Surana Solar Ltd.

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suranasolar.comBSE: 533298NSE: SURANASOL

Market Cap₹ 129 Cr.

Current Price

High / Low₹ 39 / 18

Stock P/E20.1

Book Value₹ 13

Price to Book2.82

Dividend Yield0.00 %

ROCE0.4 %

ROE0.1 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Power (Solar): 99.3% • Power (wind): 0.7%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 10.65x)
Working capital cycle has improved - days down from 673 to 283
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (2771.6% of PBT)
Company has a low return on capital employed of 1.5%
Company has a low return on equity of 0.6% over last 3 years
Interest coverage is weak at 1.3x - earnings barely cover interest
Effective tax rate is unusually low at -37.3% - earnings may be flattered
Operating margins have contracted to 1.4% from 19.5%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsElectricalsElectronics - Components

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SYRMA	1452.40	76.08	28006.70	0.10	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3487.30	67.62	23376.99	0.00	56.43	-24.37	946.02	40.47	13.38	15.60
3.	AVALON	2247.45	112.51	15031.46	0.00	34.87	145.31	484.41	49.83	14.12	11.96
4.	UTLSOLAR	433.60	44.73	13164.55	0.00	577.94	—	13456.93	—	40.63	18.94
5.	CYIENTDLM	836.40	80.87	6639.62	0.00	162.85	2082.10	3738.00	1242.54	10.41	9.93
6.	VIKRAMSOLR	171.35	17.40	6208.94	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	421.25	21.58	5354.30	0.00	5.36	-95.49	511.01	-44.20	55.18	6.62
8.	WEBELSOLAR	77.33	11.08	3357.39	0.32	777.90	1511.56	3726.00	2053.88	63.74	33.70
9.	KERNEX	1712.85	15.09	2878.21	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	MODINSULAT	430.10	21.53	2027.66	0.00	29.60	94.43	188.30	33.19	10.53	16.89
11.	INA	89.03	9.80	1962.68	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
12.	SURANASOL	26.13	20.09	128.58	0.00	0.12	—	2.09	—	0.15	-86.60

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	7	3	4	4	11	14	11	3	2	3	3	14	17
	6	4	4	4	11	14	10	4	4	5	2	14	17
Operating Profit	0	-1	0	0	0	1	0	-1	-2	-2	1	0	0
OPM %	5.76%	-52.35%	11.14%	7.63%	4.14%	5.32%	2.91%	-39.68%	-78.95%	-90.70%	29.69%	0.59%	0.09%
	1	0	0	0	0	0	0	0	2	4	0	1	6
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	0	0	0	0	0	0	0	1	1	1	1
Profit before Tax	0	-2	0	0	0	0	0	-1	0	1	0	0	6
Tax %	33.33%	14.12%	66.67%	260.00%	12.50%	33.33%	27.27%	27.55%	24.32%	26.03%	24.14%	-11.76%	14.60%
Net Profit	0	-1	0	-0	0	0	0	-1	0	1	0	0	5
	0.05	-0.30	0.02	-0.03	0.06	0.07	0.03	-0.14	0.06	0.11	0.04	0.04	1.11

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	121	87	39	35	33	28	25	42	18	39	36
	112	79	33	30	28	23	21	41	18	38	37
Operating Profit	9	8	6	5	6	5	4	1	-0	1	-1
OPM %	7.72%	9.31%	15.41%	13.87%	16.73%	19.21%	15.95%	3.21%	-0.42%	1.43%	-4.13%
	1	0	1	1	1	0	1	5	1	1	11
Interest	4	3	2	2	1	1	1	0	0	0	0
Depreciation	3	3	3	3	5	5	3	3	2	2	2
Profit before Tax	3	2	1	1	1	0	1	3	-1	0	8
Tax %	31.51%	31.73%	34.20%	23.11%	21.38%	48.16%	30.60%	31.04%	-39.40%	-37.32%	15.47%
Net Profit	2	2	1	1	1	0	1	2	-1	0	6
EPS	0.00	0.00	0.00	0.00	0.00	0.04	0.17	0.46	-0.26	0.01	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -11%
5 Years:: 3%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: -39%
5 Years:: -37%
3 Years:: -59%

STOCK PRICE CAGR

10 Years:: 1%
5 Years:: 16%
3 Years:: 3%
1 Year:: -21%

RETURN ON EQUITY

10 Years:: 2%
5 Years:: 1%
3 Years:: 1%
Last Year:: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	25	25	25	25	25	25	25	25	25	25
	25	27	28	29	29	30	31	33	32	32
	46	21	25	23	7	7	10	0	0	0
Trade Payables	1	2	0	1	0	1	1	1	0	0
	7	10	3	2	3	2	2	2	2	3
Total Liabilities	104	85	81	79	64	64	69	59	59	60
	27	29	26	27	31	26	24	20	14	10
Capital Work in Progress	13	11	11	11	0	0	0	0	0	1
	0	0	0	0	0	5	0	6	8	5
	42	18	27	28	12	8	21	13	18	16
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	2	4	3	3	0	1	1	0	0	2
	21	23	13	10	21	23	24	21	18	25
Total Assets	104	85	81	79	64	64	69	59	59	60

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	22	35	-1	9	11	6	-8	11	0	2
Cash from Investing	-1	-3	0	-4	4	-5	5	0	-0	5
Cash from Financing	-20	-30	1	-3	-17	-1	3	-10	0	-6
	-0	0	-0	2	-2	0	-0	0	0	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.43	0.34	0.17	0.20	0.12	0.04	0.17	0.46	-0.26	0.01
Book Value (₹)	10.16	10.50	10.67	10.87	10.99	11.03	11.21	11.67	11.41	11.43
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.04	0.90	0.82	0.78	1.13	0.97	0.80	1.00	0.13	0.32
PROFITABILITY
Operating Margin %	8.58%	9.74%	16.11%	15.69%	18.56%	19.75%	19.47%	14.54%	-0.42%	1.43%
Net Margin %	1.73%	1.92%	2.05%	2.59%	1.67%	0.72%	3.41%	5.42%	-7.11%	0.15%
ROE %	4.35%	3.29%	1.62%	1.89%	1.10%	0.39%	1.55%	4.06%	-2.22%	0.10%
ROCE %	7.10%	6.62%	4.52%	4.23%	2.35%	2.00%	2.76%	5.70%	-1.46%	0.37%
	1.85%	1.77%	1.02%	1.26%	0.82%	0.33%	1.28%	3.57%	-2.13%	0.10%
EFFICIENCY
Debtor Days	41	82	113	23	44	95	86	17	6	3
Inventory Days	151	125	201	261	209	130	214	147	322	159
Payable Days	6	8	17	7	8	11	16	7	11	4
	187	199	297	277	245	214	284	157	317	159
FINANCIAL HEALTH
Debt to Equity (x)	0.97x	0.44x	0.48x	0.42x	0.12x	0.14x	0.19x	0.00x	0.00x	0.00x
Interest Coverage (x)	1.70x	1.74x	1.59x	1.67x	1.88x	1.50x	3.27x	18.35x	-10.93x	1.26x
	1.66x	1.59x	2.69x	8.13x	3.56x	4.23x	2.63x	19.61x	14.98x	9.64x
GROWTH
Revenue Growth %	-5.19%	-28.45%	-54.84%	-11.20%	-4.52%	-15.76%	-11.13%	69.88%	-58.03%	119.13%
Operating Profit Growth %	-42.76%	-19.54%	-22.02%	-7.96%	7.72%	-11.89%	-16.30%	26.90%	-82.34%	60.08%
Net Profit Growth %	-74.80%	-21.43%	-49.55%	19.10%	-41.17%	-64.27%	300.85%	170.15%	-155.10%	104.65%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-155.09%	104.65%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2705.04x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.79x	2.82x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	144.49x	90.29x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.68	42.89	42.89	43.20	43.20	43.31	43.71	44.34	45.75
	0.19	0.29	0.02	0.17	0.35	0.00	0.03	0.00	0.15
	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.04
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	53.09	56.78	57.05	56.58	56.42	56.65	56.23	55.62	54.06

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31

Copy of Newspaper Publication

2026-08-31 - Surana Solar Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-29

Record Date

2026-08-29 - Surana Solar Limited has informed the Exchange that Record date for the purpose of Meeting is 21-Sep-2026.

2026-08-29

General Updates

2026-08-29 - Surana Solar Limited has informed the Exchange about General Updates

2026-08-29

Appointment

2026-08-29 - Surana Solar Limited has informed the Exchange regarding Appointment of Mr SHEKARNATH as Other of the company w.e.f. August 29, 2026.

2026-08-29

Outcome of Board Meeting

2026-08-29 - Surana Solar Limited has informed the Exchange regarding Outcome of Board Meeting held on August 29, 2026.

2026-07-27

Copy of Newspaper Publication

2026-07-27 - Surana Solar Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-25

Change in Management

2026-07-25 - Surana Solar Limited has informed the Exchange about change in Management

2026-07-25

General Updates

2026-07-25 - Surana Solar Limited has informed the Exchange about General Updates

2026-07-25

Outcome of Board Meeting

2026-07-25 - Surana Solar Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

News

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