Surana Solar Limited (SURANASOL) AI Stock Analysis

• Market Cap: ₹1.04B
• Dividend Yield: N/A
• Average Volume (3M): 35.88K
• Price to Earnings (P/E): 166.4
• Beta (1Y): 1.32
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 36
• Sector: Energy
• Sector Strength: 52
• Industry: Solar
• EPS (TTM): 0.04
• Shares Outstanding: 49,206,600
• 10 Day Avg. Volume: 11,305
• 30 Day Avg. Volume: 35,882
• PEG Ratio: -31.93
• Price to Book (P/B): 3.45
• Price to Sales (P/S): 5.00
• P/FCF Ratio: 717.93
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: ₹20.50 ▼(-26.92% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is held down primarily by weak and inconsistent profitability and cash flow, despite a conservative, debt-free balance sheet. Technical indicators also point to a soft trend (below key moving averages with negative MACD). Valuation is a major headwind due to the extremely high P/E and lack of dividend support.

Positive Factors

Balance sheet strength

A zero-debt, high-equity capital structure materially reduces financial distress risk and preserves strategic optionality. Over 2–6 months this supports the company's ability to fund maintenance, refinance selectively or pursue small greenfield expansions without pressure from interest costs or covenant constraints.

Improved operating cash flow

The return to positive operating cash flow in FY2025 signals improving cash generation ability versus prior outflows. Sustained positive cash flow strengthens capacity to cover O&M, service counterparties and modestly invest in project upkeep, improving long-term operational resilience.

Contracted revenue model

A PPA-driven business model delivers predictable unit-based revenue tied to contracted tariffs and off-takers. Over months this structural revenue characteristic supports revenue visibility, easier cash-collection planning and the potential to secure financing for future projects when contracts are long-dated.

Negative Factors

Severe revenue decline

A very large reported revenue contraction indicates volatile underlying offtake or contract rolloffs; such steep swings impair the firm's ability to cover fixed costs, plan capex and retain skilled staff. Persistent large declines would threaten scale economics and project viability.

Weak and inconsistent profitability

Operating losses and a near-zero net margin point to fragile earnings quality and limited buffer against cost or tariff shocks. Over the medium term this undermines retained earnings growth, constrains reinvestment capacity and limits the firm's ability to demonstrate sustainable returns to stakeholders.

Erratic cash generation

Historic swings in operating cash flow and only modest free cash flow raise concern about working-capital volatility and one-off timing effects. For a capital-intensive renewables business, inconsistent cash conversion complicates debt capacity, vendor terms and longer-term project planning.

Surana Solar Limited Business Overview & Revenue Model

Company Description

Surana Solar Limited manufactures and sells solar panels and solar photovoltaic modules in India and internationally. The company operates through Solar Products and Wind Power segments. It generates wind and solar power; and trades in solar photovoltaic modules and other solar related products. The company was formerly known as Surana Ventures Limited. Surana Solar Limited was incorporated in 2006 and is based in Hyderabad, India.

How the Company Makes Money

Surana Solar Limited primarily makes money from selling electricity generated from its solar power assets. Revenue is typically earned by feeding power into the grid or supplying it to off-takers under power sale arrangements (e.g., power purchase agreements), with collections based on units of electricity delivered and contract/tariff terms. Additional, company-specific revenue streams (such as solar EPC/services, solar equipment manufacturing, or other operating income) and the identities of major counterparties/partnerships are null due to insufficient reliable information provided here.

Surana Solar Limited Financial Statement Overview

Summary

Balance sheet strength (zero debt and high equity share of assets) supports stability, but operating results are weak and inconsistent: volatile revenue, negative EBIT in the latest year, near-breakeven net margin, and erratic cash generation despite a recent improvement in FY2025.

Income Statement

Revenue has been highly volatile and recently contracted (FY2025 revenue down ~3.5% after a sharp rebound in FY2024). Profitability is weak: FY2025 reported a near-breakeven net margin (~0.2%) with negative operating profit (EBIT), following a loss in FY2024. While EBITDA stayed positive, margins have compressed materially versus earlier years, indicating inconsistent operating performance and limited earnings quality.

Balance Sheet

Balance sheet looks conservative with reported zero debt in FY2024–FY2025 and strong equity relative to total assets (equity ~94% of assets in FY2025). This reduces financial risk and provides flexibility. The key weakness is low returns on equity (roughly ~0.1% in FY2025, negative in FY2024), suggesting the capital base is not being converted into attractive shareholder profits.

Cash Flow

Cash generation has been erratic across years, including a large operating cash outflow in FY2022, very weak operating cash flow in FY2024, and an improvement in FY2025. FY2025 produced positive operating cash flow and modest free cash flow, but free cash flow remains small relative to earnings and overall business scale, and the year-to-year swings raise concerns about durability and working-capital volatility.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	178.20M	388.00M	177.06M	421.83M	248.32M	279.42M
Gross Profit	-11.76M	40.56M	56.20M	13.25M	55.81M	73.10M
EBITDA	18.08M	14.58M	10.84M	61.34M	48.34M	57.11M
Net Income	1.92M	585.00K	-12.59M	22.85M	8.46M	2.11M
Balance Sheet
Total Assets	721.11M	598.32M	588.65M	594.38M	685.03M	639.79M
Cash, Cash Equivalents and Short-Term Investments	67.89M	68.67M	83.31M	60.26M	586.00K	49.09M
Total Debt	1.40M	0.00	0.00	0.00	103.84M	73.47M
Total Liabilities	150.62M	36.06M	26.98M	20.11M	133.62M	96.83M
Stockholders Equity	570.49M	562.26M	561.68M	574.26M	551.41M	542.96M
Cash Flow
Free Cash Flow	-101.80M	2.70M	1.13M	136.92M	-84.70M	56.40M
Operating Cash Flow	66.45M	15.13M	1.13M	138.89M	-81.63M	59.07M
Investing Cash Flow	-52.57M	47.03M	-63.00K	-36.26M	51.56M	-50.96M
Financing Cash Flow	-21.04M	-57.24M	615.00K	-101.48M	29.54M	-7.86M

Surana Solar Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KPIGREEN	66 Neutral	₹78.66B	22.48	―	0.20%	70.67%	59.54%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ZODIAC	63 Neutral	₹3.61B	22.77	―	0.25%	64.71%	48.65%
WEBELSOLAR	59 Neutral	₹22.28B	14.56	―	―	152.12%	―
INOXGREEN	55 Neutral	₹57.88B	79.81	―	―	24.33%	66.14%
SURANASOL	45 Neutral	₹1.04B	166.44	―	―	―	―
SWSOLAR	43 Neutral	₹39.50B	-446.21	―	―	112.24%	-474.43%

Surana Solar Limited Corporate Events

Surana Solar Closes Trading Window Ahead of December-Quarter Results

Surana Solar Limited has announced the closure of its trading window for all directors, connected persons, designated persons, and their immediate relatives in line with the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company’s internal code of conduct. The trading window will be shut from 1 January 2026 until 48 hours after the announcement of the company’s financial results for the quarter ended 31 December 2025, with the board meeting date for approving these results to be communicated separately, reinforcing its compliance framework and governance standards for market participants.