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SPEL Semiconductor Ltd (SPICELEC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517166 NSE: SPICELEC Electronics - Components | Small Cap | SPEL Semiconductor Share Price

₹153.40 0.05 (0.03%)

As on 19-Jun'26 12:19

SPEL Semiconductor Ltd (SPICELEC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517166 NSE: SPICELEC Electronics - Components | Small Cap | SPEL Semiconductor Share Price

₹153.40 0.05 (0.03%)

As on 19-Jun'26 12:19

Key Metrics
Valuation Multiples
Market Cap
₹707 Cr.
Current Price
₹153.4
52-Week Low / High
₹108 / 263
TTM EPS
₹-5.2
TTM Sales
₹6.3 Cr.
Book Value per Share
₹-2.4
P/E Ratio
0.00
Industry PE
44.8
Price to Book (P/B)
-64.72
Lower than its 5-year historical median
Price to Sales (P/S)
112.61
Higher than its 5-year historical median
EV/EBITDA
615.45
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-91.52%
Underperforms industry median
Return on Capital Employed (ROCE)
-35.12%
Underperforms industry median
Return on Assets (ROA)
-15.39%
Operating Profit Margin
-67.8%
Net Profit Margin
-267.62%
Gross Profit Margin
-87.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-34.5%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
59.17%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹-57 Cr.
Equity
₹46.1 Cr.
Face Value
₹10
All Time Low / High
₹1.50 / 268.40

SPEL Semiconductor stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Weak
Q.1 Is SPEL Semiconductor Ltd a good quality company?
SPEL Semiconductor Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does SPEL Semiconductor Ltd performance compare with that of its Peers?
Q.1 Revenue growth of SPEL Semiconductor Ltd vs industry peers?
SPEL Semiconductor Ltd revenue CAGR is -26.46%, compared to the industry median CAGR of 3.03%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of SPEL Semiconductor Ltd?
Promoters hold 59.17% of the SPEL Semiconductor Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of SPEL Semiconductor Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 27.9% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
SPEL Semiconductor Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -26.2%-8.2%-5.8%-7.7%2.7%-7%-11.1%-2.4%-20%-35.1%-
Value Creation
Index
-2.9-1.6-1.4-1.6-0.8-1.5-1.8-1.2-2.4-3.5-

Growth Parameters

Sales 25.935.741.726.336.515.915.711.2127.96
Sales YoY Gr.-38%16.8%-36.8%38.7%-56.4%-1.7%-28.7%7.5%-34.5%-
Adj EPS -4.1-5.1-1.8-2.31.2-1.5-1.70.7-2.1-2.6-5.2
YoY Gr.-NANANANA-217.9%NANA-387.7%NA-
BVPS (₹) 10.110.518.916.817.115.61310.77.22.8-2.4
Adj Net
Profit
-19-23.6-8.2-10.75.7-6.7-7.93.4-9.7-12.2-24
Cash Flow from Ops. 000000-2.4-3.2-8.8-1.7-
Debt/CF from Ops. 000000-13.2-7.8-3.2-18.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -12.4%-26.5%-20.5%-34.5%
Adj EPS NA-216.5%NANA
BVPS-13.3%-30.4%-40%-61%
Share Price 28.9% 60.1% 36.3% 22.4%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-24.6-37.5-11.3-13.17.3-8.8-11.96.2-23.5-53-2404.7
Op. Profit
Mgn %
-36.9-3.6-6.7-29.916.4-35.3-10.838.3-17-67.8-16.9
Net Profit
Mgn %
-73.5-66-19.8-40.815.5-41.9-50.330.2-80.8-155-379.7
Debt to
Equity
0.40.60.30.30.40.40.50.50.82.43.6
Working Cap
Days
6204643995825271,3531,3821,9631,4471,5071,954
Cash Conv.
Cycle
491211-10-127147711,0801,7131,2541,333-2,534

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2636422637161611128
Operating Expenses + 3537443431221771513
Manufacturing Costs0000000344
Material Costs10131610954-653
Employee Cost 141314131177744
Other Costs 1111141211107323
Operating Profit -10-1-3-86-6-24-3-5
Operating Profit Margin (%) -36.9%-3.5%-6.7%-29.9%16.4%-35.3%-10.8%35.3%-20.8%-69.9%
Other Income + 1225251722
Exceptional Items -1110-0-3-6-9-10-13
Interest 3333111333
Depreciation 11765545432
Profit Before Tax -24-8-8-111-8-12-5-16-21
Tax -400-0000-10-0
Profit After Tax -20-9-8-111-9-12-3-17-21
PAT Margin (%) -76.6%-24.6%-20.3%-40.8%2.9%-54.2%-75.7%-27.7%-139.0%-267.0%
Adjusted EPS (₹)-4.3-1.9-1.8-2.30.2-1.9-2.6-0.7-3.6-4.6
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of SPEL Semiconductor - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 67588778797260503313
Share Capital 46464646464646464646
Reserves 211241313326143-13-33
Debt +16282522283031252731
Long Term Debt0131314161826192021
Short Term Debt1615129111265810
Minority Interest0000000000
Trade Payables1013181618911654
Others Liabilities 37244048585575838181
Total Liabilities 130123170163182166177164146128

Fixed Assets

Net Fixed Assets +8769126122117113112292623
Gross Block192180126122117113112646256
Accumulated Depreciation10411100000353632
CWIP 0000000000
Investments 0000000000
Inventories341244111112513723
Trade Receivables41524324049211
Cash Equivalents 1610000000
Others Assets 52037322234828181
Total Assets 130123170163182166177164146128

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 000000-2-3-9-2
PBT 000000-12-3-16-21
Adjustment 0000009444
Changes in Working Capital 0000000-4316
Tax Paid 0000000-000
Cash Flow From Investing Activity + 00000011291
Capex 0000000-0-00
Net Investments 0000000000
Others 00000011291
Cash Flow From Financing Activity + 0000001-800
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid 0000000-2-3-3
Dividend Paid 0000000000
Others 0000001-633
Net Cash Flow 000000-0-0-0-0

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-34.92-18.47-12.52-13.051.35-11.43-17.96-5.65-40.65-91.52
ROCE (%)-26.24-8.24-5.77-7.712.69-6.98-11.07-2.36-20.01-35.12
Asset Turnover Ratio0.190.280.280.160.210.090.090.070.080.06
PAT to CFO Conversion(x)N/AN/AN/AN/A0N/AN/AN/AN/AN/A
Working Capital Days
Receivable Days66.7098.807744.70181.50829.701,038.40825.104645.20
Inventory Days479.2023672.6060.3075.20242.90262.301,021.101,335.301,400.30
Payable Days332.50314.10345.10636.80687.80987.50980.50-510.50415.60512.40

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

SPEL Semiconductor Ltd FAQs

The current trading price of SPEL Semiconductor on 19-Jun-2026 12:19 is ₹153.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 18-Jun-2026 the market cap of SPEL Semiconductor stood at ₹707.2 Cr

The latest P/E ratio of SPEL Semiconductor as of 18-Jun-2026 is 0.00.

The latest P/B ratio of SPEL Semiconductor as of 18-Jun-2026 is -64.72.

The 52-week high of SPEL Semiconductor is ₹262.8 and the 52-week low is ₹108.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SPEL Semiconductor is ₹6.28 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that SPEL Semiconductor Ltd is a below average quality company.

The key valuation ratios of SPEL Semiconductor Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of SPEL Semiconductor Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About SPEL Semiconductor Ltd

SPEL Semiconductor established in 1988 is India’s first & only semiconductor IC assembly & test facility. SPEL pioneered the outsourced Semiconductor Assembly & Test Services (OSAT) market in India and continues to steadily do so. SPEL is a trusted & strategic contract manufacturing partner for many of the world's leading Semiconductor companies.

SPEL provides full turnkey solutions that include Wafer sort, Assembly, Test and Drop-shipment services which help Customers accelerate time-to-revenue for their new products. SPEL also offers value added services such as package design, failure analysis and full reliability test, test program development & product characterization.

SPEL initially supplied to the domestic market. SPEL soon acquired the expertise to serve the global market. SPEL’s Customers are some of the biggest Integrated Device Manufacturers (IDMs) and Fabless Companies in the United States and Asia. SPEL offers Packaging Technology for Semiconductors used in diverse end-market applications including communications, consumer electronics and computing.

Quality at SPEL is the means to customer satisfaction. This is achieved by thoroughly understanding and satisfying the needs of its customers in every product or service they offer. Quality is built into the design, selection and management of products & services to deliver the required performance at the least possible cost. Quality control at SPEL is a process of maintaining standards and not creating them. Deming's PDCA cycle is the role model followed for all activities relating to quality control and quality improvement.

Having established a track record at home, SPEL turned its attention to the more demanding global market in 1995. It has since been exclusively serving the Silicon Valley and other parts of the world for over 12 years now. SPEL focuses on Lead frame based Packages - both Surface mount & Through hole. As a specialty, SPEL offers onsite & offshore Test Engineering support to Customers. SPEL ensures better interaction & services to Customers through a Sales & Technical support office based at Santa Clara, USA.

Services offered by the company:

  • It offers turnkey wafer sort, and IC assembly and test services, as well as failure analysis services.
  • It offers onsite & offshore test engineering support

Achievements/ recognition:

  • ISO 9001:2000 Certificate
  • ISO / TS 16949 - Second edition.
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