Surana Solar Limited (SURANASOL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-242.5%

-₹30.22

vs ₹21.20 price

Levered DCF

-₹8.98

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.15

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	75.12×	3,316×	-135×	37.07×	124.71×	213.29×	45.42×	38×
P/B	1.62×	3.45×	3.03×	1.46×	1.89×	0.83×	0.5×	0.7×
P/S	4.47×	5×	9.6×	1.99×	4.2×	1.61×	0.81×	1.08×
EV / EBITDA	-29.05×	131.83×	156.57×	13.8×	24.05×	9.16×	5.19×	9.74×
Gross margin	-7.8%	10.5%	31.7%	3.1%	22.5%	26.2%	28.0%	24.6%
Operating margin	-24.7%	-2.8%	2.0%	-3.0%	3.6%	2.9%	1.8%	7.9%
Net margin	6.0%	0.2%	-7.1%	5.4%	3.4%	0.8%	1.8%	2.9%
Current ratio	3.2×	9.64×	14.98×	19.61×	2.63×	4.23×	3.56×	8.07×
Debt / equity	0×	0×	0×	0×	0.19×	0.14×	0.12×	0.42×
Interest coverage	-22.75×	-6.55×	4.7×	-6.52×	1.66×	1×	0.7×	1.41×
Dividend yield	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%
Payout ratio	0.0%	0.0%	0.0%	2.5%	6.7%	26.1%	5.1%	4.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.2%	0.1%	-2.2%	4.0%	1.5%	0.4%	1.1%	1.9%
Return on invested capital	-7.1%	-1.9%	0.6%	-1.5%	0.9%	0.7%	0.8%	2.8%
Return on assets	1.8%	0.1%	-2.1%	3.8%	1.2%	0.3%	0.9%	1.3%
Free cash flow yield	-6.6%	0.1%	0.1%	16.3%	-8.1%	12.5%	36.7%	12.4%
Earnings yield	1.3%	0.0%	-0.7%	2.7%	0.8%	0.5%	2.2%	2.7%
Enterprise value	₹912.3M	₹1.9B	₹1.7B	₹837.8M	₹1.1B	₹523.1M	₹331.5M	₹574.4M
Net debt / EBITDA	0.6×	-1.23×	-0.27×	-0.02×	2.18×	1.28×	0.99×	3.4×
Cash conversion cycle (days)	288	165	544	133	429	243	261	398