Surana Solar Limited

NSE: SURANASOLHeavy Electrical Equipment

Share price

₹23.41

-1.35% close of 9 Oct 2026

Market cap ₹115 CrP/E 18.0

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 5 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹115 Cr

P/E ratio

18.0

P/B ratio

2.0

ROCE

-0.3%

ROE

2.2%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹32.7452-week low ₹18.78

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Our sales figures for this company step up at Mar 2026 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.

Whether it grew faster than its sector

Our sales figures for this company step up at Mar 2026 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.

Room to re-rate, or risk of de-rating

For most of its recorded history its earnings were a fraction of today's, so its past price multiples are not a fair comparison.

Whether growth justifies the valuation

Priced at 0.2 times its growth rate, on earnings growth of 93%.

	Profit growth	Price per ₹1 profit	Per 1% growth
Surana Solar Limited — this one	93%/yr	18.0×	₹0.19
Voltamp Transformers Limited	14%/yr	32.5×	₹2.3
Elecon Engineering Company Limited	14%/yr	30.3×	₹2.2
Kanohar Electricals Limited	80%/yr	69.3×	₹0.87
Transformers And Rectifiers (India) Limited	87%/yr	33.7×	₹0.39
Powerica Limited	36%/yr	26.2×	₹0.73

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Heavy Electrical Equipment), it ranks 35 of 36 on returns, 31 of 31 on growth, 36 of 36 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

It is losing money on the capital in the business, so there is no advantage to measure.

Whether its growth pays for itself

No — Over the last five years it made ₹9 crore of cash from the business but spent ₹11 crore on plant and equipment, ₹3 crore more than it made, paid from its own cash and investments. And the profit is real: of every 100 rupees it reported over 12 years, about 403 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back faster than it used to: it went from being waiting 295.6 days for its cash to waiting 256.2 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

5 of 9 checks clear · 56%

Latest result

What the last results showed. Whether management kept its word is in Pro.

Results are expected soon.

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap: ₹115 Cr
Prev close: ₹23.41
52w High: ₹34.5
52w Low: ₹18.3
Enterprise value: ₹108 Cr
Beta: 1.1
Price CAGR 1y: -28.0%
Price CAGR 3y: 0.0%
Price CAGR 5y: 10.0%
Price CAGR 10y: 1.0%

Ratios

Return on assets: 1.8%
PEG ratio: 0.2
P/E ratio: 18.0
P/B ratio: 2.0
EV / EBITDA: —
Industry P/E: 48.8
ROCE: -0.3%
ROCE 5y average: 1.0%
ROE: 2.2%
Debt / Equity: 0.0
Interest coverage: 7.8
Dividend yield: 0.0%
ROE 3y average: 0.0%
ROE last year: -2.0%

Annual P&L

Annual revenue: ₹21 Cr
Annual profit: ₹1 Cr
Operating margin: -15.1%
Net profit margin: 6.0%
EBITDA margin: -15.1%
Sales growth 3y: -21.0%
Sales growth 5y: -5.7%
Profit growth 3y: 93.0%
Profit growth 5y: 43.0%
EPS: ₹0.3
Sales growth TTM: 22.0%
Profit growth TTM: 9043.0%
Dividend payout: 0.0%

Quarter P&L

Sales latest quarter: ₹17 Cr
Profit latest quarter: ₹5 Cr
YoY quarterly sales growth: 720.6%
YoY quarterly profit growth: 1842.9%
OPM latest quarter: 3.3%

Balance Sheet

Book Value: ₹11.7
Face Value: ₹5.0
Total debt: ₹0 Cr
Total cash: ₹2 Cr
Borrowings: ₹0 Cr
Reserves / Equity: 1.3

Cash Flow

Operating cash flow: ₹5 Cr
Free cash flow: -₹9 Cr
FCF yield: -8.2%
Net cash flow: ₹0 Cr

Shareholding

Promoter holding: 45.8%
FII holding: 0.1%
DII holding: 0.0%
Public holding: 54.1%

Peer comparison

Company	Price ₹	P/E	Mkt cap ₹ Cr	Div yield %	Profit qtr ₹ Cr	Profit var %	Sales qtr ₹ Cr	Sales var %	ROCE %
B H E L	427.60	61.1	1,48,540	0.33	376.7	182.7	7,697.7	40.3	9.1
A B B	6,881.50	95.2	1,46,795	0.57	362.3	8.0	3,558.9	21.0	29.9
Hitachi Energy	31,490.00	117.8	1,40,358	0.03	294.2	123.5	2,493.7	68.6	29.4
CG Power & Ind	881.10	109.1	1,38,814	0.15	308.3	16.3	3,280.8	14.0	26.7
Siemens	3,707.40	87.8	1,32,028	0.47	2,143.1	-18.6	4,713.7	14.8	21.4
Siemens Ener.Ind	3,335.00	77.8	1,18,766	0.12	440.9	67.8	2,485.6	39.3	67.8
GE Vernova T&D	4,233.45	80.0	1,07,971	0.24	363.0	24.6	1,836.1	38.0	77.4
Surana Solar	24.00	18.4	118	0.00	5.4	1842.9	17.2	720.6	-0.3
Median	445.70	33.8	6,067	0.04	41.2	14.7	466.3	19.2	23.5

Competes with: ABB India, Bharat Heavy Electricals, CG Power and Industrial Solutions Limited, GE Vernova T&D India Limited, Hitachi Energy India Limited, Siemens Energy India Limited, Siemens India

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Standalone · to 30 Jun 2026

Line item	Jun 2023	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	6.60	2.77	4.40	3.93	11	14	11	2.52	2.09	2.58	2.56	14	17
Expenses	6.22	4.21	3.90	3.63	11	14	10	3.52	3.74	4.91	1.80	14	17
Material Cost								2.31	2.64	3.77	1.82	13	14
Change in Inventories								-0.00	0.02	-0.42	-1.37	-1.21	0.78
Purchases of Stock-in-Trade								0	0	0	0	0	0
Employee Cost								0.24	0.24	0.65	0.42	0.49	0.54
Other Expenses								0.97	0.83	0.91	0.92	0.85	1.39
Operating Profit	0.38	-1.44	0.50	0.30	0.47	0.76	0.31	-1	-1.65	-2.33	0.76	0.09	0.57
OPM %	5.76	-52	11	7.63	4.14	5.32	2.91	-40	-79	-90	30	0.66	3.32
Other Income	0.65	0.32	0.28	0.10	0.32	0.26	0.18	0.42	2.37	3.67	0.18	0.71	6.36
Exceptional items (within Other Income)								0	0	0	0	0	0
Interest	0.01	0.03	0.01	0.03	0.03	0.07	0.01	0.05	0.04	0.06	0.07	0.06	0.01
Depreciation	0.66	0.54	0.44	0.27	0.44	0.47	0.26	0.36	0.31	0.55	0.58	0.56	0.55
Profit before tax	0.36	-1.69	0.33	0.10	0.32	0.48	0.22	-0.99	0.37	0.73	0.29	0.18	6.37
Tax %	33	-14	67	260	16	31	23	-27	22	26	24	-11	15
Net Profit	0.24	-1.45	0.11	-0.15	0.28	0.33	0.17	-0.71	0.28	0.54	0.22	0.20	5.44
EPS in Rs	0.05	-0.29	0.02	-0.03	0.06	0.07	0.03	-0.14	0.06	0.11	0.04	0.04	1.11
Diluted EPS in Rs								-0.14	0.06	0.11	0.04	0.04	1.11

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Standalone · to 31 Mar 2026

Line item	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	125	121	84	39	35	33	28	25	42	18	39	21	36
Expenses	107	112	76	33	30	28	23	21	41	15	38	24	37
Material Cost											34	22
Change in Inventories											0.65	-2.99
Purchases of Stock-in-Trade											0	0
Employee Cost											0.95	1.80
Other Expenses											2.55	3.52
Operating Profit	18	9.35	8.06	6.03	4.81	5.55	5.37	3.97	1.38	2.22	0.56	-3.14	-0.91
OPM %	14	7.72	9.58	15	14	17	19	16	3.27	13	1.44	-15	-2.53
Other Income	0.38	1.19	0.41	0.58	1.27	1.01	0.41	0.87	4.75	-1.13	1.18	6.93	11
Exceptional items (within Other Income)											0	0
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	0.20
Depreciation	2.93	2.99	2.75	3.17	2.84	4.95	4.55	3.08	2.63	1.91	1.53	2	2.24
Profit before tax	10	3.11	2.44	1.28	1.30	0.75	0.41	1.22	3.31	-0.90	0.04	1.56	7.57
Tax %	17	32	32	34	23	21	49	30	31	40	-25	21
Net Profit	8.44	2.13	1.67	0.84	1	0.59	0.21	0.85	2.28	-1.26	0.06	1.24	6.40
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	1.30
Diluted EPS in Rs											0.01	0.25
Dividend Payout %	29	0	0	0	0	0	0	0	0	0	0	0

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years: -16%
5 years: -6%
3 years: -21%
TTM: 22%

Compounded profit growth

10 years: -5%
5 years: 43%
3 years: 93%
TTM: 9043%

Stock price CAGR

10 years: 1%
5 years: 10%
3 years: 0%
1 year: -28%

Return on equity

10 years: 1%
5 years: 0%
3 years: 0%
Last year: -2%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Standalone

Line item	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	25	25	25	25	25	25	25	25	25	25	25	25
Reserves	23	25	27	28	29	29	30	31	33	32	32	33
Borrowings	66	49	23	25	23	6.50	7.35	10	0	0	0	0
Other Liabilities	12	5.77	10	3.06	3.12	3.78	2.34	2.98	2.02	2.71	3.62	9.91
Total Liabilities	126	104	85	81	79	64	64	69	59	59	60	67
Fixed Assets	30	27	29	26	27	31	26	24	20	14	10	25
CWIP	12	13	11	11	11	0	0	0	0	0	1.24	0
Investments	0.02	0	0	0	0	0	4.85	0.05	5.62	8.04	5.06	4.89
Other Assets	84	65	44	43	41	34	33	45	34	37	43	38
Total Assets	126	104	85	81	79	64	64	69	59	59	60	67

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Standalone

Line item	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	-15	21	34	-1.61	8.67	11	5.91	-8.16	9.92	0.11	1.51	5.31
Cash from Investing Activity	0.18	-1.03	-3.36	0.14	-3.98	3.76	-5.10	5.16	0.29	-0.01	4.70	-7.97
Cash from Financing Activity	14	-20	-30	1.13	-2.62	-17	-0.79	2.95	-10	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	20	31	-1.62	4.66	15	5.64	-8.44	11	1.71	2.21	-9.26

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Standalone

Line item	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	31	52	95	32	15	78	106	52	2.94	4.53	4.61	9.64
Inventory Days	232	159	96	383	415	200	158	419	135	551	165	356
Days Payable	8.25	3.36	11	4.90	8.31	6.78	14	17	5.19	7.01	5.25	21
Cash Conversion Cycle	255	208	180	410	422	272	251	454	132	549	165	345
Working Capital Days	32	71	54	230	346	262	295	296	193	500	218	256
ROCE %	16	7.10	6.61	4.52	4.22	1.01	2.01	2.75	-0.36	2.59	0.27	-0.35

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Standalone · to 30 Jun 2026

Line item	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	65	62	50	47	43	43	43	43	43	44	44	46
FIIs	0.01	0.01	0.01	0.20	0.30	0.03	0.18	0.35	0	0.03	0	0.15
DIIs	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.04
Public	35	38	50	53	57	57	57	56	57	56	56	54
No. of Shareholders	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	1,09,535

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -25.7% (₹31.51 → ₹23.41)Brick size ₹0.87 (fixed)Bricks 32

Price moved up one brickPrice moved down one brickLast close ₹23.41 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

-6.78inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

11.51cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

News

News and filings about Surana Solar Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

copper scrap
solar modules

Depends on the price of

copper

Sells to

AP Golden Apparels Private Limited · solar modules and installation
Bhagyanagar Copper Private Limited · copper scrap and solar items
Bhagyanagar India Limited · solar related products
Gujarat Urja Vikas Nigam Limited (GUVNL) · solar power under PPA
Scientia Infocom India Private Limited · solar related products
Southern Power Distribution Company of Telangana Limited · solar power under PPA
Sunvibe Energy Private Limited · solar related products
Surana Telecom and Power Limited · solar related products (modules and aluminium related products)

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector: Capital Goods
Industry: Heavy Electrical Equipment
Classification: Capital Goods › Heavy Electrical Equipment
ISIN: INE272L01022

Business segments

Solar Products · 99%
Renewable Energy · 1%

Plants

Cherlapally solar photovoltaic plant
Fabcity TopCon solar cell module plant

News impact

Big market events that reach Surana Solar Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

23 Sep 2015	unspecified	₹0.5
25 Nov 2014	split	₹0
16 Sep 2014	unspecified	₹1
19 Sep 2013	unspecified	₹1
14 Sep 2011	unspecified	₹1

Splits, bonuses & buybacks

daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Annual report · 2024-2516 Sep 2025

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.