Surani Steel Tubes Limited (SURANI)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Surani Steel's revenue was ₹41.3 Cr (-63.8% year on year), and net profit ₹-0.1 Cr (a smaller loss than a year earlier); the operating margin was -2.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹41.3 | -63.8% | — |
| Operating profit | ₹-0.9 | to loss | — |
| Net profit | ₹-0.1 | loss narrowed | — |
| EPS (₹) | -0.05 | loss narrowed | — |
| Operating margin | -2.1% | — | — |
SURANI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 90.34% of the SURANI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 86.36%. That is close to its usual level. Turnover was only ₹54 lakh, so a handful of trades can move this figure. It traded 2.0 times its average daily volume. It closed at a price band (circuit) on 6 sessions in about the last 20.
Delivery in the last 5 sessions: 86.2% · 100.0% · 100.0% · 100.0% · 90.3%
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
Surani Steel Tubes Limited has issued an EGM notice scheduled for October 30, 2026, seeking shareholder approval for a major preferential issue. The company plans to issue up to 98,00,000 fully convertible warrants at ₹102 per warrant, raising up to ₹99.96 crore. The proceeds represent approximately 80.6% of the company's net worth (₹124 crore). In addition, the company plans to increase its authorized share capital from ₹25 crore to ₹26 crore and rebrand itself to 'Singlon Limited'.
- Preferential issuance of up to 98,00,000 fully convertible warrants at ₹102 per warrant
- Total proposed fundraise aggregates up to ₹99,96,00,000 (₹99.96 crore)
- Proposed increase in authorized share capital from ₹25,00,00,000 to ₹26,00,00,000
- Approval sought for corporate name change from 'Surani Steel Tubes Limited' to 'Singlon Limited'
- Extra-Ordinary General Meeting (EGM) scheduled for Friday, October 30, 2026, at 11:00 AM IST
Surani Steel Tubes has approved a revised preferential fundraise of up to Rs 99.96 crore (raised from Rs 85 crore previously). The company will issue up to 98,00,000 fully convertible warrants at an issue price of Rs 102 each, convertible within 18 months. The promoter group entity, M/s Himani Steels Private Limited, is taking up 62,03,000 warrants, which will elevate promoter shareholding from 30.84% to 43.39% upon full conversion. The fundraise is massive relative to the company's current net worth of Rs 124 crore (~80.6%).
- Fundraise revised upward to up to Rs 99.96 crore via 98,00,000 fully convertible warrants
- Warrant issue price fixed at Rs 102 per share, convertible within 18 months
- Promoter entity Himani Steels allocated 62,03,000 warrants, lifting promoter stake from 30.84% to 43.39%
- Authorised share capital increased from Rs 25.00 crore to Rs 26.00 crore
Surani Steel Tubes has approved a revised preferential fundraise of up to Rs 99.96 crore (raised from Rs 85 crore previously). The company will issue up to 98,00,000 fully convertible warrants at an issue price of Rs 102 each, convertible within 18 months. The promoter group entity, M/s Himani Steels Private Limited, is taking up 62,03,000 warrants, which will elevate promoter shareholding from 30.84% to 43.39% upon full conversion. The fundraise is massive relative to the company's current net worth of Rs 124 crore (~80.6%).
- Fundraise revised upward to up to Rs 99.96 crore via 98,00,000 fully convertible warrants
- Warrant issue price fixed at Rs 102 per share, convertible within 18 months
- Promoter entity Himani Steels allocated 62,03,000 warrants, lifting promoter stake from 30.84% to 43.39%
- Authorised share capital increased from Rs 25.00 crore to Rs 26.00 crore
Surani Steel Tubes reported its highest-ever half-yearly sales volume of 53,631 MT for H1 FY27, surging 446.5% YoY compared to 9,815 MT in H1 FY26. The volume achieved in the first six months alone has surpassed the company's full-year FY26 sales volume of 18,036 MT by nearly 3x. Management attributed the growth to strong domestic demand, improved capacity utilization, customer expansion, and an increased share of value-added products. Financial realizations, revenue, and margins for the period were not disclosed in this operational update.
- H1 FY27 sales volume rose 446.5% YoY to a record 53,631 MT vs 9,815 MT in H1 FY26
- Surpassed the full-year FY26 volume of 18,036 MT within the first half of FY27
- Growth driven by improved capacity utilization and higher contribution from value-added products
Surani Steel Tubes' Board approved raising up to ₹85 crore via fully convertible warrants on a preferential basis at an issue price of ₹102 per share (face value ₹10 plus ₹92 premium). Relative to the company's net worth of ₹124 crore, the proposed fundraise represents a significant ~68.5% addition to capital. Additionally, the Board approved changing the company's name to 'Singlon Limited', reflecting a strategic realignment of business activities. Both resolutions will be placed for shareholder approval at an Extra-Ordinary General Meeting scheduled for October 30, 2026.
- Fundraise of up to Rs. 85,00,00,000 via fully convertible warrants on a preferential basis
- Issue price fixed at Rs. 102 per underlying share (Rs. 10 face value plus Rs. 92 premium)
- Proposed fundraise equals ~68.5% of the company's Net Worth of Rs 124 Cr
- Name change approved from 'Surani Steels Tubes Limited' to 'Singlon Limited'
- Extra-Ordinary General Meeting (EGM) convened for October 30, 2026
Surani Steel Tubes' Board approved raising up to ₹85 crore via fully convertible warrants on a preferential basis at an issue price of ₹102 per share (face value ₹10 plus ₹92 premium). Relative to the company's net worth of ₹124 crore, the proposed fundraise represents a significant ~68.5% addition to capital. Additionally, the Board approved changing the company's name to 'Singlon Limited', reflecting a strategic realignment of business activities. Both resolutions will be placed for shareholder approval at an Extra-Ordinary General Meeting scheduled for October 30, 2026.
- Fundraise of up to Rs. 85,00,00,000 via fully convertible warrants on a preferential basis
- Issue price fixed at Rs. 102 per underlying share (Rs. 10 face value plus Rs. 92 premium)
- Proposed fundraise equals ~68.5% of the company's Net Worth of Rs 124 Cr
- Name change approved from 'Surani Steels Tubes Limited' to 'Singlon Limited'
- Extra-Ordinary General Meeting (EGM) convened for October 30, 2026
Surani Steel Tubes Limited has announced the closure of its trading window effective Monday, September 28, 2026. The window is closed on account of a proposed fund raising via preferential issue and the declaration of un-audited financial results for the half year ending September 30, 2026. The trading window will remain closed until 48 hours after the declaration of the H1 FY27 financial results. The date for the Board Meeting considering the preferential issue has been separately intimated, while the results meeting date will be announced in due course.
- Trading window closed effective September 28, 2026 for insiders and designated persons
- Closure triggered by proposed fund raise via preferential issue and H1 financial results
- Trading window to reopen 48 hours after declaration of un-audited results for half year ending September 30, 2026
- Date of Board Meeting for the proposed fund raise previously disclosed via intimation dated September 27, 2026
Surani Steel Tubes Limited submitted the Scrutinizer's Report for its 14th Annual General Meeting held on September 24, 2026. All four ordinary resolutions presented were approved unanimously with 100% votes cast in favor (74,51,600 votes from 27 shareholders) and zero votes against. The approved items include adoption of standalone and consolidated FY26 financial statements, the reappointment of retiring director Chetan Singla, and ratification of cost auditor remuneration for FY27.
- All 4 ordinary resolutions approved with 100% of votes cast in favour
- Total of 74,51,600 valid votes cast across 27 shareholders via remote e-voting and e-voting
- Zero votes cast against and nil invalid votes recorded
- Resolutions included FY26 financial statement adoptions and director reappointment
Surani Steel Tubes Limited submitted the Scrutinizer's Report for its 14th Annual General Meeting held on September 24, 2026. All four ordinary resolutions presented were approved unanimously with 100% votes cast in favor (74,51,600 votes from 27 shareholders) and zero votes against. The approved items include adoption of standalone and consolidated FY26 financial statements, the reappointment of retiring director Chetan Singla, and ratification of cost auditor remuneration for FY27.
- All 4 ordinary resolutions approved with 100% of votes cast in favour
- Total of 74,51,600 valid votes cast across 27 shareholders via remote e-voting and e-voting
- Zero votes cast against and nil invalid votes recorded
- Resolutions included FY26 financial statement adoptions and director reappointment
Surani Steel Tubes Limited has issued the notice for its 14th Annual General Meeting scheduled for September 24, 2026, via video conferencing. Key ordinary agenda items include the adoption of FY26 standalone and consolidated financial statements and the re-appointment of Director Chetan Singla (holding 10.24% equity), who retires by rotation. A special business resolution involves ratifying Rs 50,000 annual remuneration for cost auditor M/s Balwinder & Associates for FY27.
- 14th AGM scheduled for September 24, 2026, at 10:30 AM IST via VC/OAVM
- Proposal to re-appoint Director Chetan Singla, who holds 15,92,000 shares (10.24% equity)
- Ratification of Cost Auditor remuneration of Rs 50,000 per annum plus taxes for FY 2026-27
- Electronic dispatch record cut-off was set as Friday, August 21, 2026
Surani Steel Tubes Limited held a board meeting on August 29, 2026, approving procedural items ahead of its upcoming Annual General Meeting. The company fixed the 14th AGM for Thursday, September 24, 2026, at 10:30 A.M. via video conferencing. The board also noted the reappointment of Mr. Chetan Singla as Joint Managing Director (liable to retire by rotation), subject to shareholder approval, and approved the Directors' Report for FY 2025-26.
- 14th Annual General Meeting scheduled for Thursday, September 24, 2026 at 10:30 A.M. via VC/OAVM
- Noted re-appointment of Joint Managing Director Mr. Chetan Singla, who retires by rotation, subject to AGM approval
- Approved draft Directors' Report and Management Discussion and Analysis Report for FY 2025-26
- Appointed M/s. S.V. Associates, Practicing Company Secretaries, as Scrutinizer for remote e-voting
Surani Steel Tubes Limited has officially changed its Registrar & Share Transfer Agent (RTA) from MUFG Intime India Private Limited to Beetal Financial and Computer Services Private Limited. The transfer of electronic connectivity was confirmed by both NSDL and CDSL effective August 6, 2026. This is a procedural administrative update, and a tripartite agreement between the company and the RTAs is currently being finalized. Shareholders must now direct all equity-related correspondence to the new RTA's New Delhi office.
- Effective date of RTA connectivity transfer is August 6, 2026
- New RTA is Beetal Financial and Computer Services Private Limited based in New Delhi
- Tripartite agreement under Regulation 7(4) of SEBI LODR is currently under process
- Transition follows an initial intimation regarding the change dated May 27, 2026
Financial Performance
Revenue Growth by Segment
Revenue from Operations grew by 9.72% from INR 58.892 Cr in H1 FY23 to INR 64.614 Cr in H1 FY24, primarily driven by elevated sales volumes in the steel tubes segment.
Geographic Revenue Split
Not disclosed in available documents; however, the company is headquartered in Gandhinagar, Gujarat.
Profitability Margins
The company turned profitable at the pre-tax level, reporting a Net Profit before tax of INR 2.66 Cr for the half-year ended September 30, 2025, compared to a loss of INR 4.79 Cr in H1 FY24.
EBITDA Margin
EBITDA margin improved significantly by 441 bps from (6.33%) in H1 FY23 to (1.92%) in H1 FY24, reflecting improved operational efficiency despite remaining negative.
Capital Expenditure
Property, Plant, and Equipment (PPE) increased from INR 4.602 Cr as of March 31, 2023, to INR 8.445 Cr as of September 30, 2023, representing a historical capex of INR 3.843 Cr.
Credit Rating & Borrowing
Short-term borrowings were reduced by 100% from INR 34.568 Cr as of March 31, 2025, to zero as of September 30, 2025, significantly lowering interest obligations.
Operational Drivers
Raw Materials
Steel (implied as the primary input for steel tubes) represents the core cost component, though specific percentage of total cost is not disclosed.
Capacity Expansion
The company is raising up to INR 98.064 Cr through warrants to expand the scale of operations and strengthen bargaining power; current installed capacity in MT is not disclosed.
Raw Material Costs
Not disclosed as a specific percentage of revenue; however, the company plans to use fundraise proceeds for working capital to improve procurement bargaining power.
Strategic Growth
Expected Growth Rate
9.72%
Growth Strategy
Surani is executing a major fundraise of up to INR 98.064 Cr through the issuance of 72,64,036 fully convertible warrants at INR 135 per share. These proceeds are earmarked for working capital to scale operations, increase sales volume, and strengthen bargaining power with suppliers.
Products & Services
Steel tubes manufactured under certifications IS 1161:2014 and IS 4923:2017, used in construction and core infrastructure projects.
Brand Portfolio
Surani
External Factors
Industry Trends
The steel tube industry is benefiting from a shift toward standardized, certified products (ISO/IS standards), allowing SME players like Surani to serve major national infrastructure projects.
Competitive Landscape
Competes with other certified steel tube manufacturers; Ratnamani is noted as both a client and a potential industry peer.
Competitive Moat
Surani's moat is built on technical certifications (IS 1161, IS 4923) and a high-profile client list (Tata, Adani, L&T), which are difficult for unorganized players to replicate and ensure recurring B2B demand.
Macro Economic Sensitivity
Highly sensitive to Indian infrastructure and core sector spending, as evidenced by its Tier-1 client base in ports, power, and logistics.
Consumer Behavior
B2B demand is driven by the requirement for high-quality, certified steel components in regulated infrastructure and energy sectors.
Regulatory & Governance
Industry Regulations
Operations are governed by Bureau of Indian Standards (BIS) norms, specifically IS 1161:2014 and IS 4923:2017 for steel tubes.
Taxation Policy Impact
The company recognized a deferred tax liability of INR 14.93 Lakhs for the period ended September 30, 2025.
Legal Contingencies
Not disclosed in available documents; the secretarial audit reports general compliance with the Companies Act 2013.
Risk Analysis
Key Uncertainties
Key risks include the successful deployment of the INR 98.064 Cr fundraise into working capital and the management of steel price fluctuations which impact core profitability.
Geographic Concentration Risk
Operations are concentrated in Gujarat, with the registered office and manufacturing presence in Gandhinagar.
Credit & Counterparty Risk
Trade receivables were INR 2.534 Cr as of September 2023; a provision for doubtful debts of INR 20.73 Lakhs was made in H1 2025, indicating active management of credit risk.
