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10 Yrs X-Ray 
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About
SPEL Semiconductor Ltd (SPELS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517166 NSE: SPELS Electronics - Components | Small Cap | SPEL Semiconductor Share Price
₹149.25 1.20 (0.81%)
As on 04-Sep'26 16:59
SPEL Semiconductor Ltd (SPELS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517166 NSE: SPELS Electronics - Components | Small Cap | SPEL Semiconductor Share Price
₹149.25 1.20 (0.81%)
As on 04-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹688 Cr.
Current Price
₹149.3
52-Week Low / High
₹123 / 263
TTM EPS
₹-4.3
TTM Sales
₹4.4 Cr.
Book Value per Share
₹0.4
P/E Ratio
0.00
Industry PE
48
Price to Book (P/B)
403.81
Higher than its 5-year historical median
Price to Sales (P/S)
155.51
Higher than its 5-year historical median
EV/EBITDA
816.08
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-298.82%
Underperforms industry median
Return on Capital Employed (ROCE)
-55.06%
Underperforms industry median
Return on Assets (ROA)
-19.61%
Operating Profit Margin
-13.9%
Net Profit Margin
-379.64%
Gross Profit Margin
-61.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-20.1%
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
₹-44 Cr.
Equity
₹46.1 Cr.
Face Value
₹10
All Time Low / High
₹1.50 / 268.40
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
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?
Revenue growth of SPEL Semiconductor Ltd vs industry peers?
SPEL Semiconductor Ltd revenue CAGR is -16.98%, compared to the industry median CAGR of 1.96%, indicating slower growth and losing its market share.
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.
Stock return of SPEL Semiconductor Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 29.9% 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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -8.2% | -5.8% | -7.7% | 2.7% | -7% | -11.1% | -2.4% | -20% | -35.1% | -55.1% | - |
| Value Creation Index ⓘ | -1.6 | -1.4 | -1.6 | -0.8 | -1.5 | -1.8 | -1.2 | -2.4 | -3.5 | -4.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 35.7 | 41.7 | 26.3 | 36.5 | 15.9 | 15.7 | 11.2 | 12 | 7.9 | 6.3 | 4 |
| Sales YoY Gr. | - | 16.8% | -36.8% | 38.7% | -56.4% | -1.7% | -28.7% | 7.5% | -34.5% | -20.1% | - |
| Adj EPS ⓘ | -5.1 | -1.8 | -2.3 | 1.2 | -1.5 | -1.7 | 0.7 | -2.1 | -2.6 | -2.3 | -4.3 |
| YoY Gr. | - | NA | NA | NA | -217.9% | NA | NA | -387.7% | NA | NA | - |
| BVPS (₹) ⓘ | 10.5 | 18.9 | 16.8 | 17.1 | 15.6 | 13 | 10.7 | 7.2 | 2.8 | 0.7 | 0.4 |
| Adj Net Profit ⓘ | -23.6 | -8.2 | -10.7 | 5.7 | -6.7 | -7.9 | 3.4 | -9.7 | -12.2 | -10.7 | -20 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | -2.4 | -3.2 | -8.8 | -1.7 | 12.9 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | -13.2 | -7.8 | -3.2 | -18.6 | 1.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -17.6% | -17% | -17.4% | -20.1% | ||||
| Adj EPS ⓘ | NA | NA | -247% | NA | ||||
| BVPSⓘ | -26.5% | -46.9% | -60.5% | -76.4% | ||||
| Share Price | 29.9% | 54.8% | 42.3% | -34.4% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -37.5 | -11.3 | -13.1 | 7.3 | -8.8 | -11.9 | 6.2 | -23.5 | -53 | -134.3 | -825.2 |
| Op. Profit Mgn % ⓘ | -3.6 | -6.7 | -29.9 | 16.4 | -35.3 | -10.8 | 38.3 | -17 | -67.8 | -13.9 | -30.7 |
| Net Profit Mgn % ⓘ | -66 | -19.8 | -40.8 | 15.5 | -41.9 | -50.3 | 30.2 | -80.8 | -155 | -170.6 | -442.5 |
| Debt to Equity ⓘ | 0.6 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.5 | 0.8 | 2.4 | 6.9 | - |
| Working Cap Days ⓘ | 464 | 399 | 582 | 527 | 1,353 | 1,382 | 1,963 | 1,447 | 1,507 | 857 | 1,954 |
| Cash Conv. Cycle ⓘ | 211 | -10 | -127 | 14 | 771 | 1,080 | 1,713 | 1,254 | 1,333 | 629 | -2,534 |
Valuation of SPEL Semiconductor - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 36 | 42 | 26 | 37 | 16 | 16 | 11 | 12 | 8 | 6 |
| Operating Expenses ⓘ + | 37 | 44 | 34 | 31 | 22 | 17 | 7 | 15 | 13 | 7 |
| Operating Profit ⓘ | -1 | -3 | -8 | 6 | -6 | -2 | 4 | -3 | -5 | -1 |
| Operating Profit Margin (%) | -3.5% | -6.7% | -29.9% | 16.4% | -35.3% | -10.8% | 35.3% | -20.8% | -69.9% | -15.3% |
| Other Income ⓘ + | 2 | 2 | 5 | 2 | 5 | 1 | 7 | 2 | 2 | 2 |
| Interest ⓘ | 3 | 3 | 3 | 1 | 1 | 1 | 3 | 3 | 3 | 5 |
| Depreciation ⓘ | 7 | 6 | 5 | 5 | 4 | 5 | 4 | 3 | 2 | 1 |
| Profit Before Tax ⓘ | -8 | -8 | -11 | 1 | -8 | -12 | -5 | -16 | -21 | -24 |
| Tax ⓘ | 0 | 0 | -0 | 0 | 0 | 0 | -1 | 0 | -0 | 0 |
| Profit After Tax | -9 | -8 | -11 | 1 | -9 | -12 | -3 | -17 | -21 | -24 |
| PAT Margin (%) | -24.6% | -20.3% | -40.8% | 2.9% | -54.2% | -75.7% | -27.7% | -139.0% | -267.0% | -379.0% |
| Adjusted EPS (₹) | -1.9 | -1.8 | -2.3 | 0.2 | -1.9 | -2.6 | -0.7 | -3.6 | -4.6 | -5.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 58 | 87 | 78 | 79 | 72 | 60 | 50 | 33 | 13 | 3 | |
| Debt + | 28 | 25 | 22 | 28 | 30 | 31 | 25 | 27 | 30 | 20 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 13 | 18 | 16 | 18 | 9 | 11 | 6 | 5 | 4 | 3 | |
| Others Liabilities ⓘ | 24 | 40 | 48 | 58 | 55 | 75 | 83 | 81 | 81 | 88 | |
| Total Liabilities ⓘ | 123 | 170 | 163 | 182 | 166 | 177 | 164 | 146 | 128 | 115 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 69 | 126 | 122 | 117 | 113 | 112 | 29 | 26 | 23 | 25 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 12 | 4 | 4 | 11 | 11 | 12 | 51 | 37 | 23 | 3 | |
| Trade Receivables | 15 | 2 | 4 | 32 | 40 | 49 | 2 | 1 | 1 | 1 | |
| Cash Equivalents | 6 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Others Assets ⓘ | 20 | 37 | 32 | 22 | 3 | 4 | 82 | 81 | 81 | 86 | |
| Total Assets ⓘ | 123 | 170 | 163 | 182 | 166 | 177 | 164 | 146 | 128 | 115 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 0 | 0 | 0 | 0 | 0 | -2 | -3 | -9 | -2 | 13 |
| Cash Flow From Investing Activity ⓘ + | 0 | 0 | 0 | 0 | 0 | 1 | 12 | 9 | 1 | 2 |
| Cash Flow From Financing Activity ⓘ + | 0 | 0 | 0 | 0 | 0 | 1 | -8 | 0 | 0 | -15 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -18.47 | -12.52 | -13.05 | 1.35 | -11.43 | -17.96 | -5.65 | -40.65 | -91.52 | -298.82 |
| ROCE (%) | -8.24 | -5.77 | -7.71 | 2.69 | -6.98 | -11.07 | -2.36 | -20.01 | -35.12 | -55.06 |
| Asset Turnover Ratio | 0.28 | 0.28 | 0.16 | 0.21 | 0.09 | 0.09 | 0.07 | 0.08 | 0.06 | 0.05 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 98.80 | 77 | 44.70 | 181.50 | 829.70 | 1,038.40 | 825.10 | 46 | 45.20 | 39.60 |
| Inventory Days | 236 | 72.60 | 60.30 | 75.20 | 242.90 | 262.30 | 1,021.10 | 1,335.30 | 1,400.30 | 756.90 |
| Payable Days | 314.10 | 345.10 | 636.80 | 687.80 | 987.50 | 980.50 | -510.50 | 415.60 | 545.70 | 882.70 |
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SPEL Semiconductor Ltd FAQs
The current trading price of SPEL Semiconductor on 04-Sep-2026 16:59 is ₹149.2.
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 03-Sep-2026 the market cap of SPEL Semiconductor stood at ₹688.3 Cr
The latest P/E ratio of SPEL Semiconductor as of 03-Sep-2026 is 0.00.
The latest P/B ratio of SPEL Semiconductor as of 03-Sep-2026 is 403.8.
The 52-week high of SPEL Semiconductor is ₹262.8 and the 52-week low is ₹122.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SPEL Semiconductor is ₹4.43 ( 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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