SURANASOL - Surana Solar

📊 NSE: SURANASOL 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 13:57

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for H1 FY26 fell 81.8% YoY to INR 466.31 Lakhs. Segment performance: Solar Products revenue declined 20.1% to INR 463.81 Lakhs; Trading segment revenue dropped 100% to INR 0 (from INR 1,980.88 Lakhs); Renewable Energy revenue fell 18.6% to INR 2.50 Lakhs.

Profitability Margins

Net Profit Margin for H1 FY26 was 17.6% (INR 82.27 Lakhs profit on INR 466.31 Lakhs revenue), significantly influenced by Other Income of INR 603.96 Lakhs. Without Other Income, the company would have reported an operational loss.

Credit Rating & Borrowing

Current borrowings as of September 30, 2025, stood at INR 14.01 Lakhs, a significant increase from INR 4.00 Lakhs in March 2025.

⚙️ Operational Drivers

Raw Materials

Copper products and solar components; Bhagyanagar Copper Private Limited supplied goods worth INR 2,979.13 Lakhs in FY25.

Key Suppliers

Bhagyanagar Copper Private Limited (Related Party).

Raw Material Costs

Cost of material consumed in H1 FY26 was INR 641.79 Lakhs, representing 137.6% of revenue from operations, down 72.2% YoY from INR 2,308.94 Lakhs.

Manufacturing Efficiency

Operates two ISO 9001:2008 certified manufacturing facilities at Cherlapally and FAB City in Hyderabad.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company aims to capitalize on India's target of 500 GW non-fossil fuel capacity by 2030 by leveraging its established presence in solar PV module manufacturing and turnkey EPC solutions. It also seeks to benefit from government schemes like the PLI for domestic manufacturing.

Products & Services

Solar PV modules, turnkey EPC solutions, and renewable energy generation.

Brand Portfolio

Surana Solar, Surana Group.

Market Share & Ranking

Described as a promising mid-cap solar company in India.

Strategic Alliances

Investment Agreement with Baidyanath Power Private Limited (BPPL) for the divestment of Surana Technologies Private Limited (STPL).

🌍 External Factors

Industry Trends

The industry is shifting toward massive capacity expansion with a national goal of 500 GW non-fossil fuel capacity by 2030. The company is positioning itself as a domestic manufacturer to benefit from the 'Make in India' push and PLI schemes.

Competitive Moat

Moat is based on an established operational history since 2008 and ISO-certified manufacturing facilities in Hyderabad. Sustainability depends on keeping pace with rapid technological shifts in solar PV efficiency.

Macro Economic Sensitivity

Highly sensitive to government regulations and policies regarding renewable energy targets and import/export duties.

Consumer Behavior

Rising awareness of sustainable energy solutions is driving demand for solar installations.

Geopolitical Risks

Vulnerable to changes in international trade policies affecting the import of solar components.

⚖️ Regulatory & Governance

Industry Regulations

Adheres to ISO 9001:2008 standards and Ministry of New and Renewable Energy (MNRE) guidelines for solar PV manufacturing.

Taxation Policy Impact

Deferred tax liability (net) of INR 19.43 Lakhs as of September 30, 2025.

⚠️ Risk Analysis

Key Uncertainties

Technological obsolescence in solar PV modules and changes in government tax laws or regulations could impact operations by an unspecified percentage.