Sungarner Energies Limited (SEL)
SEL delivery percentage
NSE end-of-day data for
On Thu, 22 Oct 2026, 66.67% of the SEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 83.73%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal. It closed at a price band (circuit) on 3 sessions in about the last 20.
Delivery in the last 5 sessions: 71.4% · 75.0% · 83.3% · 62.1% · 66.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Sungarner Energies Limited has appointed Mr. Amit Singla as President – Strategy and New Initiatives, designated as Senior Management Personnel, effective October 16, 2026. Singla brings approximately 19 years of energy-sector experience across strategy, project finance, and business development, with prior leadership stints at Gensol Engineering and Ecoppia Scientific. He joins as a full-time employee to steer strategic expansion and new business initiatives. The appointment comes as the company pursues growth via newly acquired subsidiaries amid high leverage.
- Appointment of Mr. Amit Singla as President – Strategy and New Initiatives effective October 16, 2026
- Appointed as a full-time employee and designated as Senior Management Personnel
- Candidate possesses ~19 years of energy sector experience, including prior roles at Gensol Engineering and Ecoppia Scientific
- Holds a B.Tech from IIT Roorkee and a PGP in Management from ISB Hyderabad
Sungarner Energies Limited announced the voting results and Scrutinizer's report for its 11th Annual General Meeting held on September 23, 2026. All five resolutions were approved by shareholders with 100% of votes cast in favour, including special resolutions to raise borrowing limits under Section 180(1)(c) and expand loan/investment caps under Section 186. Total votes polled stood at 15,81,050 shares, representing a 68.19% overall turnout across an equity base of 23,18,750 shares. Notably, on Resolution 5 regarding director remuneration, 14,39,575 promoter votes were invalidated due to related-party interest, but the resolution passed via 1,41,475 public votes.
- All 5 resolutions passed with 100% of valid votes cast in favour
- Shareholder turnout reached 68.19% with 15,81,050 votes polled out of 23,18,750 total shares
- Approvals secured for increasing borrowing limits under Section 180(1)(c) and loan/investment powers under Section 186
- 14,39,575 promoter votes were treated as invalid for Resolution 5 (director remuneration) due to conflict of interest
- A total of 779 shareholders were on record as of September 16, 2026, with 9 attending via video conference
Sungarner Energies Limited has notified the exchange regarding the book closure and e-voting timeline for its upcoming 11th Annual General Meeting (AGM). The Register of Members and Share Transfer Books will be closed from September 16, 2026, to September 23, 2026. The cut-off date to determine shareholder eligibility for remote e-voting is September 16, 2026. Remote e-voting is scheduled to run from September 20, 2026 (09:00 AM) to September 22, 2026 (05:00 PM).
- Register of members and share transfer books closed from September 16, 2026 to September 23, 2026
- Cut-off date for remote e-voting eligibility set as September 16, 2026
- Remote e-voting window opens September 20, 2026 (09:00 AM) and closes September 22, 2026 (05:00 PM)
- Filing pertains to the company's 11th Annual General Meeting
Sungarner Energies Limited has released the notice for its 11th Annual General Meeting (AGM) scheduled for September 23, 2026, alongside its FY26 Annual Report. The company highlighted a trailing revenue base of approximately ₹74 crore and a consolidated net profit margin of 5.16% for FY26 (up from 4.95% in FY25). Key operational developments include 10 MW of commissioned/near-commissioned solar capacity and a 15 MW pipeline targeted for completion by March 2027. However, the consolidated debt-to-equity ratio rose to 1.81x from 1.28x in the previous year.
- 11th AGM scheduled for September 23, 2026, with remote e-voting open from September 20 to September 22, 2026.
- FY26 trailing revenue reported at approximately ₹74 crore with a consolidated Net Profit Margin of 5.16%.
- Operating solar IPP portfolio stands at 10 MW, with an additional 15 MW under active development targeted by March 2027.
- Consolidated debt-to-equity ratio expanded to 1.81x in FY26 from 1.28x in FY25 due to an increase in total debt.
- Return on equity (ROE) increased to 29.10% in FY26 compared to 15.91% in FY25.
Sungarner Energies' Board of Directors approved key corporate matters on August 31, 2026, including the appointment of M/s Kumar Abhay & Associates as Internal Auditor for FY 2026-27. The Board also approved proposals to increase borrowing limits under Section 180(1)(c), expand investment/loan limits under Section 186, and revise director remuneration limits, subject to shareholder approval. The 11th Annual General Meeting is scheduled for September 23, 2026.
- Appointed M/s Kumar Abhay & Associates (FRN: 028540C) as Internal Auditor for FY 2026-27 on August 31, 2026
- Scheduled 11th Annual General Meeting for September 23, 2026 via Video Conferencing
- Approved increase in statutory borrowing limits under Section 180(1)(c) and investment limits under Section 186
- Appointed M/s Amit Saxena & Associates as e-voting Scrutinizer for the upcoming AGM
Sungarner Energies' Board of Directors approved key resolutions for shareholder approval at its upcoming 11th Annual General Meeting (AGM) scheduled for September 23, 2026. The board approved increases in statutory borrowing limits under Section 180(1)(c) and loan/investment limits under Section 186 of the Companies Act, 2013, alongside higher caps for managerial remuneration. Additionally, M/s Kumar Abhay & Associates was appointed as the Internal Auditor for FY 2026-27, and M/s Amit Saxena & Associates was appointed as the scrutinizer for the AGM e-voting process.
- Approved increase in borrowing limits under Section 180(1)(c) and investment/loan limits under Section 186.
- Approved increase in maximum remuneration payable to directors, including the Managing Director.
- 11th Annual General Meeting scheduled for September 23, 2026 via Video Conferencing.
- Appointed M/s Kumar Abhay & Associates as Internal Auditor for FY 2026-27.
Sungarner Energies Limited has received a Letter of Intent (LoI) from Ceigall India Limited for executing 12.5 MW solar power projects under the Madhya Pradesh KUSUM scheme. The contract carries an estimated consideration of approximately Rs 24 Crore. The project is split into two phases: Phase 1 covers land lease services (30 days timeline), and Phase 2 covers end-to-end design, engineering, procurement, construction, and commissioning (90 days timeline). Execution will take place across two sites in Madhya Pradesh: Chirapatta and Chuna Hajuri.
- Received Letter of Intent from Ceigall India Limited for an aggregate order value of approximately Rs 24 Crore
- Contract covers 12.5 MW capacity across two sites in Madhya Pradesh (Chirapatta and Chuna Hajuri)
- Phase 1 (site identification, liaising, registration) execution timeline set at 30 days
- Phase 2 (EPC and commissioning) execution timeline set at 90 days
Sungarner Energies Limited has received a Letter of Intent (LoI) from Ceigall India Limited for executing 12.5 MW solar projects under the Madhya Pradesh Kusum Project. The total contract consideration is approximately Rs 24 Crore. The project is split into two phases: Phase 1 covers land leasing services across two sites within 30 days, while Phase 2 involves full EPC and commissioning within 90 days at Chirapatta and Chuna Hajuri. Relative to the company's equity base of Rs 2.32 Cr, this represents a sizeable commercial win.
- Awarded LoI from Ceigall India Limited for 12.5 MW solar capacity under the MP Kusum Project.
- Total contract value stands at approximately Rs 24 Crore.
- Two-phase execution model: Phase 1 (Land leasing) in 30 days and Phase 2 (EPC & Commissioning) in 90 days.
- Project sites located at Chirapatta and Chuna Hajuri in Madhya Pradesh.
Sungarner Energies Limited (SEL) has officially responded to a query from the National Stock Exchange (NSE) dated July 24, 2026, regarding significant movement in its share price. The company clarified that there is no pending material information or announcement that has not been disclosed to the exchanges. Management attributed the recent price and volume fluctuations to market-driven factors rather than internal corporate developments. This comes at a time when the stock has delivered a 37.7% return over the last three months despite a high debt-to-equity ratio of 1.28x.
- NSE sought clarification on July 24, 2026, regarding significant price movement in SEL securities.
- Company confirmed on July 30, 2026, that no material information remains undisclosed under Regulation 30.
- Management stated price/volume movement is purely market-driven and not due to unpublished price sensitive information.
- Company maintains a low equity base of INR 2.32 Cr share capital, making it sensitive to volume shifts.
- Financial context shows a high-cost debt portfolio of INR 14.39 Cr with interest rates between 14-22%.
Financial Performance
Revenue Growth by Segment
The company operates in a single manufacturing segment which achieved a total revenue of INR 33.64 Cr in FY25, representing a significant 88.5% YoY growth compared to INR 17.85 Cr in FY24.
Profitability Margins
Net Profit Margin was 4.9% in FY25, a slight decrease from 6.0% in FY24. Profit before tax margin stood at 6.9% for FY25 compared to 8.8% in FY24, reflecting higher operational and finance costs despite the revenue surge.
EBITDA Margin
EBITDA Margin was 11.6% in FY25 (INR 3.90 Cr), showing a marginal decline from 11.8% in FY24 (INR 2.11 Cr) due to increased material and employee expenses.
Capital Expenditure
Capital expenditure for the purchase of tangible and intangible assets was INR 2.05 Cr in FY25, a 247% increase from INR 0.59 Cr in FY24, supporting the company's expansion and subsidiary integration.
Credit Rating & Borrowing
Credit rating is not disclosed. Borrowing costs are high, with interest rates on various business loans ranging from 14% to 22% per annum.
Operational Drivers
Raw Materials
Material consumed (unspecified raw materials) represents the largest cost component at INR 24.41 Cr, accounting for 72.6% of total revenue in FY25.
Raw Material Costs
Raw material costs increased by 81.2% YoY to INR 24.41 Cr in FY25. The company employs detailed studies and expert interactions to minimize these expenses.
Strategic Growth
Growth Strategy
Growth is being pursued through the rehabilitation of the company and the acquisition of subsidiaries. In FY25, the company integrated Seltrik Electric India, Sungarner Green Asset, and two step-down subsidiaries (SG SPV MP-1 and MP-2) to expand its footprint in the electric and green energy sectors.
Products & Services
Manufacturing of power-related products including electric and solar energy solutions.
Brand Portfolio
Sungarner, Seltrik.
Market Expansion
Expansion is targeted through the newly acquired subsidiaries and step-down subsidiaries established in 2024 and 2025.
Strategic Alliances
The company operates through four key subsidiaries/step-down subsidiaries: Seltrik Electric India, Sungarner Green Asset, SG SPV (MP-1), and SG SPV (MP-2).
External Factors
Industry Trends
The industry is experiencing rapid financial liberalization and a shift toward customer-friendly financial products. The company is positioning itself to benefit from these developments through its expanded subsidiary network.
Competitive Moat
The company's moat consists of its cumulative experience, strong distribution network, and sound internal systems. However, the low equity base (INR 2.32 Cr share capital) is a noted weakness that may impact long-term sustainability against larger competitors.
Macro Economic Sensitivity
Highly sensitive to interest rate fluctuations due to a high-cost debt profile (14-22% rates) and sensitive to the Indian economy's financial liberalization cycle.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act, 2013 and manufacturing standards relevant to the electric and energy sectors.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 28.6%, with a total tax expense of INR 0.66 Cr on a PBT of INR 2.32 Cr.
Risk Analysis
Key Uncertainties
Key risks include interest rate volatility, economic cycles, and a low equity base. The high debt-to-equity ratio (1.28x) and negative operating cash flow (INR -5.14 Cr) present significant liquidity risks.
Credit & Counterparty Risk
Receivables increased by INR 11.73 Cr in FY25, indicating a potential risk in credit collections and counterparty reliability.
