Surana Solar Ltd

₹ 46.3 -2.87%

22 Nov - close price

suranaventures.com; www.surana.com BSE: 533298 NSE: SURANASOL

About

Incorporated in 2006, Surana Solar Ltd is in the business of manufacturing Solar Photovoltic Modules, generation of Wind and Solar Power energy and trading of other solar related products^[1]

Key Points

Business Overview:^[1]^[2]
SSL is a part of the Surana Group. It is a manufacturer of Solar Photovoltaic Modules and is also into EPC of Power Projects on turnkey basis on MW scale. It offers grid connected and grid off Photovoltaic Power plants in open
areas and provides engineering, procurement and construction within a range of 1 MW to 15 MW

Website BSE NSE - BE

Market Cap ₹ 228 Cr.
Current Price ₹ 46.3
High / Low ₹ 67.0 / 25.7
Stock P/E 400
Book Value ₹ 11.5
Dividend Yield 0.00 %
ROCE 2.59 %
ROE 2.68 %
Face Value ₹ 5.00

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Pros

Company is almost debt free.
Company is expected to give good quarter

Cons

Stock is trading at 4.02 times its book value
Promoter holding has decreased over last quarter: -3.79%
The company has delivered a poor sales growth of -12.6% over past five years.
Company has a low return on equity of 1.26% over last 3 years.
Earnings include an other income of Rs.0.96 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods - Electrical Equipment Industry: Electric Equipment

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	9.78	2.62	8.69	9.30	11.18	13.90	7.80	6.60	2.77	4.40	3.93	11.36	14.28
	8.35	2.37	7.76	9.74	10.58	13.21	7.30	6.22	4.21	3.90	3.63	10.89	13.52
Operating Profit	1.43	0.25	0.93	-0.44	0.60	0.69	0.50	0.38	-1.44	0.50	0.30	0.47	0.76
OPM %	14.62%	9.54%	10.70%	-4.73%	5.37%	4.96%	6.41%	5.76%	-51.99%	11.36%	7.63%	4.14%	5.32%
	0.13	0.34	0.23	3.88	0.21	0.16	0.53	0.65	0.32	0.28	0.10	0.32	0.26
Interest	0.13	0.12	0.23	0.12	0.03	0.03	0.01	0.01	0.03	0.01	0.03	0.03	0.07
Depreciation	1.05	0.10	0.79	0.61	0.64	0.63	0.75	0.66	0.54	0.44	0.27	0.44	0.47
Profit before tax	0.38	0.37	0.14	2.71	0.14	0.19	0.27	0.36	-1.69	0.33	0.10	0.32	0.48
Tax %	57.89%	16.22%	-114.29%	29.52%	28.57%	89.47%	7.41%	33.33%	-14.20%	66.67%	260.00%	15.62%	31.25%
	0.16	0.31	0.31	1.91	0.10	0.03	0.25	0.24	-1.45	0.11	-0.15	0.28	0.33
EPS in Rs	0.03	0.06	0.06	0.39	0.02	0.01	0.05	0.05	-0.29	0.02	-0.03	0.06	0.07
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	92.55	129.05	125.38	121.05	84.09	39.12	34.74	33.17	27.94	24.83	42.18	17.71	33.97
	82.88	118.13	107.36	111.70	76.03	33.09	29.93	27.62	22.57	20.86	40.80	15.49	31.94
Operating Profit	9.67	10.92	18.02	9.35	8.06	6.03	4.81	5.55	5.37	3.97	1.38	2.22	2.03
OPM %	10.45%	8.46%	14.37%	7.72%	9.58%	15.41%	13.85%	16.73%	19.22%	15.99%	3.27%	12.54%	5.98%
	-0.78	1.44	0.38	1.19	0.41	0.58	1.27	1.01	0.41	0.87	4.75	-1.13	0.96
Interest	2.98	2.91	5.29	4.44	3.28	2.16	1.94	0.86	0.82	0.54	0.19	0.08	0.14
Depreciation	2.32	4.09	2.93	2.99	2.75	3.17	2.84	4.95	4.55	3.08	2.63	1.91	1.62
Profit before tax	3.59	5.36	10.18	3.11	2.44	1.28	1.30	0.75	0.41	1.22	3.31	-0.90	1.23
Tax %	27.86%	43.28%	17.19%	31.51%	31.56%	34.38%	23.08%	21.33%	48.78%	30.33%	31.12%	40.00%
	2.59	3.03	8.44	2.13	1.67	0.84	1.00	0.59	0.21	0.85	2.28	-1.26	0.57
EPS in Rs	0.53	0.62	1.72	0.43	0.34	0.17	0.20	0.12	0.04	0.17	0.46	-0.26	0.12
Dividend Payout %	94.98%	81.19%	29.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	-18%
5 Years:	-13%
3 Years:	-14%
TTM:	9%

Compounded Profit Growth
10 Years:	-6%
5 Years:	9%
3 Years:	93%
TTM:	161%

Stock Price CAGR
10 Years:	0%
5 Years:	53%
3 Years:	32%
1 Year:	63%

Return on Equity
10 Years:	3%
5 Years:	1%
3 Years:	1%
Last Year:	3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	24.60	24.60	24.60	24.60	24.60	24.60	24.60	24.60	24.60	24.60	24.60	24.60	24.60
Reserves	17.62	17.78	23.25	25.37	27.04	27.89	28.89	29.48	29.69	30.54	32.82	31.56	32.17
	29.43	41.76	66.18	48.57	22.84	25.11	22.54	6.50	7.35	10.38	0.00	0.00	3.60
	23.15	18.27	11.83	5.77	10.23	3.06	3.12	3.78	2.34	2.98	2.02	2.71	4.65
Total Liabilities	94.80	102.41	125.86	104.31	84.71	80.66	79.15	64.36	63.98	68.50	59.44	58.87	65.02
	32.21	30.71	29.57	27.20	29.03	25.88	27.06	30.68	26.40	23.61	19.65	13.85	12.95
CWIP	11.46	13.63	11.85	12.50	11.45	11.44	11.44	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.03	0.02	0.02	0.00	0.00	0.00	0.00	0.00	4.85	0.05	5.62	8.04	6.55
	51.10	58.05	84.42	64.61	44.23	43.34	40.65	33.68	32.73	44.84	34.17	36.98	45.52
Total Assets	94.80	102.41	125.86	104.31	84.71	80.66	79.15	64.36	63.98	68.50	59.44	58.87	65.02

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	12.26	-3.42	-14.87	20.99	34.12	-1.61	8.67	10.80	5.91	-8.16	9.92	0.11
	-8.88	-2.62	0.18	-1.03	-3.36	0.14	-3.98	3.76	-5.10	5.16	0.29	-0.01
	-0.31	5.65	14.34	-20.27	-30.43	1.13	-2.62	-16.81	-0.79	2.95	-10.09	0.06
Net Cash Flow	3.07	-0.39	-0.35	-0.31	0.33	-0.34	2.07	-2.25	0.03	-0.05	0.12	0.17

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	37.27	37.05	30.60	52.01	95.15	31.72	15.34	78.35	106.47	52.18	2.94	4.53
Inventory Days	154.09	129.21	232.26	159.37	95.62	383.47	415.43	200.10	157.90	418.82	134.50	551.01
Days Payable	88.34	24.99	8.25	3.36	10.92	4.90	8.31	6.78	13.52	16.79	5.19	7.01
Cash Conversion Cycle	103.01	141.28	254.61	208.03	179.84	410.30	422.46	271.67	250.85	454.21	132.24	548.53
Working Capital Days	84.95	97.55	188.58	165.45	125.18	356.88	375.51	333.75	391.00	448.20	193.06	499.79
ROCE %	11.22%	10.30%	15.97%	7.10%	6.61%	4.52%	4.22%	1.01%	2.01%	2.75%	-0.36%	2.59%

Shareholding Pattern

Numbers in percentages

1 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	66.90%	65.23%	65.09%	64.77%	64.72%	64.85%	64.90%	64.54%	62.31%	49.94%	46.68%	42.89%
	0.06%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.20%	0.30%
	0.03%	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
	33.00%	34.74%	34.88%	35.19%	35.24%	35.12%	35.07%	35.43%	37.65%	50.02%	53.10%	56.77%
No. of Shareholders	29,825	40,413	40,966	41,942	41,110	40,379	41,408	46,513	55,685	89,630	1,02,931	1,15,104

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	70.61%	65.98%	67.66%	69.09%	70.19%	65.23%	64.85%	49.94%	42.89%
	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.30%
	0.24%	0.23%	0.04%	0.05%	0.04%	0.04%	0.03%	0.03%	0.03%
	29.14%	33.77%	32.30%	30.86%	29.77%	34.74%	35.12%	50.02%	56.77%
No. of Shareholders	13,071	15,053	14,002	13,590	15,544	40,413	40,379	89,630	1,15,104

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Surana Solar Ltd

Surana Solar Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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