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Citizen Solar

538786 BSE
₹175.75

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P/E
5.81
View as Markdown
MCP
Close 4 Nov 2026 ₹175.75 −122.30 −41.0% 1Y
Start ₹298.05

Key Fundamentals

MicrocapMediaMedia Entertainment & Publication

Price-based figures at the close · EPS basis: Standalone · TTM

ROCE
34.80%
Debt to Equity
2.52
EPS (TTM)
₹30.23
Book Value
₹29.82
Market Cap
—
P/E (TTM)
5.81
P/B
5.89
ROE
69.30%
Dividend Yield
0.00%
EBITDA
₹34.40 Cr
52W High
₹318.45
52W Low
₹149.00

Key Insights

Strengths

3
  • Company has delivered good profit growth of 186% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 66.9%
  • Promoter holding has increased by 18.7% over last quarter.

Weaknesses

2
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1027
OscillatorsBearish423
Moving AveragesStrong Bearish604

Key readings

RSI (14)
53.46
Neutral
MACD (12,26,9)
−4.74
Bullish
SMA (50)
183.08
Bearish
SMA (200)
212.96
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+54.55%
5Y+215.18%
3Y+437.75%
1Y+67.20%
TTM+69.43%

Net profit

Net profit growth by window
10YZero base
5YZero base
3YZero base
1Y+83.33%
TTM+30.55%

Operating cash flow

Operating cash flow growth by window
10YZero base
5YZero base
3YZero base
1Y−8.70%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+10.93 pp
5Y+110.93 pp
3Y+10.93 pp
1Y+0.18 pp
TTM−4.03 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3.00 Cr
Mar 2018₹3.00 Cr
Mar 2019₹2.00 Cr
Mar 2020₹1.00 Cr
Mar 2021₹1.00 Cr
Mar 2022₹1.00 Cr
Mar 2023₹2.00 Cr
Mar 2024₹4.00 Cr
Mar 2025₹186 Cr
Mar 2026₹311 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹0.00 Cr
Mar 2018₹0.00 Cr
Mar 2019₹0.00 Cr
Mar 2020₹0.00 Cr
Mar 2021₹0.00 Cr
Mar 2022₹0.00 Cr
Mar 2023₹0.00 Cr
Mar 2024₹0.00 Cr
Mar 2025₹12.00 Cr
Mar 2026₹22.00 Cr

Quarterly Results

₹ Cr
538786 quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1.01
0.33
1.3
1.28
0.79
1.82
0.94
0.5
109
3.1
0.09
110
76.77
Expenses
1.1
0.41
1.4
1.38
0.87
1.87
1.03
0.6
89.7
2.93
0.18
94.14
68.3
Operating Profit
−0.09
−0.08
−0.1
−0.1
−0.08
−0.05
−0.09
−0.1
19.02
0.17
−0.09
15.63
8.47
OPM %
−8.91%
−24.24%
−7.69%
−7.81%
−10.13%
−2.75%
−9.57%
−20%
17.49%
5.48%
−100%
14.24%
11.03%
Other Income
0.09
0.09
0.11
0.09
0.09
0.06
0.1
0.11
0.1
0
0
0.92
0.14
Interest
0
0
0
0
0
0
0
0
0.38
0
0
0.11
0.94
Depreciation
0
0
0
0
0
0
0
0
0.5
0
0
0.5
0.6
PBT
0
0.01
0.01
−0.01
0.01
0.01
0.01
0.01
18.24
0.17
−0.09
15.94
7.07
Tax %
—
0%
0%
0%
0%
0%
0%
100%
16.72%
0%
0%
12.11%
18.39%
Net Profit
0
0.01
0.01
−0.01
0.01
0.01
0.01
0
15.2
0.17
−0.09
14.02
5.77
EPS (₹)
0
0.02
0.02
−0.02
0.02
0.02
0.02
0
28.16
0.31
−0.17
25.98
4.11

Profit & Loss

₹ Cr
538786 profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5
4
3
3
2
1
1
1
2
4
186
311
190
Expenses
4
4
3
3
3
2
1
1
3
4
166
277
166
Operating Profit
1
0
0
0
0
0
−1
−1
0
0
20
34
24
OPM %
10%
2.2%
−2.6%
−1.4%
−9%
−30%
−95%
−107%
−13%
−9%
11%
11%
13%
Other Income
0
0
0
0
0
0
0
1
0
0
0
1
1
Interest
0
0
0
0
0
0
0
0
0
0
3
2
1
Depreciation
0
0
0
0
0
0
0
0
0
0
2
2
1
PBT
0
0
0
0
0
0
0
0
0
0
16
30
23
Tax %
−28%
0%
−200%
0%
—
−25%
0%
0%
0%
0%
26%
26%
—
Net Profit
0
0
0
0
0
0
0
0
0
0
12
22
20
EPS (₹)
0.44
−0.41
0.06
0.02
0.04
−0.13
−0.2
−0.11
0.02
0.02
21.55
41.56
30.23
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
538786 balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
5
5
5
5
5
5
5
5
5
5
14
14
Reserves
1
−1
−1
−1
−1
−1
−1
−1
−1
−1
10
28
Borrowings
0
0
0
0
0
0
0
0
0
0
18
106
Other Liabilities
0
0
0
0
0
0
0
0
0
0
14
30
Total Liabilities
7
6
6
5
5
5
5
5
5
5
56
177
Fixed Assets
2
1
1
1
1
0
0
0
0
0
22
43
CWIP
0
0
0
0
0
0
0
0
0
0
0
79
Investments
0
0
0
1
1
1
1
0
0
0
0
0
Other Assets
4
4
4
4
4
4
4
4
4
4
33
55
Total Assets
7
6
6
5
5
5
5
5
5
5
56
177

Cash Flow

₹ Cr
538786 cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
0
0
1
0
0
0
0
0
0
0
23
21
Investing
0
0
−1
−1
0
1
0
0
0
0
−18
−102
Financing
0
0
0
0
0
−1
0
0
0
0
−6
81
Net Cash Flow
0
0
0
0
0
0
0
0
0
0
−1
0
Free Cash Flow
0
0
0
0
0
1
0
0
0
0
5
−81
CFO/OP
98
288
−689
−900
−124
16
35
6
−12
24
136
84

Ratios

538786 financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
23
12
17
20
2
25
0
0
0
0
13
12
Inventory Days
—
—
—
—
—
—
—
0
0
0
25
15
Days Payable
—
—
—
—
—
—
—
—
—
—
2
0
Cash Conversion Cycle
23
12
17
20
2
25
0
0
0
0
36
27
Working Capital Days
−40
−43
−48
−24
−45
−30
0
0
0
12
18
−12
ROCE %
4%
−4%
0%
1%
1%
−1%
−3%
−9%
0%
0%
79%
35%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Citizen Solar insights

60 extracted metrics across FY14–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 53.49%
  • Public 44.98%
  • Others 1.38%
  • DIIs 0.15%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Citizen Solar

What does Citizen Solar Ltd do?
Citizen Solar Ltd, formerly Citizen Infoline Ltd, manufactures solar PV modules from two facilities at Kadi, Gujarat and markets solar inverters, with transportation and solar installation/maintenance forming ancillary revenue.
Where is Citizen Solar Ltd (CITIZEN) listed?
Citizen Solar Ltd trades under code 538786 on the BSE.
Which sector does Citizen Solar Ltd belong to?
Citizen Solar Ltd is classified under the Media sector, in the Print Media industry.
What is the PE ratio of Citizen Solar Ltd?
Citizen Solar Ltd trades at a PE ratio of 5.81 as of 4 Nov 2026, on earnings per share of ₹30.23, against a book value of ₹29.82 per share.
What is the 52-week high and low of Citizen Solar Ltd?
Over the last 52 weeks Citizen Solar Ltd has traded between ₹149 and ₹318.45 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Citizen Solar Ltd?
Citizen Solar Ltd reported a return on equity of 69.30%. Its debt-to-equity ratio is 2.52.

Company Information

Citizen Solar Ltd, formerly Citizen Infoline Ltd, manufactures solar PV modules from two facilities at Kadi, Gujarat and markets solar inverters, with transportation and solar installation/maintenance forming ancillary revenue. Citizen Solar Pvt Ltd was amalgamated into the listed entity with April 1, 2023 as the appointed date; NCLT sanctioned the scheme on March 19, 2026, after which the company was renamed Citizen Solar Ltd.

Website citizeninfoline.com
Listed 20 Nov 2014
Face Value ₹10

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