Surana Solar Limited (SURANASOL) AI Stock Analysis

• Market Cap: ₹1.16B
• Dividend Yield: N/A
• Average Volume (3M): 35.88K
• Price to Earnings (P/E): 815.6
• Beta (1Y): 1.35
• 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: ₹23.00 ▼(-18.00% Downside)

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

Conservative, debt-free balance sheet

Zero reported debt and equity ~94% of assets materially reduce financial risk and interest burden. This balance-sheet conservatism provides the company flexibility to withstand revenue volatility, access project financing on better terms, and prioritize capex or growth without heavy leverage.

Improvement in operating cash flow (FY2025)

Positive operating cash flow in FY2025 signals the core solar asset base generated cash after prior weak years. Sustained OCF supports maintenance, modest reinvestment and debt servicing capacity, reducing reliance on external financing and improving durability of operations if trend continues.

Contract-based revenue model from power sales/PPAs

Revenue derived from selling electricity and PPAs creates long-dated, contract-backed cash flows typical of renewables. Such offtake structures enhance predictability, support project-level financing and reduce spot-volume exposure, providing a durable backbone for cash generation if contracts remain in place.

Negative Factors

Weak and inconsistent profitability

Near-zero net margin and repeated operating losses indicate the asset base is not producing reliable returns. Low returns on equity (~0.1% in FY2025) constrain retained earnings and reinvestment, undermining ability to fund growth or absorb shocks and eroding long-term shareholder value.

Erratic cash generation across years

Wide swings in operating cash flow complicate capital planning for maintenance and new projects. Irregular cash generation suggests working-capital volatility or timing issues that increase reliance on external financing, elevate refinancing risk for capex, and weaken predictability of free cash flows.

Volatile and recently contracting revenue

Highly volatile revenue and recent contraction impair economies of scale and fixed-cost absorption typical in solar projects. Persistent top-line instability pressures margins and makes forecasting production and covenant compliance harder, raising execution risk for long-term project cash flows.

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 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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	295.27M	388.00M	177.06M	421.83M	248.32M	279.42M
Gross Profit	15.49M	40.56M	56.20M	13.25M	55.81M	73.10M
EBITDA	14.99M	14.58M	10.84M	61.34M	48.34M	57.11M
Net Income	-240.00K	585.00K	-12.59M	22.85M	8.46M	2.11M
Balance Sheet
Total Assets	0.00	598.32M	588.65M	594.38M	685.03M	639.79M
Cash, Cash Equivalents and Short-Term Investments	68.65M	68.67M	83.31M	60.26M	586.00K	49.09M
Total Debt	0.00	0.00	0.00	0.00	103.84M	73.47M
Total Liabilities	-561.14M	36.06M	26.98M	20.11M	133.62M	96.83M
Stockholders Equity	561.14M	562.26M	561.68M	574.26M	551.41M	542.96M
Cash Flow
Free Cash Flow	0.00	2.70M	1.13M	136.92M	-84.70M	56.40M
Operating Cash Flow	0.00	15.13M	1.13M	138.89M	-81.63M	59.07M
Investing Cash Flow	0.00	47.03M	-63.00K	-36.26M	51.56M	-50.96M
Financing Cash Flow	0.00	-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	72 Outperform	₹78.06B	18.14	―	0.20%	70.67%	59.54%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	61 Neutral	₹34.40B	15.17	―	―	152.12%	―
ZODIAC	57 Neutral	₹3.92B	19.07	―	0.25%	64.71%	48.65%
INOXGREEN	55 Neutral	₹63.68B	104.64	―	―	24.33%	66.14%
SURANASOL	45 Neutral	₹1.16B	815.57	―	―	―	―
SWSOLAR	43 Neutral	₹43.24B	-11.12	―	―	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.