NSE: SURANASOL · BSE: 533298
SURANA SOLAR LIMITED
Manufactures and sells Solar PV modules through its Solar Products segment, which accounted for 99.3% of FY26 segment revenue at ₹20.70 crore (EBIT ₹0.19 crore). A small Renewable Energy segment contributed 0.7% at ₹0.14 crore. A Trading business that had contributed ₹28.79 crore in FY25 was discontinued ahead of FY26. Materials are the dominant cost at 103.9% of revenue, followed by other operating expenses at 16.9% and depreciation at 9.6%. FY26 total revenue was ₹20.83 crore with net profit of ₹1.24 crore. In Q1 FY27, revenue jumped to ₹17.15 crore (from ₹2.09 crore a year earlier) and net profit to ₹5.44 crore, with the Solar Products segment swinging from a loss to a ₹61.5 lakh profit. Operations are based at Cherlapally, where the company has 14,671 sq yards of industrial land, and the business sits within the Surana Group. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar Products (99%), Renewable Energy (1%). Small-cap solar PV module maker, recently refocused after exiting trading
Exhibit 1: Financial summary, FY25–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 |
|---|---|
| Revenue | 39 |
| EBITDA (ex other income) | 0 |
| margin % | 1.1 |
| Owners' profit | (0) |
| EPS, as reported (₹) | (0.01) |
| ROE % · ROCE % | (0.1) · 0.2 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 2 |
| Capex | (1) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 |
|---|---|---|---|
| Revenue | 11 | 3 | 2 |
| Profit before tax | 0 | (1) | 0 |
| Net profit | 0 | (1) | 0 |
| EPS (₹) | 0.03 | (0.17) | 0.03 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Solar Products | 4 | 30.0 |
| b) Trading | 0 | 0.0 |
| c) Renewable Energy | 0 | 1.7 |
| a) Trading | 9 | 68.3 |
| Total, before eliminations | 13 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 28,026 | 16.5 | 2.69 | 13.1 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,680 | 17.2 | 3.62 | 16.4 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,932 | 16.8 | 4.35 | 11.5 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,637 | 25.1 | 4.23 | 18.8 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,125 | — | 12.51 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 737 | 8.1 | 0.57 | 185.4 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 734 | 64.6 | 6.08 | 46.9 | 6.0 | 6.9 | — | 4.9 |
| THE STATE TRADING CORPN | 601 | 0.9 | — | 50.9 | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.9 | 0.9 | 99 of 150 | 34% |
| ROCE | (0.1) | 2.1 | 133 of 177 | 25% |
| ROE | (0.1) | 2.3 | 118 of 158 | 26% |
| Debt / Equity | 0.0 | 0.1 | 1 of 154 | 73% |
| EBITDA margin | 26.9 | 4.5 | 22 of 137 | 85% |
| Market cap | 108 | 21 | 35 of 179 | 81% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Surana Solar Q2 results: revenue nearly quadruples and PAT rises 39% | compliance | minimal | — | — |
| 26 Oct 2026 · Strong revenue and profit growth in quarter and half year to September 2026 | results | high | — | — |
| 26 Oct 2026 · Surana Solar posts strong September 2026 quarter and half-year results | results | high | — | — |
| 21 Oct 2026 · Board meeting scheduled for quarterly and half-year results | results | low | — | — |
| 16 Oct 2026 · Notice on SEBI Special Window for Physical Shares Transfer and Demat | compliance | minimal | — | — |
| 15 Oct 2026 · Quarterly Depository Compliance Certificate Filed With Stock Exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · All 6 resolutions passed at 20th AGM held on September 28, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Surana Solar 20th AGM proceedings: 6 resolutions tabled | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Surana Solar: Trading window closes Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · Newspaper ad on SEBI special window for physical shares transfer and demat | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.