---
title: "Citizen Solar Ltd (538786) — Share Price, Financials & Analysis"
symbol: "538786"
company: "Citizen Solar Ltd"
canonical: "https://tapetide.com/stocks/538786"
isin: "INE473L01018"
bse_code: "538786"
sector: "Media"
industry: "Print Media"
market_cap_cr: 231.7
generated_at: "2026-10-13T10:58:43.593Z"
---

# Citizen Solar Ltd (538786)

Canonical page: https://tapetide.com/stocks/538786

## Company

- **BSE Code:** 538786
- **ISIN:** INE473L01018
- **Sector:** Media
- **Industry:** Print Media
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2014-11-20
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** citizeninfoline.com

## About

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. [1] [2]

## Latest Price

- **Price:** ₹165
- **Change:** 0 (0%)
- **Open:** ₹165
- **Day High:** ₹165
- **Day Low:** ₹164
- **Previous Close:** ₹165
- **Volume:** 872
- **As Of:** 2026-10-13T09:40:46+00:00

## Key Fundamentals

Price-based figures as of 2026-10-13T15:10:46+05:30.

Observed at 2026-10-13T04:34:26.753639Z.

- **Market Cap:** ₹231.7 Cr
- **Classification:** Microcap
- **P/E (TTM):** 5.46
- **EPS (TTM):** ₹30.23
- **Book Value:** ₹29.82
- **Price to Book:** 5.53
- **Dividend Yield:** 0%
- **ROE:** 53.55%
- **ROCE:** 27.61%
- **Debt to Equity:** 2.52
- **Revenue (yearly):** ₹312 Cr
- **Net Income:** ₹22.4 Cr
- **EBITDA:** ₹34.4 Cr
- **52-Week High:** ₹318.45
- **52-Week Low:** ₹153.9
- **RSI (14):** 35.84

## Key Insights

### Strengths

- 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

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

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -8.45% | — | — |
| ebitda margin growth | -47.88% | 2.6% | — | -302.39% |
| net income growth | -58.57% | 93.1% | — | 186% |
| revenue growth | -30.53% | 67.47% | 407% | 255% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0.33 | 1.3 | 1.28 | 0.79 | 1.82 | 0.94 | 0.5 | 108.72 | 3.1 | 0.09 | 109.77 | 76.77 |
| Expenses | 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 | -0.08 | -0.1 | -0.1 | -0.08 | -0.05 | -0.09 | -0.1 | 19.02 | 0.17 | -0.09 | 15.63 | 8.47 |
| OPM % | -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 | 0.11 | 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 | 0.38 | 0 | 0 | 0.11 | 0.94 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0 | 0 | 0.5 | 0.6 |
| Profit before tax | 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 | 0.01 | 0.01 | -0.01 | 0.01 | 0.01 | 0.01 | 0 | 15.2 | 0.17 | -0.09 | 14.02 | 5.77 |
| EPS in Rs | 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

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 3 | 2 | 1 | 1 | 1 | 2 | 4 | 186 | 311 | 190 |
| Expenses | 3 | 3 | 2 | 1 | 1 | 3 | 4 | 166 | 277 | 166 |
| Operating Profit | 0 | 0 | 0 | -1 | -1 | 0 | 0 | 20 | 34 | 24 |
| OPM % | -1.4 | -9 | -30 | -95 | -107 | -13 | -9 | 11 | 11 | 13 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 1 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 30 | 23 |
| Tax % | 0 | — | -25 | 0 | 0 | 0 | 0 | 26 | 26 | — |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 22 | 20 |
| EPS in Rs | 0.02 | 0.04 | -0.13 | -0.2 | -0.11 | 0.02 | 0.02 | 21.55 | 41.56 | 30.23 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 14 | 14 |
| Reserves | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | 10 | 28 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 106 |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 30 |
| Total Liabilities | 6 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 56 | 177 |
| Fixed Assets | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 22 | 43 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 79 |
| Investments | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 33 | 55 |
| Total Assets | 6 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 56 | 177 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23 | 21 |
| Cash from Investing Activity | -1 | -1 | 0 | 1 | 0 | 0 | 0 | 0 | -18 | -102 |
| Cash from Financing Activity | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | -6 | 81 |
| Net Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 5 | -81 |
| CFO/OP | -689 | -900 | -124 | 16 | 35 | 6 | -12 | 24 | 136 | 84 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 17 | 20 | 2 | 25 | 0 | 0 | 0 | 0 | 13 | 12 |
| Inventory Days | — | — | — | — | — | 0 | 0 | 0 | 25 | 15 |
| Days Payable | — | — | — | — | — | — | — | — | 2 | 0 |
| Cash Conversion Cycle | 17 | 20 | 2 | 25 | 0 | 0 | 0 | 0 | 36 | 27 |
| Working Capital Days | -48 | -24 | -45 | -30 | 0 | 0 | 0 | 12 | 18 | -12 |
| ROCE % | 0 | 1 | 1 | -1 | -3 | -9 | 0 | 0 | 79 | 35 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 34.77% | 13.36% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.15% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 61.03% | 61.05% | 60.94% | 60.98% | 60.97% | 60.98% | 61.45% | 61.35% | 61.49% | 61.4% | 61.46% | 85.23% |
| Others | 3.8% | 3.78% | 3.89% | 3.85% | 3.86% | 3.85% | 3.39% | 3.48% | 3.34% | 3.43% | 3.37% | 1.26% |
| No. of Shareholders | 6624 | 6608 | 6577 | 6524 | 6463 | 6524 | 6493 | 6457 | 6471 | 6450 | 6451 | 6365 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 5 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 165.24 | Sell |
| EMA (10) | 168.38 | Sell |
| SMA (20) | 179.69 | Sell |
| EMA (20) | 179.02 | Sell |
| SMA (50) | 218.78 | Sell |
| EMA (50) | 204.96 | Sell |
| SMA (100) | 244.03 | Sell |
| EMA (100) | 213.8 | Sell |
| SMA (200) | 191.01 | Sell |
| EMA (200) | 188.92 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 35.99 | Neutral |
| MACD (12,26,9) | -15.05 | Buy |
| Stochastic (14,3,3) | 14.04 | Buy |
| ADX (14) | 24.64 | Neutral |
| Williams %R (14) | -81.52 | Buy |
| ATR (14) | 11.15 | High Volatility |
| ROC (12) | -15.1 | Sell |
| Stoch RSI (14) | 59.93 | Neutral |
| UO (7,14,28) | 37.59 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-05-08 | [Application For Change Of Name Of The Company And Change Of Sector Classification To Renewable Energy / Solar Sector](https://www.bseindia.com/xml-data/corpfiling/AttachLive/168249b0-18d7-4028-a2ca-6ef019a1de4a.pdf) |
| 2026-05-05 | [Announcement under Regulation 30 (LODR)-Change of Company Name](https://www.bseindia.com/xml-data/corpfiling/AttachLive/a73459e1-9d3f-41e2-b9c8-0ffd6555d038.pdf) |
| 2026-05-05 | [Announcement under Regulation 30 (LODR)-Change of Company Name](https://www.bseindia.com/xml-data/corpfiling/AttachLive/f246ebd0-6b4d-4478-ac3e-43d5db0b6c13.pdf) |
| 2026-04-09 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ef964c31-4ba9-4c79-8046-a7f8278ba973.pdf) |
| 2026-04-09 | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8bde702f-e266-410a-80cd-841da3ea9b5b.pdf) |
| 2026-04-04 | [Declaration Under Regulation 31(4) Of The SEBI (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011 ('SEBI (SAST) Regulations, 2011)](https://www.bseindia.com/xml-data/corpfiling/AttachHis/094ce219-e32c-40b6-96e4-c8d5696120cf.pdf) |
| 2026-04-03 | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement](https://www.bseindia.com/xml-data/corpfiling/AttachHis/99f42de3-59eb-453a-b991-921731cacfb7.pdf) |
| 2026-04-03 | [Corporate Action-Amalgamation/ Merger / Demerger](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ec150552-7b9f-46f1-b349-360d262a6979.pdf) |
| 2026-04-03 | [Board Meeting Outcome for Outcome Of Board Meeting For Allotment Of Shares Pursuant To Scheme Of Amalgamation.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/1521b587-aa3f-4728-8bfd-649646a25b4e.pdf) |
| 2026-04-01 | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement](https://www.bseindia.com/xml-data/corpfiling/AttachLive/dab2b1a2-6c0c-48c8-91f3-283257032bd6.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2026 | [Annual Report 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d93b9622-ac3a-49c1-b963-aa44558a4aa4.pdf) |
| 2025 | [Financial Year 2025](https://archives.nseindia.com/annual_reports/SME_AR_28263_MOXSH_2024_2025_A_4934445_03092025143751.pdf) |
| 2025 | [Annual Report 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/31761c01-3b76-4a24-8381-6391e61536dc.pdf) |
| 2024 | [Financial Year 2024](https://archives.nseindia.com/annual_reports/SME_AR_25702_MOXSH_2023_2024_04092024181411.pdf) |
| 2024 | [Annual Report 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/dcb03366-8de3-4021-a901-c8219de12ee1.pdf) |
| 2023 | [Financial Year 2023](https://archives.nseindia.com/annual_reports/SME_AR_23585_MOXSH_2022_2023_05092023210418_09052023220010.zip) |
| 2023 | [Annual Report 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b5317b65-1052-4fde-b835-8985221c757f.pdf) |
| 2022 | [Annual Report 2022](https://www.bseindia.com/bseplus/AnnualReport/538786/73013538786.pdf) |
| 2021 | [Annual Report 2021](https://www.bseindia.com/bseplus/AnnualReport/538786/70839538786.pdf) |
| 2020 | [Annual Report 2020](https://www.bseindia.com/bseplus/AnnualReport/538786/66523538786_08_09_20.pdf) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-10-08 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=938047a1-efaa-45e2-bd7a-ea580bbb51aa.pdf) |
| 2026-09-25 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b454c0ed-6db2-41dc-8f05-cab1ad74e134.pdf) |
| 2026-09-22 | [Shareholder Meeting / Postal Ballot-Scrutinizers Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=806c0d20-0042-4e1a-a6e6-c1a34499de1c.pdf) |
| 2026-09-21 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b87d843f-46a1-41cd-85e5-29c1c57afd44.pdf) |
| 2026-08-27 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d93b9622-ac3a-49c1-b963-aa44558a4aa4.pdf) |
| 2026-08-26 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b82898ab-e550-4e15-b216-f531fd8334e9.pdf) |
| 2026-08-25 | [Revised Intimation Of 32Nd Annual General Meeting Record Date And Book Closure - In Continuation Of Intimation Dated 24Th August 2026 Pursuant To SEBI (LODR) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=496478cf-4b62-437e-81cf-85d3d5c158f0.pdf) |
| 2026-08-24 | [Intimation Of 32Nd Annual General Meeting And Fixation Of Record Date And Book Closure Pursuant To Regulations 30 And 42 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ed0b84f9-0f5b-432b-8ed9-055e82535a03.pdf) |
| 2026-08-24 | [Intimation Of Book Closure Pursuant To Regulation 42 Of Securities And Exchange Board Of India (LODR) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2ea776f3-a587-41d8-a43e-09740c5685af.pdf) |
| 2026-08-24 | [Intimation Of Record Date/Cut-Off Date Pursuant To Regulation 42 Of SEBI (LODR) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4e4aae6f-4d1e-4556-82c6-cbe59076e49f.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-13 | [Unaudited Financial Result For Quarter Ended 30.06.2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d8c4a156-4186-4163-bd11-f511cef06da9.pdf) |
| 2026-05-28 | [Submission Of Audited Financial Result For Quarter Ended 31.03.2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4e967ec6-b959-4ef6-8456-65e713becc10.pdf) |
| 2026-02-06 | [UNAUDITED FINANCIAL RESULT FOR QUARTER ENDED 31ST DECEMBER 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=be220266-4691-4eca-a07c-1522e77d992a.pdf) |
| 2025-11-12 | [Unaudited Financial Result For The Quarter Ended 30.09.2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cbba7f02-01bc-430d-928a-e7b4bc42a61b.pdf) |
| 2025-07-28 | [Unaudited Financial Result For Quarter Ended 30.06.2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f3f8ad7d-7787-4237-8fa4-8169a760a8cc.pdf) |
| 2025-05-21 | [Audited Financial Result For Year Ended 31.03.2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=70f507fd-8c51-4242-88dc-b5d13887011a.pdf) |
| 2025-02-10 | [Unaudited Result For The Quarter Ended 31.12.2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1560f39d-836f-4c92-85bc-ea2df1a40b26.pdf) |
| 2024-10-16 | [Unaudied Result For Quarter Ended 30.09.2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9053d38b-4d82-45b8-910b-62ab1b97e9df.pdf) |
| 2024-08-14 | [Unaudited Financial Result For Q3](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7ee96b0a-b111-46d1-b08a-9ca097b6ebd4.pdf) |
| 2024-08-14 | [Unaudited Financial Result For Q3](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f2c7aad2-7953-4755-bef2-942caed0bef6.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T10:58:43.593Z.