Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.33 | 1.30 | 1.28 | 0.79 | 1.82 | 0.94 | 0.50 | 108.72 | 3.10 | 0.09 | 109.77 | 76.77 |
| Expenses | 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 | -0.08 | -0.10 | -0.10 | -0.08 | -0.05 | -0.09 | -0.10 | 19.02 | 0.17 | -0.09 | 15.63 | 8.47 |
| OPM % | -24.24% | -7.69% | -7.81% | -10.13% | -2.75% | -9.57% | -20.00% | 17.49% | 5.48% | -100.00% | 14.24% | 11.03% |
| Other Income | 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 | 0.38 | 0.00 | 0.00 | 0.11 | 0.94 |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.50 | 0.00 | 0.00 | 0.50 | 0.60 |
| Profit before tax | 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% |
| Net Profit | 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 | 0.02 | 0.02 | -0.02 | 0.02 | 0.02 | 0.02 | 0.00 | 28.16 | 0.31 | -0.17 | 25.98 | 4.11 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4 | 3 | 3 | 2 | 1 | 1 | 1 | 2 | 4 | 186 | 311 | 190 |
| Expenses | 4 | 3 | 3 | 3 | 2 | 1 | 1 | 3 | 4 | 166 | 277 | 166 |
| Operating Profit | 0 | -0 | -0 | -0 | -0 | -1 | -1 | -0 | -0 | 20 | 34 | 24 |
| OPM % | 2.2% | -2.6% | -1.4% | -9% | -30% | -95% | -107% | -13% | -9% | 11% | 11% | 13% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 1 |
| Profit before tax | -0 | -0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 | 16 | 30 | 23 |
| Tax % | 0% | -200% | 0% | -25% | 0% | 0% | 0% | 0% | 26% | 26% | ||
| Net Profit | -0 | 0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 | 12 | 22 | 20 |
| EPS in Rs | -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% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 56% | 255% | 407% | 69% | ||
| Compounded Profit Growth | 56% | 186% | 1215% | 31% | ||
| Stock Price CAGR | 37% | 88% | 74% | -12% | ||
| Return on Equity | 40% | 56% | 67% | 69% |
| 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 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 106 |
| Other Liabilities | 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 |
| Fixed Assets | 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 |
| Other Assets | 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 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 0 | 0 | 1 | 0 | 0 | 0 | -0 | -0 | 0 | -0 | 23 | 21 |
| Cash from Investing Activity | -0 | -0 | -1 | -1 | -0 | 1 | 0 | 0 | 0 | 0 | -18 | -102 |
| Cash from Financing Activity | -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% |
| 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% |
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Aug 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 13.36% | 53.49% |
| DIIs | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.15% | 0.15% |
| Public | 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 |
Fundamentals
Market Cap₹ 233 Cr.
Current Price₹ 166
Stock P/E11.7
Book Value₹ 77.6
ROCE34.8 %
ROE69.3 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)69%
Compounded Profit Growth (TTM)31%
Standalone figures.
Valuation
Market capRs 226 Cr
Enterprise valueRs 330 Cr
P/E (TTM)11.36x
Price to book5.39x
Price to sales1.19x
EV / EBITDA11.99x
EV / EBIT12.93x
EV / sales1.74x
Price to cash flow10.74x
Earnings yield8.80%
P/E, 3-year average762.44x
P/B, 3-year average5.22x
P/E, 5-year average999.30x
P/B, 5-year average4.39x
Profitability
Operating margin (excl. other income)10.90%
Operating margin (incl. other income)11.12%
EBITDA margin14.52%
Pre-tax margin12.17%
Net profit margin10.47%
Net margin, latest quarter7.52%
ROE68.32%
ROCE34.33%
ROA19.23%
ROE, 3-year average50.17%
ROCE, 3-year average37.70%
ROA, 3-year average19.30%
ROE, 5-year average29.88%
ROCE, 5-year average22.40%
ROA, 5-year average11.37%
ROIC (approx.)13.01%
Tax rate25.52%
Other income / net worth1.62%
Growth
Sales growth (latest year)67.44%
Profit growth (latest year)92.86%
Sales CAGR, 3 years407.41%
Sales CAGR, 5 years255.19%
Profit CAGR, 3 years1209.01%
Sales growth QoQ-30.06%
Profit growth QoQ-58.84%
Sales growth YoY (latest quarter)-29.39%
Profit growth YoY (latest quarter)-62.04%
Per share
EPS (TTM)Rs 14.15
EPS (latest year)Rs 15.97
EPS (latest quarter)Rs 4.11
EPS, 3-year averageRs 8.09
EPS, 5-year averageRs 4.84
Book value per shareRs 29.82
Sales per shareRs 135.10
Cash flow per shareRs 14.97
Free cash flow per shareRs -57.68
Efficiency
Asset turnover1.75x
Fixed asset turnover7.24x
Inventory turnover25.95x
Inventory days14 days
Debtor days12 days
Debtors turnover29.25x
Creditor days0 days
Cash conversion cycle27 days
Working capital days-12 days
Leverage
Total debtRs 106 Cr
Cash and bankRs 2 Cr
Net debtRs 104 Cr
Debt to equity2.53x
Net debt / EBITDA3.79x
Interest coverage10.42x
Owners' fund to total sources23.60%
Debt to assets59.67%
Cash flow
Cash from Operating Activity (latest year)Rs 21 Cr
Cash from Investing Activity (latest year)Rs -102 Cr
Cash from Financing Activity (latest year)Rs 81 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -81 Cr
FCFE (approx.: FCF + change in debt)Rs 7 Cr
Cash from ops / profit, 5 years1.29x
Sales to cash flow14.79x
Statement figures
Net sales (TTM)Rs 190 Cr
Net sales (latest year)Rs 311 Cr
Sales (latest quarter)Rs 77 Cr
Operating profit excl. other income (latest year)Rs 34 Cr
Operating profit (latest quarter)Rs 8 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 28 Cr
PBDT (TTM)Rs 25 Cr
Profit before tax (TTM)Rs 23 Cr
Tax (latest year)Rs 8 Cr
Net profit (TTM)Rs 20 Cr
Net profit (latest year)Rs 22 Cr
Net profit (latest quarter)Rs 6 Cr
Depreciation (TTM)Rs 2 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 2 Cr
Cost of goods sold (latest year)Rs 254 Cr
Total expenditure (latest year)Rs 277 Cr
Total income (latest year)Rs 312 Cr
Share capitalRs 14 Cr
ReservesRs 28 Cr
Shareholders' fundsRs 42 Cr
Total assetsRs 177 Cr
Net blockRs 43 Cr
Capital work in progressRs 79 Cr
ReceivablesRs 11 Cr
InventoryRs 10 Cr
Other liabilitiesRs 30 Cr
Shares outstanding (crore)1.40
Ownership
Promoter holding53.49% (+18.72 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 11.4 is at the 3th percentile of its own 2.9-year range
(median 178.8, low 11.1, high 320.2).
P/B 5.39 is at the 50th percentile (median 5.20).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | 538786 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -12.9% | -2.8% | -10.1 pts |
| 1 month | -21.9% | -6.8% | -15.1 pts |
| 3 months | -36.0% | -7.6% | -28.4 pts |
| 3 years | +412.4% | +14.2% | +398.3 pts |
| 5 years | +2193.9% | +27.9% | +2166.0 pts |
Red flags
F-score 4 of 8No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹77 Cr -29.4% vs Jun 2025.
Net profit ₹6 Cr -62.0%.
Activity
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Citizen Solar Ltd?
Citizen Solar Ltd (538786) has a market capitalisation of Rs 233 Cr. at the 2026-10-01 close.
What is the P/E ratio of Citizen Solar Ltd?
Citizen Solar Ltd trades at a P/E of 11.7 on trailing twelve-month profit, at the 2026-10-01 close.
What were Citizen Solar Ltd's latest quarterly results?
In the Jun 2026 quarter, Citizen Solar Ltd sales was Rs 77 Cr (-29.4% vs Jun 2025) and net profit was Rs 6 Cr.