Bright Solar Ltd

Bright Solar Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Bright Solar Ltd

₹ 2.80 -5.08%
24 Feb 2025
brightsolar.in NSE - SME: BRIGHT
About

Incorporated in 2010, Bright Solar Ltd is into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photo voltaic Water pumps, consulting of Projects
and tenders, Water supply and Sewerage
Infra Project[1]

Key Points

Business Overview:[1][2]
Company manufactures solar-powered water pumps and has installed 3000+ solar water pumps, which provide access to water for drinking and irrigation purposes. BSL does assembling of solar pump systems (DC Solar Pumps and AC Solar Pumps) and supplying, installation and commissioning of Solar Photovoltaic (PV) based water pumping systems on Engineering, Procurement and Construction (EPC) basis. Further, BSL gives consultancy services to startups in Solar Industry. BSL has recently added water supply, sewerage and infra projects in its service portfolio

Website NSE - SZ
  • Market Cap ₹ 7.00 Cr.
  • Current Price ₹ 2.80
  • High / Low ₹ /
  • Stock P/E
  • Book Value ₹ 11.8
  • Dividend Yield 0.00 %
  • ROCE 0.03 %
  • ROE -0.68 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Stock is trading at 0.24 times its book value

Cons

  • The company has delivered a poor sales growth of -39.5% over past five years.
  • Promoter holding is low: 0.20%
  • Company has a low return on equity of -3.99% over last 3 years.
  • Contingent liabilities of Rs.2.20 Cr.
  • Company has high debtors of 2,123 days.
  • Working capital days have increased from 808 days to 1,825 days

* 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

Industrials Capital Goods Industrial Products Compressors, Pumps & Diesel Engines

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Half Yearly Results

Figures in Rs. Crores

Sep 2019 Mar 2020 Sep 2020 Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024 Sep 2024 Mar 2025 Sep 2025
3.27 20.20 13.99 10.54 1.49 5.70 4.52 19.06 0.52 9.02 0.47 1.43 0.26
2.61 19.46 13.39 10.61 4.11 10.30 4.45 19.15 1.05 12.08 0.61 1.49 0.41
Operating Profit 0.66 0.74 0.60 -0.07 -2.62 -4.60 0.07 -0.09 -0.53 -3.06 -0.14 -0.06 -0.15
OPM % 20.18% 3.66% 4.29% -0.66% -175.84% -80.70% 1.55% -0.47% -101.92% -33.92% -29.79% -4.20% -57.69%
0.05 0.12 0.05 0.21 0.05 0.25 0.50 -0.05 -2.51 0.20 0.19 0.21 0.06
Interest 0.04 0.04 0.04 0.06 0.01 0.05 0.02 0.02 0.02 0.01 0.00 0.01 0.01
Depreciation 0.21 0.22 0.20 0.20 0.19 0.21 0.16 0.16 0.04 0.03 0.02 0.01 0.01
Profit before tax 0.46 0.60 0.41 -0.12 -2.77 -4.61 0.39 -0.32 -3.10 -2.90 0.03 0.13 -0.11
Tax % 28.26% 70.00% 26.83% 0.00% 0.00% 0.00% 23.08% -25.00% 0.00% 0.00% 0.00% 76.92% 0.00%
0.34 0.18 0.30 -0.12 -2.77 -4.61 0.30 -0.24 -3.10 -2.90 0.03 0.02 -0.11
EPS in Rs 0.14 0.07 0.12 -0.05 -1.11 -1.85 0.12 -0.10 -1.24 -1.16 0.01 0.01 -0.04
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
1.48 47.76 14.99 18.03 39.58 57.41 23.40 24.39 7.19 23.58 9.54 1.90 1.69
1.45 44.45 13.71 14.99 29.89 53.32 21.99 23.66 14.40 23.60 13.11 2.10 1.90
Operating Profit 0.03 3.31 1.28 3.04 9.69 4.09 1.41 0.73 -7.21 -0.02 -3.57 -0.20 -0.21
OPM % 2.03% 6.93% 8.54% 16.86% 24.48% 7.12% 6.03% 2.99% -100.28% -0.08% -37.42% -10.53% -12.43%
0.00 0.05 0.44 0.10 0.30 0.43 0.17 0.26 0.30 0.45 -2.32 0.40 0.27
Interest 0.00 0.28 0.60 0.53 0.33 0.08 0.09 0.30 0.06 0.04 0.03 0.01 0.02
Depreciation 0.00 0.11 0.08 0.06 0.11 0.42 0.42 0.40 0.40 0.32 0.07 0.03 0.02
Profit before tax 0.03 2.97 1.04 2.55 9.55 4.02 1.07 0.29 -7.37 0.07 -5.99 0.16 0.02
Tax % 33.33% 34.01% 32.69% 33.33% 35.08% 41.79% 51.40% 37.93% 0.00% 14.29% 0.00% 62.50%
0.02 1.97 0.71 1.71 6.20 2.34 0.52 0.18 -7.37 0.05 -6.00 0.06 -0.09
EPS in Rs 15.15 3.94 9.50 3.39 0.94 0.21 0.07 -2.96 0.02 -2.40 0.02 -0.03
Dividend Payout % 0.00% 6.73% 21.13% 0.00% 2.42% 8.72% 39.23% 11.33% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -28%
5 Years: -39%
3 Years: -36%
TTM: -82%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 25%
TTM: 97%
Stock Price CAGR
10 Years: %
5 Years: -26%
3 Years: -20%
1 Year: 0%
Return on Equity
10 Years: 0%
5 Years: -7%
3 Years: -4%
Last Year: -1%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 0.01 1.06 1.50 1.50 15.00 20.40 20.40 20.40 20.40 20.40 25.00 25.00 25.00
Reserves 0.03 3.06 7.16 8.69 1.39 17.53 17.80 17.77 10.37 10.43 4.43 4.49 4.38
1.24 6.16 3.34 2.67 1.41 0.48 0.70 0.51 3.62 1.83 0.97 0.97 0.97
2.05 28.64 10.12 19.78 11.98 12.31 14.47 11.69 6.51 14.70 6.67 7.13 7.01
Total Liabilities 3.33 38.92 22.12 32.64 29.78 50.72 53.37 50.37 40.90 47.36 37.07 37.59 37.36
0.01 0.27 0.20 0.15 0.39 0.69 4.46 4.35 4.42 4.30 0.38 0.11 0.10
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 0.00 0.13 0.85 0.00 0.00 0.00 0.23 0.28 0.94 0.72 0.49 0.48 0.48
3.32 38.52 21.07 32.49 29.39 50.03 48.68 45.74 35.54 42.34 36.20 37.00 36.78
Total Assets 3.33 38.92 22.12 32.64 29.78 50.72 53.37 50.37 40.90 47.36 37.07 37.59 37.36

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
0.00 -4.66 3.01 1.24 5.93 -11.59 1.95 0.14 1.02 -7.63 -5.20 -1.29
0.00 0.05 -0.63 0.00 -7.55 -6.76 -0.45 -0.86 -1.23 7.53 2.01 -0.06
0.00 4.62 -0.64 -0.76 0.22 18.09 -0.08 -0.42 0.11 -0.15 4.49 0.09
Net Cash Flow 0.00 0.01 1.74 0.48 -1.40 -0.25 1.42 -1.15 -0.10 -0.24 1.31 -1.27
Free Cash Flow 0.00 -4.65 2.99 1.24 5.67 -12.02 -1.96 0.13 0.85 -7.62 -3.89 -0.89
CFO/OP 0% -134% 263% 51% 86% -231% 225% 115% -17% 37,500% 146% 645%

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 231.82 273.22 118.34 300.42 120.71 68.16 305.57 135.73 321.34 194.73 379.16 2,122.76
Inventory Days 8.78 23.95 0.00 41.46 110.56 42.25 137.66
Days Payable 217.70 133.88 116.88 140.35 100.39 696.63
Cash Conversion Cycle 231.82 64.29 8.41 300.42 45.29 68.16 305.57 135.73 291.56 194.73 321.02 1,563.79
Working Capital Days 293.48 58.08 203.56 89.48 47.49 121.69 281.39 272.81 513.23 279.25 320.62 1,825.00
ROCE % 4.11% 14.72% 24.78% 64.38% 14.59% 3.00% 1.52% -20.01% 0.33% -10.85% 0.03%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2020 Mar 2021 Mar 2023 Aug 2024
Cumulative Solar PV Rooftop Installations
MW

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Number of Solar Rooftop Customer Households Served
Number
Revenue Contribution - Infrastructure Projects
%
Total Permanent Employees
Number
Revenue Contribution - FMCG Business
%
Order Book - UN Missions East Africa (Solar LED Street Lights)
INR Crores

Shareholding Pattern

Numbers in percentages

Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Apr 2023Sep 2023Dec 2023Sep 2024Mar 2025Jun 2025Sep 2025
62.24% 24.73% 0.24% 0.24% 0.24% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.01%
37.76% 75.28% 99.77% 99.76% 99.76% 99.79% 99.80% 99.80% 99.80% 99.79% 99.79% 99.79%
No. of Shareholders 6431,7023,1403,0062,7162,6883,3033,3034,0483,9573,9573,955

* 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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