As of 6 Nov 2026, Citizen Solar trades at 12.4× trailing earnings, below the industry P/E of 15.5×, and the shares are 45% below their 52-week high. It earns ROCE of 28% and ROE of 68%. Debt is 2.53× equity. It is a small-cap company with a market cap of ₹247 Cr, ranked 21st of 27 Solar companies by market cap; the shares fell 38% over the past year.
- ₹189.95
- ₹189.95
- ₹175.10
- ₹181.90
- 1.4K
Health check
- ReturnsBehind
−37.8% over a year, better than 1 of 7 peers.
- Price tagCheaper
P/E 12.4 vs industry 15.5.
- GrowthStrong
Sales +407.3%, profit +1246.2% a year over 3 years.
- ProfitabilityStrong
ROCE 27.6% vs peer median 27.4%.
- Balance sheetStretched
Debt 2.53× equity, interest covered 14.1×, Piotroski 3 of 9.
- Red flags4 to check
Debt is 2.53× equity.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹247 Cr
- Small cap
- P/E
- 12.4
- Industry 15.5
- Price to book
- 5.91
- Peers 4.38
- Dividend yield
- 0.00%
- ROE
- 68.3%
- Peers 29.9%
- ROCE
- 27.6%
- Peers 27.4%
- Debt to equity
- 2.53
- Debt ₹106 Cr
- EPS (TTM)
- ₹14.23
- OPM (TTM)
- 12.7%
- Net margin 4.7%
- Sales growth
- −30.1%
- Latest quarter vs a year ago
- Profit growth
- −58.8%
- Latest quarter vs a year ago
- Price to sales
- 0.89
- EV/EBITDA 14.8
Strengths and risks
Strengths
- Return on equity of 68.3%.
- Return on capital employed of 27.6%.
Risks to check
- Debt is 2.53× equity.
- Quarterly profit down 58.8% on a year ago.
- Quarterly sales down 30.1% on a year ago.
- 45% below its 52-week high.
About Citizen Solar
Citizen Solar Limited engages in the trade of solar panels and allied products in India. The company offers Topcon and Mono Perc modules; and singe and three phase inverters. It also provides solar rooftop panel, ground mount solar system, floating solar, and solar asset management services. The company was formerly known as Citizen Infoline Limited and changed its name to Citizen Solar Limited in May 2026. Citizen Solar Limited was incorporated in 1994…
- Headquarters
- Ahmedabad
- Employees
- 66
- Sector
- Technology
- ISIN
- INE473L01018
- Website
- citizeninfoline.com
Price range
- Avg volume (3M)
- 1.3K
- 1-year return
- minus 37.8%
- From 52-week high
- minus 44.7%
Peers · Solar
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WAAREEENERWaaree Energies | 2,438.00 | minus 0.46% | 70,129 | 19.0 | 12.0 | 30.1% | 19.9% | 0.31 | 57.8% | minus 27.3% |
| PREMIERENEPremier Energies | 890.00 | plus 0.85% | 40,316 | 22.5 | 17.4 | 27.4% | 29.9% | 0.86 | 76.2% | minus 15.3% |
| EMMVEEEmmvee Photovoltaic Power | 251.31 | minus 0.28% | 17,399 | 12.1 | 9.7 | 34.5% | 34.7% | 0.25 | 102.7% | plus 14.5% |
| KARAMTARAKaramtara Engineering | 375.70 | minus 0.96% | 12,091 | 52.8 | 27.7 | 18.1% | 9.0% | 0.91 | 40.4% | plus 6.7% |
| UTLSOLARFujiyama Power Systems | 351.80 | minus 9.21% | 10,811 | 35.7 | 22.5 | 28.9% | 18.8% | 0.41 | 58.7% | plus 68.8% |
| BORORENEWBOROSIL RENEWABLES | 403.20 | minus 2.55% | 5,934 | 13.4 | 12.1 | 9.5% | 30.1% | 0.07 | 20.2% | minus 37.6% |
| VIKRAMSOLRVikram Solar | 142.39 | plus 1.95% | 5,160 | 14.1 | 6.0 | 20.5% | 15.4% | 0.20 | 32.3% | minus 56.6% |
| CITIZENCitizen Solar | 176.10 | minus 3.19% | 247 | 12.4 | 10.4 | 27.6% | 12.7% | 2.53 | 407.3% | minus 37.8% |
| Median of 7 peers | – | −0.46% | 12,091 | 19.0 | 12.1 | 27.4% | 19.9% | 0.31 | 57.8% | −15.3% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 110 | 3.1 | 0.1 | 110 | 76.8 | |
| 94.1 | 2.9 | 0.2 | 94.1 | 68.3 | |
| 15.6 | 0.2 | −0.1 | 15.6 | 8.5 | |
| 14.2% | 5.3% | −101.9% | 14.2% | 11.0% | |
| 0.9 | 0 | 0 | 0.9 | 0.1 | |
| 0.1 | – | – | 0.1 | 0.9 | |
| 0.5 | – | – | 0.5 | 0.6 | |
| 15.9 | 0.2 | −0.1 | 15.9 | 7.1 | |
| 12.1% | – | – | 12.1% | 18.4% | |
| 14 | 0.2 | −0.1 | 14 | 5.8 | |
| 9.98 | 0.31 | -0.17 | 9.98 | 4.11 |
Profit & loss
- Sales CAGR 3Y
- +407.3%
- Profit CAGR 3Y
- +1246.2%
- EPS CAGR 3Y
- +827.3%
- ROE
- 68.3%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 2.4 | 3.9 | 185 | 310 | |
| – | +65.1% | +4631.0% | +67.4% | |
| 2.7 | 4.3 | 166 | 277 | |
| −0.3 | −0.4 | 19.6 | 33.9 | |
| −13.1% | −9.2% | 10.6% | 10.9% | |
| 0.3 | 0.4 | 0.6 | 1 | |
| 0 | 0 | 2.6 | 2.3 | |
| – | – | 1.7 | 2 | |
| −0 | −0 | −0.3 | −0.5 | |
| 0 | 0 | 15.8 | 30.1 | |
| – | – | 26.2% | 25.5% | |
| 0 | 0 | 11.6 | 22.4 | |
| – | minus 13.9% | +147168.4% | +92.8% | |
| 0.02 | 0.01 | 8.28 | 15.97 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 5.4 | 5.4 | 14 | 14 | |
| −0.8 | −0.8 | 9.7 | 27.8 | |
| – | – | 18.3 | 106 | |
| 0.1 | 0 | 13.8 | 29.7 | |
| 4.7 | 4.6 | 55.9 | 177 | |
| – | – | 21.2 | 122 | |
| – | – | – | 79.3 | |
| 0.4 | 0.4 | 1 | 0.5 | |
| 0 | 0 | 0 | 0.1 | |
| 4.2 | 4.2 | 33.7 | −24 | |
| 4.7 | 4.6 | 55.9 | 177 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 0 | −0.1 | 23 | 21 | |
| – | – | −17.6 | −102 | |
| −0 | 0.1 | −6 | 81.4 | |
| −0 | −0 | −0.6 | 0.1 | |
| – | – | −18.4 | −102 | |
| 0 | −0.1 | 4.6 | −81.1 | |
| – | – | −1.2 | −3.9 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
No recent news coverage found.