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SURANA SOLAR LIMITED (SURANASOL)

Electronic Technology · Semiconductors · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.51 / 100
Growth 2Balance sheet 100
Compare withWAAREE ENERGIESPREMIER ENERGIESMOSCHIP TECHNOLOGIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹23.33 latest close · −13.3% over the last 90 sessions

₹23₹25₹28Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹23₹25₹28Jul 3Sep 4Nov 9

₹23.33 month-end · −20.4% over 12 months

₹20₹25₹30Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹20₹25₹30Nov '25May '26Nov '26

₹23.33 month-end · −15.0% over 3 years

₹20₹40₹60Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹20₹40₹60Nov '23May '25Nov '26

₹23.33 month-end · +182.8% since Jan '19

₹0₹20₹40₹60Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹20₹40₹60Jan '19Dec '22Nov '26

52-week range ₹18.31 to ₹32.50 · 1-year volatility 40.5%

How rough has the ride been?

Maximum drawdown-71.3%not yet recovered
1-year volatility40.5%annualised

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−69.2% 0%−20%−40%−60%2020202220242026−69.2%
Largest drawdowns

-71.3% (2024-10 peak to 2026-03 low, not yet recovered)

-63.4% (2022-01 peak to 2023-03 low, recovered 2024-01)

-55.0% (2020-01 peak to 2020-05 low, recovered 2021-01)

Where does it rank among Electronic Technology peers?

Each cell is the company's percentile rank among its Electronic Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • Revenue growth17th▲ 14 pts vs a year ago
  • EPS growth9th▼ 29 pts vs a year ago
  • Debt/equity ↓96thflat vs a year ago
  • Cash cycle ↓50th▲ 6 pts vs a year ago
  • P/E ↓43rd▼ 7 pts vs a year ago
  • 12M momentum33rd▲ 15 pts vs a year ago

Rank history

Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Electronic Technology sector page Watch it move against Electronic Technology in the Observatory

What is the price implying?

Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Electronic Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹23.33
Market Cap
₹115 cr
Revenue (TTM)
₹39 cr
P/S
3.0x
P/B
2.0x
ROE
-0.1%
Debt / Equity
0.0x
Promoter Holding
45.8%
12M Momentum
-20.4%

52-week range

₹18.31₹32.50
35% of the way from its 52-week low to its high

Price risk

1Y volatility
40.5%
Beta vs sector
1-year daily
0.67

Balance sheet & cash

Debt service
no meaningful debt
Share count, 1Y
unchanged

Are profits backed by cash?

2 of 2checks within rangeAll clear
Other income reliance—Not enough data

Not enough reported data to compute this.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history-33 daysWithin range

Debtor days are below the median of the previous three fiscal years by 33 days (5 vs 37). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days-110 days / 2 yrsWithin range

Days payable changed by -110 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, promoters trimmed 18.8 pts.
  • The number of shareholders rose from 46,513 to 1.1 lakh (+135%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters64.5%45.8%-18.8 pts
FIIs0.0%0.1%+0.1 pts
DIIs0.0%0.0%0.0 pts
Public and others35.4%54.1%+18.6 pts

Number of shareholders

1.1 lakhshareholders+135% since Sep '23
47k71k95k1.2L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 46,513
Dec '23: 55,685
Mar '24: 89,630
Jun '24: 1.0 lakh
Sep '24: 1.2 lakh
Dec '24: 1.2 lakh
Mar '25: 1.2 lakh
Jun '25: 1.2 lakh
Sep '25: 1.2 lakh
Dec '25: 1.1 lakh
Mar '26: 1.1 lakh
Jun '26: 1.1 lakh
 47k71k95k1.2L Sep '23Sep '24Sep '25Jun '26
Sep '23: 46,513
Dec '23: 55,685
Mar '24: 89,630
Jun '24: 1.0 lakh
Sep '24: 1.2 lakh
Dec '24: 1.2 lakh
Mar '25: 1.2 lakh
Jun '25: 1.2 lakh
Sep '25: 1.2 lakh
Dec '25: 1.1 lakh
Mar '26: 1.1 lakh
Jun '26: 1.1 lakh

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−9.7%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like SURANA SOLAR LIMITED today on valuation, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −28% to +14% vs the market, against −2% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −7.6%, 80% range −12.9% to −2.9%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
TREEHOUSE · Jun 2024: −71.3% vs market
DWARKESH · Oct 2023: −49.6% vs market
TRACXN · Oct 2025: −41.3% vs market
BPL · Sep 2025: −41.1% vs market
LLOYDS · Jan 2025: −39.2% vs market
LOVABLE · Jan 2024: −36.3% vs market
KOHINOOR · Mar 2025: −36.0% vs market
JHS · Jun 2023: −35.9% vs market
ACEINTEG · Aug 2025: −33.5% vs market
NURECA · Sep 2024: −31.4% vs market
WILLAMAGOR · Jun 2020: −30.5% vs market
ENIL · Feb 2022: −29.5% vs market
SUVIDHAA · Nov 2023: −27.8% vs market
GTLINFRA · Oct 2025: −27.8% vs market
63MOONS · Nov 2020: −21.5% vs market
EMAMIREAL · May 2025: −21.5% vs market
AHLEAST · Jun 2020: −21.3% vs market
INDOTECH · Apr 2020: −20.7% vs market
BOMDYEING · Oct 2021: −14.4% vs market
HCL-INSYS · Feb 2025: −13.8% vs market
NKIND · Jan 2025: −12.9% vs market
SIL · Feb 2020: −12.9% vs market
BALAJITELE · Feb 2020: −12.8% vs market
KREBSBIO · Jul 2024: −11.0% vs market
NOVARTIND · Aug 2022: −10.4% vs market
SUPREMEINF · May 2025: −9.0% vs market
MAHEPC · Jul 2023: −8.7% vs market
NEXTMEDIA · May 2024: −4.7% vs market
RSSOFTWARE · Oct 2020: −3.4% vs market
SCHNEIDER · Jan 2020: −3.3% vs market
ATLANTAA · Jun 2021: −2.1% vs market
MUKTAARTS · Mar 2022: +0.1% vs market
OILCOUNTUB · Jun 2020: +0.2% vs market
SMARTLINK · Oct 2020: +0.4% vs market
PRAXIS · Sep 2021: +5.3% vs market
ARROWGREEN · Mar 2020: +11.7% vs market
LFIC · May 2021: +12.5% vs market
PALASHSECU · Sep 2022: +14.6% vs market
IVC · Apr 2020: +26.8% vs market
TRF · Jul 2022: +36.6% vs market
IITL · Feb 2022: +37.9% vs market
KAMATHOTEL · Oct 2021: +42.3% vs market
PANACEABIO · Oct 2023: +57.1% vs market
TAINWALCHM · Mar 2022: +66.5% vs market
SOMATEX · Dec 2022: +87.4% vs market
NITIRAJ · May 2023: +106.5% vs market
SANGHVIMOV · May 2022: +121.7% vs market
GMDCLTD · Nov 2021: +122.1% vs market
LYKALABS · Jul 2020: +192.0% vs market
UNITECH · Aug 2023: +231.6% vs market
Similar setups −9.7%All companies −2.1%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 5 beyond the range shown, drawn at the edge

Similar setups' median
−9.7%
All companies' median
−2.1%
Beat the market
38% vs 48%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RSSOFTWARE
Technology Services		 Oct 2020 —-27% −13%−23% −3%
63MOONS
Technology Services		 Nov 2020 —-1% −9%−18% −22%
KREBSBIO
Health Technology		 Jul 2024 —-19% +29%−16% −11%
ATLANTAA
Miscellaneous		 Jun 2021 —1% +54%−6% −2%
JHS
Consumer Non-Durables		 Jun 2023 37x-2% +9%−12% −36%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SANGHVIMOV
Industrial Services		 May 2022 —— +8%−28% +122%
NURECA
Health Technology		 Sep 2024 —-1% +8%−20% −31%
SUVIDHAA
Commercial Services		 Nov 2023 —-2% +7%−12% −28%
How reliable is this?

Matched on P/S, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and size. Not used (unavailable for this company): P/E, ROCE, operating margin and interest cover. This company is loss-making, so it was only compared with loss-making companies. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to SURANA SOLAR LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

28 events since Oct '19

  1. MarPriceFell 71% from the Oct 2024 peak to the Mar 2026 low.
  2. JanDebtDebt / equity halved over 12 months to 0.00x.
  3. JunResultsEPS (TTM) turned negative.
  4. JunPeer rankSlipped to the bottom quartile of Electronic Technology on EPS growth (from the 3rd quartile).
  5. JunDebtDebt / equity halved over 12 months to 0.00x.
  6. JunDividendDividend payout cut from 95% to 0% of profit.
  7. DecPromoterPromoter holding fell 3.8 pts to 42.9% (largest drop since 2024-06).
  8. SepPromoterPromoter holding fell 3.3 pts to 46.7% (largest drop since 2024-06).
Show 20 earlier events
  1. JunPromoterPromoter holding fell 12.4 pts to 49.9%.
  2. AprPriceRegained the 2024-01 peak, 2 months after the low.
  3. MarPromoterPromoter holding fell 2.2 pts to 62.3%.
  4. FebPriceFell 34% from the Jan 2024 peak to the Feb 2024 low.
  5. JanPriceRegained the 2022-01 peak, 10 months after the low.
  6. JulValuationP/E crossed above the 90th percentile of its own history to date (48.1x).
  7. MarPriceFell 63% from the Jan 2022 peak to the Mar 2023 low.
  8. JulValuationP/E crossed above the 90th percentile of its own history to date (45.9x).
  9. JunPeer rankSlipped to the 3rd quartile of Electronic Technology on EPS growth (from the 2nd quartile).
  10. DecPriceRegained the 2021-10 peak, 1 month after the low.
  11. NovPriceFell 33% from the Oct 2021 peak to the Nov 2021 low.
  12. JulPriceRegained the 2021-01 peak, 5 months after the low.
  13. MayValuationP/E crossed above the 90th percentile of its own history to date (19.9x).
  14. FebPriceFell 40% from the Jan 2021 peak to the Feb 2021 low.
  15. JanPriceRegained the 2020-01 peak, 8 months after the low.
  16. JanValuationP/E crossed above the 90th percentile of its own history to date (18.8x).
  17. JunPeer rankMoved into the 2nd quartile of Electronic Technology on EPS growth (from the 3rd quartile).
  18. MayPriceFell 55% from the Jan 2020 peak to the May 2020 low.
  19. JanPriceRegained the 2019-01 peak, 3 months after the low.
  20. OctPriceFell 39% from the Jan 2019 peak to the Oct 2019 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEDebt / Equity
2026-11—₹39 cr-0.1%0.0x
2026-10—₹39 cr-0.1%0.0x
2026-09—₹39 cr-0.1%0.0x
2026-08—₹39 cr-0.1%0.0x
2026-07—₹39 cr-0.1%0.0x
2026-06—₹39 cr-0.1%0.0x
2026-05—₹39 cr-0.1%0.0x
2026-04—₹39 cr-0.1%0.0x
2026-03—₹39 cr-0.1%0.0x
2026-02—₹39 cr-0.1%0.0x
2026-01—₹39 cr-0.1%0.0x
2025-12—₹39 cr-0.1%0.0x
2025-11—₹39 cr-0.1%0.0x
2025-10—₹39 cr-0.1%0.0x
2025-09—₹39 cr-0.1%0.0x
2025-08—₹39 cr-0.1%0.0x
2025-07—₹39 cr-0.1%0.0x
2025-06—₹39 cr-0.1%0.0x
2025-0571.3x₹93 cr6.1%0.7x
2025-0461.9x₹93 cr6.1%0.7x
2025-0361.7x₹93 cr6.1%0.7x
2025-0260.5x₹93 cr6.1%0.7x
2025-0175.6x₹93 cr6.1%0.7x
2024-1288.3x₹93 cr6.1%0.7x
2024-1193.9x₹93 cr6.1%0.7x
2024-10107.2x₹93 cr6.1%0.7x
2024-09114.1x₹93 cr6.1%0.7x
2024-0870.9x₹93 cr6.1%0.7x
2024-0775.5x₹93 cr6.1%0.7x
2024-0673.3x₹93 cr6.1%0.7x
2024-0573.5x₹93 cr6.1%0.7x
2024-0479.8x₹93 cr6.1%0.7x
2024-0361.4x₹93 cr6.1%0.7x
2024-0255.8x₹93 cr6.1%0.7x
2024-0178.1x₹93 cr6.1%0.7x
2023-1264.0x₹93 cr6.1%0.7x
2023-1152.8x₹93 cr6.1%0.7x
2023-1046.4x₹93 cr6.1%0.7x
2023-0945.4x₹93 cr6.1%0.7x
2023-0846.0x₹93 cr6.1%0.7x
2023-0748.1x₹93 cr6.1%0.7x
2023-0641.3x₹93 cr6.1%0.7x
2023-0537.8x₹93 cr6.1%0.7x
2023-0436.4x₹93 cr6.1%0.7x
2023-0332.8x₹93 cr6.1%0.7x
2023-0234.9x₹93 cr6.1%0.7x
2023-0140.8x₹93 cr6.1%0.7x
2022-1243.1x₹93 cr6.1%0.7x
2022-1144.3x₹93 cr6.1%0.7x
2022-1043.5x₹93 cr6.1%0.7x
2022-0945.9x₹93 cr6.1%0.7x
2022-0843.0x₹93 cr6.1%0.7x
2022-0745.9x₹93 cr6.1%0.7x
2022-0638.7x₹93 cr6.1%0.7x
2022-0542.3x₹93 cr6.1%0.7x
2022-0445.5x₹93 cr6.1%0.7x
2022-0340.8x₹93 cr6.1%0.7x
2022-0244.1x₹93 cr6.1%0.7x
2022-0158.0x₹93 cr6.1%0.7x
2021-1256.6x₹93 cr6.1%0.7x
2021-1138.2x₹93 cr6.1%0.7x
2021-1033.1x₹93 cr6.1%0.7x
2021-0925.3x₹93 cr6.1%0.7x
2021-0824.5x₹93 cr6.1%0.7x
2021-0724.8x₹93 cr6.1%0.7x
2021-0624.3x₹93 cr6.1%0.7x
2021-0519.9x₹93 cr6.1%0.7x
2021-0416.6x₹93 cr6.1%0.7x
2021-0317.6x₹93 cr6.1%0.7x
2021-0216.4x₹93 cr6.1%0.7x
2021-0118.8x₹93 cr6.1%0.7x
2020-1217.1x₹93 cr6.1%0.7x
2020-1115.7x₹93 cr6.1%0.7x
2020-1012.9x₹93 cr6.1%0.7x
2020-0913.8x₹93 cr6.1%0.7x
2020-0815.1x₹93 cr6.1%0.7x
2020-0712.7x₹93 cr6.1%0.7x
2020-0615.6x₹93 cr6.1%0.7x
2020-0510.3x₹93 cr6.1%0.7x
2020-0411.2x₹93 cr6.1%0.7x
2020-0310.5x₹93 cr6.1%0.7x
2020-0212.7x₹93 cr6.1%0.7x
2020-0116.8x₹93 cr6.1%0.7x
2019-1211.4x₹93 cr6.1%0.7x
2019-1111.4x₹93 cr6.1%0.7x
2019-1011.5x₹93 cr6.1%0.7x
2019-0911.5x₹93 cr6.1%0.7x
2019-0811.5x₹93 cr6.1%0.7x
2019-0712.0x₹93 cr6.1%0.7x
2019-0616.4x₹93 cr6.1%0.7x
2019-0514.3x₹93 cr6.1%0.7x
2019-0413.7x₹93 cr6.1%0.7x
2019-0314.4x₹93 cr6.1%0.7x
2019-0214.0x₹93 cr6.1%0.7x
2019-0115.9x₹93 cr6.1%0.7x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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