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SURYAROSNI - Surya Roshni

📊 NSE: SURYAROSNI 🏢 Steel - Large 📅 Last Updated: 12/14/2025 13:57

📢 Recent Corporate Announcements

Surya Roshni Secures ₹68.11 Crore Export Order from USA for Steel Pipes

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 27 Apr 2026, 05:15 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 27 Apr 2026, 05:14 PM

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.

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

💡 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 Achieves Full Compliance with SEBI Insider Trading Regulations for Q4 FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 16 Apr 2026, 06:04 PM

Surya Roshni Limited has filed its compliance certificate for the Structured Digital Database (SDD) for the quarter ended March 31, 2026. The filing confirms adherence to SEBI (Prohibition of Insider Trading) Regulations, ensuring that all unpublished price-sensitive information (UPSI) is tracked. The company reported that one specific UPSI event occurred and was correctly recorded during the quarter. This certification by a practicing company secretary indicates strong internal governance and zero non-compliance issues.

Full compliance with SEBI Regulation 3(5) and 3(6) for the quarter ended March 31, 2026
Successfully captured 1 UPSI event in the Structured Digital Database as required
Database is confirmed to be non-tamperable with an audit trail maintained for 8 years
Reported zero non-compliance issues during the period from January 1, 2026, to March 31, 2026

💡 This is a routine regulatory filing indicating good corporate governance and adherence to insider trading norms. No specific action is required as this does not impact the company's financial performance.

Surya Roshni Complies with SEBI Regulation 74(5) for March 2026 Quarter

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Apr 2026, 11:47 AM

Surya Roshni Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Mas Services Limited, confirmed that no valid dematerialization requests were received during the month of March 2026. For the quarter ended March 31, 2026, the RTA verified that all processed securities were handled within the mandatory 15-day timeframe. This filing is a standard administrative procedure ensuring the integrity of the company's share registry.

Zero valid dematerialization requests received by the Registrar during March 2026.
Full compliance confirmed for the quarter ended March 31, 2026, regarding share certificate processing.
Registrar confirmed all security certificates were mutilated and cancelled within 15 days of receipt.
Depository names were correctly substituted in the register of members for all processed cases.

💡 This is a routine regulatory filing with no impact on company fundamentals. No action is required from investors based on this announcement.

Surya Roshni to Close Trading Window from April 1, 2026, for FY26 Audited Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Mar 2026, 01:42 PM

Surya Roshni Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure ahead of the declaration of the company's audited financial results for the quarter and financial year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives. The trading window is scheduled to reopen 48 hours after the financial results are officially disclosed to the stock exchanges.

Trading window closure begins effective from April 1, 2026
Closure is related to the audited financial results for the quarter and year ending March 31, 2026
Window will reopen 48 hours after the announcement of results to BSE and NSE
Compliance maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory announcement with no impact on business fundamentals; investors should focus on the upcoming audited financial results for performance cues.

Surya Roshni Pays INR 1.6 Lakh Fine for Delayed Independent Director Appointment

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 06 Mar 2026, 03:48 PM

Surya Roshni Limited has addressed regulatory non-compliance regarding the delayed appointment of an Independent Director under Regulation 17(1). The company paid fines totaling INR 1.6 lakh (INR 80,000 each to NSE and BSE) for a 16-day delay. This follows a previous fine of INR 5.6 lakh (INR 2.8 lakh each) for a 56-day delay in the quarter ended June 30, 2025. The company has since appointed Mr. Ravi Kant Gupta to the board and filed for a waiver of the penalties, citing difficulties in finding a suitable candidate.

Fined INR 80,000 each by NSE and BSE for a 16-day non-compliance with Regulation 17(1)
Previously paid INR 2,80,000 each to exchanges for a 56-day delay in the June 2025 quarter
Mr. Ravi Kant Gupta appointed as Independent Director on July 17, 2025, to resolve board composition issues
Company has filed a waiver application for the latest penalty citing inadvertent delay
Board confirmed all fines have been paid as a mark of adopting good governance practices

💡 Investors should note that the compliance issue is now resolved with the appointment of a new director. The financial impact of the fines is immaterial to the company's overall operations.

Surya Roshni Reports Dematerialization of 1,816 Shares in February 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Mar 2026, 03:44 PM

Surya Roshni Limited has submitted its monthly compliance report under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for February 2026. The report confirms the processing of 1,816 shares for dematerialization across NSDL and CDSL platforms. The company's Registrar and Transfer Agent, Mas Services Limited, confirmed that all physical certificates were mutilated and cancelled within the mandated 15-day timeframe. This is a standard administrative filing and has no impact on the company's business fundamentals.

A total of 1,816 shares were dematerialized during the month of February 2026
932 shares were processed through National Securities Depository Limited (NSDL)
884 shares were processed through Central Depository Services (India) Limited (CDSL)
Zero shares were rematerialized during the reporting period
Compliance confirmed with share certificates mutilated and records updated within 15 days

💡 This is a routine regulatory filing regarding share processing and requires no action from investors. It does not affect the company's financial performance or market valuation.

Surya Roshni Q3 FY26: Revenue up 3% to ₹1,927 Cr; Company Becomes Net Debt-Free

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 17 Feb 2026, 02:22 PM

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.

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.

💡 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 Reports Dematerialization of 4,248 Shares in January 2026

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 11 Feb 2026, 06:02 PM

Surya Roshni Limited has filed its monthly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for January 2026. The report confirms that 4,248 shares were successfully dematerialized, with 2,316 shares processed through NSDL and 1,932 through CDSL. The company's registrar, Mas Services Limited, verified that all physical share certificates were mutilated and cancelled within the required 15-day period. This is a routine administrative filing and does not impact the company's financial performance or business operations.

Total of 4,248 shares dematerialized during the month of January 2026
2,316 shares were processed via NSDL and 1,932 shares via CDSL
Zero shares were rematerialized (converted from electronic to physical) during the period
Compliance confirmed by Registrar Mas Services Limited regarding the 15-day processing timeline

💡 No action is required as this is a routine regulatory disclosure. Investors should continue to monitor the company's core business performance and quarterly financial results.

Surya Roshni Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 11 Feb 2026, 05:56 PM

Surya Roshni Limited has released the audio recording of its earnings conference call held on February 11, 2026. The call focused on the company's un-audited financial results and operational performance for the quarter ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording via the company's website to understand management's perspective on business growth and guidance.

Earnings call conducted on February 11, 2026, at 4:00 P.M. IST.
Discussion covered un-audited financial results for the quarter ended December 31, 2025.
Audio recording link made available on the company's official website for public access.
Compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.

💡 Investors should listen to the recording to gain qualitative insights into the company's performance and management's future outlook. It is a useful resource for understanding the drivers behind the Q3 numbers.

Surya Roshni Q3 FY26 PAT Declines 11.4% YoY to ₹79.7 Crore; Revenue Up 3.2%

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 03:31 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 02:49 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 02:47 PM

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.

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.

💡 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%

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 02:41 PM

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.

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.

💡 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%

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 02:39 PM

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.

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.

💡 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.

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💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, the Steel Pipe and Strip business grew 24% YoY, while the Lighting and Consumer Durable segment grew 10% YoY to INR 434 crores.

Geographic Revenue Split

Exports grew 45% in volume and 29% in value terms during Q2 FY26, contributing to the highest ever Q2 volumes in the company's history.

Profitability Margins

Q2 FY26 Gross Profit margin was 21.6%. Profit After Tax (PAT) margin improved to 4.0% from 2.2% YoY, driven by better realization and product mix.

EBITDA Margin

EBITDA margin improved to 7.6% in Q2 FY26 from 5.4% in Q2 FY25, with absolute EBITDA rising 69% YoY to INR 141 crores.

Capital Expenditure

The company plans to incur capex of INR 600 crores over the next 2-3 years, of which INR 400 crores is for greenfield expansion, funded entirely through internal accruals.

Credit Rating & Borrowing

Long-term bank facilities upgraded to CARE AA; Stable from CARE AA-; Positive. Short-term facilities reaffirmed at CARE A1+.

⚙️ Operational Drivers

Raw Materials

Steel coils and strips represent the primary raw material for the steel division; components for LED lamps and consumer durables are the primary inputs for the lighting division.

Capacity Expansion

Current steel segment capacity utilization is at 80% as of Q2 FY26. Full-year volume guidance is recalibrated to approximately 10 lakh tons.

Raw Material Costs

Raw material costs for H1 FY26 were INR 2,677 crores. Falling steel prices in July 2025 led to a notional inventory loss of INR 500 per ton, which was offset by operating efficiencies.

Manufacturing Efficiency

EBITDA per ton in the steel segment improved by 73% YoY to INR 5,013 per ton in Q2 FY26 due to higher operating leverage.

Logistics & Distribution

The company maintains an omni-channel presence and a strong distribution network to support steady growth in lighting and consumer durables.

📈 Strategic Growth

Expected Growth Rate

22%

Growth Strategy

Growth is driven by a higher share of value-added products like API pipes (which grew 86% YoY), aggressive export expansion (45% volume growth), and a INR 400 crore greenfield expansion plan.

Products & Services

API Pipes, ERW Pipes, GI Pipes, LED lamps, battens, street lights, and consumer durables.

Brand Portfolio

Surya

New Products/Services

API Pipes grew 86% YoY in Q2 FY26, significantly contributing to the value-added product mix.

Market Expansion

Focusing on strong export growth and technology upgradation to reinforce leadership in core segments.

Market Share & Ranking

The company is one of the most reputed and successful in the steel pipe and lighting sectors in India.

🌍 External Factors

Industry Trends

The steel pipe industry is seeing volumetric growth aided by infrastructure demand; the lighting industry is growing at ~8% with a shift toward LED and smart solutions.

Competitive Landscape

Faces competition from domestic steel pipe manufacturers and international pricing pressure from Chinese imports in lighting.

Competitive Moat

Durable advantages include cost leadership through backward integration, a strong household brand name ('Surya'), and an extensive distribution network.