SURATWWALA BUS GROUP LTD

Operates two business verticals — residential and commercial real estate in Pune, and a solar EPC arm through subsidiary SNER. The real estate segment, built around a 180-acre Pune land bank and flagship SMP Buildings C, D and E, contributed ₹89.29 crore of FY26 revenue and ₹41.15 crore of segment EBIT. The Solar Unit, executed through Suratwwala Natural Energy Resource Private Limited, designs, supplies, erects and commissions ground-mounted solar PV power plants and contributed ₹54.49 crore of FY26 revenue and ₹10.46 crore of segment EBIT. A recent solar win was a 15 MW AC EPC contract from Bondada Engineering worth ₹19 crore under the Maharashtra MSKVY 2.0 scheme, lifting cumulative capacity with that client to 45 MW AC. Materials are the dominant cost at 56.1% of revenue, followed by other operating expenses at 5.1%, employee cost at 1.9%, depreciation at 1.2% and capex at 6.1% of revenue. Operating cash flow was negative at ₹620.18 lakhs on a consolidated basis, pulled down by an inventory build-up of ₹3,219 lakhs and trade receivables of ₹3,283 lakhs.