NSE: SURYAROSNI · BSE: 500336
SURYA ROSHNI LTD
Manufactures steel tubes and pipes under the Steel Pipes and Strips segment, which generated ₹5,731.22 crore or 76% of segment revenue in FY26. This segment supplies hot rolled tubes to standards such as ASTM A500 Grade B/C and recorded its highest-ever quarterly dispatch volumes of 2.6 lakh tonnes in Q4 FY26, with an order book of ₹1,000 crore providing visibility into the first half of FY27. An export order from a North American customer worth US dollar 2.96 million (about ₹28.21 crore) for lightly oiled, prime newly produced hot rolled tubes is scheduled for execution by October 2026. The Lighting and Consumer Durables segment contributed ₹1,809.2 crore or 24% of segment revenue in FY26 and posted its highest-ever quarterly revenue of ₹501 crore in Q4 FY26. Materials are the dominant input at 71.3% of revenue, consistent with the steel-intensive nature of the pipe business, followed by other operating expenses at 10.2% and employee costs at 6.4%. The company carries a net cash surplus of ₹337 crore, had zero outstanding borrowings as of March 31, 2026, and holds a CARE AA Stable rating on long-term bank facilities. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel Pipes and Strips (76%), Lighting and Consumer Durables (24%). Two-segment manufacturer combining a cyclical, steel-intensive steel tubes business with a consumer-facing lighting and durables business.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,731 | 7,997 | 7,809 | 7,436 | 7,540 |
| EBITDA (ex other income) | 443 | 614 | 572 | 579 | 487 |
| margin % | 5.7 | 7.7 | 7.3 | 7.8 | 6.5 |
| Owners' profit | 205 | 336 | 329 | 347 | 286 |
| EPS, as reported (₹) | 38.40 | 62.78 | 30.51 | 15.95 | 13.13 |
| ROE % · ROCE % | 13.2 · 19.5 | 18.0 · 25.6 | 15.2 · 20.7 | 14.1 · 19.0 | 10.9 · 15.0 |
| Debt / equity (x) | 0.37 | 0.22 | 0.00 | 0.00 | 0.02 |
| Cash from operations | 285 | 280 | 540 | 395 | 401 |
| Capex | (58) | (36) | (62) | (151) | (160) |
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 | 1,529 | 1,868 | 2,146 | 1,605 | 1,845 | 1,927 | 2,163 | 2,046 |
| Profit before tax | 46 | 121 | 175 | 46 | 100 | 107 | 131 | 81 |
| Net profit | 34 | 90 | 130 | 34 | 74 | 80 | 98 | 60 |
| EPS (₹) | 3.14 | 4.13 | 5.98 | 1.55 | 3.41 | 3.66 | 4.51 | 2.74 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel Pipes and Strips | 1,662 | 22.0 |
| Lighting and Consumer Durables | 978 | 13.0 |
| Steel Pipe and Strips | 1,451 | 19.2 |
| Steel Pipe & Strips | 2,618 | 34.7 |
| Lighting & Consumer Durables | 832 | 11.0 |
| Total, before eliminations | 7,540 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.6 | 15.4 | 48 of 105 | 55% |
| P/B | 1.7 | 1.5 | 60 of 101 | 41% |
| ROCE | 14.0 | 9.1 | 33 of 115 | 72% |
| ROE | 10.8 | 8.6 | 39 of 103 | 63% |
| Debt / Equity | 0.0 | 0.2 | 22 of 101 | 79% |
| EBITDA margin | 5.9 | 11.0 | 69 of 100 | 31% |
| Revenue growth | 27.5 | 13.7 | 30 of 97 | 70% |
| Profit growth | 77.2 | 29.3 | 34 of 105 | 68% |
| Market cap | 4552 | 216 | 17 of 122 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine dematerialisation compliance filing for September 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Surya Roshni Q2 and H1 FY27 update: steel pipe volumes hit record high | business updates | medium | — | — |
| 22 Sept 2026 · Trading window closed from October 1, 2026 for Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · 53rd AGM results: all 8 resolutions passed, Rs 2.50 dividend approved | compliance | minimal | — | — |
| 15 Sept 2026 · 53rd AGM held; final dividend of Rs 2.50 per share declared | board shareholder meetings | medium | — | — |
| 11 Sept 2026 · Regulatory filing: shares dematerialized in August 2026 | compliance | minimal | — | — |
| 27 Aug 2026 · 2nd Reminder Notice for demat of pre-2019 physical shares | compliance | minimal | — | — |
| 21 Aug 2026 · Surya Roshni 53rd AGM on Sept 15 via VC; final dividend Rs 2.50/share | compliance | minimal | — | — |
| 20 Aug 2026 · Physical letter sent with weblinks for 53rd AGM and Annual Report 2025-26 | compliance | minimal | — | — |
| 19 Aug 2026 · BRSR for FY 2025-26 submitted to stock exchanges | compliance | low | — | — |
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.