Servotech Renewable Power System Ltd (SERVOTECH)

Capital Goods · Capital Goods - Electrical Equipment · NSE · Updated 12 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

🎯 Key Takeaways

Servotech Renewable Power System Ltd is transitioning from a nascent player to a scaling clean energy infrastructure company, marked by accelerating revenue growth, strategic expansion, and leadership changes. The firm is in a high-growth phase, leveraging its pan-India distribution network and government partnerships to capture opportunities in solar, EV charging, and renewable manufacturing, supported by strong ROE and ROCE.
Revenue declined 0.7% QoQ to ₹216 in Q1FY27.
⚠️ Internal fraud involving ₹2-2.5 crores due to unauthorized inventory removal and forged tax invoices raises concerns about operational controls and go

ROE

16.3%

ROCE

20.8%

Debt/Equity

0.36

Promoter

58.6%

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📖 The Story

Servotech Renewable Power System Ltd is transitioning from a nascent player to a scaling clean energy infrastructure company, marked by accelerating revenue growth, strategic expansion, and leadership changes. The firm is in a high-growth phase, leveraging its pan-India distribution network and government partnerships to capture opportunities in solar, EV charging, and renewable manufacturing, supported by strong ROE and ROCE.

📰 What's Happening

In Q1 FY27 (ended June 30, 2026), Servotech reported standalone revenue of ₹2,081.19 lakhs, up 69.75% YoY, with profit after tax rising 66.31% to ₹48.18 crore. The company expanded its distribution network to 800+ distributors and 6,000+ retailers across 370+ towns. It also secured a 1,415 kW solar rooftop project from South Central Railway and obtained a 5-star BEE rating for its DC EV chargers. Additionally, it entered a ₹400 crore MoU with the Haryana government for manufacturing expansion. Earlier, it appointed Mr. Mrityunjay Jha as Additional Director (Executive Director - Administration), pending shareholder approval, following the resignation of Executive Director Digvijay Kapoor effective July 23, 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	106	211	217	216
Operating Profit	2	23	15	15
OPM %	1.9%	11.0%	7.1%	6.9%
Net Profit	0	15	10	8
EPS	₹0.06	₹0.65	₹0.54	₹0.41

Revenue has shown consistent sequential growth, rising from ₹106 lakhs in September 2025 to ₹211 crores in December 2025 and further to ₹216 crores in June 2026, indicating strong demand traction. Operating margins improved to 7.1% in Q1 FY27 from 1.9% in the prior quarter, reflecting operational scaling and efficiency gains. Profitability metrics, including PAT and EPS, have risen steadily, supporting the narrative of margin accretion driven by volume growth and network expansion.

🔮 Management Outlook & What's Next

Management highlighted strategic priorities in AI integration, R&D, and cost leadership to drive sustainable value creation. It emphasized the ₹400 crore MoU with the Haryana government as a key step toward manufacturing scale-up and reiterated focus on expanding its clean energy and EV infrastructure footprint. The company also underscored its strengthened distribution network and product innovation, including BEE-rated EV chargers, as pillars of long-term growth.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	22	22	23	23
Reserves	154	187	246	265
Borrowings	73	75	152	211
Total Liabilities	349	410	517	685
Fixed Assets	51	66	147	155
Investments	0	2	6	13
Total Assets	349	410	517	685

The balance sheet shows a stable capital structure with equity and reserves growing from ₹22 crore in March 2025 to ₹23 crore in March 2026, while reserves increased to ₹265 crore. Borrowings rose to ₹211 crore from ₹75 crore in the same period, indicating active capital deployment for expansion. Despite higher leverage, asset growth outpaced liability growth, suggesting investments are asset-backed and aligned with growth ambitions.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-55
Investing	-16
Financing	+48
Net Cash Flow	-24

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	58.6%	58.6%	58.6%	58.6%
FII	1.8%	0.7%	0.1%	0.1%
DII	0.0%	0.0%	0.0%	0.0%
Public	32.5%	33.9%	34.3%	34.3%
# Shareholders	2,05,854	2,01,567	1,98,824	1,95,902

Promoter holding remains stable at 58.61% over recent quarters, signaling confidence. However, FII and DII shareholding have declined sharply — FII from 1.78% in Q2FY26 to 0.05% in Q1FY27, and DII from 0.73% to 0%. The number of public shareholders has slightly decreased, though total shareholders remain over 1.95 lakh. No significant institutional accumulation is evident, but promoter stability supports long-term alignment.

⚖️ Peer Comparison — Capital Goods - Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ABB	1.54 L Cr	51.5	26.5%	38.1%	0.00
BHEL	1.50 L Cr	61.6	11.6%	9.3%	0.30
CGPOWER	1.43 L Cr	114.6	21.3%	15.6%	0.00
SIEMENS	1.41 L Cr	43.0	14.2%	23.7%	0.00
POWERINDIA	1.40 L Cr	121.7	29.9%	22.2%	0.00
GVT&D	1.16 L Cr	89.2	99.4%	73.6%	0.00
WAAREEENER	75,580	19.8	54.0%	42.2%	0.10
APARINDS	70,289	59.5	33.0%	21.9%	0.16
SUZLON	60,688	19.4	44.5%	51.5%	0.05
THERMAX	43,853	69.9	12.5%	10.6%	0.41

🔗 Peer Stock Analyses

ABB BHEL CGPOWER SIEMENS POWERINDIA

⚠️ Risk Factors

1. Internal fraud involving ₹2-2.5 crores due to unauthorized inventory removal and forged tax invoices raises concerns about operational controls and governance. 2. Limited public float and low institutional interest may affect liquidity and market valuation. 3. High reliance on a few large orders (e.g., South Central Railway project) could impact revenue visibility. 4. Pending shareholder approval for new director appointments introduces governance uncertainty.

📋 Recent Filings

🧠 Analyst's Read

Servotech is executing a clear growth strategy with strong top-line momentum and expanding infrastructure partnerships, but investors should monitor governance risks, execution discipline in capital deployment, and institutional interest trends. The next few quarters will be critical in validating scalability and margin sustainability.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-12.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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