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Last Updated: April 2, 2026, 3:45 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 533298 | NSE: SURANASOL

Surana Solar Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹12.11Overvalued by 44.95%vs CMP ₹22.00

P/E (328.0) × ROE (0.4%) × BV (₹11.60) × DY (2.00%)

₹5.60Overvalued by 74.55%vs CMP ₹22.00
MoS: -292.9% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹10.1423%Over (-53.9%)
Graham NumberEarnings₹4.2716%Over (-80.6%)
Earnings PowerEarnings₹0.3311%Over (-98.5%)
DCFCash Flow₹0.6314%Over (-97.1%)
Net Asset ValueAssets₹11.627%Over (-47.2%)
EV/EBITDAEnterprise₹4.239%Over (-80.8%)
Earnings YieldEarnings₹0.707%Over (-96.8%)
ROCE CapitalReturns₹10.497%Over (-52.3%)
Revenue MultipleRevenue₹7.905%Over (-64.1%)
Consensus (9 models)₹5.60100%Overvalued
Key Drivers: EPS CAGR -16.3% drags value — could be higher if earnings stabilize. | P/E of 328 makes PE-ROE unreliable — asset/earnings models are better benchmarks.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -16.3%

*Investments are subject to market risks

Investment Snapshot

40
Surana Solar Ltd scores 40/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health49/100 · Moderate
ROCE 0.3% WeakROE 0.4% WeakD/E 0.68 ModerateInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 43.7% Stable
Earnings Quality40/100 · Moderate
OPM stable around 7% SteadyWorking capital: 266 days Capital intensive
Quarterly Momentum35/100 · Weak
Revenue (4Q): -76% YoY DecliningProfit (4Q): -48% YoY DecliningOPM: 29.7% (up 26.8% YoY) Margin expansion
Industry Rank20/100 · Weak
P/E 328.0 vs industry 61.2 Premium to peersROCE 0.3% vs industry 16.4% Below peersROE 0.4% vs industry 15.9% Below peers3Y sales CAGR: 16% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:45 am

Market Cap 108 Cr.
Current Price 22.0
Intrinsic Value₹5.60
High / Low 41.5/18.3
Stock P/E328
Book Value 11.6
Dividend Yield0.00 %
ROCE0.27 %
ROE0.39 %
Face Value 5.00
PEG Ratio-20.17

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Surana Solar Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Surana Solar Ltd 108 Cr. 22.0 41.5/18.3328 11.60.00 %0.27 %0.39 % 5.00
JSL Industries Ltd 112 Cr. 950 1,684/89658.4 4110.00 %17.6 %15.1 % 10.0
Amba Enterprises Ltd 134 Cr. 106 210/94.017.0 35.90.71 %20.6 %19.0 % 5.00
Cospower Engineering Ltd 167 Cr. 910 999/52843.2 1220.00 %14.4 %11.8 % 10.0
Kaycee Industries Ltd 248 Cr. 782 1,732/63241.4 98.60.26 %30.6 %22.2 % 10.0
Industry Average12,116.17 Cr516.5461.1898.010.35%16.40%15.91%6.47

All Competitor Stocks of Surana Solar Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 13.907.806.602.774.403.9311.3614.2810.642.522.092.582.56
Expenses 13.217.306.224.213.903.6310.8913.5210.333.523.744.911.80
Operating Profit 0.690.500.38-1.440.500.300.470.760.31-1.00-1.65-2.330.76
OPM % 4.96%6.41%5.76%-51.99%11.36%7.63%4.14%5.32%2.91%-39.68%-78.95%-90.31%29.69%
Other Income 0.160.530.650.320.280.100.320.260.180.422.373.670.18
Interest 0.030.010.010.030.010.030.030.070.010.050.040.060.07
Depreciation 0.630.750.660.540.440.270.440.470.260.360.310.550.58
Profit before tax 0.190.270.36-1.690.330.100.320.480.22-0.990.370.730.29
Tax % 89.47%7.41%33.33%-14.20%66.67%260.00%15.62%31.25%22.73%-27.27%21.62%26.03%24.14%
Net Profit 0.030.250.24-1.450.11-0.150.280.330.17-0.710.280.540.22
EPS in Rs 0.010.050.05-0.290.02-0.030.060.070.03-0.140.060.110.04

Last Updated: February 4, 2026, 12:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 1:43 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 129.05125.38121.0584.0939.1234.7433.1727.9424.8342.1817.7138.809.75
Expenses 118.13107.36111.7076.0333.0929.9327.6222.5720.8640.8015.4938.2413.97
Operating Profit 10.9218.029.358.066.034.815.555.373.971.382.220.56-4.22
OPM % 8.46%14.37%7.72%9.58%15.41%13.85%16.73%19.22%15.99%3.27%12.54%1.44%-43.28%
Other Income 1.440.381.190.410.581.271.010.410.874.75-1.131.186.64
Interest 2.915.294.443.282.161.940.860.820.540.190.080.170.22
Depreciation 4.092.932.992.753.172.844.954.553.082.631.911.531.80
Profit before tax 5.3610.183.112.441.281.300.750.411.223.31-0.900.040.40
Tax % 43.28%17.19%31.51%31.56%34.38%23.08%21.33%48.78%30.33%31.12%40.00%-25.00%
Net Profit 3.038.442.131.670.841.000.590.210.852.28-1.260.060.33
EPS in Rs 0.621.720.430.340.170.200.120.040.170.46-0.260.010.07
Dividend Payout % 81.19%29.15%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)178.55%-74.76%-21.60%-49.70%19.05%-41.00%-64.41%304.76%168.24%-155.26%104.76%
Change in YoY Net Profit Growth (%)0.00%-253.31%53.17%-28.10%68.75%-60.05%-23.41%369.17%-136.53%-323.50%260.03%

Surana Solar Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-11%
5 Years:3%
3 Years:16%
TTM:31%
Compounded Profit Growth
10 Years:-39%
5 Years:19%
3 Years:-59%
TTM:106%
Stock Price CAGR
10 Years:7%
5 Years:34%
3 Years:7%
1 Year:-17%
Return on Equity
10 Years:1%
5 Years:1%
3 Years:1%
Last Year:0%

Last Updated: September 5, 2025, 1:41 pm

Balance Sheet

Last Updated: December 10, 2025, 3:29 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 24.6024.6024.6024.6024.6024.6024.6024.6024.6024.6024.6024.6024.60
Reserves 17.7823.2525.3727.0427.8928.8929.4829.6930.5432.8231.5631.6232.45
Borrowings 41.7666.1848.5722.8425.1122.546.507.3510.380.000.000.000.14
Other Liabilities 18.2711.835.7710.233.063.123.782.342.982.022.713.6214.92
Total Liabilities 102.41125.86104.3184.7180.6679.1564.3663.9868.5059.4458.8759.8472.11
Fixed Assets 30.7129.5727.2029.0325.8827.0630.6826.4023.6119.6513.8510.4126.37
CWIP 13.6311.8512.5011.4511.4411.440.000.000.000.000.001.240.00
Investments 0.020.020.000.000.000.000.004.850.055.628.045.063.56
Other Assets 58.0584.4264.6144.2343.3440.6533.6832.7344.8434.1736.9843.1342.18
Total Assets 102.41125.86104.3184.7180.6679.1564.3663.9868.5059.4458.8759.8472.11

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -3.42-14.8720.9934.12-1.618.6710.805.91-8.169.920.111.51
Cash from Investing Activity + -2.620.18-1.03-3.360.14-3.983.76-5.105.160.29-0.014.70
Cash from Financing Activity + 5.6514.34-20.27-30.431.13-2.62-16.81-0.792.95-10.090.06-5.72
Net Cash Flow -0.39-0.35-0.310.33-0.342.07-2.250.03-0.050.120.170.49
Free Cash Flow -7.11-15.2419.7130.60-1.624.6614.545.64-8.4411.221.713.45
CFO/OP -20%-73%231%431%-19%188%197%112%-196%809%24%402%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-30.84-48.16-39.22-14.78-19.08-17.73-0.95-1.98-6.411.382.220.56

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 37.0530.6052.0195.1531.7215.3478.35106.4752.182.944.534.61
Inventory Days 129.21232.26159.3795.62383.47415.43200.10157.90418.82134.50551.01165.33
Days Payable 24.998.253.3610.924.908.316.7813.5216.795.197.015.25
Cash Conversion Cycle 141.28254.61208.03179.84410.30422.46271.67250.85454.21132.24548.53164.68
Working Capital Days 25.6232.4370.7453.95229.90345.67262.22294.98295.62193.06499.79265.57
ROCE %10.30%15.97%7.10%6.61%4.52%4.22%1.01%2.01%2.75%-0.36%2.59%0.37%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 64.85%64.90%64.54%62.31%49.94%46.68%42.89%42.89%43.21%43.19%43.32%43.72%
FIIs 0.01%0.01%0.01%0.01%0.01%0.20%0.30%0.03%0.18%0.35%0.00%0.03%
DIIs 0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.04%0.04%0.04%
Public 35.12%35.07%35.43%37.65%50.02%53.10%56.77%57.05%56.58%56.41%56.65%56.22%
No. of Shareholders 40,37941,40846,51355,68589,6301,02,9311,15,1041,18,5851,19,9281,19,5471,18,5581,14,555

Shareholding Pattern Chart

No. of Shareholders

Surana Solar Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 13
FaceValue 5.0010.00
Basic EPS (Rs.) -0.011.05
Diluted EPS (Rs.) -0.011.05
Cash EPS (Rs.) 0.292.32
Book Value[Excl.RevalReserv]/Share (Rs.) 11.4017.16
Book Value[Incl.RevalReserv]/Share (Rs.) 11.4017.16
Revenue From Operations / Share (Rs.) 7.8838.58
PBDIT / Share (Rs.) 0.323.93
PBIT / Share (Rs.) 0.012.66
PBT / Share (Rs.) -0.011.45
Net Profit / Share (Rs.) -0.011.05
NP After MI And SOA / Share (Rs.) -0.011.05
PBDIT Margin (%) 4.1810.19
PBIT Margin (%) 0.246.89
PBT Margin (%) -0.173.75
Net Profit Margin (%) -0.132.71
NP After MI And SOA Margin (%) -0.132.71
Return on Networth / Equity (%) -0.096.11
Return on Capital Employeed (%) 0.1710.81
Return On Assets (%) -0.082.57
Long Term Debt / Equity (X) 0.000.41
Total Debt / Equity (X) 0.000.68
Current Ratio (X) 9.611.25
Quick Ratio (X) 5.080.48
Dividend Payout Ratio (NP) (%) 0.0095.38
Dividend Payout Ratio (CP) (%) 0.0043.08
Earning Retention Ratio (%) 0.004.62
Cash Earning Retention Ratio (%) 0.0056.92
Interest Coverage Ratio (X) 9.813.24
Interest Coverage Ratio (Post Tax) (X) 0.681.86
Enterprise Value (Cr.) 156.5091.90
EV / Net Operating Revenue (X) 4.030.96
EV / EBITDA (X) 96.409.50
MarketCap / Net Operating Revenue (X) 4.080.71
Retention Ratios (%) 0.004.61
Price / BV (X) 2.821.61
Price / Net Operating Revenue (X) 4.080.71
EarningsYield 0.000.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Surana Solar Ltd. is a Public Limited Listed company incorporated on 08/11/2006 and has its registered office in the State of Telangana, India. Company's Corporate Identification Number(CIN) is L45200TG2006PLC051566 and registration number is 051566. Currently Company is involved in the business activities of Manufacture of other electrical equipment. Company's Total Operating Revenue is Rs. 38.80 Cr. and Equity Capital is Rs. 24.60 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Electric Equipment - GeneralPlot No.212/3 & 4, Phase II, Hyderabad Telangana 500051Contact not found
Management
NamePosition Held
Mr. Mangilal Narender SuranaChairman & Non-Exe.Director
Mr. Baunakar ShekarnathWhole Time Director
Mr. Manish SuranaNon Executive Director
Mrs. Sanjana JainIndependent Director
Mr. N Krupakar ReddyIndependent Director
Mr. Sanjay Kumar SanghiIndependent Director

FAQ

What is the intrinsic value of Surana Solar Ltd and is it undervalued?

As of 10 April 2026, Surana Solar Ltd's intrinsic value is ₹5.60, which is 74.55% lower than the current market price of ₹22.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (0.39 %), book value (₹11.6), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Surana Solar Ltd?

Surana Solar Ltd is trading at ₹22.00 as of 10 April 2026, with a FY2026-2027 high of ₹41.5 and low of ₹18.3. The stock is currently near its 52-week low. Market cap stands at ₹108 Cr..

How does Surana Solar Ltd's P/E ratio compare to its industry?

Surana Solar Ltd has a P/E ratio of 328, which is above the industry average of 61.18. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Surana Solar Ltd financially healthy?

Key indicators for Surana Solar Ltd: ROCE of 0.27 % is on the lower side compared to the industry average of 16.40%; ROE of 0.39 % is below ideal levels (industry average: 15.91%). Dividend yield is 0.00 %.

Is Surana Solar Ltd profitable and how is the profit trend?

Surana Solar Ltd reported a net profit of ₹0 Cr in Mar 2025 on revenue of ₹39 Cr. Compared to ₹1 Cr in Mar 2022, the net profit shows a declining trend.

Does Surana Solar Ltd pay dividends?

Surana Solar Ltd has a dividend yield of 0.00 % at the current price of ₹22.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Surana Solar Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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