Surana Solar Limited (SURANASOL)
₹22.96 +0.92% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Surana Solar's revenue was ₹17.2 Cr (+722.0% year on year, +26.0% on the previous quarter), and net profit ₹5.4 Cr; the operating margin was 3.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹17.2 | +722.0% | +26.0% |
| Operating profit | ₹0.6 | from loss | +537.2% |
| Net profit | ₹5.4 | — | — |
| EPS (₹) | 1.11 | — | — |
| Operating margin | 3.3% | — | — |
SURANASOL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 64.2% of the SURANASOL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 72.8%. That is close to its usual level. Turnover was only ₹8 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 85.7% · 34.5% · 50.3% · 83.7% · 64.2%
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
Surana Solar Limited announced the voting results for its 20th Annual General Meeting held on September 28, 2026. All resolutions (1 to 6) were passed with the requisite majority via remote e-voting and e-voting at the meeting. Key approved items include the ratification of cost auditors' remuneration, approval of material related party transactions, and a special resolution to alter the object clause of the Memorandum of Association. Promoter and promoter group held 21,722,236 shares voting in favour on non-interested resolutions, while interested promoters abstained from the related party transaction resolution.
- All 6 resolutions passed with the requisite majority at the 20th AGM held on September 28, 2026
- Special resolution approved to change the object clause of the Memorandum of Association
- Material Related Party Transactions approved with 213,559 public non-institutional votes in favour (96.43%)
- Promoter group cast 21,722,236 votes (100% of promoter votes polled) in favour on standard resolutions
- Cut-off date for determining voting rights was September 21, 2026
Surana Solar Limited has issued notice for its 20th Annual General Meeting (AGM) scheduled for September 28, 2026, via Video Conferencing. Key agenda items include the re-appointment of director Manish Surana, the appointment of Buvankar Shekarnath as Whole-time Director for 3 years at up to ₹8.00 Lakhs per annum, and approval of material related-party transactions. Additionally, the company seeks shareholder approval to amend its Memorandum of Association (MOA) Object Clause to enable business diversification into new activities.
- 20th AGM scheduled for September 28, 2026, with cut-off date for voting set as September 21, 2026
- E-voting period runs from September 24, 2026 (9:00 AM IST) to September 27, 2026 (5:00 PM IST)
- Appointment of Buvankar Shekarnath as Whole-time Director for 3 years (Aug 29, 2026 to Aug 28, 2029) on remuneration up to ₹8.00 Lakhs p.a.
- Proposed amendment to MOA Main Objects Clause to pursue new business lines and diversification
Surana Solar's Board has approved an amendment to its Memorandum of Association (MOA) to enable expansion into AI data centres, GPU computing, and cloud infrastructure, subject to shareholder approval. The board also cleared a proposal to sell its land parcel at Raviryala Village in Telangana, though buyers and consideration remain unfinalized. Additionally, Shri Buvankar Shekarnath was appointed as Whole-time Director for a 3-year term starting August 29, 2026. The 20th AGM is scheduled for September 28, 2026, with the voting cut-off date fixed for September 21, 2026.
- 20th AGM convened for September 28, 2026, with cut-off date set as September 21, 2026
- Proposed amendment to MOA Objects Clause to enter Artificial Intelligence (AI) data centres and digital infrastructure
- Approved proposed sale of land at Raviryala Village, Telangana (buyer and value not disclosed)
- Appointed Shri Buvankar Shekarnath as Whole-time Director for a 3-year term effective August 29, 2026
Surana Solar's Board has approved a proposal to sell company land at Raviryala Village, Ranga Reddy District, Telangana, though a buyer and consideration are yet to be finalized. The Board also approved amending its Memorandum of Association (MOA) to enable entry into Artificial Intelligence (AI) Data Centres, GPU computing, and digital infrastructure. Additionally, Shri Buvankar Shekarnath was appointed as Whole-time Director for a 3-year term effective August 29, 2026, subject to shareholder approval at the upcoming 20th AGM on September 28, 2026.
- Board approved proposed sale of land at Plot No. 21/P, Raviryala Village, Maheshwaram Mandal, Telangana (purchaser yet to be finalized)
- MOA object clause to be altered to include AI Data Centres, cloud computing, high-performance computing, and GPU infrastructure
- Appointed Shri Buvankar Shekarnath as Additional Director cum Whole-time Director for 3 years starting August 29, 2026
- 20th AGM scheduled for September 28, 2026, with cut-off date for e-voting on September 21, 2026
Surana Solar's Board approved the appointment of Shri Buvankar Shekarnath as Additional Director cum Whole-time Director for a 3-year term effective August 29, 2026, subject to shareholder approval. The Board also approved the proposed sale of company land situated at Raviryala Village in Telangana, though a purchaser has not yet been finalized. Additionally, the company is seeking shareholder approval to amend its Memorandum of Association (MOA) to enable entry into AI data centres, cloud, and GPU computing infrastructure. The 20th Annual General Meeting is scheduled for September 28, 2026.
- Appointed Shri Buvankar Shekarnath as Whole-time Director for a period of 3 years effective August 29, 2026
- Approved proposed sale of land at Plot No. 21/P, Raviryala Village, Ranga Reddy District, Telangana (purchaser not yet finalized)
- Proposed amendment to MOA Objects Clause to explore business in AI Data Centres, cloud computing, and GPU infrastructure
- Scheduled 20th Annual General Meeting for September 28, 2026, with cut-off date fixed as September 21, 2026
Surana Solar's Board has approved altering its Memorandum of Association to enable entry into AI data centres, cloud computing, and GPU infrastructure, subject to shareholder approval at the AGM on September 28, 2026. The Board also approved the proposed sale of land in Raviryala Village, Telangana, though no buyer or transaction value has been finalized yet. In addition, Shri Buvankar Shekarnath was appointed as Whole-time Director for a 3-year term effective August 29, 2026.
- MoA Objects Clause altered to enable entry into AI Data Centres, cloud computing, and GPU infrastructure.
- Approved proposed sale of land at Raviryala Village, Ranga Reddy District, Telangana (buyer and value not yet finalized).
- Appointed Shri Buvankar Shekarnath as Whole-time Director for a period of 3 years effective August 29, 2026.
- Convened 20th AGM on September 28, 2026, with cut-off date fixed as September 21, 2026.
Surana Solar Limited has appointed Buvankar Shekarnath as its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective July 25, 2026. Mr. Shekarnath is a group veteran with over 30 years of experience within the Surana Group, specifically in Solar PV modules and telecom. This leadership change occurs as the company manages a small revenue base of ₹7 Cr (TTM) and faces operational challenges with an operating profit margin of -28.5%. The appointment signifies a reliance on internal group expertise to navigate the company's financial strategy.
- Appointment of Buvankar Shekarnath as CFO and KMP effective July 25, 2026
- Appointee brings over 30 years of experience within the Surana Group
- Company operates on a thin TTM revenue base of ₹7 Cr with a market cap of ₹139 Cr
- Financial context shows a high dependency on related party procurement of ₹29.79 Cr
- The appointee has specific experience in the Solar PV module industry
Surana Solar reported a significant turnaround in Q1 FY27, with revenue from operations jumping to ₹17.15 Cr from just ₹2.09 Cr in the year-ago quarter. Net profit rose to ₹5.44 Cr, though this was heavily supported by ₹6.36 Cr in other income. Strategically, the board approved the conversion of 14,671 sq yards of industrial land in Hyderabad to multi-use development under the HILTP policy. Additionally, Buvankar Shekarnath has been appointed as the new Chief Financial Officer.
- Revenue from operations surged 721% YoY to ₹17.15 Cr in Q1 FY27.
- Net profit increased to ₹5.44 Cr compared to ₹0.28 Cr in Q1 FY26.
- Approved conversion of 14,671 sq yards (approx. 3 acres) of industrial land to multi-use development.
- Other income of ₹6.36 Cr exceeded the total net profit for the quarter.
- Solar Products segment revenue grew to ₹17.13 Cr from ₹2.07 Cr YoY.
Surana Solar Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited (the company's Registrar and Share Transfer Agent), confirms that securities dematerialized or rematerialized during the quarter ended June 30, 2026, have been correctly processed. This is a standard procedural filing required for all listed companies in India to ensure electronic shareholding records are accurately maintained. No financial or operational updates were disclosed in this document.
- Compliance certificate covers the quarter ended June 30, 2026
- Certificate issued by KFin Technologies Limited on July 02, 2026
- Official submission to stock exchanges (NSE and BSE) occurred on July 15, 2026
Surana Solar Limited reported a strong turnaround for the financial year ended March 31, 2026, with net profit surging to ₹123.97 lakhs from just ₹5.85 lakhs in the previous year. While total revenue fell from ₹3,880.04 lakhs to ₹2,083.43 lakhs, this was primarily due to the strategic cessation of low-margin trading activities. The core Solar Products segment showed robust growth, with annual revenue doubling to ₹2,089.51 lakhs, leading to significantly improved margins and a turnaround from a loss to a profit in the fourth quarter.
- Annual Net Profit grew by over 20x to ₹123.97 lakhs in FY26 compared to ₹5.85 lakhs in FY25.
- Q4 FY26 Revenue from operations jumped 440% YoY to ₹1,361.35 lakhs from ₹252.03 lakhs.
- Core Solar Products segment revenue increased 114% YoY to ₹2,089.51 lakhs for the full year.
- Company successfully exited low-margin trading business which contributed ₹2,879.10 lakhs in the previous year.
- Earnings Per Share (EPS) improved significantly to ₹0.25 from ₹0.01 in the prior year.
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 its Registrar and Share Transfer Agent, KFin Technologies Limited, confirms the processing of dematerialization and rematerialization requests for the quarter ended March 31, 2026. This is a mandatory regulatory filing ensuring that the company's share records are accurately reconciled with the depositories NSDL and CDSL. Such filings are standard procedure for listed entities and indicate ongoing administrative compliance.
- Compliance certificate issued for the quarter ended March 31, 2026
- Confirmation provided by Registrar and Share Transfer Agent, KFin Technologies Limited
- Verification of dematerialization and rematerialization of securities as per SEBI norms
- Details furnished to both National Stock Exchange (NSE) and BSE Limited
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.
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.
