Surana Solar Ltd
Incorporated in 2006, Surana Solar Ltd is in the business of manufacturing Solar Photovoltic Modules, generation of Wind and Solar Power energy and trading of other solar related products[1]
- Market Cap ₹ 157 Cr.
- Current Price ₹ 31.9
- High / Low ₹ 59.9 / 27.0
- Stock P/E 2,241
- Book Value ₹ 11.4
- Dividend Yield 0.00 %
- ROCE 0.27 %
- ROE 0.39 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
Cons
- Stock is trading at 2.79 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 0.89% over last 3 years.
- Earnings include an other income of Rs.3.23 Cr.
- Promoter holding has decreased over last 3 years: -21.9%
* 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 Electrical Equipment Heavy Electrical Equipment
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 129.05 | 125.38 | 121.05 | 84.09 | 39.12 | 34.74 | 33.17 | 27.94 | 24.83 | 42.18 | 17.71 | 38.80 | 29.53 | |
| 118.13 | 107.36 | 111.70 | 76.03 | 33.09 | 29.93 | 27.62 | 22.57 | 20.86 | 40.80 | 15.49 | 38.24 | 31.11 | |
| Operating Profit | 10.92 | 18.02 | 9.35 | 8.06 | 6.03 | 4.81 | 5.55 | 5.37 | 3.97 | 1.38 | 2.22 | 0.56 | -1.58 |
| OPM % | 8.46% | 14.37% | 7.72% | 9.58% | 15.41% | 13.85% | 16.73% | 19.22% | 15.99% | 3.27% | 12.54% | 1.44% | -5.35% |
| 1.44 | 0.38 | 1.19 | 0.41 | 0.58 | 1.27 | 1.01 | 0.41 | 0.87 | 4.75 | -1.13 | 1.18 | 3.23 | |
| Interest | 2.91 | 5.29 | 4.44 | 3.28 | 2.16 | 1.94 | 0.86 | 0.82 | 0.54 | 0.19 | 0.08 | 0.17 | 0.17 |
| Depreciation | 4.09 | 2.93 | 2.99 | 2.75 | 3.17 | 2.84 | 4.95 | 4.55 | 3.08 | 2.63 | 1.91 | 1.53 | 1.40 |
| Profit before tax | 5.36 | 10.18 | 3.11 | 2.44 | 1.28 | 1.30 | 0.75 | 0.41 | 1.22 | 3.31 | -0.90 | 0.04 | 0.08 |
| Tax % | 43.28% | 17.19% | 31.51% | 31.56% | 34.38% | 23.08% | 21.33% | 48.78% | 30.33% | 31.12% | 40.00% | -25.00% | |
| 3.03 | 8.44 | 2.13 | 1.67 | 0.84 | 1.00 | 0.59 | 0.21 | 0.85 | 2.28 | -1.26 | 0.06 | 0.07 | |
| EPS in Rs | 0.62 | 1.72 | 0.43 | 0.34 | 0.17 | 0.20 | 0.12 | 0.04 | 0.17 | 0.46 | -0.26 | 0.01 | 0.02 |
| Dividend Payout % | 81.19% | 29.15% | 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% |
| TTM: | 31% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | -31% |
| 5 Years: | 29% |
| 3 Years: | -36% |
| TTM: | 106% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 36% |
| 3 Years: | 11% |
| 1 Year: | -44% |
| 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 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24.60 | 24.60 | 24.60 | 24.60 | 24.60 | 24.60 | 24.60 | 24.60 | 24.60 | 24.60 | 24.60 | 24.60 |
| Reserves | 17.78 | 23.25 | 25.37 | 27.04 | 27.89 | 28.89 | 29.48 | 29.69 | 30.54 | 32.82 | 31.56 | 31.62 |
| 41.76 | 66.18 | 48.57 | 22.84 | 25.11 | 22.54 | 6.50 | 7.35 | 10.38 | 0.00 | 0.00 | 0.00 | |
| 18.27 | 11.83 | 5.77 | 10.23 | 3.06 | 3.12 | 3.78 | 2.34 | 2.98 | 2.02 | 2.71 | 3.62 | |
| Total Liabilities | 102.41 | 125.86 | 104.31 | 84.71 | 80.66 | 79.15 | 64.36 | 63.98 | 68.50 | 59.44 | 58.87 | 59.84 |
| 30.71 | 29.57 | 27.20 | 29.03 | 25.88 | 27.06 | 30.68 | 26.40 | 23.61 | 19.65 | 13.85 | 10.41 | |
| CWIP | 13.63 | 11.85 | 12.50 | 11.45 | 11.44 | 11.44 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.24 |
| Investments | 0.02 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.85 | 0.05 | 5.62 | 8.04 | 5.06 |
| 58.05 | 84.42 | 64.61 | 44.23 | 43.34 | 40.65 | 33.68 | 32.73 | 44.84 | 34.17 | 36.98 | 43.13 | |
| Total Assets | 102.41 | 125.86 | 104.31 | 84.71 | 80.66 | 79.15 | 64.36 | 63.98 | 68.50 | 59.44 | 58.87 | 59.84 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -3.42 | -14.87 | 20.99 | 34.12 | -1.61 | 8.67 | 10.80 | 5.91 | -8.16 | 9.92 | 0.11 | 1.51 | |
| -2.62 | 0.18 | -1.03 | -3.36 | 0.14 | -3.98 | 3.76 | -5.10 | 5.16 | 0.29 | -0.01 | 4.70 | |
| 5.65 | 14.34 | -20.27 | -30.43 | 1.13 | -2.62 | -16.81 | -0.79 | 2.95 | -10.09 | 0.06 | -5.72 | |
| Net Cash Flow | -0.39 | -0.35 | -0.31 | 0.33 | -0.34 | 2.07 | -2.25 | 0.03 | -0.05 | 0.12 | 0.17 | 0.49 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 37.05 | 30.60 | 52.01 | 95.15 | 31.72 | 15.34 | 78.35 | 106.47 | 52.18 | 2.94 | 4.53 | 4.61 |
| Inventory Days | 129.21 | 232.26 | 159.37 | 95.62 | 383.47 | 415.43 | 200.10 | 157.90 | 418.82 | 134.50 | 551.01 | 165.33 |
| Days Payable | 24.99 | 8.25 | 3.36 | 10.92 | 4.90 | 8.31 | 6.78 | 13.52 | 16.79 | 5.19 | 7.01 | 5.25 |
| Cash Conversion Cycle | 141.28 | 254.61 | 208.03 | 179.84 | 410.30 | 422.46 | 271.67 | 250.85 | 454.21 | 132.24 | 548.53 | 164.68 |
| Working Capital Days | 25.62 | 32.43 | 70.74 | 53.95 | 229.90 | 345.67 | 262.22 | 294.98 | 295.62 | 193.06 | 499.79 | 217.97 |
| ROCE % | 10.30% | 15.97% | 7.10% | 6.61% | 4.52% | 4.22% | 1.01% | 2.01% | 2.75% | -0.36% | 2.59% | 0.27% |
Documents
Announcements
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Announcement Under Regulation 30 Of SEBI LODR
17 Oct - Company Secretary Vempati VNDR Ramya resigned effective COB 10 Oct 2025; reason: professional goals and personal circumstances.
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Announcement Under Regulation 30 Of SEBI LODR
17 Oct - Company Secretary & Compliance Officer Vempati VNDR Ramya resigned effective 10 Oct 2025; reasons: personal/professional.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 14 Oct
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
14 Oct - Certificate under Regulation 74(5) for quarter ended 30 Sep 2025; KFin confirmed compliance.
-
Announcement Under Regulation 30 Of SEBI LODR
14 Oct - Included in MNRE ALMM and BIS-certified TOPCON 630 Wp, PERC 590 Wp modules; eligible for government tenders (14 Oct 2025).
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
from bse
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
from nse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
Business Overview:{# https://www.suranasolar.com/#}
SSL is a part of the Surana Group. It is a manufacturer of Solar Photovoltaic Modules and is also into EPC of Power Projects on turnkey basis on MW scale. It offers grid connected and grid off Photovoltaic Power plants in open areas and provides engineering, procurement and construction.