the company’s competitive edge.
3. Wide Distribution & Service Network:
A well-established presence in 23 states and 2 union territories, supported by 380 distributors and 52 service centres ensures strong market accessibility and effective after-sales service.
4. Experienced Leadership Structure:
A specialized leadership framework assigns directors to specific operational domains such as R&D, manufacturing, sales, and global expansion, enabling focused execution, strategic agility, and operational excellence in a competitive environment.
BUSINESS STRATEGIES
1. Capacity Expansion:
A new manufacturing facility spanning 41,903 sq. ft. is under construction at Model Economic Township (MET), Jhajjar, Haryana, aimed at assembling Home UPS systems, solar inverters, PCUs, and charge controllers. Set to be operational in FY 2025–26, the facility will double production capacity from 600 to 1,200 units per day and integrate advanced manufacturing, R&D, and storage functions. It will also serve as a consolidated hub for relocating the registered office and streamlining operations.
2. Backward Integration:
To reduce dependency on external suppliers and improve quality control, the company plans to initiate in-house manufacturing of lead-acid batteries, a critical component of power backup systems. This move complements current operations, which primarily involve procurement and supply of inverter batteries.
3. Geographic Expansion:
A strategic focus on expanding domestic and international presence is in place to diversify revenue streams, reduce regional concentration risks, and support sustainable long-term growth.
BUSINESS RISK FACTORS & CONCERNS
1. Geographic Concentration Risk
A substantial share of revenue is generated from Haryana and Uttar Pradesh, making the business susceptible to regional economic downturns, regulatory changes, natural disasters, and market saturation. Sustained improvement in power infrastructure in these regions may also reduce product demand.
2. Supplier Dependency Risk
The company relies on third-party suppliers for raw materials used in Home UPS systems and Solar Inverters/PCUs. Any failure in supply, substandard quality, or delays could adversely impact production, financial performance, and operational continuity, despite having multiple supplier arrangements in place.
3. Product Dependency Risk
Revenue is significantly dependent on Home UPS systems, Solar Inverters/PCUs, and batteries. A drop in demand, market disruption, or supply issues for these products could materially impact revenue and profitability, as over 70% of the current assembly capacity is dedicated to these offerings.
4. Export Market Concentration Risk
A major portion of export revenue comes from Nigeria and West Africa. Any changes in foreign policies, trade regulations, or import-export restrictions could disrupt international operations, increase costs, or limit market access.
Smarten Power Systems faces key business risks from regional revenue concentration, supplier dependence, limited product diversification, and export market exposure, particularly in West Africa. These factors could affect the company’s operational stability, growth, and financial performance if not effectively managed.
Smarten Power Systems Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
2,353.75
2,476.70
1,347.70
Total Assets
9,723.53
7,928.12
7,601.45
Total Borrowings
1,658.91
667.77
413.06
Fixed Assets
913.27
571.29
474.81
Cash
332.12
252.48
191.35
Net Borrowing
1,326.79
415.29
221.71
Revenue
20,319.67
19,873.20
18,606.28
EBITDA
1,836.79
1,708.08
798.89
PAT
1,277.04
1,129.00
515.66
EPS
8.51
7.53
3.51
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on Post Offer, given inRHP.
Lead Manager : Arihant Capital Markets Limited Contact Person : Amol Kshirsagar / Satish Kumar Telephone : +91-22-42254800 Email : mbd@arihantcapital.com Website : https://www.arihantcapital.com/
Smarten Power Systems IPO Review
Smarten Power Systems is engaged into designing and assembling of power back-up and advanced solar power products such as Home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers. They are also engaged in the trading of solar panels and batteries. They sell their products through our distributors within India. They also export their products except solar panels outside India.
The Company is promoted by four individual Promoters namely Arun Bhardwaj, Rajnish Sharma, Ravi Dutt, Tirath Singh Khaira with a motive of providing efficient and low-cost power solutions by assembling and trading various products such as Home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers, solar panels and batteries and they have an average experience of more than two decades in the power-backup industry.
The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 20,319.67 Lakh, ₹ 19,873.20 Lakh and ₹ 18,606.28 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,836.79 Lakh, ₹ 1,708.08 Lakh and ₹ 798.89 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 1,277.04 Lakh, ₹ 1,129.00 Lakh and ₹ 515.66 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹8.51and post-issue EPS of ₹ 6.72 for FY24.The pre-issue P/E ratio is 11.75x, while the post-issue P/E ratio is 14.88x against the Industry P/E ratio is 42x. The company's ROCE for FY24 is 32.58%, ROE for FY24 is 39.72% and RoNW is 33.14%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Smarten Power Systems showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Smarten Power Systems Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
