SURANASOL - Surana Solar
📢 Recent Corporate Announcements
Surana Solar Limited has appointed Mr. Mohammed Hafiz Mansoor as the Company Secretary and Compliance Officer effective February 27, 2026. The appointment was approved by the Board of Directors following recommendations from the Nomination and Remuneration Committee. Mr. Mansoor is an Associate Member of the Institute of Company Secretaries of India (ACS-63006) with a background in Commerce and Law. This move ensures the company's adherence to Section 203 of the Companies Act and SEBI Listing Regulations.
- Appointment of Mr. Mohammed Hafiz Mansoor effective from February 27, 2026
- Appointee is an Associate Member of ICSI with Membership No. ACS-63006
- Mr. Mansoor holds degrees in both Commerce and Law with experience in secretarial and legal matters
- The Board meeting for the approval was conducted between 11:00 AM and 11:40 AM on February 27, 2026
- The new officer is authorized to determine the materiality of events for stock exchange disclosures
Surana Solar Limited has appointed Mr. Mohammed Hafiz Mansoor as the Company Secretary and Compliance Officer effective February 27, 2026. The appointment was approved by the Board of Directors following recommendations from the Nomination and Remuneration Committee. Mr. Mansoor is an Associate Member of the Institute of Company Secretaries of India (ACS-63006) and holds degrees in both Commerce and Law. He has also been authorized to determine the materiality of events for future regulatory disclosures.
- Appointment of Mr. Mohammed Hafiz Mansoor as CS and Compliance Officer effective February 27, 2026.
- The appointee holds Membership No. ACS-63006 and has professional experience in secretarial and legal domains.
- The Board meeting for this appointment was conducted between 11:00 AM and 11:40 AM on February 27, 2026.
- Mr. Mansoor is now the designated official for determining materiality of information under SEBI Regulation 30(5).
Surana Solar Limited reported a sharp decline in total income for Q3 FY26, falling to ₹273.79 Lakhs from ₹1,081.89 Lakhs in the previous year's corresponding quarter. This significant drop is primarily attributed to the complete absence of revenue from the Trading segment, which had contributed ₹898.03 Lakhs in Q3 FY25. Despite the lower top line, net profit for the quarter rose to ₹21.91 Lakhs compared to ₹16.73 Lakhs YoY, driven by reduced material costs and inventory management. For the nine-month period, the company maintained profitability with a net profit of ₹104.17 Lakhs.
- Revenue from operations fell 76% YoY to ₹255.77 Lakhs in Q3 FY26.
- Net profit increased by 31% YoY to ₹21.91 Lakhs from ₹16.73 Lakhs.
- Trading segment revenue dropped to nil from ₹898.03 Lakhs in the same quarter last year.
- Solar Products segment revenue grew to ₹254.71 Lakhs from ₹165.67 Lakhs YoY.
- Nine-month EPS improved to ₹0.21 compared to ₹0.16 in the previous year.
Surana Solar reported a 31% YoY increase in net profit to ₹21.91 Lakhs for Q3 FY26, despite a massive 76% drop in revenue to ₹255.77 Lakhs. The revenue decline is primarily attributed to the complete absence of trading activity, which had contributed ₹898 Lakhs in the year-ago quarter. For the nine-month period ended December 2025, the company's net profit improved to ₹104.17 Lakhs from ₹77.19 Lakhs. While profitability improved on a low base due to reduced expenses, the shrinking top-line remains a significant concern for long-term growth.
- Net Profit for Q3 FY26 rose to ₹21.91 Lakhs from ₹16.73 Lakhs in the previous year's corresponding quarter.
- Revenue from operations fell sharply to ₹255.77 Lakhs from ₹1,063.70 Lakhs YoY due to zero trading segment revenue.
- Solar products segment revenue stood at ₹254.71 Lakhs, showing stability compared to the immediate previous quarter.
- 9M FY26 Net Profit grew 35% YoY to ₹104.17 Lakhs despite an 80% drop in 9M total revenue.
- Total expenses for the quarter were significantly lower at ₹244.91 Lakhs compared to ₹1,059.69 Lakhs YoY.
Surana Solar Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all securities dematerialized or rematerialized during the quarter ended December 31, 2025, have been correctly processed. This filing ensures that the company's shareholding records are accurately maintained with the depositories and stock exchanges. As a routine regulatory requirement, it does not impact the company's financial fundamentals or operations.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by Registrar and Share Transfer Agent (RTA), KFin Technologies Limited.
- Confirms reporting of all dematerialization and rematerialization requests to NSE and BSE.
- The filing was officially dated January 5, 2026, following the quarter-end.
Surana Solar Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared. The company will intimate the specific date of the board meeting for result approval separately.
- Trading window closure effective from January 1, 2026.
- Closure pertains to the financial results for the quarter ended December 31, 2025.
- Restriction applies to Directors, Connected Persons, and Designated Persons.
- Window to reopen 48 hours after the declaration of financial results.
- Board meeting date for result declaration to be announced in a separate filing.
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
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.
Geographic Concentration Risk
100% of manufacturing facilities are concentrated in Hyderabad, Telangana.
Third Party Dependencies
Significant dependency on Bhagyanagar Copper Private Limited for raw material procurement.
Technology Obsolescence Risk
High risk due to rapid advancements in solar cell and module technology.
Credit & Counterparty Risk
Trade payables stood at INR 791.30 Lakhs as of September 30, 2025.