- CIN
- U40106GJ2012PLC071204
- ISIN
- INE0SUR01011
- Incorporated
- 28 Feb 2012
- Registered state
- Gujarat
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Suryodaya Renewables Limited develops and operates utility-scale solar, wind and hybrid generation assets, with 4.2 GW of operating capacity across Rajasthan, Gujarat, Karnataka and Andhra Pradesh, and a further 2.6 GW under construction against signed offtake agreements. Almost the entire operating fleet sells under 25-year power purchase agreements with central counterparties, which makes revenue predictable even though the balance sheet is heavily geared. The company is currently at the draft-prospectus stage of a proposed public issue, and shares change hands only through negotiated off-market transfers.
Business model
Build-own-operate generation assets monetised through long-tenor PPAs, funded with project-level non-recourse debt.
Key highlights
- Weighted average PPA tenor remaining of 19 years
- EBITDA margin of 79.6%, typical for the asset class
- Net debt of ₹13,860 crore against 4.2 GW operating
- DRHP filed in May 2026 with an InvIT alternative under evaluation
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹2,840.00 Cr
- EBITDA
- ₹2,260.00 Cr
- PAT
- ₹486.00 Cr
- Net worth
- ₹6,420.00 Cr
- Total debt
- ₹14,800.00 Cr
- Cash & equivalents
- ₹940.00 Cr
- Operating cash flow
- ₹2,040.00 Cr
- EPS
- ₹3.28
Management & board
- RMSince 2015
Rohit Menon
Managing Director & CEO
Has led Suryodaya Renewables since 2015 and previously held senior operating roles in the same sector.
- NNSince 2010
Neha Nair
Chief Financial Officer
- DDSince 2017
Deepa Deshpande
Executive Director — Operations
- ARSince 2020
Ananya Rao
Company Secretary & Compliance Officer
- HASince 2019
Harsh Agarwal
Independent Director
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹2,840 Cr | ₹2,410 Cr | ₹1,980 Cr | +17.8% |
| EBITDA | ₹2,260 Cr | ₹1,910 Cr | ₹1,560 Cr | +18.3% |
| Profit after tax | ₹486 Cr | ₹372 Cr | ₹268 Cr | +30.6% |
| Earnings per share | ₹3.28 | ₹2.51 | ₹1.81 | — |
| Balance sheet | ||||
| Net worth | ₹6,420 Cr | ₹5,680 Cr | ₹4,920 Cr | +13.0% |
| Total debt | ₹14,800 Cr | ₹13,200 Cr | ₹11,600 Cr | — |
| Cash & equivalents | ₹940 Cr | ₹810 Cr | ₹640 Cr | — |
| Total assets | ₹24,600 Cr | ₹21,800 Cr | ₹18,900 Cr | — |
| Book value per share | ₹43.38 | ₹38.38 | ₹33.24 | — |
| Cash flow | ||||
| Operating cash flow | ₹2,040 Cr | ₹1,740 Cr | ₹1,420 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 19 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹32,264 Cr
- Enterprise value
- ₹46,124 Cr
- Indicative price
- ₹218
- Shares outstanding
- 1,48,00,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 66.4x
- P/B
- 5.0x
- EV / EBITDA
- 20.4x
- EPS
- ₹3.28
- Book value / share
- ₹43.38
- Debt / equity
- 2.3x
On FY2026 PAT
Returns & margins
- ROE
- 7.6%
- ROCE (EBITDA basis)
- 10.7%
- EBITDA margin
- 79.6%
- PAT margin
- 17.1%
- Revenue growth
- 17.8%
- Cash / market cap
- 2.9%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹218 | +4.12% | Dealer desk average, 5 quotes |
| 20 Aug 2026 | ₹209 | +0.07% | Dealer desk average |
| 20 Jul 2026 | ₹209 | +6.12% | Dealer desk average |
| 20 Jun 2026 | ₹197 | +0.45% | Dealer desk average |
| 20 May 2026 | ₹196 | +3.32% | Dealer desk average |
| 20 Apr 2026 | ₹190 | +2.72% | Dealer desk average |
| 20 Mar 2026 | ₹185 | +1.05% | Dealer desk average |
| 20 Feb 2026 | ₹183 | +1.41% | Dealer desk average |
| 20 Jan 2026 | ₹180 | +3.13% | Dealer desk average |
| 20 Dec 2025 | ₹175 | +3.57% | Dealer desk average |
| 20 Nov 2025 | ₹169 | +2.63% | Dealer desk average |
| 20 Oct 2025 | ₹165 | -0.75% | Dealer desk average |
| 20 Sep 2025 | ₹166 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Rights22 Oct 2025
Rights issue to existing shareholders
Rights entitlement offered to shareholders on record in the stated ratio.
Company filing / RoC
- Filing14 May 2024
DRHP filed with the registrar
Statutory filing completed within the prescribed timeline.
Company filing / RoC
IPO / listing status
- Current stage
- DRHP filed
- DRHP filed
- 18 Mar 2026
- RHP filed
- —
- Expected window
- Q4 FY2027 (indicative)
- Registrar
- Cygnet Registry Services
- Book-running managers
- Northpoint Capital Advisors, Sterling Securities
Listing timelines are indicative and subject to regulatory approval and market conditions. A filing is not a guarantee of listing.
Lock-in applies after listing
Shares acquired before a public issue are typically subject to a statutory lock-in of six months from the date of listing. Confirm the applicable period before transacting.
Read the lock-in explainerResearch
1 published on this company
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Draft Red Herring Prospectus18.4 MB | DRHP | 2026 | Regulator filing | Download |
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Leverage
HighProject debt is large relative to equity; refinancing risk is real.
Counterparty payment
HighState discom receivables have stretched before.
Resource variability
MediumA weak wind year reduces generation and cash flow.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.