Surana Solar is a mid-cap Indian company that began making solar panels in 2008, long before the country’s renewable-energy push became mainstream, and has since reshaped itself repeatedly - most recently by exiting wind power and re-entering advanced module manufacturing with a new technology - all while leaning heavily on a web of related-party trading that often eclipses its own factory output. # Business segments Three engines at different stages - a trading operation that dominates turnover, a manufacturing plant being retooled for next-generation panels, and a small-scale project-installation business - each intertwined with the Surana Group’s own network of companies. ## 1. Solar product trading: the turnover engine **The company buys and sells solar modules and related goods, mostly to and from other Surana Group entities, and this activity alone has generated the bulk of revenue in multiple years.** - **A group-network business** - purchases and sales flow between Surana Solar and a cluster of related parties including Surana Telecom and Power Limited, Surana Solar Systems Private Limited, and Bhagyanagar Energy and Telecom Private Limited, making the trading segment a conduit for moving goods within the Surana Group. - **Dominant in good years** - trading contributed roughly three-quarters of turnover in FY25 and over a third in FY22, though it was entirely absent in the two years between, showing that this engine is switched on and off depending on group needs rather than running steadily. - **Domestic-only reach** - the Company's products are sold under the brand 'Surana Solar' in the domestic market, so the trading book is tied entirely to local demand and the group’s domestic relationships. ## 2. Solar module manufacturing: the technology bet **The company runs two factories in Hyderabad and has just retooled one of them to make TopCon cells - a higher-efficiency panel technology - marking a deliberate re-entry into production after years of being squeezed by cheap Chinese imports.** - **Two plants, one new line** - the older Cherlapally facility can produce 40 MW of conventional solar modules, while the Fabcity plant has been converted into a 180 MW line for TopCon Solar Cell Modules, with commercial production starting in July 2025. - **Certified for government sales** - the company secured ALMM listing and BIS certification for its TopCon 630 Wp and PERC 590 Wp modules in October 2025, which means its panels are now eligible for government power projects, tenders, and public-sector initiatives. - **Raw materials are largely imported** - in FY23, nearly two-thirds of the raw materials consumed - solar cells, back sheets, glass, and EVA (the encapsulant that protects the cells) - came from overseas, so the manufacturing cost structure is sensitive to global supply chains and currency moves. ## 3. Solar EPC and rooftop installations: the project-delivery arm **The company designs and builds solar power systems for other people - from factory rooftops to a large port project - earning fees for engineering, procurement, and construction rather than from selling the power itself.** - **Small but proven rooftop track record** - it has installed a cumulative 4.2 MW of rooftop solar for customers across Telangana, showing it can deliver turnkey projects for commercial, industrial, and domestic clients. - **One large contract, now in dispute** - the company won an EPC contract to build and maintain a 10 MW solar plant for Paradip Port Trust, but the contract was later terminated; an arbitration tribunal awarded the company roughly Rs. 8.7 crore, though the port trust is contesting the award and the matter remains unresolved. - **Tender-driven pipeline** - new business comes from bidding on tenders floated by government and non-government organisations, so the EPC order book depends on winning competitive auctions rather than on recurring customer relationships. # Group structure and partners **Surana Solar sits at the centre of a dense network of Surana Group companies that are its major shareholders, its biggest trading counterparties, and the vehicles through which it has repeatedly created, sold, and re-acquired subsidiaries.** - **Controlled by a sister company** - Surana Telecom and Power Limited held over 41% of Surana Solar’s shares as of March 2021, and the promoter group together held about 69% a year earlier, so control rests firmly with the Surana family. - **A subsidiary used for a large power deal** - the company incorporated Surana Technologies Private Limited in 2023, sold it, bought it back, and then sold 49% to an outside investor after the subsidiary signed a 25-year power purchase agreement with Maharashtra’s state distribution company for a 54 MW solar project under the PM-KUSUM scheme, with an estimated project cost of Rs. 190 crore. - **Related-party transactions are the norm** - the company buys and sells solar modules, copper and aluminium products, and EPC services with a long list of group entities including Bhagyanagar Copper Private Limited, from which it purchased goods worth Rs. 29.79 crore in FY25 alone, and it has also extended loans to group firms such as Bhagyanagar Securities Private Limited.