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Surya Roshni Q1 FY27 PAT Rises 77% to ₹60 Cr; Guides FY27 Revenue at ₹9,400-9,500 Cr
Surya Roshni reported strong Q1 FY27 earnings, with consolidated revenue rising 28% YoY to ₹2,046 crore and net profit surging 77% YoY to ₹60 crore. Growth was driven by the Steel Pipes segment (revenue up 32% YoY to ₹1,590 crore with volume of 2.28 lakh tons) and Lighting & Consumer Durables (revenue up 15% YoY to ₹456 crore). The company maintained a zero-debt status with a net cash surplus of ₹155 crore as of June 30, 2026. Management reiterated its full-year FY27 guidance targeting ₹9,400–9,500 crore in total revenue and ₹670–680 crore in EBITDA.
Confidence: HIGH
What changedRelease of the Q1 FY27 earnings call transcript providing management guidance, capex plans, and segment performance breakdowns.
Why it mattersConfirms strong operational momentum across both steel and lighting divisions along with net cash balance sheet strength and clear medium-term expansion targets.
Q1 FY27 Consolidated Revenue: ₹2,046 crQ1 FY27 Consolidated PAT: ₹60 crSteel EBITDA per ton: ₹4,006Net cash surplus: ₹155 crFY27 Full Year Revenue Guidance: ₹9,400 to ₹9,500 crFY27 Capex for pipe expansion: ₹100 cr
📅 Short termSolid Q1 performance and reiterated revenue/EBITDA targets support near-term sentiment.
📈 Long termIncreasing share of value-added DFT section pipes and API export pipes, alongside scaling to 2 million tons capacity by FY29, provides steady medium-term growth visibility.
⚠ Risk flags
- Raw material steel price volatility impacting EBITDA spreads
- Execution delays in government fund releases affecting galvanized pipe demand
- Competition from imports in the lighting segment
Key Highlights
Q1 FY27 consolidated revenue grew 28% YoY to ₹2,046 crore, with PAT up 77% YoY to ₹60 crore
Steel segment EBITDA per ton increased 37% YoY to ₹4,006/ton, supported by a 21% volume growth to 2.28 lakh tons
Professional lighting order book stood at ~₹150 crore, while total steel order book stood at ₹800 crore
Maintained full-year FY27 guidance of ₹9,400–₹9,500 crore in revenue and ₹670–₹680 crore in consolidated EBITDA
Capacity expansion underway with ₹100 crore capex to scale steel pipe capacity to 16 lakh tons in FY27 and ~20 lakh tons by FY29
👀 What to Watch
Track execution against the full-year EBITDA guidance of ₹4,600–4,700/ton in the steel segment and the commissioning of three new DFT mills between August and December 2026.
Surya Roshni Q1 Revenue up 27.5% YoY to ₹2,046 Cr; ₹2.50 Dividend Record Date Fixed
Surya Roshni reported a strong start to FY27 with consolidated revenue growing 27.5% YoY to ₹2,046.48 crore. Profitability showed significant improvement as Consolidated Profit Before Tax (PBT) surged 76.7% YoY to ₹80.69 crore, primarily driven by the Steel Pipe & Strips segment. The Board has fixed August 21, 2026, as the record date for the ₹2.50 final dividend and approved 5-year re-appointments for the Executive Chairman and Managing Director, ensuring leadership continuity.
Confidence: HIGH
What changedThe company reported a sharp YoY recovery in earnings for Q1 FY27 and formalized the timeline for its final dividend payment and long-term leadership structure.
Why it mattersThe 111% growth in steel segment profit suggests successful execution of the shift toward value-added products like API pipes, which is critical for improving the company's historically thin 6.5% OPM.
Q1 Consolidated Revenue: ₹2,046.48 crQ1 Consolidated PBT: ₹80.69 crSteel Segment Profit Growth: 111% YoYFinal Dividend per share: ₹2.50Dividend Record Date: August 21, 2026Q1 Revenue vs TTM Revenue: ~27.1%
📅 Short termThe strong earnings beat and dividend record date are likely to support the stock price in the coming weeks as the market reacts to the 76% PBT growth.
📈 Long termLeadership continuity for the next 5 years and the focus on high-margin API pipes and exports provide a stable structural outlook for margin improvement.
⚠ Risk flags
- Raw material price volatility in the steel segment
- Competitive pricing pressure from Chinese imports in the lighting segment
Key Highlights
Consolidated Revenue from Operations grew to ₹2,046.48 crore in Q1 FY27 from ₹1,604.52 crore in the same quarter last year.
Steel Pipe & Strips segment profit (before tax and finance costs) more than doubled to ₹60.46 crore from ₹28.66 crore YoY.
Lighting & Consumer Durables segment profit increased 15.3% YoY to ₹25.51 crore.
Final dividend of ₹2.50 per share for FY 2025-26 to be paid to members as of the August 21, 2026 record date.
Executive Chairman Jai Prakash Agarwal and MD Vinay Surya re-appointed for 5-year terms starting 2027 and 2026 respectively.
👀 What to Watch
Investors should monitor the sustainability of the Steel segment's margin expansion and the execution of the ₹400 crore greenfield expansion plan mentioned in the company's growth strategy.
77% PAT Growth in Q1 FY27; Surya Roshni Reports ₹2,046 Cr Revenue and Strong Steel Volumes
Surya Roshni delivered a robust Q1 FY27 performance with consolidated revenue rising 28% YoY to ₹2,046 crore and PAT surging 77% to ₹60 crore. The Steel Pipes & Strips segment saw a 21% volume growth to 2.28 lakh tonnes, driven by a massive 207% jump in ERW API pipes. Profitability in the steel segment improved significantly, with EBITDA per tonne rising 37% YoY to ₹4,006. The company maintains a strong financial position with a net cash surplus of ₹337 crore as of March 2026.
Confidence: HIGH
What changedThe company has reported a significant acceleration in high-margin API pipe volumes and achieved record Q1 sales in its lighting division, leading to substantial bottom-line growth.
Why it mattersThe shift towards value-added products (47% of steel volume) and a lean balance sheet (D/E of 0.03) structurally improves the company's resilience against steel price volatility and supports higher ROCE.
Q1 FY27 Revenue: ₹2,046 crQ1 FY27 PAT: ₹60 crSteel EBITDA/MT: ₹4,006Order Book: ₹800 crOrder Book vs TTM Revenue: 10.6%Net Cash Surplus (Mar-26): ₹337 cr
📅 Short termThe strong 77% PAT growth and margin expansion in the steel segment are likely to be viewed positively by the market in the coming weeks.
📈 Long termThe company's focus on API pipes, exports (20% of steel volume), and brownfield expansions suggests a long-term strategy to move away from pure commodity steel towards specialized engineering products.
⚠ Risk flags
- Raw material price volatility in the steel segment
- Competitive pricing pressure from Chinese imports in the lighting segment
- Execution risks in the US export order book
Key Highlights
Consolidated PAT grew 77% YoY to ₹60 crore in Q1 FY27 compared to ₹34 crore in Q1 FY26.
Steel segment EBITDA per metric tonne (MT) increased 37% YoY to ₹4,006 from ₹2,922.
ERW API pipe volumes surged 207% YoY, contributing to a 47% value-added product mix in the steel segment.
Lighting & Consumer Durables segment recorded its highest-ever Q1 sales of ₹456 crore, up 15% YoY.
Current order book stands at approximately ₹800 crore, including 78,000 tonnes of export API orders for the US market.
👀 What to Watch
Investors should monitor the execution of the ₹800 crore order book and the sustainability of the 47% value-added product mix, which is driving margin expansion. The company's ability to pass on a 7% input cost increase in the lighting segment suggests strong brand equity.
77% PAT Growth: Surya Roshni Reports Strong Q1 FY27, Achieves Zero-Debt Status
Surya Roshni reported a robust Q1 FY27 with consolidated revenue growing 28% YoY to ₹2,046 crore and PAT surging 77% to ₹60 crore. The Steel Pipes segment achieved record Q1 volumes of 2.28 lakh tonnes (up 21% YoY), while the Lighting & Consumer Durables segment recorded its highest-ever Q1 sales of ₹456 crore. A major milestone was reached as the company became zero-debt, holding a net cash surplus of ₹154 crore. Management maintained its FY27 guidance of 22-23% value growth and 25% volume growth.
Confidence: HIGH
What changedThe company has eliminated its debt and shifted to a net cash position while significantly scaling its high-margin API pipe exports.
Why it mattersThe transition to a zero-debt status and the focus on value-added products (47% of steel volume) structurally improves the company's margin profile and financial resilience.
Q1 Revenue: ₹2,046 crQ1 Revenue vs TTM Revenue: 27.1%Net Cash Surplus: ₹154 crSteel Volume Growth: 21% YoYEBITDA Margin: 5.9%Total Order Book: ₹950 cr
📅 Short termThe stock is likely to react positively to the significant PAT growth and the milestone of becoming debt-free, which reduces financial risk.
📈 Long termThe planned capacity expansion to 20 lakh tonnes by FY30 and the increasing share of value-added exports provide a clear multi-year growth runway.
⚠ Risk flags
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- Raw material price volatility in the steel segment
- High freight costs impacting lighting export economics
- Delayed government fund releases for state-led projects
Key Highlights
Consolidated PAT increased 77% YoY to ₹60 crore for the quarter ended June 30, 2026.
Steel segment EBITDA per tonne improved 37% YoY to ₹4,006, driven by a 47% share of value-added products.
Company transitioned to zero-debt status with a net cash surplus of ₹154 crore as of June 2026.
ERW API pipes business grew 207% YoY, supported by a 377% surge in export volumes following US market entry.
Total order book stands at ₹950 crore, including ₹150 crore in professional lighting and ₹800 crore in steel.
👀 What to Watch
Monitor the commissioning of three new DFT mills scheduled between August and December 2026 and track if the company can sustain the ₹4,600-4,700 EBITDA/MT guidance for the full year.
Surya Roshni Q1 Revenue Grows 27% to ₹2,046 Cr; ₹2.50 Dividend Record Date Set for Aug 21
Surya Roshni reported a strong start to FY27 with consolidated Q1 revenue reaching ₹2,046.48 Cr, a 27.5% increase from ₹1,604.52 Cr in the year-ago period. The company has fixed August 21, 2026, as the record date for a final dividend of ₹2.50 per share for FY26. Profitability in the Steel Pipe & Strips segment saw a significant jump, with segment PBT rising to ₹60.46 Cr from ₹28.66 Cr YoY. Additionally, the board approved the re-appointment of the Executive Chairman and Managing Director for five-year terms, ensuring leadership continuity.
Confidence: HIGH
What changedThe company has reported its Q1 FY27 financial results, showing significant YoY growth, and finalized the timeline for its FY26 final dividend payout.
Why it mattersThe strong performance in the Steel Pipe segment validates the company's focus on value-added products like API pipes, while the dividend and management re-appointments provide stability for shareholders.
Q1 FY27 Consolidated Revenue: ₹2,046.48 CrYoY Revenue Growth: 27.5%Final Dividend per share: ₹2.50Steel Segment PBT (Q1): ₹60.46 CrRecord Date: 21-Aug-2026
📅 Short termThe stock is likely to see positive sentiment due to the strong YoY revenue and profit growth in the steel segment, alongside the upcoming dividend payout.
📈 Long termThe company's shift toward high-margin API pipes and its ₹400 Cr expansion plan are structural drivers that could improve ROCE over the next 2-3 years.
⚠ Risk flags
- Raw material price volatility affecting steel margins
- Competitive pricing pressure from imports in the lighting segment
Key Highlights
Consolidated revenue for Q1 FY27 stood at ₹2,046.48 Cr, representing approximately 27% of TTM revenue.
Final dividend of ₹2.50 per share confirmed for FY26 with a record date of August 21, 2026.
Steel Pipe & Strips segment PBT increased by 110% YoY to ₹60.46 Cr compared to ₹28.66 Cr in Q1 FY26.
Lighting & Consumer Durables segment PBT grew 15% YoY to ₹25.51 Cr.
Re-appointment of Mr. Jai Prakash Agarwal as Executive Chairman for a 5-year term effective January 1, 2027.
👀 What to Watch
Investors should monitor the sustainability of the 110% YoY growth in Steel segment profitability and the progress of the previously announced ₹400 crore greenfield expansion.
Surya Roshni Q1 Revenue Grows 27.5% YoY to ₹2,046 Cr; ₹2.50 Dividend Record Date Fixed
Surya Roshni reported a strong Q1 FY27 with consolidated revenue rising 27.5% YoY to ₹2,046.48 cr, driven by robust performance in the Steel Pipe & Strips segment. Segment profit for Steel grew significantly to ₹60.46 cr from ₹28.66 cr YoY, while the Lighting segment contributed ₹25.51 cr. The company fixed August 21, 2026, as the record date for a ₹2.50 per share final dividend. Additionally, the board approved 5-year re-appointments for the Executive Chairman and Managing Director, ensuring leadership continuity through 2031.
Confidence: HIGH
What changedThe company has reported its Q1 FY27 financial results, showing strong YoY growth, and has formalized the timeline for its final dividend and top-level management tenure.
Why it mattersThe results demonstrate the company's ability to grow its core steel business despite market volatility, while management re-appointments provide long-term stability for its strategic shift toward value-added products.
Revenue (Q1 FY27): ₹2,046.48 crYoY Revenue Growth: 27.5%Steel Segment Profit: ₹60.46 crFinal Dividend: ₹2.50 per shareDividend Record Date: August 21, 2026Total Assets: ₹3,536.51 cr
📅 Short termThe stock may see positive momentum due to the strong YoY earnings growth and the upcoming dividend record date in late August.
📈 Long termStructural growth remains tied to the successful ramp-up of value-added steel products and the ₹400 cr expansion, supported by a stable leadership team.
⚠ Risk flags
- Raw material price volatility affecting steel margins
- Competitive pricing pressure from imports in the lighting segment
Key Highlights
Consolidated Revenue from Operations reached ₹2,046.48 cr in Q1 FY27, a 27.5% increase over ₹1,604.52 cr in Q1 FY26.
Steel Pipe & Strips segment profit before tax and finance costs rose to ₹60.46 cr, up from ₹28.66 cr in the previous year's quarter.
Lighting & Consumer Durables segment profit improved to ₹25.51 cr compared to ₹22.13 cr YoY.
Final dividend of ₹2.50 per share for FY26 confirmed with a Record Date of August 21, 2026.
Re-appointment of Mr. Jai Prakash Agarwal as Executive Chairman for a 5-year term effective January 1, 2027.
👀 What to Watch
Investors should monitor the execution of the ₹400 crore greenfield expansion plan and the volume growth in high-margin API pipes. The upcoming AGM on September 15, 2026, will be key for further strategic updates.
CARE Reaffirms AA; Stable Rating for Rs 1,000 Cr Bank Facilities of Surya Roshni
CARE Edge Ratings has reaffirmed Surya Roshni Limited's credit rating at 'AA; Stable' for its long-term bank facilities and 'A1+' for short-term facilities. The rating covers total bank facilities of Rs 1,000 crore, comprising Rs 349 crore in long-term and Rs 651 crore in short-term limits. This reaffirmation is based on the company's FY26 audited performance and reflects its strong credit profile, supported by a very low Debt-to-Equity ratio of 0.03 and TTM revenue of Rs 7,540 crore.
Confidence: HIGH
What changedCARE Edge Ratings has reviewed and maintained the existing high-grade credit ratings for the company's bank facilities following the FY26 audit.
Why it mattersA reaffirmed high credit rating (AA) confirms the company's financial stability and low default risk, ensuring continued access to low-cost capital for its expansion into value-added API pipes.
Total Rated Facilities: Rs 1,000.00 crLong Term Rating: CARE AA; StableShort Term Rating: CARE A1+Rated Facilities vs TTM Revenue: 13.26%Debt-to-Equity Ratio: 0.03
📅 Short termThe reaffirmation provides stability to the stock by validating the company's balance sheet strength after the FY26 results.
📈 Long termThe high credit rating supports the company's structural shift toward value-added products and its ability to fund long-term growth without significant dilution or high-interest burdens.
⚠ Risk flags
- Raw material price volatility in the steel segment
- Competitive pressure from Chinese imports in the lighting business
Key Highlights
Total bank facilities rated by CARE Edge amount to Rs 1,000 crore.
Long-term rating reaffirmed at CARE AA; Stable for Rs 349 crore of facilities.
Short-term rating reaffirmed at CARE A1+ for Rs 651 crore of facilities.
Ratings are based on the audited financial and operational performance for FY26.
Company maintains a low debt profile with a Debt-to-Equity ratio of 0.03 as per latest context.
👀 What to Watch
Investors should monitor the company's utilization of these credit limits to fund its planned Rs 400 crore greenfield expansion and track if operating margins (currently 6.5%) remain stable amidst steel price volatility.
Surya Roshni Q4 FY26: Record Steel Volumes; Targets 11 Lakh Tons for FY27
Surya Roshni reported a stable FY26 with consolidated revenue of ₹7,540 crore and a PAT of ₹286 crore, while maintaining a zero-debt status with a ₹337 crore cash surplus. The Steel segment achieved record quarterly volumes of 2.6 lakh tons in Q4, despite export headwinds from the Middle East crisis. Management has provided aggressive guidance for FY27, targeting 11 lakh tons in steel volume and doubling exports to over 2.5 lakh tons. The Lighting segment also showed resilience with 7% annual revenue growth and a strong target for the Wire and Cable business.
Key Highlights
Achieved record quarterly steel volume of 2.6 lakh tons in Q4 FY26, with FY26 total volume reaching 9.04 lakh tons.
Maintained zero-debt status with a net cash surplus of ₹337 crore and declared a total dividend of ₹5.00 per share for FY26.
Targeting significant growth in FY27 with steel volumes projected at 11 lakh tons and exports expected to double to 2.5 lakh tons.
Lighting & Consumer Durables segment grew 7% in FY26, with a specific FY27 revenue target of ₹260 crore for the Wire and Cable business.
Order book for the Steel Division stands at over ₹1,000 crore, driven by high-margin exports and value-added products (43% of total volume).
👀 What to Watch
Investors should monitor the company's execution of its aggressive FY27 volume targets and the recovery of export margins. The debt-free balance sheet and shift toward value-added products provide a strong margin of safety for long-term holders.
Surya Roshni Q4FY26: PAT at ₹98 Cr, Steel Pipe Volumes Hit Record 2.6 Lakh Tonnes
Surya Roshni reported a stable Q4FY26 with revenue of ₹2,163 crore, showing a 12% sequential growth despite a 24% YoY decline in PAT to ₹98 crore. The Steel Pipes segment achieved record quarterly volumes of 2.6 lakh tonnes, while the Lighting and Consumer Durables segment grew 9% YoY to ₹501 crore. The company has significantly deleveraged, maintaining a net cash surplus of ₹337 crore and reducing debt to just ₹65 crore. A strong order book of ₹1,000 crore provides visibility for the first half of FY27.
Key Highlights
Consolidated Q4FY26 revenue stood at ₹2,163 crore, up 12% QoQ, with PAT at ₹98 crore.
Steel Pipes & Strips segment reported highest-ever quarterly dispatch volumes of ~2.6 lakh tonnes.
Value-added products (VAP) contributed 43% of overall volumes in FY26, supporting realization.
Company achieved a net cash surplus of ₹337 crore with gross debt reduced to ₹65 crore from ₹580 crore in FY22.
Current order book remains robust at ₹1,000 crore, primarily driven by exports and API orders.
👀 What to Watch
Investors should focus on the company's successful transition toward value-added products and its virtually debt-free balance sheet. The sequential recovery in margins and strong export order book suggest resilience despite YoY profit pressure.
Surya Roshni FY26 PAT Declines 18% to ₹285.6 Cr; Final Dividend of ₹2.50 Declared
Surya Roshni reported a marginal 1.4% growth in annual revenue to ₹7,53,983 Lakhs for FY26. However, Profit After Tax (PAT) for the full year fell by 18% to ₹28,561 Lakhs from ₹34,840 Lakhs in FY25, reflecting margin pressure. The Steel Pipe segment, the company's largest, saw a significant EBIT decline of 18.5% YoY. Despite the profit dip, the board recommended a final dividend of ₹2.50 per share, totaling ₹5.00 for the fiscal year.
Key Highlights
FY26 Revenue from Operations stood at ₹7,53,983 Lakhs compared to ₹7,43,522 Lakhs in FY25.
Full-year Net Profit (PAT) decreased by 18% YoY to ₹28,561 Lakhs.
Q4FY26 PAT saw a sharper decline of 24.5% YoY, coming in at ₹9,824 Lakhs.
Steel Pipe & Strips segment EBIT fell to ₹29,124 Lakhs from ₹35,741 Lakhs in the previous year.
Recommended a final dividend of ₹2.50 per equity share (50% of face value).
👀 What to Watch
The significant decline in profitability despite stable revenues indicates margin compression in the core steel segment. Investors should monitor the company's ability to pass on raw material costs and the growth trajectory of the Lighting & Consumer Durables division.
Surya Roshni Secures ₹68.11 Crore Export Order from USA for Steel Pipes
Surya Roshni Limited has bagged a significant export order from the United States valued at US$ 7.23 million (approximately ₹68.11 crore). The order involves the supply of specialized ERW Steel and OCTG Casing & tubing of API 5CT Grade. This contract is slated for execution by June 2026, providing clear short-term revenue visibility. This development highlights the company's competitive strength in the international high-grade steel pipe market.
Key Highlights
Total export order value is US$ 7.23 million, equivalent to ₹68.11 crore.
Order involves high-grade API 5CT ERW Steel and OCTG Casing & tubing.
The contract is specifically for the United States of America (USA) market.
Execution of the entire order is expected to be completed by June 2026.
👀 What to Watch
Investors should view this as a positive indicator of the company's export capabilities and potential for higher-margin international business. Monitor the company's order book growth in the specialized API segment for long-term value creation.
Surya Roshni Secures ₹68.11 Crore Export Order from USA for Steel Pipes
Surya Roshni Limited has announced the receipt of a significant export order from the United States valued at US$ 7.23 million (approximately ₹68.11 crore). The contract involves the supply of ERW Steel, OCTG Casing, and tubing of API 5CT Grade, showcasing the company's technical capability in high-grade steel products. The order is slated for execution by June 2026, providing clear revenue visibility for the upcoming quarters. This international win reinforces the company's footprint in the lucrative North American energy infrastructure market.
Key Highlights
Total order value stands at US$ 7.23 million or approximately ₹68.11 crore
Scope includes supply of ERW Steel, OCTG Casing, and tubing of API 5CT Grade
The contract is destined for the United States of America (USA) market
Execution timeline is relatively short, with completion expected by June 2026
👀 What to Watch
Investors should monitor the company's order book growth in the high-margin API grade segment as it improves overall profitability. The stock remains a positive watch for those tracking the steel pipes and infrastructure sector.
Surya Roshni Q3 FY26: Revenue up 3% to ₹1,927 Cr; Company Becomes Net Debt-Free
Surya Roshni reported a steady Q3 FY26 with consolidated revenue growing 3% YoY to ₹1,927 crores, though PAT declined to ₹80 crores due to steel price volatility and a ₹12 crore inventory loss. A significant milestone was achieved as the company became net debt-free with a cash surplus of ₹245 crores. While the Steel segment faced a 35% degrowth in the API category, management has guided for a strong Q4 recovery with projected volumes of 2.9-3.0 lakh tonnes and an expected inventory gain of ₹40-45 crores. The Lighting segment remained resilient, posting 6% YoY growth driven by festive demand and professional infrastructure projects.
Key Highlights
Consolidated revenue for Q3 FY26 stood at ₹1,927 crores with an EBITDA of ₹148 crores and PAT of ₹80 crores.
Achieved net debt-free status with a cash surplus of ₹245 crores as of December 31, 2025.
Steel Pipe segment volumes reached 2.37 lakh tonnes, despite a 35% degrowth in the high-margin API Oil & Gas segment.
Lighting and Consumer Durables segment revenue grew 6% YoY to ₹476 crores with an EBITDA margin of 8.8%.
Management expects a strong Q4 with EBITDA projected between ₹200-210 crores, aided by rising steel prices.
👀 What to Watch
Investors should focus on the company's transition to a debt-free balance sheet and the projected volume recovery in the Steel segment for Q4. The stock remains a watch for potential re-rating if the high-margin API pipe orders resume momentum.
Surya Roshni Q3 FY26 PAT Declines 11.4% YoY to ₹79.7 Crore; Revenue Up 3.2%
Surya Roshni reported a consolidated revenue of ₹1,927.5 crore for Q3 FY26, marking a modest 3.2% YoY growth. However, consolidated net profit (PAT) declined by 11.4% YoY to ₹79.7 crore, down from ₹89.9 crore in the previous year's corresponding quarter. On a sequential basis, the company showed recovery with revenue and PAT growing by 4.5% and 7.4% respectively compared to Q2 FY26. Margin pressure was evident in both the Steel Pipe and Lighting segments despite steady top-line performance.
Key Highlights
Consolidated Revenue from Operations increased 3.2% YoY to ₹1,92,749 Lakhs.
Consolidated Net Profit (PAT) fell 11.4% YoY to ₹7,969 Lakhs from ₹8,990 Lakhs.
Steel Pipe & Strips segment revenue grew slightly to ₹1,45,100 Lakhs, while segment profit dipped to ₹8,176 Lakhs.
Lighting & Consumer Durables segment revenue rose to ₹47,633 Lakhs from ₹45,130 Lakhs YoY.
Finance costs increased significantly by 55% YoY to ₹710 Lakhs from ₹457 Lakhs.
👀 What to Watch
Investors should monitor the margin contraction in the core Steel Pipe segment and the rising finance costs. While sequential growth is encouraging, the YoY profit decline suggests cost pressures that need to be managed.
Surya Roshni Q3 FY26 Revenue Up 3% to ₹1,927 Cr; PAT Dips 11% on Steel Price Volatility
Surya Roshni reported a modest 3% YoY revenue growth to ₹1,927 crore in Q3 FY26, though PAT declined 11% to ₹80 crore. The Steel Pipes segment faced inventory losses of approximately ₹500 per ton due to steel price corrections, resulting in a 5% drop in consolidated EBITDA. The Lighting and Consumer Durables segment grew 6% YoY, supported by festive demand, although margins contracted to 8.8% due to input cost pressures. Despite short-term margin headwinds, the company maintains a strong net cash surplus of ₹245 crore and a healthy order book of ₹500 crore in the steel segment.
Key Highlights
Consolidated Revenue grew 3% YoY to ₹1,927 crore, while PAT fell 11% to ₹80 crore in Q3 FY26.
Steel Pipes segment EBITDA/MT stood at ₹4,810, impacted by a ₹500 per ton inventory loss due to price corrections.
Lighting & Consumer Durables revenue rose 6% YoY to ₹476 crore with a professional lighting order book of ₹150 crore.
Company maintained a lean balance sheet with a net cash surplus of ₹245 crore as of December 31, 2025.
Steel segment order book stands at ₹500 crore, with management expecting Q4 to be the highest-volume quarter.
👀 What to Watch
Investors should monitor steel price stability as it remains the primary driver for margins in the pipes segment. The company's net-cash status and focus on value-added products (43% of revenue) offer long-term resilience despite cyclical inventory losses.
Surya Roshni Q3FY26: Revenue up 3% to ₹1,927 Cr; PAT down 11% on Steel Price Volatility
Surya Roshni reported a modest 3% YoY revenue growth to ₹1,927 crore in Q3FY26, though PAT declined 11% to ₹80 crore due to inventory losses in the steel pipes segment. The Lighting & Consumer Durables segment grew 6% YoY to ₹476 crore, supported by strong volume growth in LED products, with LED bulb volumes rising 37%. Despite the bottom-line pressure from steel price corrections, the company maintains a healthy net cash surplus of ₹245 crore. Management expects a stronger Q4, historically their highest-volume quarter, supported by a ₹500 crore order book in steel pipes.
Key Highlights
Consolidated revenue increased 3% YoY to ₹1,927 crore, while PAT fell 11% to ₹80 crore.
Steel Pipes segment reported revenues of ₹1,451 crore but faced inventory losses of ₹500 per tonne.
Lighting & Consumer Durables revenue rose 6% YoY to ₹476 crore, led by 37% volume growth in LED bulbs.
Maintained a strong financial position with a net cash surplus of ₹245 crore as of December 31, 2025.
Successfully manufactured API 5CT ERW casing pipes for the first time for the Indian market.
👀 What to Watch
Investors should monitor the stabilization of steel prices which impacted margins this quarter, while the strong growth in the lighting segment and healthy cash surplus remain positive long-term indicators. Watch for the execution of the ₹500 crore steel pipe order book in Q4, which is seasonally the company's strongest period.
Surya Roshni Q3 FY26 Net Profit Declines 11% YoY to ₹79.69 Cr; Revenue Up 3%
Surya Roshni reported a consolidated revenue of ₹1,927.49 crore for Q3 FY26, representing a modest 3.2% growth year-on-year. However, consolidated net profit for the quarter fell by 11.3% YoY to ₹79.69 crore, impacted by higher raw material consumption costs and a significant rise in finance charges. On a sequential basis, the company showed signs of recovery with net profit increasing by 7.4% from ₹74.19 crore in Q2 FY26. The Steel Pipe segment continues to be the primary revenue contributor, though its segment profit saw a decline compared to the previous year.
Key Highlights
Consolidated Revenue from Operations increased 3.2% YoY to ₹1,92,749 Lakhs.
Net Profit for the quarter stood at ₹7,969 Lakhs, down from ₹8,990 Lakhs in Q3 FY25.
Steel Pipe & Strips segment revenue grew to ₹1,45,100 Lakhs, while Lighting & Consumer Durables rose to ₹47,633 Lakhs.
Finance costs increased by 55% YoY to ₹710 Lakhs from ₹457 Lakhs.
Basic EPS for the quarter was ₹3.66, adjusted for the 1:1 bonus issue completed in January 2025.
👀 What to Watch
Investors should monitor the margin pressure in the Steel segment and the impact of rising finance costs on overall profitability. While the sequential growth is encouraging, the year-on-year decline in profit suggests a need for caution until margins stabilize.
Surya Roshni Q3 FY26 PAT Declines 11.4% YoY to ₹79.7 Crore; Revenue Up 3.2%
Surya Roshni reported a consolidated revenue of ₹1,927.5 crore for Q3 FY26, a modest 3.2% increase from ₹1,868 crore in the same quarter last year. However, net profit (PAT) fell by 11.4% YoY to ₹79.7 crore, primarily due to higher raw material costs and increased finance charges. The Steel Pipe & Strips segment remains the dominant revenue contributor at ₹1,451 crore, while the Lighting & Consumer Durables segment grew to ₹476 crore. For the nine-month period, PAT stands at ₹187.5 crore compared to ₹216.5 crore in the previous year, indicating sustained margin pressure.
Key Highlights
Consolidated Revenue from Operations grew 3.2% YoY to ₹1,92,749 lakhs.
Consolidated Net Profit (PAT) decreased by 11.4% YoY to ₹7,969 lakhs from ₹8,990 lakhs.
Steel Pipe & Strips segment revenue increased to ₹1,45,100 lakhs, but segment profit fell by 8.2% YoY to ₹8,176 lakhs.
Lighting & Consumer Durables segment revenue rose to ₹47,633 lakhs, though segment profit dipped to ₹3,269 lakhs.
Finance costs for the quarter rose significantly to ₹710 lakhs compared to ₹457 lakhs in the year-ago period.
👀 What to Watch
Investors should be cautious as profitability is lagging behind revenue growth across both business segments. Monitor the company's ability to pass on raw material costs and manage rising finance expenses in upcoming quarters.
Surya Roshni Receives Order Worth ₹168.71 Crore
Surya Roshni Limited has secured a new order amounting to ₹168.71 crore (including GST). The order involves the supply of submerged arc welded M.S. pipes. This domestic order is expected to be executed by June 2026. While the specific entity awarding the order remains undisclosed, this new contract contributes positively to Surya Roshni's order book.
Key Highlights
Order value is ₹168.71 crore (including GST)
Supply of submerged Arc welded M.S Pipes
Order to be executed by June 2026
👀 What to Watch
Investors should monitor Surya Roshni's progress in executing this order and its impact on future revenue. Keep an eye on further order wins and their contribution to the company's growth.
Surya Roshni: Board Comments on Non-Compliance Fine of ₹2,80,000
Surya Roshni Limited faced a fine of ₹2,80,000 from BSE and NSE for non-compliance with Regulation 17(1) of the Listing Regulations for 56 days. The company has paid the fine and has requested a waiver. The Board appreciated the appointment of Mr. Ravi Kant Gupta as an Additional Independent Director effective July 17, 2025. The Board authorized the Company Secretary to make representations for waiver of the penalty.
Key Highlights
Fine of ₹2,80,000 imposed for non-compliance.
Non-compliance period of 56 days.
Mr. Ravi Kant Gupta appointed as Additional Independent Director on July 17, 2025.
SEBI SOP Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated 22nd January 2020 referenced for waiver application.
👀 What to Watch
Investors should monitor the outcome of the waiver application for the fine. Also, note the appointment of the new independent director and its potential impact on governance.
