MarketFriction

Surana Solar Ltd

NSE SURANASOL · BSE 533298 · Heavy Electrical Equipment
₹24.15 -2.90%
NSE close2026-10-01
52 week range18.31 - 34.51
Market cap₹121 Cr.
P/E18.9
Price band 20% Delivery 71.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2.774.403.9311.3614.2810.642.522.092.582.5613.6117.15
Expenses4.213.903.6310.8913.5210.333.523.744.911.8013.5216.58
Operating Profit-1.440.500.300.470.760.31-1.00-1.65-2.330.760.090.57
OPM %-51.99%11.36%7.63%4.14%5.32%2.91%-39.68%-78.95%-90.31%29.69%0.66%3.32%
Other Income0.320.280.100.320.260.180.422.373.670.180.716.36
Interest0.030.010.030.030.070.010.050.040.060.070.060.01
Depreciation0.540.440.270.440.470.260.360.310.550.580.560.55
Profit before tax-1.690.330.100.320.480.22-0.990.370.730.290.186.37
Tax %-14.20%66.67%260.00%15.62%31.25%22.73%-27.27%21.62%26.03%24.14%-11.11%14.60%
Net Profit-1.450.11-0.150.280.330.17-0.710.280.540.220.205.44
EPS in Rs-0.290.02-0.030.060.070.03-0.140.060.110.040.041.11
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales121.0584.0939.1234.7433.1727.9424.8342.1817.7138.8020.8335.90
Expenses111.7076.0333.0929.9327.6222.5720.8640.8015.4938.2423.9736.81
Operating Profit9.358.066.034.815.555.373.971.382.220.56-3.14-0.91
OPM %7.72%9.58%15.41%13.85%16.73%19.22%15.99%3.27%12.54%1.44%-15.07%-2.53%
Other Income1.190.410.581.271.010.410.874.75-1.131.186.9310.92
Interest4.443.282.161.940.860.820.540.190.080.170.230.20
Depreciation2.992.753.172.844.954.553.082.631.911.532.002.24
Profit before tax3.112.441.281.300.750.411.223.31-0.900.041.567.57
Tax %31.51%31.56%34.38%23.08%21.33%48.78%30.33%31.12%40.00%-25.00%20.51%
Net Profit2.131.670.841.000.590.210.852.28-1.260.061.246.40
EPS in Rs0.430.340.170.200.120.040.170.46-0.260.010.251.30
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-16%-6%-21%22%
Compounded Profit Growth%%%9043%
Stock Price CAGR1%13%1%-24%
Return on Equity1%0%0%-2%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital24.6024.6024.6024.6024.6024.6024.6024.6024.6024.6024.6024.60
Reserves23.2525.3727.0427.8928.8929.4829.6930.5432.8231.5631.6232.86
Borrowings66.1848.5722.8425.1122.546.507.3510.380.000.000.000.00
Other Liabilities11.835.7710.233.063.123.782.342.982.022.713.629.91
Total Liabilities125.86104.3184.7180.6679.1564.3663.9868.5059.4458.8759.8467.37
Fixed Assets29.5727.2029.0325.8827.0630.6826.4023.6119.6513.8510.4124.54
CWIP11.8512.5011.4511.4411.440.000.000.000.000.001.240.00
Investments0.020.000.000.000.000.004.850.055.628.045.064.89
Other Assets84.4264.6144.2343.3440.6533.6832.7344.8434.1736.9843.1337.94
Total Assets125.86104.3184.7180.6679.1564.3663.9868.5059.4458.8759.8467.37
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-14.8720.9934.12-1.618.6710.805.91-8.169.920.111.515.31
Cash from Investing Activity0.18-1.03-3.360.14-3.983.76-5.105.160.29-0.014.70-7.97
Cash from Financing Activity14.34-20.27-30.431.13-2.62-16.81-0.792.95-10.090.06-5.722.74
Net Cash Flow-0.35-0.310.33-0.342.07-2.250.03-0.050.120.170.490.08
Free Cash Flow-15.2419.7130.60-1.624.6614.545.64-8.4411.221.712.21-9.26
CFO/OP-73%231%431%-19%188%197%112%-196%809%24%404%-172%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days30.6052.0195.1531.7215.3478.35106.4752.182.944.534.619.64
Inventory Days232.26159.3795.62383.47415.43200.10157.90418.82134.50551.01165.33355.80
Days Payable8.253.3610.924.908.316.7813.5216.795.197.015.2520.94
Cash Conversion Cycle254.61208.03179.84410.30422.46271.67250.85454.21132.24548.53164.68344.50
Working Capital Days32.4370.7453.95229.90345.67262.22294.98295.62193.06499.79217.97256.18
ROCE %15.97%7.10%6.61%4.52%4.22%1.01%2.01%2.75%-0.36%2.59%0.27%-0.35%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters64.54%62.31%49.94%46.68%42.89%42.89%43.21%43.19%43.32%43.72%44.34%45.75%
FIIs0.01%0.01%0.01%0.20%0.30%0.03%0.18%0.35%0.00%0.03%0.00%0.15%
DIIs0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.04%0.04%0.04%0.04%0.04%
Public35.43%37.65%50.02%53.10%56.77%57.05%56.58%56.41%56.65%56.22%55.62%54.07%
No. of Shareholders46,51355,68589,6301,02,9311,15,1041,18,5851,19,9281,19,5471,18,5581,14,5551,11,4251,09,535

Fundamentals

Market Cap₹ 121 Cr.
Current Price₹ 24.5
Stock P/E18.9
Book Value₹ 11.7
ROCE-0.35 %
ROE-1.88 %
Dividend Yield0.00 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)22%
Compounded Profit Growth (TTM)9043%
Standalone figures.
Valuation
Market capRs 119 Cr
Enterprise valueRs 117 Cr
P/E (TTM)18.57x
Price to book2.07x
Price to sales3.31x
EV / EBITDA11.68x
EV / EBIT15.05x
EV / sales3.26x
Price to cash flow22.38x
Earnings yield5.39%
P/E, 3-year average1352.31x
P/B, 3-year average2.40x
P/E, 5-year average716.04x
P/B, 5-year average2.11x
Profitability
Operating margin (excl. other income)-15.07%
Operating margin (incl. other income)18.19%
EBITDA margin27.88%
Pre-tax margin21.09%
Net profit margin17.83%
Net margin, latest quarter31.72%
ROE2.18%
ROCE3.15%
ROA1.95%
ROE, 3-year average0.02%
ROCE, 3-year average0.69%
ROA, 3-year average-0.03%
ROE, 5-year average1.13%
ROCE, 5-year average2.11%
ROA, 5-year average0.95%
ROIC (approx.)11.11%
Tax rate20.51%
Other income / net worth12.06%
Growth
Sales growth (latest year)-46.31%
Profit growth (latest year)1966.67%
Sales CAGR, 3 years-20.96%
Sales CAGR, 5 years-5.70%
Profit CAGR, 3 years-18.37%
Profit CAGR, 5 years42.64%
Sales growth QoQ26.01%
Profit growth QoQ2620.00%
Sales growth YoY (latest quarter)720.57%
Profit growth YoY (latest quarter)1842.86%
Per share
EPS (TTM)Rs 1.30
EPS (latest year)Rs 0.25
EPS (latest quarter)Rs 1.11
EPS, 3-year averageRs 0.00
EPS, 5-year averageRs 0.13
Book value per shareRs 11.68
Sales per shareRs 7.30
Cash flow per shareRs 1.08
Free cash flow per shareRs -1.88
Efficiency
Asset turnover0.31x
Fixed asset turnover0.85x
Inventory turnover1.13x
Inventory days322 days
Debtor days10 days
Debtors turnover37.87x
Creditor days21 days
Cash conversion cycle344 days
Working capital days256 days
Leverage
Cash and bankRs 2 Cr
Net debtRs -2 Cr
Net debt / EBITDA-0.19x
Interest coverage38.85x
Owners' fund to total sources85.29%
Cash flow
Cash from Operating Activity (latest year)Rs 5 Cr
Cash from Investing Activity (latest year)Rs -8 Cr
Cash from Financing Activity (latest year)Rs 3 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -9 Cr
Cash from ops / profit, 5 years2.74x
Sales to cash flow3.92x
Statement figures
Net sales (TTM)Rs 36 Cr
Net sales (latest year)Rs 21 Cr
Sales (latest quarter)Rs 17 Cr
Operating profit excl. other income (latest year)Rs -3 Cr
Operating profit (latest quarter)Rs 1 Cr
Other income (TTM)Rs 11 Cr
EBITDA (TTM)Rs 10 Cr
PBDT (TTM)Rs 10 Cr
Profit before tax (TTM)Rs 8 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 6 Cr
Net profit (latest year)Rs 1 Cr
Net profit (latest quarter)Rs 5 Cr
Depreciation (TTM)Rs 2 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 21 Cr
Total expenditure (latest year)Rs 24 Cr
Total income (latest year)Rs 28 Cr
Share capitalRs 25 Cr
ReservesRs 33 Cr
Shareholders' fundsRs 57 Cr
Total assetsRs 67 Cr
Net blockRs 25 Cr
InvestmentsRs 5 Cr
ReceivablesRs 1 Cr
InventoryRs 18 Cr
Other liabilitiesRs 10 Cr
Shares outstanding (crore)4.92
Ownership
Promoter holding45.75% (+2.56 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 18.6 is the lowest in its own 7.2-year history (median 55.9, low 18.6, high 341.0).
P/B 2.07 is at the 64th percentile (median 1.75).
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.
PeriodSURANASOLNifty 50Difference
1 week-5.8%-2.8% -3.1 pts
1 month-8.0%-6.8% -1.2 pts
3 months-10.3%-7.6% -2.7 pts
6 months+28.6%+0.4% +28.2 pts
1 year-26.8%-9.9% -16.9 pts
2 years-48.0%-13.6% -34.5 pts
3 years+2.3%+14.2% -11.8 pts
5 years+81.6%+27.9% +53.7 pts

Red flags

F-score 6 of 8
lookInventory outrunning sales Inventory grew 16% vs sales -46% in 2026
lookProfit leans on other income Other income was 444% of pre-tax profit in 2026
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 2026
Sales ₹17 Cr +720.6% vs Jun 2025. Net profit ₹5 Cr +1842.9%.
Against our estimate for Jun 2026: sales +412.9%, profit +1379.5% big beat. Our estimate for Sep 2026: sales Rs 4 Cr, profit Rs 1 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-07-15Annual General Meeting
2023-09-18Annual General Meeting
2022-09-21Annual General Meeting
2021-09-22 Annual General Meeting
2020-09-22 Annual General Meeting
2019-09-12 Annual General Meeting
2018-09-17 Annual General Meeting
2017-09-19 Annual General Meeting
2016-09-22 Annual General Meeting
2015-09-23 Annual General Meeting/ Dividend - Re 0.50/- Per Share
2014-11-25Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share0.5000
2014-09-16Annual General Meeting / Dividend - Re 1/- Per Share
2013-09-19Annual General Meeting / Dividend - Re.1 Per Share
2012-09-24Aanual General Meeting/ Diviednd Rs 0.50 Per Share
2011-09-14Annual General Meeting / Dividend - Re.1 Per Share
DateTypeWhat it says
2026-09-30Shareholder meetingVOTING RESULTS FOR THE 20TH AGM
2026-09-28Shareholder meetingProceedings of 20th AGM
2026-09-04Shareholder meetingNotice of undefined to be held on September 28, 2026
2026-08-29Record DateRecord date for the purpose of Meeting is 21-Sep-2026.
2026-08-29General UpdatesGeneral Updates
2026-08-29AppointmentAppointment of Mr SHEKARNATH as Other of the company w.e.f. August 29, 2026.
2026-08-29Board meeting outcomeOutcome of Board Meeting held on August 29, 2026.
2026-07-25Change in ManagementChange in Management
2026-07-25General UpdatesGeneral Updates
2026-07-25Board meeting outcomeSurana Solar Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-05-30ResignationResignation of Director/KMP/SMP
2026-04-29Board meeting outcomeSurana Solar Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-04-21Disclosure under SEBI TakeovSurana Solar Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-02-27AppointmentAppointment of Mr Mohammed Hafiz Mansoore as Company Secretary & Compliance Officer of the company w.e.f. February 27, 2026.
2026-02-27Board meeting outcomeOutcome of Board Meeting held on February 27, 2026.
2026-01-29Board meeting outcomeSurana Solar Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2026-01-29Board meeting outcomeBoard meeting held on January 29, 2026.
2025-10-29Board meeting outcomeSurana Solar Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
2025-10-29Board meeting outcomeBoard meeting held on October 29, 2025.
2025-10-14General UpdatesGeneral UpdatesIntimation of ALMM and BIS Certification for Solar PV Modules.
2025-10-10CessationCessation of Ms. Vempati Venkata Nagasri Durga Raja Sriramya as Company Secretary & Compliance Officer of the company w.e.f. October 10, 2025.
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 Surana Solar Ltd?

Surana Solar Ltd (SURANASOL) has a market capitalisation of Rs 121 Cr. at the 2026-10-01 close.

What is the P/E ratio of Surana Solar Ltd?

Surana Solar Ltd trades at a P/E of 18.9 on trailing twelve-month profit, at the 2026-10-01 close.

What were Surana Solar Ltd's latest quarterly results?

In the Jun 2026 quarter, Surana Solar Ltd sales was Rs 17 Cr (+720.6% vs Jun 2025) and net profit was Rs 5 Cr.

What is the 52-week high and low of Surana Solar Ltd?

The 52-week high is Rs 34.51 and the 52-week low is Rs 18.31.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03