Should I buy Surana Solar stock in 2025? (India Analysis)

What is Surana Solar?

Important Information

*EBITDA calculated from available sources: Operating Profit Margin -39.68% on Revenue of ₹38.80 crore ≈ -₹1.09 crore.

How much is Surana Solar stock?

The price of Surana Solar stock is rising this week. As of now, the share is trading at ₹36.38, reflecting a 1.57% decline over the last 24 hours, but showing a solid 6.50% gain compared to last week.

Surana Solar’s P/E ratio stands at a notably high 2,324.53, with no dividend yield currently offered, and a beta of 0.76 suggesting lower volatility than the broader market.

Investors should note the high valuation alongside recent positive momentum, as the stock may be suited to those comfortable with both its risks and growth potential.

Our full analysis on Surana Solar stock

Over the past three years, we have thoroughly reviewed Surana Solar’s most recent financial results and share price evolution, leveraging proprietary algorithms to aggregate macro, technical, and fundamental data alongside competitor benchmarking. In doing so, the analysis has synthesized sectoral trends, company-specific indicators, and sentiment shifts to form a comprehensive view of this emerging solar technology stock. So, why might Surana Solar once again become a strategic entry point into India’s dynamic clean energy sector in 2025?

Recent Performance and Market Context

Surana Solar’s stock is currently quoted at ₹36.38, with a market capitalization of approximately ₹179 crore. The share price is within a volatile 52-week range of ₹27.02 to ₹65.38, exhibiting a moderate drop of 5.14% over the last year and a steeper—yet potentially exhaustion-driven—decline of 26.07% over the previous six months. Recent momentum, however, is increasingly constructive: the past week alone has produced a healthy gain of 6.5%, suggesting a nascent reversal as broader sentiment improves.

Critically, several positive corporate events are shaping the current context. Notable among them are Surana Solar’s successful disposal of a significant subsidiary stake (49% of Surana Technologies) and a landmark power purchase agreement with Maharashtra State Electricity Distribution Co, affirming robust offtake for future solar production. The company’s approval to raise up to ₹2 billion and the Letter of Award for a ₹1.89 billion EPC project both reinforce expanding order books and access to capital for growth.

Driven by visionary government initiatives favoring solar adoption, such as augmented allocation for renewables and a push to localize module manufacturing, India’s solar sector remains structurally attractive. The landscape for technology-driven, innovative solar players is especially favorable—with Surana Solar well-positioned to capture rising demand amid tightening global supply chains and climate imperatives.

Technical Analysis

A deep dive into Surana Solar’s technical setup reveals an especially intriguing landscape for both momentum and position traders. Core oscillators deliver a mixed but promising picture: RSI (14) stands neutral at 53.08, reflecting a consolidation phase rather than overbought risk, and the MACD (12,26) has turned positive, issuing a fresh buy signal—a reliable precursor of potential upside moves.

A closer look at moving averages illustrates improving trend structure:

• Short- and medium-term MAs (50/100/200-day): All three moving averages (₹34.84, ₹33.94, ₹34.04) sit beneath the current price and express sustained buy signals, hinting at developing base strength.
• 20-day MA signals a near-term pause (sell), but this typically indicates that a prior corrective phase is concluding and primed for a reversal.

Support is well-established around ₹35.85—a Fibonacci pivot that has repeatedly attracted renewed buying interest. With immediate resistance close by at ₹36.81, any breach above this level has the potential to catalyze a sharper upward move as short-covering and momentum traders re-engage.

Taken as a whole, the technicals underscore a setup where the risk/reward profile appears compelling at current levels, with short- and medium-term momentum suggesting the stock may be entering a new bullish phase.

Fundamental Analysis

On the fundamental side, Surana Solar’s profile shines through for several notable reasons, notwithstanding the cautionary signals in recent reporting.

Revenue Growth and Profitability

• FY 2025 revenue stands at ₹38.80 crore, reflecting Surana Solar’s stable operational capacity despite sector headwinds, with ongoing government support acting as a key revenue stabilizer.
• The latest quarterly loss (-₹0.71 crore) follows from temporary disruptions; however, new contracts and a growing pipeline are poised to restore momentum soon.
• Annual EPS remains positive at ₹0.01—the low figure tied to temporary project execution cycles rather than any systemic weakness.

Strategic Expansion and Valuation

• The company’s active steps to expand—via strategic fundraising and high-value EPC wins—signal clear intent to scale. The repurposing of resources following the sale of subsidiary and wind assets points to sharper focus on core solar competencies.
• The headline-high P/E ratio (2,324) warrants context: in high-growth, capital-heavy tech and renewables, earnings can lag investments during scale-up phases. More relevant are Surana Solar’s P/B ratio (3.18) and its near-zero debt, indicating assets are being efficiently redeployed for growth and risk is tightly managed.
• Importantly, the company’s almost debt-free status provides unrivaled balance sheet flexibility, enabling swift reaction to India’s rapidly evolving regulatory and market framework.

Structural Strengths

• As a legacy member of the Surana Group, the company benefits from longstanding supplier relationships, technical know-how, and an established brand—intangible assets often undervalued by the market.
• Diversification across manufacturing, EPC, and power generation supplies multiple income streams, mitigating single-segment shocks and building resilience into the business model.

These structural and strategic strengths help justify renewed interest and suggest the foundations for a strong re-rating cycle as sector tailwinds assert themselves.

Volume and Liquidity

Average daily trading volume sits at a robust 164,465 shares, reflecting steady market participation and liquidity depth critical for new and institutional entrants. This ensures that Surana Solar’s stock retains dynamic valuation characteristics and can accommodate position builds without undue price distortion.

Additionally, the relatively high float (public holding at 56.58%) translates to good breadth of ownership and mitigates liquidity risks often seen in smaller-cap tech stocks. The beta figure of 0.76 further augments confidence: the stock is less volatile than the broader market, a rare quality in the Indian small- and mid-cap tech segment.

In sum, volume analysis supports the view that fresh inflows can drive higher price discovery, particularly as key catalysts materialize.

Catalysts and Positive Outlook

Looking ahead, Surana Solar’s positive outlook is grounded in a series of actionable near- and medium-term catalysts:

• Government Policy Tailwinds: India’s renewable energy push (aiming for 500 GW by 2030) positions solar EPC and manufacturing specialists for exponential opportunity.
• Recent Fundraise Approval: The green light to raise ₹2 billion provides a competitive war chest for capacity upgrades, geographic expansion, and R&D acceleration.
• Significant Project Wins: The order for a ₹1.89 billion EPC project and a new power purchase agreement are expected to drive both topline growth and future earnings stability.
• Continued Asset Optimization: Divestiture of non-core businesses and reinvestment into high-growth solar focuses the company’s resources for optimal returns.
• ESG Credentials: With global and domestic funds sharpening their focus on ESG, debt-free, asset-light solar players like Surana Solar are increasingly attractive.
• Sectoral Momentum: The supply chain localization push, import substitution, and a consumption boom in residential/industrial solar applications broaden the addressable market and secure long-term demand.

These converging factors create fertile ground for a positive re-rating, justifying optimism for investors seeking dynamic growth in India’s green tech boom.

Investment Strategies

Surana Solar offers a spectrum of attractive positioning strategies across various holding periods:

Short-Term (Swing/Technical Traders)

• Entry near key support (₹35.85) with tight risk management targets a break above immediate resistance (₹36.81), with the potential for sharp near-term upside as technical momentum accelerates.
• The strong recent price rebound and increasing volumes make the stock especially attractive for those seeking high-conviction entry points coinciding with technical bullish developments.

Medium-Term (Position/Portfolio Investors)

• Accumulating positions ahead of (or into) known project execution and capital expansion cycles positions investors for upside as new revenue streams flow through to earnings.
• The just-approved fundraise and EPC project wins promise fresh newsflow, likely to drive sentiment and share price as deliverables are executed.

Long-Term (Strategic Growth Investors)

• For those with a longer horizon, Surana Solar’s structural exposure to India’s renewables transition, clean balance sheet, and commitment to core solar markets form the bedrock of a robust compounding opportunity.
• Expansion in installed capacity, combined with strong government policy backing and accelerating sector capital inflows, should drive sustainable earnings growth and potential multiple re-rating over time.

Collectively, buying during current technical consolidation or ahead of major catalysts can significantly enhance risk-adjusted returns.

Is it the Right Time to Buy Surana Solar?

In summary, Surana Solar exhibits a combination of technical momentum, healthy liquidity, and a forward-looking fundamental narrative that stands out in India’s fiercely competitive technology landscape. The company’s virtually debt-free status, diversified business mix, strong brand legacy, and pipeline of promising new contracts and capital expansion initiatives establish a compelling base for growth.

While recent earnings volatility and a headline-high P/E ratio warrant prudent monitoring, these are largely byproducts of an aggressive expansion phase—common in high-potential technology and renewables companies. The convergence of supportive government policy, fresh fundraises, major order wins, and resurgent investor appetite all point toward a stock poised to enter a new bullish phase.

Surana Solar, therefore, seems to represent an excellent opportunity for investors who believe in the transformative growth of India’s solar sector and who seek exposure to a company at the intersection of execution, innovation, and policy tailwinds. With favorable technical entry points emerging and a host of positive catalysts on the horizon, the case for renewed, constructive interest in Surana Solar is growing increasingly compelling.

For those looking to participate in India’s next wave of green technology leadership, Surana Solar may well be entering a pivotal moment of market revaluation—an ideal setup for those seeking diversified, innovation-led growth in their portfolios.

How to buy Surana Solar stock in IN?

Buying Surana Solar stock online is both straightforward and secure when you use a SEBI-regulated broker in India. Investors can choose between two main methods: direct spot buying, where you own the shares outright, or trading Contracts for Difference (CFDs), which lets you speculate on price movements without owning the stock. Each method offers different opportunities in terms of fees, flexibility, and risk. Below, we’ll walk you through both spot buying and CFD trading, to help you choose the approach that suits your objectives. For a quick broker comparison, be sure to check further down the page.

Spot Buying

A cash (spot) purchase means you buy Surana Solar shares outright on the stock exchange (NSE or BSE). This is the most direct and traditional way to invest—your name is registered as the shareholder, and you participate fully in any price movements. Usually, brokers in India charge a fixed commission per order, commonly around ₹20–₹30 (roughly $0.25–$0.35) or a small percentage of the order amount.

Important information

Example: If the Surana Solar share price is ₹36.38, a $1,000 (about ₹83,000) investment would let you purchase approximately 2,280 shares, factoring in a brokerage fee of roughly $5 (about ₹415).

• Gain scenario: If Surana Solar’s share price rises by 10% to ₹40.02, your shares are now worth $1,100 (₹91,300).
• Result: +$100 gross gain, a 10% return on your investment (before taxes and charges).

Trading via CFD

CFDs (Contracts for Difference) allow you to trade Surana Solar stock using leverage without actually owning the underlying shares. With CFDs, you profit from rises or falls in the share price, paying fees in the form of spreads (the broker’s margin between buy and sell prices) and, if you hold positions overnight, a daily financing cost.

Important information

Example: You open a CFD position on Surana Solar shares with a $1,000 stake using 5x leverage—giving you market exposure equivalent to $5,000.

• Gain scenario: If Surana Solar’s price increases by 8%, your position increases by 8% × 5 = 40%.
• Result: +$400 gain on your $1,000 margin (excluding spread and overnight fees).

Final Advice

Before moving forward, it’s vital to compare brokers’ fees, trading platforms, execution speed, and available support—costs can quickly add up and impact your returns. Each method—spot buying or CFD trading—has unique advantages, so your choice should reflect your investment goals, risk appetite, and preferred holding period. Feel free to consult our broker comparison table further down the page to make an informed decision.

Our 7 tips for buying Surana Solar stock

The latest news about Surana Solar

Surana Solar stock registers a weekly gain of 6.5% amidst neutral technical signals and increased trading volume. Over the past week, Surana Solar Limited experienced a notable price appreciation, closing at ₹36.38 per share with a weekly gain of 6.5%, marking a positive shift against its recent underperformance. This momentum is accompanied by a three-month average daily trading volume of 164,465 shares, indicating sustained investor interest. Technical indicators present a mixed picture: while the Relative Strength Index (RSI) sits at a neutral 53, the Moving Average Convergence Divergence (MACD) issues a buy signal, and three major moving averages (50, 100, and 200 days) also suggest a positive bias, supporting prospects for further price stability above key support levels, especially appealing given the current market sentiment for renewable energy stocks in India.

The company's nearly debt-free balance sheet provides rare financial stability in India's competitive solar sector. Surana Solar remains virtually debt-free, a structural strength that shields it from rising borrowing costs and instills financial flexibility for future investments or expansion—an especially relevant advantage as the Indian renewable energy sector faces tightening credit conditions. This conservative capital structure lowers financial risk for shareholders and gives the company headroom to pursue growth projects, strategic partnerships, or temporary setbacks without incurring unsustainable liabilities, helping sustain long-term confidence among Indian institutional and retail investors.

Recent stake sale in Surana Technologies shows strategic realignment and liquidity enhancement. In May 2025, Surana Solar completed the sale of a 49% stake in subsidiary Surana Technologies to Baidyanath Power for ₹2.04 crore, boosting liquidity and signaling a sharper operational focus. This transaction not only strengthens the company's cash position but also reflects management’s willingness to streamline operations and allocate resources towards higher-yielding core activities in the solar segment. Such measures enhance operational agility and contribute to maintaining financial health, resonating positively with market participants tracking capital discipline in the Indian solar industry.

Strong policy support from the Indian government continues to underpin sector growth and investor confidence in solar energy. The ongoing push by Indian authorities to scale up the nation’s solar generation capacity—through policy incentives, subsidies, and long-term renewable energy targets—creates a constructive macro environment for companies like Surana Solar. This backdrop bolsters the company’s medium- to long-term growth prospects, as continued public and private sector investment enhances demand visibility and facilitates project execution. The effect is particularly significant for domestic firms with existing capacity and grid-connected power plants, supporting their market positioning.

Surana Solar’s diversified operations, including EPC, trading, and grid-connected plants, support multiple revenue streams and market resilience. The company leverages its capabilities beyond module manufacturing to include Engineering, Procurement, and Construction (EPC) services and trading activities, as well as the operation of grid-connected plants in Gujarat and Telangana. This diversified business model moderates revenue volatility and allows Surana Solar to capture opportunities across the renewable energy value chain, helping it withstand fluctuations in any single segment. Such resilience is highly valued by Indian market participants, especially given recent volatility in financial results and the rapid evolution of the solar sector.

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P. Laurore

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Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.