1. At a Glance
Surana Telecom and Power Ltd (STPL) is that old-school Hyderabad-based company which has lived multiple corporate lives—petroleum jelly, telecom cables, CDMA handsets, and now… renewable power, aluminium rods, optical fibre and a side hustle in land monetisation. In Q3 FY26, the company reported ₹23.4 Cr in revenue, a 521% QoQ surge, and ₹3.70 Cr net profit, up 430% QoQ. Sounds like a party? Pause the DJ.
Market cap stands at ₹239 Cr, CMP ₹17.6, P/E ~8.9, Debt-to-equity 0.04, promoter holding 71.5%, and ROE that still refuses to wake up (~0.37%). The balance sheet is light on debt, heavy on patience. The kicker? Other income of ₹6.9 Cr in Q3 alone—which means operating profits are still doing yoga stretches, not sprints.
If you’re here for a clean renewable play—read carefully. If you’re here for accounting drama, you’re already home.
2. Introduction
Incorporated in 1984, STPL belongs to the Surana Group—one of those Indian business families that diversified before diversification became fashionable. Over four decades, the company moved from petro-products → telecom → power → renewables → land & investments, collecting scars, assets, and a very interesting P&L along the way.
Today, STPL’s headline business is solar power generation, backed by 25 MW commissioned capacity (out of 28 MW), long-term PPAs with state DISCOMs, and tariffs ranging from ₹5.6 to ₹15/kWh—yes, some legacy tariffs are that juicy. But under the hood, profits are being propped up more by asset sales, investment exits, and land deals than by electrons flowing into the grid.
Is that bad? Not necessarily. Is
it sustainable? That’s the real exam paper.
3. Business Model – WTF Do They Even Do?
Think of STPL as a business thali:
- One spoon of solar power
- A pinch of telecom manufacturing
- A dash of aluminium rods
- Some optical fibre
- And a large serving of “other income” gravy
a) Power (Solar & Wind)
- 6 solar plants totaling 28 MW (25 MW operational)
- 1 wind plant (1.25 MW) – now sold via slump sale in July 2023
- Long-term PPAs with Gujarat, UP, Telangana DISCOMs, Tata Communications, etc.
b) Aluminium
- Propezi plant producing EC grade aluminium rods (7.9 & 9.6 mm).
- Capital intensive, low-margin, commodity vibes.
c) Telecom & Optical Fibre
- Jelly-filled cables (5–800 pairs), 2.9 million CKM capacity
- Optical fibre plant with 60,000 route km capacity
- Once hot, now mostly nostalgic.
d) CDMA Handsets
- Assembled with LG & Huawei tie-ups.
- Yes, CDMA. In 2026. Let’s move on.
The real business model today? Sweating legacy assets + selling non-core assets + harvesting high-tariff solar cash flows.
4. Financials Overview
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | Same Qtr LY | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 23.42 | 3.77 | 9.37 | +521% | +150% |
| EBITDA | -0.01 | 1.66 | 0.25 | – | – |
| PAT | 3.70 | 0.50 | 0.17 | +640% | +430% |
| EPS (₹) | 0.30 | 0.06 | 0.06 | +400% | +400% |
