SURYAROSNI

Surya Roshni share price & financials

Price
₹266.34
Market cap
₹4.9k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 11 Aug 2026

Surya Roshni Limited Q1 FY27

Consolidated Revenue ₹2,046 cr +28%Consolidated EBITDA ₹120 cr +46%Consolidated PAT ₹60 cr +77%

What went well

  • Consolidated revenues grew 28% YoY to INR 2,046 crore, demonstrating strong top-line performance.
  • Profit after tax (PAT) surged 77% YoY to INR 60 crore, indicating improved profitability.
  • The Lighting & Consumer Durables segment achieved its strongest-ever Q1 with 15% YoY revenue growth and 17% YoY EBITDA growth to INR 36 crore.

What to watch

  • Steel segment's EBITDA per ton in Q1 FY27 was INR 4,006, falling short of the full-year guidance of INR 4,600-4,700, primarily due to a significant INR 3,800 per ton impact from high ocean freight costs on exports.
  • The Steel segment's order book decreased to INR 800 crore from INR 1,000 crore at March end, attributed to clearing old orders, lower API spiral orders, and geopolitical impacts in the Middle East.
Read the full call →

What Surya Roshni Limited does

Surya Roshni manufactures steel pipes and strips - GI, ERW, API/3LPE-coated spiral, black, hollow-section and CR strip pipes - sold under the 'Prakash Surya' brand for construction, infrastructure, agriculture, oil & gas and water-transportation uses, with exports to over 50 countries. Its Lighting & Consumer Durables (FMEG) segment makes LED and conventional lighting, fans, home appliances, PVC pipes and wires & cables under the 'Surya' brand, sold through a deep rural and semi-urban dealer network. The company runs integrated manufacturing units across Haryana, Madhya Pradesh, Gujarat, Andhra Pradesh and Uttarakhand, and has operated since 1973.

Segments

  • Steel Pipes & Strips
  • Lighting & Consumer Durables (FMEG)
Installed steel pipe manufacturing capacity
14.21 lakh MTPA (10.21 lakh t ERW pipes with DFT, 2.60 lakh t spiral pipes, 27.50 lakh sq m of 3LPE coating, 1.40 lakh t CR sheets)
Manufacturing units (company-wide)
6
Steel pipe manufacturing locations
4 (Haryana, Madhya Pradesh, Gujarat, Andhra Pradesh)
PVC pipes installed capacity
12,500 MTPA
Countries exported to (steel pipes)
50+
Pan-India dealers/retailers (steel pipes)
21,000+
Founded 1973Headquarters Bahadurgarh, HaryanaEmployees 3,328 (FY2024-25 Annual Report ) Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 0 delivered 7 missed 11 open
  • Steel Division Volume (FY26) missed said Q4 FY25 Promised: cross at least 1.1 million tons Q1 FY27: Final verdict from Q4 FY26.
  • Consolidated EBITDA (FY27) revised down said Q4 FY26 Promised: ₹680 crores to ₹700 crores Q1 FY27: Revised guidance to ₹670-680 crores for FY27. Q1 FY27 EBITDA was ₹120 crores.
  • Total Steel Capacity on track said Q4 FY25 Promised: 2 million tons by the end of 2027 Q1 FY27: Reiterated target of 1.6M tons by FY27 and ~2M tons by FY28-29. 3 new mills being commissioned between Aug-Dec 2026.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 27.5%, net profit up 76.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,529 1,868 2,146 1,605 1,845 +21%1,927 +3%2,163 +1%2,046 +27%
EBITDA76 150 202 70 118 +55%145 −3%154 −24%112 +60%
Net profit34 90 130 34 74 +118%80 −11%98 −25%60 +76%
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 −28.0% 1Y

₹200₹250₹300Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 25 May 2026Q1 FY27 — 11 Aug 2026

1Y: ₹297.5 on 10 Sept 2025 → ₹214.27. High ₹305.45 (3 Nov 2025), low ₹188.08 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−4.8%
11 Aug
Q4 FY26
−11.7%
25 May
Q3 FY26
−6.0%
11 Feb
Q2 FY26
−1.4%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 1.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.5%.

Year endingFY23FY24FY25FY26
Revenue₹8.0k Cr₹7.8k Cr₹7.4k Cr₹7.5k Cr
Operating profit₹614 Cr₹572 Cr₹579 Cr₹487 Cr
Operating margin7.7%7.3%7.8%6.5%
Interest₹45 Cr₹23 Cr₹21 Cr₹27 Cr
Depreciation₹116 Cr₹117 Cr₹122 Cr₹130 Cr
Net profit₹336 Cr₹329 Cr₹346 Cr₹286 Cr
Net margin4.2%4.2%4.7%3.8%
Cash from operations₹280 Cr₹546 Cr₹395 Cr₹401 Cr
Free cash flow₹247 Cr₹495 Cr₹254 Cr₹250 Cr
ROCE23.0%21.0%21.0%16.0%
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₹54 Cr₹53 Cr₹54 Cr₹54 Cr₹109 Cr₹109 Cr
Reserves₹1.3k Cr₹1.5k Cr₹1.8k Cr₹2.1k Cr₹2.4k Cr₹2.5k Cr
Borrowings₹732 Cr₹593 Cr₹418 Cr₹16 Cr₹124 Cr₹80 Cr
Other liabilities₹842 Cr₹974 Cr₹776 Cr₹739 Cr₹816 Cr₹832 Cr
Total liabilities₹2.9k Cr₹3.1k Cr₹3.1k Cr₹2.9k Cr₹3.4k Cr₹3.5k Cr
Fixed assets₹1.0k Cr₹943 Cr₹912 Cr₹835 Cr₹873 Cr₹892 Cr
Capital work in progress₹10 Cr₹53 Cr₹8 Cr₹17 Cr₹16 Cr₹30 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹4 Cr₹0 Cr
Other assets₹1.9k Cr₹2.1k Cr₹2.1k Cr₹2.1k Cr₹2.6k Cr₹2.6k Cr
Total assets₹2.9k Cr₹3.1k Cr₹3.1k Cr₹2.9k Cr₹3.4k Cr₹3.5k 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

Since Jun 2025, FIIs trimmed −0.86 pp while promoters added +0.55 pp. The shareholder count grew 8% to 67,798.

Promoters
63.0%
FIIs
3.8%
DIIs
1.9%
Public
31.3%

Since Jun 2025

  • FIIs −0.86 pp
  • Promoters +0.55 pp
  • DIIs +0.21 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.5% to 1.9% — +1.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 63.0%, FIIs 5.2%, DIIs 0.5%, Public 30.5%, Others 0.9%.Dec '23: Promoters 63.0%, FIIs 5.3%, DIIs 0.5%, Public 30.6%, Others 0.6%.Mar '24: Promoters 63.0%, FIIs 5.0%, DIIs 0.6%, Public 31.1%, Others 0.4%.Jun '24: Promoters 63.0%, FIIs 4.5%, DIIs 1.0%, Public 31.3%, Others 0.3%.Sep '24: Promoters 63.0%, FIIs 4.9%, DIIs 1.0%, Public 31.0%, Others 0.1%.Dec '24: Promoters 62.5%, FIIs 4.5%, DIIs 1.5%, Public 31.5%, Others 0.1%.Mar '25: Promoters 62.5%, FIIs 4.1%, DIIs 1.6%, Public 31.8%, Others 0.0%.Jun '25: Promoters 62.5%, FIIs 4.7%, DIIs 1.7%, Public 31.1%, Others 0.0%.Sep '25: Promoters 62.5%, FIIs 4.9%, DIIs 1.7%, Public 30.9%, Others 0.0%.Dec '25: Promoters 62.9%, FIIs 4.8%, DIIs 2.0%, Public 30.3%, Others 0.0%.Mar '26: Promoters 63.0%, FIIs 4.7%, DIIs 2.1%, Public 30.2%, Others 0.0%.Jun '26: Promoters 63.0%, FIIs 3.8%, DIIs 1.9%, Public 31.3%.

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 Surya Roshni Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Diwakar Marketing Private Limited 10.55%unchanged
Cubitex Marketing Private Limited 9.14%unchanged
Shreyansh Mercantile Private Limited 5.84%unchanged
Sahaj Tie-Up Private Limited 5.74%unchanged
Dicord Commodeal Private Limited 4.16%unchanged
Shirin Commodeal Private Limited 3.89%unchanged
Goel Die Cast Limited 3.69%unchanged
S M Vyapaar Private Limited 3.65%unchanged
Zatco Vyapar Private Limited 2.58%unchanged
Henco Commercials Private Limited 2.36%unchanged
Sadabahar Tradecomm Private Limited 2.35%unchanged
Raxon Motor Finance Private Limited 1.89%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.

What the price assumes

Growth trap

To justify its price of ₹214, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~-7%. At that growth it is worth ₹90 — downside of 58%.

Growth the price implies
8.7% a year
for 7 years, fading to 4%
It has actually compounded at
-7.1% a year
net profit, FY23–FY26 · EPS -7.1%
The gap
0.2 pp
-58% downside if it only repeats history
Price today ₹214.27 Value at the reference growth ₹90.23

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Surya Roshni Limited

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