BSE: 518075
SURAJ PRODUCTS LTD.
Produces Direct Reduced Iron (DRI), commonly called sponge iron, at a plant in Rajgangpur, Odisha, with a captive power plant supporting operations. One kiln of the DRI plant and the power plant were taken for scheduled maintenance in July 2026 for about 30 days each. FY26 standalone revenue was Rs 30,378.67 Lacs, down from Rs 32,637.27 Lacs in FY25, with EBITDA margin of 10.25% and net profit of Rs 1,871.74 Lacs. The biggest cost line is raw materials at 67.2% of revenue (Rs 204.03 crore), reflecting the iron ore and coal-based reductant inputs needed for DRI. The company is also setting up a rolling mill in Abu Dhabi through a wholly owned UAE subsidiary that signed an agreement with KEZAD Group in May 2026, but this subsidiary has not yet started operations. Borrowings were sharply reduced in FY26, with short-term borrowings falling from Rs 1,623.13 Lacs to Rs 224.37 Lacs, and ICRA upgraded its long-term rating to BBB+ (Stable). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. DRI / Sponge Iron manufacturing, Captive power generation. Single-product, asset-light-equity sponge iron manufacturer
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 304 |
| EBITDA (ex other income) | 31 |
| margin % | 10.3 |
| Owners' profit | 19 |
| EPS, as reported (₹) | 16.42 |
| ROE % · ROCE % | 11.3 · 14.4 |
| Debt / equity (x) | 0.03 |
| Cash from operations | 40 |
| Capex | (1) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 59 | 66 | 99 | 88 |
| Profit before tax | 4 | 5 | 10 | 8 |
| Net profit | 3 | 4 | 7 | 7 |
| EPS (₹) | 2.81 | 3.54 | 6.04 | 5.83 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.1 | 15.4 | 44 of 105 | 59% |
| P/B | 1.8 | 1.5 | 61 of 101 | 40% |
| ROCE | 13.9 | 9.1 | 34 of 115 | 71% |
| ROE | 11.3 | 8.6 | 35 of 103 | 67% |
| Debt / Equity | 0.0 | 0.2 | 26 of 101 | 75% |
| EBITDA margin | 11.3 | 11.0 | 48 of 100 | 53% |
| Market cap | 293 | 216 | 54 of 122 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Suraj Products files Q2 FY27 demat compliance certificate with BSE | compliance | minimal | — | — |
| 5 Oct 2026 · Executive Director Gagan Goyal ceases on tenure completion, not re-appointed | management changes | medium | — | — |
| 5 Oct 2026 · Independent Director Mr. C.K. Bhartia ceases on completion of second term | management changes | medium | — | — |
| 1 Oct 2026 · Power Plant and DRI Kiln operations resume after maintenance | capex operations | high | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY2027 Financial Results | compliance | minimal | — | — |
| 15 Sept 2026 · All 10 resolutions passed at 35th AGM including preferential issue | compliance | minimal | — | — |
| 12 Sept 2026 · AGM approves dividend, 25L warrants and 5L preferential equity shares | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Suraj Products appoints Go India Advisors as Investor Relations Agency | business updates | low | — | — |
| 21 Aug 2026 · 35th AGM notice and e-voting info published in newspapers | compliance | minimal | — | — |
| 20 Aug 2026 · AGM notice with dividend, preferential warrants and equity share issue | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.