Stock Performance and Market Context
On 19 Feb 2026, Surana Solar Ltd’s shares opened with a gap down of -2.19%, continuing a downward trajectory after two consecutive days of gains. The stock recorded an intraday low of Rs.22.2, representing a sharp fall of -9.94% from previous levels and underperforming its sector by -3.47% on the day. This new low price is notably distant from its 52-week high of Rs.41.53, reflecting a steep decline of approximately 46.5% over the past year.
Volatility has been pronounced, with an intraday weighted average price volatility of 5.61%, underscoring the unsettled trading environment for the stock. Furthermore, Surana Solar is trading below all key moving averages including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling sustained bearish momentum.
In contrast, the broader market has experienced mixed movements. The Sensex, after a positive opening gain of 235.57 points, reversed sharply to close down by -1,471.68 points at 82,498.14, a decline of -1.48%. Despite this, the Sensex remains within 4.44% of its 52-week high of 86,159.02, with its 50-day moving average still positioned above the 200-day average, indicating underlying market resilience.
Financial Performance and Fundamental Concerns
Surana Solar’s recent financial results have contributed to the subdued investor sentiment. The company reported net sales of Rs.5.14 crores over the latest six-month period, reflecting a contraction of -79.37% compared to prior periods. This sharp decline in revenue has weighed heavily on profitability metrics.
The company’s operating profit growth has been negative over the long term, with a compound annual growth rate (CAGR) of -242.07% over the last five years. This deterioration in operating profits highlights persistent challenges in generating sustainable earnings.
Additionally, Surana Solar’s ability to service its debt remains weak, as evidenced by a poor average EBIT to interest ratio of -1.66. This ratio indicates that earnings before interest and tax are insufficient to cover interest expenses, raising concerns about financial stability.
Return on equity (ROE) has also been modest, averaging only 1.34%, signalling limited profitability relative to shareholders’ funds. The company’s negative EBITDA further emphasises the risk profile of the stock, as it struggles to generate positive earnings before accounting for depreciation and amortisation.
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Relative Performance and Market Positioning
Over the past year, Surana Solar has delivered a total return of -33.48%, significantly underperforming the Sensex, which posted a positive return of 8.64% during the same period. The stock has also lagged behind the BSE500 index across multiple time frames including the last three years, one year, and three months, indicating persistent underperformance relative to broader market benchmarks.
The company’s market capitalisation grade stands at 4, reflecting its relatively modest size within the sector. The Mojo Score of 12.0 and a recent downgrade from a Sell to a Strong Sell rating on 11 Feb 2025 further underline the cautious stance adopted by rating agencies.
Ownership structure reveals that the majority of shares are held by non-institutional investors, which may influence liquidity and trading dynamics.
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Summary of Key Metrics
To summarise, Surana Solar Ltd’s stock has reached a new 52-week low of Rs.22.2, reflecting a decline of nearly 50% from its peak price of Rs.41.53 within the last year. The stock’s underperformance is compounded by weak revenue growth, negative operating profit trends, and limited returns on equity.
Its financial ratios, including a negative EBIT to interest coverage and negative EBITDA, highlight ongoing challenges in maintaining profitability and servicing debt obligations. The downgrade to a Strong Sell rating and a Mojo Grade of 12.0 further illustrate the cautious outlook on the stock’s near-term prospects.
Market volatility and the broader Sensex correction have also contributed to the stock’s downward pressure, although the index itself remains relatively close to its 52-week high.
Investors and market participants will continue to monitor Surana Solar’s financial disclosures and market movements closely as the company navigates these challenging conditions.
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