Suraj Products share price & results
- Jun 2026
- Sept 2026
Odisha-based integrated iron & steel manufacturer producing sponge iron, pig iron, MS billet/ingot and TMT bars, with captive waste-heat power generation.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 87.7 | +8.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.8 | +1.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 6.7 | +46.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 12.51 | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. | |
| Free cash flow margin | 12.27 | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. | |
| Revenue growth (YoY) | Trailing twelve months | TTM to Jun 2026 | Not in the analysed materials. No older figure is substituted. |
Price
Performance −37.3% 1Y
1Y: ₹423.55 on 24 Oct 2025 → ₹265.4. High ₹444.7 (27 Oct 2025), low ₹164.4 (13 Jan 2026).
- Previous close
- ₹260.15
- Market cap
- ₹258 Cr
- 52-week range
- ₹164.4 – ₹444.7
- One year
- −40.32%
- Price to earnings (TTM to Jun 2026)
- 12.42×
- Return on equity (TTM to Jun 2026)
- 12.51%
Overview
- Symbol
- NSE:SURAJ
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Suraj Products Ltd. does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 1 fiscal year held (Mar 2026 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +47% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 76 | 67 | 91 | 81 | 59 | 66 | 99 | 88 |
| Expenses | 65 | 60 | 82 | 73 | 53 | 59 | 87 | 78 |
| Operating profit | 11 | 7 | 8 | 7 | 6 | 7 | 11 | 9 |
| Operating margin | 13.9% | 10.9% | 9.3% | 9.0% | 10.0% | 10.0% | 11.6% | 10.8% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 8 | 5 | 6 | 5 | 4 | 5 | 10 | 8 |
| Tax rate | 18.7% | 18.4% | 32.8% | 13.1% | 21.6% | 16.5% | 30.4% | 19.3% |
| Net profit | 6 | 4 | 4 | 5 | 3 | 4 | 7 | 7 |
| EPS (₹ per share) | 5.69 | 3.50 | 3.73 | 4.03 | 2.81 | 3.54 | 6.15 | 5.90 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 285 | 345 | 326 | 304 |
| Expenses | 237 | 294 | 289 | 273 |
| Operating profit | 48 | 51 | 37 | 31 |
| Other income | 0 | 1 | 1 | 1 |
| Interest | 4 | 3 | 2 | 1 |
| Depreciation | 9 | 9 | 8 | 7 |
| Profit before tax | 36 | 39 | 28 | 24 |
| Net profit | 26 | 29 | 21 | 19 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 67 | 92 | 119 | 138 | 144 | 155 |
| Borrowings | 61 | 54 | 41 | 21 | 13 | 7 |
| Other liabilities | 5 | 15 | 14 | 12 | 16 | 14 |
| Total liabilities | 145 | 172 | 186 | 183 | 183 | 187 |
| Fixed assets | 74 | 84 | 75 | 69 | 68 | 65 |
| Capital work in progress | 0 | 0 | 1 | 3 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 11 | 15 |
| Other assets | 71 | 88 | 110 | 111 | 104 | 106 |
| Total assets | 145 | 172 | 186 | 183 | 183 | 187 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 33 | 13 | 33 | 31 | 30 | 40 |
| Cash from investing | -2 | -7 | -19 | -1 | -5 | -30 |
| Cash from financing | -28 | -9 | -13 | -18 | -24 | -18 |
| Net cash flow | 2 | -3 | 1 | 13 | 1 | -9 |
| Free cash flow | 31 | 6 | 14 | 30 | 26 | 39 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 12 | 10 | 15 | 8 | 16 | 13 |
| Inventory days | 83 | 120 | 66 | 74 | 68 | 80 |
| Days payable | 10 | 5 | 6 | 6 | 6 | 5 |
| Cash conversion cycle | 86 | 125 | 75 | 76 | 78 | 88 |
| Working capital days | 17 | 46 | 42 | 49 | 64 | 71 |
| Return on capital employed | 17.0% | 27.0% | 27.0% | 26.0% | 17.0% | 15.0% |
| Dividend payout | 0.0% | 5.0% | 7.0% | 8.0% | 11.0% | 14.0% |
What the price assumes
Growth trapTo justify its price of ₹265, 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 61%.
- Growth the price implies
- 6.4% 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
- -61% downside if it only repeats history
Ownership
Who owns it
Promoters hold 73.70% as of Sept 2026; institutions added 0.00 pts since Jun 2026.
- Promoters 73.70%
- Domestic institutions 0.05%
- Public 26.24%
Who is on the register
Named in the Sep 2026 filing
Every holder of Suraj Products Ltd. above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 47.17% | unchanged | |
| 13.08% | unchanged | |
| 6.78% | unchanged | |
| 4.74% | unchanged | |
| 0.97% | unchanged | |
| 0.96% | unchanged |
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.
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