518075

Suraj Products financials

Market cap
₹286 Cr
Sector
Capital Goods

What Suraj Products does

Suraj Products Limited runs an integrated iron & steel works at Barpali, Rajgangpur (Odisha), converting sponge iron into pig iron and MS ingot/billet, which is further rolled into TMT bars — its principal product. The plant also generates part of its own power through a captive power plant (CPP), a waste heat recovery boiler (WHRB) and an AFBC boiler, supplementing power bought from the grid. The company has incorporated a wholly owned subsidiary, Suraj Iron & Steel Manufacturers L.L.C.-S.P.C., in Abu Dhabi (UAE) and taken land on a 50-year lease in the KEZAD industrial zone to set up a new manufacturing facility for Ferro Alloys and Green Iron & Steel.

Segments

  • Iron & Steel
TMT Bar production (FY25)
57,740 MT
MS Ingot/Billet production (FY25)
69,276 MT
Sponge Iron production (FY25)
38,423 MT
Pig Iron production (FY25)
25,323 MT
Captive power generated - CPP (Net, FY25)
61,313 MW, captively consumed
Captive power generated - WHRB (FY25)
27,429 MW
Founded 1991Headquarters Barpali, Rajgangpur, Sundargarh, Odisha, India Company website

Quarterly results

Q1 FY27: revenue up 8.7%, net profit up 44.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue76 67 91 81 59 −22%66 −3%99 +9%88 +9%
EBITDA11 7 8 7 6 −44%7 −11%11 +37%9 +30%
Net profit6 4 4 5 3 −51%4 +1%7 +62%7 +45%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −15.3% 1Y

₹200₹300₹400Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹299.6 on 10 Sept 2025 → ₹253.9. High ₹444.7 (27 Oct 2025), low ₹164.4 (13 Jan 2026).

Financials, as filed

Revenue grew 2.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.3%.

Year endingFY23FY24FY25FY26
Revenue₹285 Cr₹345 Cr₹326 Cr₹304 Cr
Operating profit₹48 Cr₹51 Cr₹37 Cr₹31 Cr
Operating margin17.0%14.8%11.4%10.3%
Interest₹4 Cr₹3 Cr₹2 Cr₹1 Cr
Depreciation₹9 Cr₹9 Cr₹8 Cr₹7 Cr
Net profit₹26 Cr₹29 Cr₹21 Cr₹19 Cr
Net margin9.1%8.4%6.6%6.2%
Cash from operations₹33 Cr₹31 Cr₹30 Cr₹40 Cr
Free cash flow₹14 Cr₹30 Cr₹26 Cr₹38 Cr
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr
Reserves₹43 Cr₹67 Cr₹92 Cr₹119 Cr₹144 Cr₹155 Cr
Borrowings₹66 Cr₹61 Cr₹54 Cr₹41 Cr₹13 Cr₹7 Cr
Other liabilities₹9 Cr₹5 Cr₹15 Cr₹14 Cr₹16 Cr₹14 Cr
Total liabilities₹130 Cr₹145 Cr₹172 Cr₹186 Cr₹183 Cr₹187 Cr
Fixed assets₹75 Cr₹74 Cr₹84 Cr₹75 Cr₹68 Cr₹65 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹1 Cr₹1 Cr₹2 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹11 Cr₹15 Cr
Other assets₹54 Cr₹71 Cr₹88 Cr₹110 Cr₹104 Cr₹106 Cr
Total assets₹130 Cr₹145 Cr₹172 Cr₹186 Cr₹183 Cr₹187 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count shrank 2% to 11,621.

Promoters
73.7%
DIIs
0.1%
Public
26.2%

Since Jun 2025

  • DIIs +0.03 pp
  • Public −0.03 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Dec '23: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Mar '24: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Jun '24: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Sep '24: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Dec '24: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Mar '25: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Jun '25: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Sep '25: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Dec '25: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Mar '26: Promoters 73.7%, DIIs 0.0%, Public 26.3%.Jun '26: Promoters 73.7%, DIIs 0.1%, Public 26.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Suraj Products above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Molisati Vinimay Private Limited 47.17%+24.80 pp
Y.K.Dalmia 13.08%unchanged
Sunita Dalmia 6.78%unchanged
Balbhadra Infratech Private Limited 4.74%unchanged
Nivedita Dalmia 0.97%unchanged
Nandita Dalmia 0.96%unchanged
Nip Power Private Limited —off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹254, this stock must grow earnings at 6% every year for 7 years. Our analysis caps realistic growth at ~-11%. At that growth it is worth ₹102 — downside of 60%.

Growth the price implies
5.6% a year
for 7 years, fading to 4%
It has actually compounded at
-10.9% a year
net profit, FY23–FY26 · EPS -10.9%
The gap
0.2 pp
-60% downside if it only repeats history
Price today ₹253.9 Value at the reference growth ₹102.17

Change the assumptions yourself →

Learn to analyse Suraj Products

Guides on how to read this kind of business and the numbers that matter.