NSE: SURAJLTD · BSE: 531638
SURAJ LIMITED
Manufactures pipes (industry classified under Iron & Steel Products) for domestic buyers, with existing capacity close to full utilisation being expanded by about 40% to handle larger pipe sizes, scheduled to commission by September 2026. The expansion is funded entirely through internal accruals, with the company aiming to reduce dependence on imports. In May 2026, it also announced entry into copper and aluminium recycling as a new business line, though investment, capacity or revenue details were not disclosed. An associate entity, Suraj Enterprise Private Limited, contributed a Rs 21 lakh share of profit in FY26 and is also a related party for transactions ratified at the AGM. FY26 consolidated revenue stood at Rs 205.85 crore. Raw materials are the dominant cost at 70.4% of revenue, with other operating expenses at 19.7%, employee costs at 9.8% and depreciation at 3.5%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pipe manufacturing, Copper/Aluminium recycling, Associate company contribution. Mid-sized industrial products maker in a capacity-expansion phase
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 182 | 331 | 234 | 206 |
| EBITDA (ex other income) | 18 | 40 | 28 | 16 |
| margin % | 9.7 | 12.2 | 12.1 | 7.8 |
| Owners' profit | 1 | 22 | 13 | 7 |
| EPS, as reported (₹) | 0.73 | 11.90 | 7.24 | 4.07 |
| ROE % · ROCE % | 1.6 · 12.9 | 17.8 · 27.8 | 10.0 · 16.0 | 5.4 · 10.5 |
| Debt / equity (x) | 1.13 | 0.27 | 0.48 | 0.44 |
| Cash from operations | — | 41 | (9) | 17 |
| Capex | — | 0 | (15) | (10) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57 | 64 | 59 | 50 | 50 | 62 | 43 | 39 |
| Profit before tax | 7 | 10 | (5) | 2 | 1 | 2 | 5 | 5 |
| Net profit | 6 | 7 | (6) | 3 | 1 | 1 | 3 | 4 |
| EPS (₹) | 3.52 | 3.84 | (3.22) | 1.49 | 0.45 | 0.75 | 1.37 | 1.95 |
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 | 69,147 | 29.9 | 7.35 | 29.4 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 57,817 | 47.0 | 10.92 | 30.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,539 | 26.4 | 2.39 | 12.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 17,319 | 40.0 | 4.12 | 20.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 17,148 | 26.2 | 1.40 | 9.3 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 15,168 | 29.9 | 4.59 | 19.9 | 14.1 | 17.7 | 12.0 | 21.0 |
| GODAWARI POW & ISP LTD | 13,299 | 15.6 | 2.27 | 10.1 | 13.7 | 17.0 | 5.7 | 21.0 |
| GALLANTT ISPAT LIMITED | 12,308 | 28.3 | 3.71 | 16.4 | 14.6 | 16.8 | 34.4 | 17.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.7 | 17.3 | 86 of 105 | 18% |
| P/B | 2.5 | 1.6 | 72 of 101 | 29% |
| ROCE | 7.5 | 9.1 | 63 of 115 | 46% |
| ROE | 5.4 | 8.6 | 65 of 103 | 37% |
| Debt / Equity | 0.4 | 0.2 | 77 of 101 | 24% |
| EBITDA margin | 18.7 | 11.0 | 28 of 100 | 73% |
| Revenue growth | (22.5) | 13.7 | 82 of 97 | 16% |
| Profit growth | 30.8 | 29.3 | 51 of 105 | 52% |
| Market cap | 346 | 247 | 55 of 122 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Suraj Limited files dematerialization compliance certificate for September 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Suraj Limited Company Secretary Rashmi Lakhani resigns effective Oct 31, 2026 | management changes | medium | — | — |
| 9 Sept 2026 · Company Secretary Resignation - Suraj Limited | management changes | medium | — | — |
| 9 Sept 2026 · Company Secretary Rashmi Lakhani resigns, effective 31 Oct 2026 | management changes | medium | — | — |
| 9 Sept 2026 · Company Secretary resigns effective 31 Oct 2026 | management changes | high | — | — |
| 25 Jul 2026 · Suraj Limited Q1 FY27 Results - Revenue Up, Profit Down | compliance | minimal | — | — |
| 23 Jul 2026 · Suraj Limited Q1 FY27 results: PAT up 109% on standalone, revenue dips 22% | results | high | — | — |
| 15 Jul 2026 · Board meeting on July 23 to consider Q1 FY27 results | results | low | — | — |
| 9 Jul 2026 · Compliance certificate for dematerialisation of securities for Q1 FY27 | compliance | minimal | — | — |
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.