Smarten Power Systems Limited has filed its annual declaration of non-encumbrance with the National Stock Exchange of India Limited, as required under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The declaration, dated April 03, 2026, was submitted by Managing Director Arun Bhardwaj on behalf of all Promoters, the Promoter Group, and Persons Acting in Concert (PAC), confirming that no encumbrance has been created on the company's shares during the financial year ended March 31, 2026, beyond what has already been disclosed to the stock exchange.

Declaration Overview

The annual disclosure is a regulatory requirement under SEBI's takeover regulations, mandating promoters to confirm the encumbrance status of their shareholding at the close of each financial year. Arun Bhardwaj, in his capacity as Managing Director, submitted the declaration from Gurugram, affirming compliance on behalf of the entire promoter and promoter group. The filing was addressed to the Manager – Listing Compliance at the National Stock Exchange of India Limited.

Promoter Shareholding Structure as on March 31, 2026

Of the 62 members listed under the Promoter, Promoter Group, and PAC category, only four individuals hold shares in the company. The following table presents the shareholding details of members with non-zero holdings:

The remaining 58 members of the promoter and promoter group, including individuals and entities such as J S Khaira Fashions Pte Ltd (Singapore), Avtaj Technologies Pty Ltd (Australia), Ardent Power Systems Pty Ltd (Australia), Menrva Learning Centre Pty Ltd (Australia), J S Khaira Fashions Private Limited, and Nitant Global Private Limited, hold nil shares as on March 31, 2026.

Regulatory Context

The submission is in accordance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which requires promoters of listed companies to make an annual declaration regarding the encumbrance status of their shareholding. Smarten Power Systems Limited is registered with CIN L31401HR2014PLC052897 and is headquartered at Plot No. 374, 1st Floor, Pace City - II, Sector - 37, Gurugram - 122001, Haryana, India. The company was formerly known as Smarten Power Systems Private Limited.

Smarten Power Systems Limited has announced its audited financial results for FY26, showcasing strong revenue growth of 20.3% despite facing multiple operational headwinds. The board meeting held on April 28, 2026, approved comprehensive financial statements and made key appointments for the upcoming fiscal year.

Financial Performance Overview

The company delivered robust revenue growth with total income from operations reaching ₹242.66 crore in FY26, representing a significant increase of 20.3% over the previous year's ₹201.75 crore. However, profitability was impacted by external cost pressures and strategic investments, resulting in a profit after tax of ₹8.80 crore for the full year.

Operational Challenges and Strategic Response

FY26 presented a demanding operating environment with three distinct headwinds. Export revenues declined significantly to ₹22.17 crore from ₹48.50 crore in FY25, primarily due to intensifying competition from low-cost Chinese manufacturers in key overseas markets. The company successfully redirected focus toward the domestic market, leveraging its brand equity and after-sales network to maintain overall turnover.

Raw material costs rose during FY26, driven by elevated global input prices and supply-chain disruptions from geopolitical tensions in the Middle East. The company responded by diversifying its supplier base and building strategic inventory buffers to reduce future exposure.

Capacity Expansion and Investment Impact

Depreciation charges increased substantially from ₹40.84 lakhs in FY25 to ₹78.08 lakhs in FY26, reflecting the commissioning of a new manufacturing facility that resulted in a 4.4x expansion of the company's fixed asset base. Employee benefit expenses increased from ₹14.98 crore to ₹17.67 crore, reflecting both annual increments and deliberate expansion of the Research and Development team, including onboarding 70 employees for battery units.

Strategic Product Development

The company made significant progress in product development, with field trials of Smarten's in-house developed Hybrid Inverter and Li-ION Battery systems commencing in H2 FY26. Management expects trial volumes to ramp materially through H1 FY27, with mass-market availability targeted for H2 FY27. The Li-ION battery segment continued to witness strong market adoption, reflecting a structural shift in customer preferences toward longer-cycle, higher-efficiency energy storage.

Geographic Expansion Success

The company achieved meaningful geographic expansion across multiple domestic markets in H2 FY26. East India, particularly West Bengal and Bihar, emerged as top contributors to domestic revenue. The company successfully entered the Punjab market for the first time, generating revenues of approximately ₹1.80 crore in FY26, with management projecting substantial increases ahead.

Board Appointments and Compliance

The board appointed M/s Nitin Arora & Associates (FRN: 031892N) as internal auditors for FY27, representing a strategic decision to enhance internal audit capabilities. The company submitted all required documentation under Regulation 33 of SEBI Listing Regulations, with statutory auditor M/s Mahesh Yadav & Associates issuing an unmodified audit report. Company Secretary Vandita Tripathi ensured full compliance with disclosure requirements.