Citizen Solar Ltd

₹ 205 3.05%

11 Sep 10:37 a.m.

About

Citizen Solar Ltd, formerly Citizen Infoline Ltd, manufactures solar PV modules from two facilities at Kadi, Gujarat and markets solar inverters, with transportation and solar installation/maintenance forming ancillary revenue. Citizen Solar Pvt Ltd was amalgamated into the listed entity with April 1, 2023 as the appointed date; NCLT sanctioned the scheme on March 19, 2026, after which the company was renamed Citizen Solar Ltd. ^[1] ^[2]

Key Points

Services Offered:
The company reports solar-panel manufacturing as its sole operating segment. Its portfolio includes Mono PERC and N-type TOPCon bifacial PV modules and on-grid inverters for residential, commercial and industrial applications.^[1]^[2]^[3]

Website BSE

Market Cap ₹ 287 Cr.
Current Price ₹ 205
High / Low ₹ 318 / 182
Stock P/E 14.5
Book Value ₹ 77.6
Dividend Yield 0.00 %
ROCE 34.8 %
ROE 69.3 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 186% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 66.9%
Promoter holding has increased by 18.7% over last quarter.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	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
	1.01	0.33	1.30	1.28	0.79	1.82	0.94	0.50	108.72	3.10	0.09	109.77	76.77
	1.10	0.41	1.40	1.38	0.87	1.87	1.03	0.60	89.70	2.93	0.18	94.14	68.30
Operating Profit	-0.09	-0.08	-0.10	-0.10	-0.08	-0.05	-0.09	-0.10	19.02	0.17	-0.09	15.63	8.47
OPM %	-8.91%	-24.24%	-7.69%	-7.81%	-10.13%	-2.75%	-9.57%	-20.00%	17.49%	5.48%	-100.00%	14.24%	11.03%
	0.09	0.09	0.11	0.09	0.09	0.06	0.10	0.11	0.10	0.00	0.00	0.92	0.14
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.38	0.00	0.00	0.11	0.94
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.00	0.00	0.50	0.60
Profit before tax	0.00	0.01	0.01	-0.01	0.01	0.01	0.01	0.01	18.24	0.17	-0.09	15.94	7.07
Tax %		0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	100.00%	16.72%	0.00%	0.00%	12.11%	18.39%
	0.00	0.01	0.01	-0.01	0.01	0.01	0.01	0.00	15.20	0.17	-0.09	14.02	5.77
EPS in Rs	0.00	0.02	0.02	-0.02	0.02	0.02	0.02	0.00	28.16	0.31	-0.17	25.98	4.11
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	5	4	3	3	2	1	1	1	2	4	186	311	190
	4	4	3	3	3	2	1	1	3	4	166	277	166
Operating Profit	1	0	-0	-0	-0	-0	-1	-1	-0	-0	20	34	24
OPM %	10%	2.2%	-2.6%	-1.4%	-9%	-30%	-95%	-107%	-13%	-9%	11%	11%	13%
	0	0	0	0	0	0	0	1	0	0	0	1	1
Interest	0	0	0	0	0	0	0	0	0	0	3	2	1
Depreciation	0	0	0	0	0	0	0	0	0	0	2	2	1
Profit before tax	0	-0	-0	0	0	-0	-0	-0	0	0	16	30	23
Tax %	-28%	0%	-200%	0%		-25%	0%	0%	0%	0%	26%	26%
	0	-0	0	0	0	-0	-0	-0	0	0	12	22	20
EPS in Rs	0.44	-0.41	0.06	0.02	0.04	-0.13	-0.20	-0.11	0.02	0.02	21.55	41.56	30.23
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	56%
5 Years:	255%
3 Years:	407%
TTM:	69%

Compounded Profit Growth
10 Years:	56%
5 Years:	186%
3 Years:	1215%
TTM:	31%

Stock Price CAGR
10 Years:	42%
5 Years:	95%
3 Years:	91%
1 Year:	9%

Return on Equity
10 Years:	40%
5 Years:	56%
3 Years:	67%
Last Year:	69%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	5	5	5	5	5	5	5	5	5	5	14	14
Reserves	1	-1	-1	-1	-1	-1	-1	-1	-1	-1	10	28
	0	0	0	0	0	0	0	0	0	0	18	106
	0	0	0	0	0	0	0	0	0	0	14	30
Total Liabilities	7	6	6	5	5	5	5	5	5	5	56	177
	2	1	1	1	1	0	0	0	0	0	22	43
CWIP	0	0	0	0	0	0	0	0	0	0	0	79
Investments	0	0	0	1	1	1	1	0	0	0	0	0
	4	4	4	4	4	4	4	4	4	4	33	55
Total Assets	7	6	6	5	5	5	5	5	5	5	56	177

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	0	1	0	0	0	-0	-0	0	-0	23	21
	-0	-0	-1	-1	-0	1	0	0	0	0	-18	-102
	-0	-0	-0	0	-0	-1	0	-0	-0	0	-6	81
Net Cash Flow	0	-0	0	-0	-0	0	-0	-0	0	-0	-1	0
Free Cash Flow	0	0	-0	0	0	1	-0	-0	0	-0	5	-81
CFO/OP	98%	288%	-689%	-900%	-124%	16%	35%	6%	-12%	24%	136%	84%

Ratios

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	23	12	17	20	2	25	0	0	0	0	13	12
Inventory Days								0	0	0	25	15
Days Payable											2	0
Cash Conversion Cycle	23	12	17	20	2	25	0	0	0	0	36	27
Working Capital Days	-40	-43	-48	-24	-45	-30	0	0	0	12	18	-12
ROCE %	4%	-4%	0%	1%	1%	-1%	-3%	-9%	0%	0%	79%	35%

Insights

In beta

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Information Services & Yellow Pages Revenue Share of Operating Revenue
%

xxx.xx	xxx.xx	xx.xx	x.xx	x.xx	x.xx
x	x	x	x	x	x
x.xx	x.xx	xx.xx	xxx.xx	xxx.xx	xxx.xx
	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx

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Number of Operational Cities
cities

Solar Panel Sale Revenue Share of Operating Revenue
%

Number of Shareholders
shareholders

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Aug 2026
	34.77%	34.77%	34.77%	34.77%	34.77%	34.77%	34.77%	34.77%	34.77%	34.77%	13.36%	53.49%
	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.15%	0.15%
	64.83%	64.83%	64.83%	64.83%	64.83%	64.84%	64.83%	64.83%	64.83%	64.83%	86.48%	46.35%
No. of Shareholders	6,608	6,577	6,524	6,485	6,524	6,493	6,457	6,471	6,450	6,451	6,365	6,421

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Aug 2026
	58.49%	58.49%	58.55%	58.55%	58.55%	57.28%	34.77%	34.77%	34.77%	34.77%	53.49%
	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.15%
	41.11%	41.11%	41.06%	41.06%	41.06%	42.32%	64.83%	64.83%	64.84%	64.83%	46.35%
No. of Shareholders	6,127	6,141	6,154	6,159	6,220	7,040	6,719	6,577	6,493	6,451	6,421

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Citizen Solar Ltd

Citizen Solar Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports