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Swing Capital

Surana Solar Ltd

NSE: SURANASOL BSE: 533298Energy

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]

₹25.4
52W: ₹18.3 — ₹41.5
PE 101 · Book ₹11.7 · +117% vs book
Market Cap₹125 Cr
Stock P/E101Price to Earnings
ROCE3.15%Return on Capital
ROE2.18%Return on Equity
Div. Yield0%Face Value ₹5

Strengths

  • +Company is almost debt free.
  • +Company is expected to give good quarter

Weaknesses

  • −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%

Shareholding Pattern

Promoters44.34%
FIIs0%
DIIs0.04%
Public55.62%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters46.68%42.89%▼3.842.89%43.21%▲0.343.19%▼0.043.32%▲0.143.72%▲0.444.34%▲0.6
FIIs0.2%0.3%▲0.10.03%▼0.30.18%▲0.10.35%▲0.20%▼0.30.03%▲0.00%▼0.0
DIIs0.03%0.03%0.03%0.03%0.04%▲0.00.04%0.04%0.04%
Public53.1%56.77%▲3.757.05%▲0.356.58%▼0.556.41%▼0.256.65%▲0.256.22%▼0.455.62%▼0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4.43.9311.3614.2810.642.522.092.582.5613.61
Expenses3.93.6310.8913.5210.333.523.744.911.813.52
Operating Profit0.50.30.470.760.31-1-1.65-2.330.760.09
OPM %11.36%7.63%4.14%5.32%2.91%-39.68%-78.95%-90.31%29.69%0.66%
Net Profit0.11-0.150.280.330.17-0.710.280.540.220.2
EPS ₹0.02-0.030.060.070.03-0.140.060.110.040.04

AI Insights

Revenue Trend

Mar 2026 revenue at ₹20.83Cr, down 46.3% YoY. OPM at -15.07%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Institutional Flow

DIIs: 0.04% (+0.01pp change). FIIs: 0% (-0.01pp change). Promoters hold 44.34%.

Margin & Efficiency

ROCE declining from 15.97% (Mar 2015) to 3.15% (Mar 2026). Working capital days: 341.87.

Valuation

PE 101x with 3.15% ROCE. Price is 117% above book value of ₹11.7. Dividend yield: 0%.

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