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Surana Solar Limited
(SURANASOL)
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Rating:51Neutral
Price Target:
₹26.00
▲(0.66% Upside)
Action:Reiterated
Date:08/04/26
The score is primarily held back by inconsistent profitability and volatile cash generation (including negative gross profit and negative free cash flow in FY2026), despite the strength of a debt-free balance sheet. Technical signals are neutral-to-weak, while valuation appears neither clearly cheap nor expensive at a ~20 P/E.
Positive Factors
Debt-free balance sheet
A zero-debt balance sheet materially reduces financial risk and provides long-term optionality. With no interest burden the company can better withstand cyclical downturns, fund capex or working-capital needs internally, and pursue strategic investments without near-term refinancing pressure.
Negative Factors
Volatile and weak profitability
Sharp swings into negative gross profit indicate persistent margin pressure from input costs, pricing, or utilization problems. Unstable operating profit undermines predictable earnings and makes long-term investment returns uncertain absent consistent margin recovery or structural cost advantages.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A zero-debt balance sheet materially reduces financial risk and provides long-term optionality. With no interest burden the company can better withstand cyclical downturns, fund capex or working-capital needs internally, and pursue strategic investments without near-term refinancing pressure.
Read all positive factors
Surana Solar Limited (SURANASOL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.26B
Dividend Yield3.05%
Average Volume (3M)8.59K
Price to Earnings (P/E)19.6
Beta (1Y)1.19
Revenue Growth21.58%
EPS GrowthN/A
CountryIN
Employees36
SectorGeneral
Sector StrengthN/A
IndustrySolar
Share Statistics
EPS (TTM)1.30
Shares Outstanding49,206,600
10 Day Avg. Volume8,854
30 Day Avg. Volume8,589
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.62
Price to Sales (P/S)4.47
P/FCF Ratio-15.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Surana Solar Limited Business Overview & Revenue Model
Company Description
Surana Solar Limited, headquartered in Hyderabad, India, and established in 2006, functions as a global and domestic provider of solar panels and photovoltaic modules. The enterprise operates primarily through two segments: Solar Products and Wind...
How the Company Makes Money
Surana Solar Limited primarily makes money by manufacturing and selling solar PV modules (and related solar PV products) to customers such as solar project developers, engineering/procurement/construction (EPC) contractors, and other institutional...
Surana Solar Limited Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 358.98M | 208.34M | 388.00M | 177.06M | 421.83M | 248.32M |
| Gross Profit | 9.18M | -16.21M | 40.56M | 56.20M | 13.25M | 55.81M |
| EBITDA | 92.92M | -31.41M | 14.58M | 10.84M | 61.34M | 48.34M |
| Net Income | 64.01M | 12.40M | 585.00K | -12.59M | 22.85M | 8.46M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 673.61M | 598.32M | 588.65M | 594.38M | 685.03M |
| Cash, Cash Equivalents and Short-Term Investments | 68.38M | 67.84M | 68.67M | 83.31M | 60.26M | 586.00K |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 103.84M |
| Total Liabilities | -574.66M | 98.95M | 36.06M | 26.98M | 20.11M | 133.62M |
| Stockholders Equity | 574.66M | 574.66M | 562.26M | 561.68M | 574.26M | 551.41M |
Cash Flow | ||||||
| Free Cash Flow | -101.80M | -61.62M | 2.70M | 1.13M | 136.92M | -84.70M |
| Operating Cash Flow | 66.45M | 96.45M | 15.13M | 1.13M | 138.89M | -81.63M |
| Investing Cash Flow | -52.57M | -125.35M | 47.03M | -63.00K | -36.26M | 51.56M |
| Financing Cash Flow | -21.04M | 29.68M | -57.24M | 615.00K | -101.48M | 29.54M |
Surana Solar Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹32.78B | 4.45 | ― | 0.33% | 76.28% | 54.75% | |
56 Neutral | ₹7.62B | 9.45 | ― | 0.08% | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹1.26B | 19.62 | ― | 3.05% | 21.58% | ― | |
50 Neutral | ₹8.62B | 20.30 | ― | 0.62% | -10.86% | 55.28% | |
38 Underperform | ₹4.73B | 345.42 | ― | ― | -18.75% | -0.54% |
* General Sector Average
IN:SURANASOL
Surana Solar Limited
25.45
-8.75
-25.58%
IN:GENSOL
Gensol Engineering Limited
17.00
-26.32
-60.76%
IN:SOLEX
Solex Energy Ltd.
698.60
-677.20
-49.22%
IN:SWELECTES
Swelect Energy Systems Limited
566.85
-335.33
-37.17%
IN:URJA
Urja Global Limited
9.02
-4.90
-35.20%
IN:WEBELSOLAR
Websol Energy System Limited
75.79
-53.87
-41.55%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.