Surana Solar

₹38.9 1.2 | 3.2%

WEBSITE BSE:533298 NSE : SURANASOL 18 May, 12:50

Market Cap ₹191 Cr.

Stock P/E -151.7

P/B 3.4

Current Price ₹38.9

Book Value ₹ 11.4

Face Value 5

52W High ₹48

Dividend Yield 0%

52W Low ₹ 18.9

Edit Ratio

Surana Solar Research see more...

Equity Research Report - SURANA SOLAR LIMITED

Overview Inc. Year: 2006Industry: Electronics - Components

Surana Solar Limited, incorporated on November 8, 2006, is a listed public company located in Hyderabad, Telangana. They operate in the renewable energy sector, specifically focusing on manufacturing solar photovoltaic panels. Company also undertakes engineering, procurement, and construction (EPC) contracts for setting up solar energy systems. It is a part of the Surana Group, which was founded in 1978 and is one of India’s leading industrial companies with a diversified focus on telecommunications, copper products, power cables, and infrastructure. Portfolio includes a range of products and services, including PV modules, solar lighting, lanterns, and solar projects. It provides both grid-connected and off-grid photovoltaic power plants, ranging from 1 MW to 15 MW.The current board of directors includes individuals like Krupakar Nadimpally Reddy and Manish Surana, who are guiding the company towards achieving its vision in the renewable energy sector.

Surana Solar Share Price

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Peer Comparison

Surana Solar Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	3	9	9	11	14	8	7	3	4	4
Other Income	0	0	4	0	0	1	1	0	0	0
Total Income	3	9	13	11	14	8	7	3	5	4
Total Expenditure	2	8	10	11	13	7	6	4	4	4
Operating Profit	1	1	3	1	1	1	1	-1	1	0
Interest	0	0	0	0	0	0	0	0	0	0
Depreciation	0	1	1	1	1	1	1	1	0	0
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	0	0	3	0	0	0	0	-2	0	0
Provision for Tax	0	-0	1	0	0	0	0	-0	0	0
Profit After Tax	0	0	2	0	0	0	0	-1	0	-0
Adjustments	0	-0	0	-0	0	-0	0	0	0	0
Profit After Adjustments	0	0	2	0	0	0	0	-1	0	-0
Adjusted Earnings Per Share	0.1	0.1	0.4	0	0	0.1	0	-0.3	0	-0

Surana Solar Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	95	129	128	121	87	39	35	33	28	25	42	18
Other Income	1	1	1	1	0	1	1	1	0	1	5	1
Total Income	96	130	128	122	87	40	36	34	28	26	47	19
Total Expenditure	86	118	110	112	79	33	30	28	23	21	41	18
Operating Profit	10	12	18	11	8	7	6	7	6	5	6	1
Interest	3	3	5	4	3	2	2	1	1	1	0	0
Depreciation	3	4	3	3	3	3	3	5	5	3	3	2
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	4	5	10	3	2	1	1	1	0	1	3	-2
Provision for Tax	1	2	2	1	1	0	0	0	0	0	1	0
Profit After Tax	3	3	8	2	2	1	1	1	0	1	2	-1
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	3	3	8	2	2	1	1	1	0	1	2	-1
Adjusted Earnings Per Share	0.5	0.6	1.7	0.4	0.3	0.2	0.2	0.1	0	0.2	0.5	-0.3

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	68%	8%	1%	-8%
Operating Profit CAGR	20%	-5%	-3%	-5%
PAT CAGR	100%	26%	15%	-4%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	94%	59%	41%	17%
ROE Average	4%	2%	2%	5%
ROCE Average	6%	3%	3%	6%

Surana Solar Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	42	42	48	50	52	52	53	54	54	55	57
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	18	16	12	15	4	11	20	0	0	0	0
Other Non-Current Liabilities	1	1	1	1	1	1	1	1	1	1	1
Total Current Liabilities	34	43	65	39	28	16	5	9	9	13	2
Total Liabilities	95	102	126	104	85	81	79	64	64	69	59
Fixed Assets	32	31	30	27	29	26	27	31	26	24	20
Other Non-Current Assets	13	14	12	13	12	11	11	0	0	11	10
Total Current Assets	49	58	84	64	44	43	41	34	37	33	30
Total Assets	95	102	126	104	85	81	79	64	64	69	59

Surana Solar Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	2	1	1	1	0	1	0	2	0	0	0
Cash Flow from Operating Activities	12	-3	-15	21	34	-2	9	11	6	-8	10
Cash Flow from Investing Activities	-9	-3	0	-1	-3	0	-4	4	-5	5	0
Cash Flow from Financing Activities	-0	6	14	-20	-30	1	-3	-17	-1	3	-10
Net Cash Inflow / Outflow	3	-0	-0	-0	0	-0	2	-2	0	-0	0
Closing Cash & Cash Equivalent	5	1	1	0	1	0	2	0	0	0	0

Surana Solar Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	0.53	0.62	1.71	0.43	0.34	0.17	0.2	0.12	0.04	0.17	0.46
CEPS(Rs)	1.16	1.45	2.31	1.04	0.9	0.82	0.78	1.13	0.97	0.8	1
DPS(Rs)	0.5	0.5	0.5	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	8.58	8.61	9.72	10.16	10.5	10.67	10.87	10.99	11.03	11.21	11.67
Core EBITDA Margin(%)	9.32	8.39	13.75	7.61	9.27	14.69	12.43	15.71	18.35	15.95	3.21
EBIT Margin(%)	6.77	6.35	12.04	6.14	6.59	8.38	8.37	4.55	4.19	7.07	8.31
Pre Tax Margin(%)	3.7	4.11	7.92	2.53	2.81	3.12	3.37	2.13	1.39	4.91	7.86
PAT Margin (%)	2.67	2.33	6.56	1.73	1.92	2.05	2.59	1.67	0.72	3.41	5.42
Cash Profit Margin (%)	5.89	5.48	8.84	4.17	5.07	9.79	9.91	15.68	16.29	15.8	11.65
ROA(%)	2.99	3.08	7.39	1.85	1.77	1.02	1.26	0.82	0.33	1.28	3.57
ROE(%)	6.11	7.17	18.7	4.35	3.29	1.62	1.89	1.1	0.39	1.55	4.06
ROCE(%)	9.42	10.61	15.62	7.1	6.62	4.52	4.23	2.35	2	2.76	5.7
Receivable days	25.32	31.6	33.52	41.25	82.14	112.6	22.89	44.32	95.3	85.98	16.8
Inventory Days	111.18	91.6	135.27	151.16	124.83	200.87	260.78	208.77	129.84	213.96	146.7
Payable days	54.91	44.06	17.32	5.74	7.82	16.63	6.76	7.94	10.7	15.71	6.84
PER(x)	26.22	13.38	38.32	50.45	59.79	74.2	37.25	44.58	213.52	123.33	36.68
Price/Book(x)	1.61	0.96	6.76	2.15	1.93	1.19	0.7	0.49	0.83	1.89	1.46
Dividend Yield(%)	3.62	6.06	0.76	0	0	0	0	0	0	0	0
EV/Net Sales(x)	0.97	0.59	2.99	1.27	1.37	2.18	1.65	0.98	1.84	4.6	1.98
EV/Core EBITDA(x)	9.5	6.21	20.76	14.58	14.01	12.87	9.41	4.96	8.88	23.61	13.63
Net Sales Growth(%)	30.61	35.98	-1.06	-5.19	-28.45	-54.84	-11.2	-4.52	-15.76	-11.13	69.88
EBIT Growth(%)	63.82	25.68	87.33	-51.26	-24.02	-40.03	-5.55	-50.45	-23.89	43.38	99.64
PAT Growth(%)	706.51	17.2	177.95	-74.8	-21.43	-49.55	19.1	-41.17	-64.27	300.85	170.15
EPS Growth(%)	705.97	17.2	177.93	-74.79	-21.43	-49.54	19.09	-41.18	-64.25	300.7	170.1
Debt/Equity(x)	0.7	0.99	1.38	0.97	0.44	0.48	0.42	0.12	0.14	0.19	0
Current Ratio(x)	1.44	1.34	1.28	1.66	1.59	2.69	8.13	3.56	4.23	2.63	19.61
Quick Ratio(x)	0.57	0.52	0.37	0.59	0.95	0.99	2.52	2.25	3.28	1	10.87
Interest Cover(x)	2.2	2.84	2.92	1.7	1.74	1.59	1.67	1.88	1.5	3.27	18.35
Total Debt/Mcap(x)	0.43	1.03	0.2	0.45	0.23	0.4	0.6	0.25	0.16	0.1	0

Surana Solar Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	66.9	65.23	65.09	64.77	64.72	64.84	64.9	64.54	62.31	49.95
FII	0.06	0	0	0	0	0	0	0	0	0
DII	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
Public	33	34.74	34.88	35.19	35.24	35.12	35.07	35.43	37.65	50.02
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	3.29	3.21	3.2	3.19	3.18	3.19	3.19	3.18	3.07	2.46
FII	0	0	0	0	0	0	0	0	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	1.62	1.71	1.72	1.73	1.73	1.73	1.73	1.74	1.85	2.46
Others	0	0	0	0	0	0	0	0	0	0
Total	4.92	4.92	4.92	4.92	4.92	4.92	4.92	4.92	4.92	4.92

Pros

Debtor days have improved from 15.71 to 6.84days.
Company is almost debt free.

Cons

Promoter holding is low: 49.95%.
Company has a low return on equity of 2% over the last 3 years.
Stock is trading at 3.4 times its book value.

* 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.