Suraj Limited (SURAJLTD)
₹201.89 -1.35% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Suraj's revenue was ₹39.0 Cr (-22.5% year on year, -10.1% on the previous quarter), and net profit ₹3.6 Cr (+30.8% year on year); the operating margin was 16.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹39.0 | -22.5% | -10.1% |
| Operating profit | ₹6.4 | +32.6% | +468.6% |
| Net profit | ₹3.6 | +30.8% | +42.4% |
| EPS (₹) | 1.95 | +30.9% | +42.3% |
| Operating margin | 16.5% | — | — |
SURAJLTD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 77.47% of the SURAJLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 85.91%. That is close to its usual level. Turnover was only ₹3 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 98.2% · 98.7% · 99.5% · 90.0% · 77.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Suraj Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MCS Share Transfer Agent Limited confirms that share certificates received for dematerialisation were processed and confirmed to depositories within 15 days. The securities comprised in the certificates are duly listed on the relevant stock exchanges. This is a regular administrative disclosure with no impact on business operations or financials.
- Compliance certificate filed for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- RTA confirmed dematerialisation and register updates completed within 15 days
- RTA certificate dated October 05, 2026 received from MCS Share Transfer Agent Limited
Suraj Limited announced the resignation of CS Rashmi Lakhani from the position of Company Secretary and Compliance Officer (Key Managerial Personnel). The resignation was tendered via letter dated September 8, 2026, and will take effect from the close of business hours on October 31, 2026. The stated reason for her departure is pre-occupation with other professional commitments. This is an administrative compliance transition and does not affect the core operations of the Rs 374 crore market cap company.
- Resignation letter submitted on September 8, 2026
- Cessation effective from the close of business hours on October 31, 2026
- Official reason cited is pre-occupation with other professional commitments
- Company Secretary & Compliance Officer role is classified as a Key Managerial Personnel (KMP)
Suraj Limited announced that CS Rashmi Lakhani has tendered her resignation from the position of Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP) on September 8, 2026. Her cessation will take effect from the close of business hours on October 31, 2026. The stated reason for her departure is pre-occupation with other professional commitments. The resignation will be formally presented to the Board of Directors in the upcoming meeting.
- CS Rashmi Lakhani tendered resignation via letter dated September 8, 2026
- Resignation effective from the closing of business hours on October 31, 2026
- Reason cited is pre-occupation with other professional commitments
- Company Secretary is a designated Key Managerial Personnel (KMP) of the company
Suraj Limited has announced the resignation of CS Rashmi Lakhani from the position of Company Secretary, Compliance Officer, and Key Managerial Personnel. The resignation letter, dated September 8, 2026, will become effective at the close of business hours on October 31, 2026. The stated reason for departure is pre-occupation with other professional commitments. The intimation will be formally placed before the Board of Directors for approval at its upcoming meeting.
- Resignation letter submitted on September 8, 2026
- Cessation effective from the close of working hours on October 31, 2026
- Reason cited: pre-occupation with other professional commitments
- Resignation to be formally placed before the Board of Directors in the upcoming meeting
Suraj Limited has announced the resignation of CS Rashmi Lakhani from the position of Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP). Her resignation was tendered on September 8, 2026, and will take effect from the close of business hours on October 31, 2026. The stated reason for her departure is pre-occupation with other professional commitments. The company will place the resignation before the Board of Directors for formal acceptance and will need to appoint a successor.
- CS Rashmi Lakhani tendered her resignation on September 8, 2026
- Cessation takes effect from the close of business hours on October 31, 2026
- Departure is cited due to pre-occupation with other professional commitments
- Formal acceptance pending consideration at the upcoming Board Meeting
Suraj Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MCS Share Transfer Agent Limited, confirms that all securities received for dematerialization during the quarter ended June 30, 2026, were processed. The Registrar verified that share certificates were mutilated and cancelled after due verification. Furthermore, the name of the depositories was substituted in the register of members as the registered owner within the mandated 15-day period.
- Compliance certificate issued for the quarter ended June 30, 2026
- Dematerialization requests processed and confirmed within 15 days
- Confirmation that securities are listed on stock exchanges where earlier securities were listed
- Verification and cancellation of physical certificates completed by MCS Share Transfer Agent Limited
Suraj Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q1 FY2026-27 financial results. The window will remain closed until 48 hours after the declaration of the standalone and consolidated unaudited financial results for the quarter ending June 30, 2026. The specific date for the board meeting to approve these results will be announced separately.
- Trading window closure effective from July 1, 2026
- Closure relates to financial results for the quarter ending June 30, 2026
- Restriction applies to all Promoters, Directors, and Designated Persons
- Window to reopen 48 hours after the official announcement of financial results
Suraj Limited held its 33rd Annual General Meeting on June 26, 2026, where all five proposed resolutions were passed with the requisite majority. Shareholders approved the audited standalone and consolidated financial statements for FY 2025-26 with nearly 100% support. Key approvals also included the re-appointment of Mr. Kunal Tarachand Shah as a director and the ratification of cost auditor remuneration. Notably, material related party transactions with TBS Metal Private Limited and Suraj Enterprise Private Limited were approved by non-interested shareholders.
- Adoption of FY26 Audited Financial Statements approved with 100% of valid votes in favor.
- Re-appointment of Mr. Kunal Tarachand Shah as Director passed with 97.83% majority.
- Material Related Party Transactions with TBS Metal and Suraj Enterprise approved by 72.22% of valid non-interested votes.
- Total voting turnout for the primary resolution represented 78.08% of the company's total shares.
Suraj Limited successfully conducted its 33rd Annual General Meeting on June 26, 2026, to deliberate on five key resolutions. The meeting included the adoption of audited financial statements for FY26 and the re-appointment of Mr. Kunal Tarachand Shah as a director. Significant focus was placed on approving material related party transactions with TBS Metal Private Limited and Suraj Enterprise Private Limited. The company reported that the statutory auditors' report was free of any qualifications or adverse remarks.
- Adoption of Standalone and Consolidated Audited Financial Statements for the fiscal year ended March 31, 2026.
- Proposed approval for material related party transactions with TBS Metal Private Limited and Suraj Enterprise Private Limited.
- A total of 2,856 shareholders were eligible to participate as of the June 19, 2026 cut-off date.
- The Statutory Auditors' report for the financial year 2025-26 contained no qualifications or adverse remarks.
Suraj Limited has scheduled its 33rd Annual General Meeting (AGM) for June 26, 2026, to be held via video conferencing. A significant portion of the meeting will focus on seeking shareholder approval for material related party transactions, including a Rs 100 crore annual limit with TBS Metal Private Limited. Additionally, the company is seeking a Rs 50 crore limit for unsecured loans from Suraj Enterprise Private Limited. Other agenda items include the adoption of FY 2025-26 financial statements and the re-appointment of Director Kunal Tarachand Shah.
- 33rd AGM scheduled for June 26, 2026, with the voting cut-off date set for June 19, 2026.
- Proposed material Related Party Transaction (RPT) with TBS Metal Private Limited for up to Rs 100 crores per annum.
- Seeking approval for unsecured loans from Suraj Enterprise Private Limited up to an outstanding limit of Rs 50 crores.
- Ratification of Rs 1.45 lakh plus GST as remuneration for Cost Auditors for FY 2026-27.
- Ordinary business includes the adoption of audited standalone and consolidated financial statements for FY 2025-26.
Suraj Limited has officially informed the exchanges about its diversification into the Copper and Aluminium recycling sector. This move marks a significant expansion of the company's business portfolio into the circular economy and sustainable metal sourcing. While the initial announcement lacks specific financial outlays or capacity metrics, it indicates a strategic shift towards high-growth recycling markets. Investors should view this as a potential long-term growth driver that aligns with global ESG trends.
- Official launch of a new business vertical focused on Copper and Aluminium recycling.
- Strategic diversification to tap into the circular economy and sustainable metal demand.
- Compliance filing under Regulation 30 of SEBI (LODR) Regulations for capacity expansion.
- Potential for new revenue streams and improved sustainability profile for the company.
Suraj Limited announced its financial results for the quarter and full year ended March 31, 2026. The company reported a total income of Rs 21,192.26 lakhs for FY26, down from Rs 23,796.85 lakhs in FY25. Net profit for the full year decreased by 38% to Rs 725.97 lakhs compared to Rs 1,170.67 lakhs in the previous fiscal year. However, the Q4FY26 performance showed a strong recovery with a net profit of Rs 379.93 lakhs against a net loss of Rs 387.78 lakhs in Q4FY25.
- Full-year FY26 revenue from operations decreased by 11.9% YoY to Rs 20,585.08 lakhs.
- Full-year FY26 net profit (PAT) dropped 38% YoY to Rs 725.97 lakhs from Rs 1,170.67 lakhs.
- Q4FY26 net profit stood at Rs 379.93 lakhs, showing a strong turnaround from a loss of Rs 387.78 lakhs in Q4FY25.
- Basic and diluted EPS for FY26 decreased to Rs 3.95 from Rs 6.37 in FY25.
- Total expenses for FY26 reduced to Rs 20,139.78 lakhs from Rs 22,107.92 lakhs in FY25.
Suraj Limited reported a decline in annual performance for FY26, with revenue falling 12% to ₹205.85 crore and net profit dropping 38% to ₹7.26 crore compared to FY25. However, the fourth quarter showed a significant turnaround, posting a profit of ₹3.80 crore against a loss of ₹3.88 crore in the same period last year. The company's annual EPS decreased from ₹6.37 to ₹3.95. The board also approved the appointment of new internal and cost auditors for the upcoming financial year.
- Annual Revenue from operations decreased by 11.9% YoY to ₹20,585.08 Lakhs.
- Full-year Net Profit (PAT) declined by 38% to ₹725.97 Lakhs from ₹1,170.67 Lakhs in FY25.
- Q4 FY26 PAT turned positive at ₹379.93 Lakhs compared to a loss of ₹387.78 Lakhs in Q4 FY25.
- Total expenses for the full year were reduced to ₹20,139.78 Lakhs from ₹22,107.92 Lakhs.
- Basic and Diluted EPS for FY26 stood at ₹3.95, down from ₹6.37 in the previous year.
Suraj Limited reported a mixed performance for the fiscal year ended March 31, 2026. While the company achieved a turnaround in Q4 with a net profit of ₹3.8 crore compared to a loss in the previous year's quarter, the full-year performance remained under pressure. Annual revenue from operations fell by 11.9% to ₹205.85 crore, and total net profit for the year dropped significantly from ₹11.71 crore to ₹7.26 crore. The board has also appointed new internal and cost auditors for the 2026-27 fiscal year.
- Q4 FY26 Net Profit stood at ₹379.93 lakhs, a sharp recovery from a loss of ₹387.78 lakhs in Q4 FY25.
- Full-year Revenue from Operations decreased to ₹20,585.08 lakhs from ₹23,374.29 lakhs in the previous year.
- Annual Net Profit (PAT) declined by 38% YoY to ₹725.97 lakhs compared to ₹1,170.67 lakhs in FY25.
- Earnings Per Share (EPS) for the full year dropped to ₹3.95 from ₹6.37 in the prior fiscal year.
- The Board approved the appointment of M/s Trivedi Parikh & Shah as Internal Auditors for FY 2026-27.
Suraj Limited has announced a significant capacity expansion project to increase its total manufacturing output from 5,000 MT to 7,000 MT per annum. The expansion, costing approximately Rs 15 Crores, will be funded entirely through internal accruals, indicating a strong balance sheet. The project focuses on enhancing capabilities for pipes up to 170 mm OD and is slated for completion by September 2026. This move is driven by the fact that existing capacities are near full utilization and aims to reduce domestic dependence on imports.
- Total annual manufacturing capacity to increase by 40%, from 5,000 MT to 7,000 MT
- Investment of Rs 15 Crores to be financed through internal accruals without external debt
- Project completion is expected by September 2026, targeting the domestic demand for 170 mm OD pipes
- Existing capacity is currently operating at near full utilization levels
- Strategic rationale focuses on import substitution and catering to rising domestic demand
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment: manufacturing Stainless and various Steel, Seamless Pipes, Tubes, flanges & fittings. Standalone revenue for FY 2024-25 was INR 233.74 Cr. For the half-year ended September 30, 2025, revenue was INR 100.53 Cr, representing a 9.74% YoY decline from INR 111.39 Cr in the previous year's corresponding period.
Geographic Revenue Split
Exports contributed 75% of total revenue in fiscal 2022, increasing from 68% in fiscal 2021, highlighting a strong reliance on international markets for growth.
Profitability Margins
Operating profit margin declined to 7% in FY 2024-25 from 9% in FY 2023-24. Net profit margin also saw a slight compression from 6% to 5% in the same period due to increased interest expenses and lower income.
EBITDA Margin
Operating margin was 5.01% in fiscal 2022, down from 9.14% in fiscal 2021. This 45% YoY decline was driven by the inability to pass on rising raw material and transportation costs to customers with fixed-price contracts.
Capital Expenditure
The company reported a purchase of tangible and intangible assets amounting to INR 3.74 Cr as per recent cash flow statements to support manufacturing capabilities.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook from CRISIL. Interest coverage ratio deteriorated to 3.58x in FY 2024-25 from 8.14x in FY 2023-24 due to higher finance costs. Borrowing costs are impacted by high working capital intensity.
Operational Drivers
Raw Materials
Stainless steel and various steel alloys are the primary raw materials. Cost of materials consumed was INR 63.42 Cr for H1 FY 2025-26, representing 63.08% of total revenue.
Raw Material Costs
Raw material costs represent approximately 63% of revenue. In fiscal 2022, margins were squeezed because the company could not fully pass on a spike in raw material prices to customers due to fixed-order pricing.
Manufacturing Efficiency
Return on Capital Employed (RoCE) was modest at 7.47% in fiscal 2022, constrained by high working capital intensity and moderate operating margins.
Logistics & Distribution
Transportation costs are a significant factor; an increase in these costs contributed to the margin decline from 9.14% to 5.01% in fiscal 2022.
Strategic Growth
Growth Strategy
Growth is pursued through leveraging the promoters' 30+ years of industry experience and established relationships with domestic and international clients. The company focuses on the high-demand export market (75% of revenue) and maintains a healthy capital structure to support moderate expansion.
Products & Services
Stainless steel and various steel seamless pipes, tubes, flanges, and fittings.
Brand Portfolio
Suraj
Market Expansion
The company has successfully expanded its export footprint, which now accounts for 75% of its revenue, targeting global demand for stainless steel seamless products.
Strategic Alliances
The company has an associate entity, Suraj Enterprise Private Limited.
External Factors
Industry Trends
The stainless-steel industry is growing but faces intense competition and high price sensitivity. There is an increasing shift toward stringent environmental and carbon emission compliance in production processes.
Competitive Landscape
The industry is characterized by intense competition from both domestic and international players, leading to thin margins and high sensitivity to input cost changes.
Competitive Moat
The moat is based on the promoters' extensive 30-year experience and established global client relationships. However, this moat is vulnerable to low product differentiation and the company's status as a price taker.
Macro Economic Sensitivity
Highly sensitive to global steel prices and international trade dynamics, given that 75% of revenue is derived from exports.
Consumer Behavior
Demand is driven by industrial requirements for seamless pipes and tubes in sectors like oil and gas, chemicals, and infrastructure.
Geopolitical Risks
Exposure to trade barriers and changing global standards for steel products could impact export volumes to key international markets.
Regulatory & Governance
Industry Regulations
Operations must comply with Indian Accounting Standards (Ind AS), SEBI Listing Obligations, and specific manufacturing standards for steel pipes and fittings.
Environmental Compliance
The company is subject to increasingly stringent domestic and global environmental standards and carbon emission regulations.
Taxation Policy Impact
The effective tax expense for H1 FY 2025-26 was INR 1.27 Cr on a standalone profit before tax of INR 3.37 Cr, representing an effective tax rate of approximately 37.6%.
Risk Analysis
Key Uncertainties
Volatility in raw material prices and transportation costs poses a significant risk to profitability, with the potential to reduce operating margins by several hundred basis points.
Geographic Concentration Risk
High geographic concentration risk with 75% of revenue coming from export markets, making the company vulnerable to global economic downturns and trade policy changes.
Technology Obsolescence Risk
The company faces the need to invest in sustainable and modern manufacturing technologies to remain competitive and compliant with global standards.
Credit & Counterparty Risk
Trade receivables stood at INR 25.42 Cr as of September 30, 2025. Moderate credit is extended to customers, and the company maintains an Expected Credit Loss (ECL) provision.
