Surana Solar Ltd

₹ 27.6 0.69%

06 May - close price

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 ₹ 136 Cr.
Current Price ₹ 27.6
High / Low ₹ 41.5 / 18.3
Stock P/E 109
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

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: -20.5%

* 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.

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Detailed Comparison with:

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

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:	3%
5 Years:	24%
3 Years:	11%
1 Year:	-16%

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

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Installed Solar Module Manufacturing Capacity
MW

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		x.xx			x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
					x	x	xx		xx	xx
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Installed Wind Power Capacity
MW

Number of Permanent Employees
Count

Installed Solar Power Generation Capacity
MW

Rooftop Solar Cumulative Capacity Installed
MW

Solar Power Project Award (Maharashtra)
MW

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	64.90%	64.54%	62.31%	49.94%	46.68%	42.89%	42.89%	43.21%	43.19%	43.32%	43.72%	44.34%
	0.01%	0.01%	0.01%	0.01%	0.20%	0.30%	0.03%	0.18%	0.35%	0.00%	0.03%	0.00%
	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%
	35.07%	35.43%	37.65%	50.02%	53.10%	56.77%	57.05%	56.58%	56.41%	56.65%	56.22%	55.62%
No. of Shareholders	41,408	46,513	55,685	89,630	1,02,931	1,15,104	1,18,585	1,19,928	1,19,547	1,18,558	1,14,555	1,11,425

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	70.61%	65.98%	67.66%	69.09%	70.19%	65.23%	64.85%	49.94%	43.21%	44.34%
	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.18%	0.00%
	0.24%	0.23%	0.04%	0.05%	0.04%	0.04%	0.03%	0.03%	0.03%	0.04%
	29.14%	33.77%	32.30%	30.86%	29.77%	34.74%	35.12%	50.02%	56.58%	55.62%
No. of Shareholders	13,071	15,053	14,002	13,590	15,544	40,413	40,379	89,630	1,19,928	1,11,425

* 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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Surana Solar Ltd

Surana Solar Ltd

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

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Shareholding Pattern

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