SPWL Saif Power Limited

Saif Power Limited (SPWL) financial ratios

Saif Power Limited earned a net margin of -0.4% in FY2025 against a five-year average of 4.6% (Power Generation & Distribution median 3.9%). Return on equity was -0.4%, compared with a sector median of 0.2%. The current ratio stood at 1.02× and debt was 45.0% of equity. Cash took about 252 days to cycle through receivables, inventory and payables.

FY2025 vs the Power Generation & Distribution median

Gross margin: 2.5%; Sector median 12.5%
Operating margin: -0.4%; Sector median 6.9%
Net margin: -0.4%; Sector median 3.9%
Return on equity (ROE): -0.4%; Sector median 0.2%
Return on assets (ROA): -0.2%; Sector median 0.1%
Current ratio: 1.02×; Sector median 2.32×
Debt to equity: 45.0%; Sector median 32.9%
Asset turnover: 0.48×; Sector median 0.17×

Median of the 16 companies in the sector with the figure for their latest fiscal year.

SPWL financial ratios (annual) (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 * Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 * Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014
Profitability
Gross margin	2.5%	30.0%	14.6%	15.2%	17.5%	37.2%	33.6%	24.4%	28.4%	26.7%	22.0%	20.2%
EBITDA margin	6.9%	16.9%	17.0%	17.2%	20.4%	42.5%	36.6%	27.1%	31.7%	30.5%	25.2%	22.9%
Operating margin	(0.4%)	10.1%	13.5%	14.4%	16.6%	35.5%	32.5%	23.5%	26.9%	25.6%	21.3%	19.7%
Pre-tax margin	0.2%	1.4%	1.8%	8.5%	11.9%	26.6%	24.5%	18.2%	21.1%	19.4%	13.8%	10.7%
Net margin	(0.4%)	1.4%	1.8%	8.5%	11.9%	26.6%	24.5%	18.2%	21.1%	19.4%	13.8%	10.7%
Effective tax rate	375.2%	0.2%	0.0%	—	—	—	—	—	—	—	—	—
Returns
Return on equity (ROE)	(0.4%)	1.1%	2.6%	13.0%	12.3%	15.4%	27.2%	27.0%	26.4%	27.1%	27.8%	—
Return on assets (ROA)	(0.2%)	0.6%	1.1%	6.6%	7.4%	9.4%	15.2%	14.2%	13.3%	11.7%	10.0%	—
Return on invested capital (ROIC)	(12.5%)	8.0%	8.8%	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.02×	1.02×	1.06×	1.17×	1.43×	1.38×	1.21×	0.95×	1.06×	1.12×	0.93×	0.94×
Quick ratio	0.95×	0.98×	1.03×	1.15×	1.41×	1.36×	1.19×	0.93×	1.04×	1.09×	0.91×	0.90×
Leverage
Debt to equity	45.0%	71.4%	102.1%	116.4%	53.8%	50.2%	48.4%	78.2%	71.8%	92.2%	119.7%	168.4%
Debt to capital	31.0%	41.7%	50.5%	53.8%	35.0%	33.4%	32.6%	43.9%	41.8%	48.0%	54.5%	62.7%
Debt to assets	27.3%	38.4%	46.8%	50.7%	31.7%	31.4%	28.9%	40.7%	38.0%	44.2%	46.3%	56.2%
Assets to equity	1.76×	2.03×	2.24×	1.98×	1.65×	1.64×	1.78×	1.91×	1.98×	2.32×	2.78×	—
Efficiency
Asset turnover	0.48×	0.41×	0.65×	0.77×	0.62×	0.35×	0.62×	0.78×	0.63×	0.60×	0.73×	—
Receivable days days	284	362	211	202	280	467	242	161	156	154	123	—
Inventory days days	16	22	9	6	6	10	5	4	5	5	6	—
Payable days days	48	21	5	16	30	75	40	23	36	63	46	—
Cash conversion cycle days	252	363	215	192	255	402	207	142	125	95	82	—
Dividends
Dividend payout ratio	—	1,231.8%	493.3%	168.4%	39.5%	53.0%	24.2%	37.6%	54.4%	61.0%	70.3%	68.0%
Earnings retention rate	—	(11.32×)	(3.93×)	(0.68×)	0.61×	0.47×	0.76×	0.62×	0.46×	0.39×	0.30×	0.32×

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

SPWL: frequently asked questions

What is SPWL's EPS?

Saif Power Limited reported basic earnings per share of Rs -0.10 for FY2025 (Jan – Dec 2025).

Does SPWL pay dividends?

Yes. Saif Power Limited declared a dividend of Rs 1.75 per share for FY2025. It has paid a dividend in each of the last 12 years. At Rs 8.13 that is a dividend yield of 21.5%.

What was SPWL's revenue and profit in FY2025?

Saif Power Limited reported revenue of Rs 9.2 bn and profit attributable to shareholders of -Rs 38.4 mn for FY2025 (Jan – Dec 2025).

What is SPWL's book value per share?

Saif Power Limited's book value per share was Rs 26.94 at the end of FY2025. The shares trade at 0.30× book value.

Information only, not investment advice.