Surana Solar Ltd

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

Surana Solar Ltd

₹ 26.4 0.72%
23 Jul 4:01 p.m.
suranaventures.com; www.surana.com BSE: 533298 NSE: SURANASOL
About

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]

Key Points

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.

Website BSE NSE
  • Market Cap ₹ 130 Cr.
  • Current Price ₹ 26.4
  • High / Low ₹ 39.1 / 18.3
  • Stock P/E 105
  • Book Value ₹ 11.7
  • Dividend Yield 0.00 %
  • ROCE 3.15 %
  • ROE 2.18 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Promoter holding has increased by 1.41% over last quarter.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of -5.70% over past five years.
  • Company has a low return on equity of 1.75% over last 3 years.
  • Earnings include an other income of Rs.6.93 Cr.
  • Promoter holding has decreased over last 3 years: -19.2%

* 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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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
7.80 6.60 2.77 4.40 3.93 11.36 14.28 10.64 2.52 2.09 2.58 2.56 13.61
7.30 6.22 4.21 3.90 3.63 10.89 13.52 10.33 3.52 3.74 4.91 1.80 13.52
Operating Profit 0.50 0.38 -1.44 0.50 0.30 0.47 0.76 0.31 -1.00 -1.65 -2.33 0.76 0.09
OPM % 6.41% 5.76% -51.99% 11.36% 7.63% 4.14% 5.32% 2.91% -39.68% -78.95% -90.31% 29.69% 0.66%
0.53 0.65 0.32 0.28 0.10 0.32 0.26 0.18 0.42 2.37 3.67 0.18 0.71
Interest 0.01 0.01 0.03 0.01 0.03 0.03 0.07 0.01 0.05 0.04 0.06 0.07 0.06
Depreciation 0.75 0.66 0.54 0.44 0.27 0.44 0.47 0.26 0.36 0.31 0.55 0.58 0.56
Profit before tax 0.27 0.36 -1.69 0.33 0.10 0.32 0.48 0.22 -0.99 0.37 0.73 0.29 0.18
Tax % 7.41% 33.33% -14.20% 66.67% 260.00% 15.62% 31.25% 22.73% -27.27% 21.62% 26.03% 24.14% -11.11%
0.25 0.24 -1.45 0.11 -0.15 0.28 0.33 0.17 -0.71 0.28 0.54 0.22 0.20
EPS in Rs 0.05 0.05 -0.29 0.02 -0.03 0.06 0.07 0.03 -0.14 0.06 0.11 0.04 0.04
Raw PDF
Upcoming result date: 25 July 2026

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
125.38 121.05 84.09 39.12 34.74 33.17 27.94 24.83 42.18 17.71 38.80 20.83
107.36 111.70 76.03 33.09 29.93 27.62 22.57 20.86 40.80 15.49 38.24 23.97
Operating Profit 18.02 9.35 8.06 6.03 4.81 5.55 5.37 3.97 1.38 2.22 0.56 -3.14
OPM % 14.37% 7.72% 9.58% 15.41% 13.85% 16.73% 19.22% 15.99% 3.27% 12.54% 1.44% -15.07%
0.38 1.19 0.41 0.58 1.27 1.01 0.41 0.87 4.75 -1.13 1.18 6.93
Interest 5.29 4.44 3.28 2.16 1.94 0.86 0.82 0.54 0.19 0.08 0.17 0.23
Depreciation 2.93 2.99 2.75 3.17 2.84 4.95 4.55 3.08 2.63 1.91 1.53 2.00
Profit before tax 10.18 3.11 2.44 1.28 1.30 0.75 0.41 1.22 3.31 -0.90 0.04 1.56
Tax % 17.19% 31.51% 31.56% 34.38% 23.08% 21.33% 48.78% 30.33% 31.12% 40.00% -25.00% 20.51%
8.44 2.13 1.67 0.84 1.00 0.59 0.21 0.85 2.28 -1.26 0.06 1.24
EPS in Rs 1.72 0.43 0.34 0.17 0.20 0.12 0.04 0.17 0.46 -0.26 0.01 0.25
Dividend Payout % 29.15% 0.00% 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: -16%
5 Years: -6%
3 Years: -21%
TTM: -46%
Compounded Profit Growth
10 Years: -5%
5 Years: 43%
3 Years: 93%
TTM: 464%
Stock Price CAGR
10 Years: -2%
5 Years: 13%
3 Years: -3%
1 Year: -21%
Return on Equity
10 Years: 1%
5 Years: 1%
3 Years: 2%
Last Year: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 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 23.25 25.37 27.04 27.89 28.89 29.48 29.69 30.54 32.82 31.56 31.62 32.86
66.18 48.57 22.84 25.11 22.54 6.50 7.35 10.38 0.00 0.00 0.00 0.00
11.83 5.77 10.23 3.06 3.12 3.78 2.34 2.98 2.02 2.71 3.62 9.90
Total Liabilities 125.86 104.31 84.71 80.66 79.15 64.36 63.98 68.50 59.44 58.87 59.84 67.36
29.57 27.20 29.03 25.88 27.06 30.68 26.40 23.61 19.65 13.85 10.41 24.54
CWIP 11.85 12.50 11.45 11.44 11.44 0.00 0.00 0.00 0.00 0.00 1.24 0.00
Investments 0.02 0.00 0.00 0.00 0.00 0.00 4.85 0.05 5.62 8.04 5.06 4.89
84.42 64.61 44.23 43.34 40.65 33.68 32.73 44.84 34.17 36.98 43.13 37.93
Total Assets 125.86 104.31 84.71 80.66 79.15 64.36 63.98 68.50 59.44 58.87 59.84 67.36

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-14.87 20.99 34.12 -1.61 8.67 10.80 5.91 -8.16 9.92 0.11 1.51 5.31
0.18 -1.03 -3.36 0.14 -3.98 3.76 -5.10 5.16 0.29 -0.01 4.70 -7.97
14.34 -20.27 -30.43 1.13 -2.62 -16.81 -0.79 2.95 -10.09 0.06 -5.72 2.74
Net Cash Flow -0.35 -0.31 0.33 -0.34 2.07 -2.25 0.03 -0.05 0.12 0.17 0.49 0.08
Free Cash Flow -15.24 19.71 30.60 -1.62 4.66 14.54 5.64 -8.44 11.22 1.71 3.45 -9.26
CFO/OP -73% 231% 431% -19% 188% 197% 112% -196% 809% 24% 402% -172%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 30.60 52.01 95.15 31.72 15.34 78.35 106.47 52.18 2.94 4.53 4.61 9.64
Inventory Days 232.26 159.37 95.62 383.47 415.43 200.10 157.90 418.82 134.50 551.01 165.33 355.80
Days Payable 8.25 3.36 10.92 4.90 8.31 6.78 13.52 16.79 5.19 7.01 5.25 20.94
Cash Conversion Cycle 254.61 208.03 179.84 410.30 422.46 271.67 250.85 454.21 132.24 548.53 164.68 344.50
Working Capital Days 32.43 70.74 53.95 229.90 345.67 262.22 294.98 295.62 193.06 499.79 217.97 341.87
ROCE % 15.97% 7.10% 6.61% 4.52% 4.22% 1.01% 2.01% 2.75% -0.36% 2.59% 0.27% 3.15%

Insights

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Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Renewable Energy Segment Revenue
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Solar Energy Segment Revenue
INR Lakhs
Number of Solar Manufacturing Plants
count
Solar Module Manufacturing Capacity
MW
Wind Power Generation Capacity
MW
Trading Segment Revenue
INR Lakhs

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
64.54% 62.31% 49.94% 46.68% 42.89% 42.89% 43.21% 43.19% 43.32% 43.72% 44.34% 45.75%
0.01% 0.01% 0.01% 0.20% 0.30% 0.03% 0.18% 0.35% 0.00% 0.03% 0.00% 0.15%
0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.04% 0.04% 0.04% 0.04% 0.04%
35.43% 37.65% 50.02% 53.10% 56.77% 57.05% 56.58% 56.41% 56.65% 56.22% 55.62% 54.07%
No. of Shareholders 46,51355,68589,6301,02,9311,15,1041,18,5851,19,9281,19,5471,18,5581,14,5551,11,4251,09,535

* 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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