Surya Roshni Limited (SURYAROSNI)
₹212.40 -0.06% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Surya Roshni's revenue was ₹2,046 Cr (+27.5% year on year, -5.4% on the previous quarter), and net profit ₹59.6 Cr (+77.2% year on year); the operating margin was 5.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,046 | +27.5% | -5.4% |
| Operating profit | ₹112 | +60.9% | -27.1% |
| Net profit | ₹59.6 | +77.2% | -39.2% |
| EPS (₹) | 2.74 | +76.8% | -39.4% |
| Operating margin | 5.5% | — | — |
SURYAROSNI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.58% of the SURYAROSNI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.62%. That is lower than usual for this stock. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 48.7% · 41.3% · 47.2% · 25.7% · 43.6%
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
Surya Roshni Limited has submitted its monthly certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The report, received from Registrar and Share Transfer Agent Mas Services Limited, confirms the processing of share dematerialisation and rematerialisation requests. All share certificates received for dematerialisation were confirmed mutilated and processed within 15 days of receipt. This is a regular administrative and secretarial filing with no impact on operations or financials.
- Compliance certificate filed under Regulation 74(5) for the month ended September 30, 2026
- Share certificates confirmed mutilated and processed within 15 days of receipt by RTA
- Confirmation issued by Registrar and Share Transfer Agent Mas Services Limited
Surya Roshni reported its Q2 and H1 FY27 business update, highlighting record volumes in both core divisions. Steel Pipes & Strips sales volume rose 23% YoY to 2.67 lakh tonnes in Q2 FY27, reaching the highest quarterly volume in the company's history. For H1 FY27, steel volume expanded 22% YoY to 4.95 lakh tonnes compared to 4.07 lakh tonnes in H1 FY26. Additionally, the Lighting & Consumer Durables segment recorded its ever-highest Q2 volume, boosted by pre-festive season demand.
- Steel Pipes & Strips Q2 FY27 sales volume rose 23% YoY to 2.67 lakh tonnes from 2.18 lakh tonnes
- Steel Pipes & Strips H1 FY27 sales volume grew 22% YoY to 4.95 lakh tonnes vs 4.07 lakh tonnes
- Quarterly steel volume of 2.67 lakh tonnes marks the ever-highest quarterly sales volume for the business
- Lighting & Consumer Durables segment achieved its ever-highest Q2 volume performance
Surya Roshni Limited announced the Scrutinizer's Report for its 53rd Annual General Meeting held on September 15, 2026. All eight resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements and the declaration of a final dividend of ₹2.50 per equity share (99.9995% approval). Key management re-appointments, including Mr. Jai Prakash Agarwal as Whole-time Director (95.96% in favour) and Mr. Vinay Surya as Managing Director (96.84% in favour), were also formally approved.
- Declared final dividend of ₹2.50 per equity share approved with 99.9995% votes in favour (14,75,74,582 shares)
- Re-appointment of Managing Director Mr. Vinay Surya passed with 96.84% voting support
- Re-appointment of Whole-time Director Mr. Jai Prakash Agarwal approved with 95.96% votes in favour
- Approval for security interest on assets for working capital facilities under Section 180(1)(a) passed with 99.9995% votes
Surya Roshni held its 53rd Annual General Meeting on September 15, 2026, conducting standard business including the adoption of FY26 financials and declaration of a ₹2.50 per share final dividend. Special resolutions transacted included security creation on assets under Section 180(1)(a) for working capital facilities, alongside the 5-year re-appointments of Executive Chairman Jai Prakash Agarwal and Managing Director Vinay Surya. Official scrutinizer voting results are pending submission to the exchange.
- Transacted final dividend resolution of ₹2.50 per equity share for FY26
- Re-appointment of Mr. Jai Prakash Agarwal as Whole-time Director/Executive Chairman for 5 years effective January 1, 2027
- Re-appointment of Mr. Vinay Surya as Managing Director for 5 years effective October 26, 2026
- Ratification of ₹7,50,000 remuneration for Cost Auditors M/s R J Goel & Co. for FY27
- Meeting conducted virtually via NSDL from 12:00 Noon to 12:38 PM on September 15, 2026
Surya Roshni Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the month ended August 2026. A total of 1,230 shares across 2 requests were dematerialized during the month via registrar Mas Services Limited. The physical share certificates have been cancelled and mutilated per depository guidelines. This represents standard procedural compliance with no financial impact on the company.
- Regulation 74(5) depository compliance certificate filed for August 2026
- A total of 1,230 shares were dematerialized during the period
- Processed across 2 dematerialisation requests by Mas Services Limited
- Certificates mutilated and depository records updated within stipulated timelines
Surya Roshni has issued physical letters containing web-links to its FY2025-26 Annual Report and 53rd Annual General Meeting (AGM) Notice to shareholders without registered email addresses. The 53rd AGM is scheduled to take place virtually on September 15, 2026. The record date for determining eligibility for the final dividend is August 21, 2026. Remote e-voting for AGM resolutions is set to run from September 10 to September 14, 2026.
- 53rd Annual General Meeting scheduled for Tuesday, September 15, 2026 at 12:00 Noon IST via video conference
- Record date for Final Dividend fixed as Friday, August 21, 2026
- Remote e-voting window open from September 10, 2026 (9:00 AM IST) to September 14, 2026 (5:00 PM IST)
- Cut-off date for remote e-voting is Tuesday, September 8, 2026
- Final dividend to be disbursed within 30 days from the AGM date of September 15, 2026
Surya Roshni Limited has issued the notice for its 53rd Annual General Meeting (AGM) scheduled for September 15, 2026. Key items on the agenda include the declaration of a final dividend of ₹2.50 per equity share for FY 2025-26 and shareholder approval under Section 180(1)(a) to create security on company assets for working capital facilities up to ₹1,000 crore. The notice also seeks approval for the re-appointment of Mr. Jai Prakash Agarwal as Executive Chairman for a 5-year term starting January 1, 2027.
- 53rd Annual General Meeting scheduled for September 15, 2026, via Video Conferencing.
- Proposed final dividend of ₹2.50 per equity share for FY 2025-26.
- Special resolution seeking approval to create charges/mortgages for working capital facilities up to ₹1,000 crore.
- Re-appointment of Mr. Jai Prakash Agarwal as Executive Chairman for 5 years effective January 1, 2027.
- Promoter holding stood at 63.003% across 21,76,35,896 total paid-up shares as of March 31, 2026.
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.
- 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
Surya Roshni has made the audio recording of its Q1 FY27 earnings conference call available to the public. The call, held on August 11, 2026, discussed the company's financial and operational performance for the quarter ended June 30, 2026. This follows the company's prior intimation on August 5, 2026. With a TTM revenue of ₹7,540 Cr and a market cap of ₹5,123 Cr, these calls are critical for understanding management's progress on their ₹400 crore greenfield expansion and value-added product strategy.
- Earnings call conducted on August 11, 2026, at 4:00 PM IST
- Discussion focused on unaudited financial results for the quarter ended June 30, 2026
- Initial intimation for the group meet was filed on August 5, 2026
- Company maintains a TTM revenue base of ₹7,540 Cr and ROCE of 16.0%
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.
- 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.
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.
- 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.
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.
- 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.
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.
- 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.
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.
- 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.
Surya Roshni Limited has filed its monthly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for July 2026. The filing confirms that a total of 504 shares were dematerialized during the month, comprising 328 shares via NSDL and 176 shares via CDSL. The company's registrar, Mas Services Limited, confirmed that physical share certificates were mutilated and cancelled within the mandated 15-day period. This is a standard administrative procedure with no impact on the company's financial performance or business operations.
- Total of 328 shares dematerialized through NSDL during July 2026
- Total of 176 shares dematerialized through CDSL during July 2026
- Zero shares were rematerialized during the reporting period
- Confirmation that all certificates were processed and mutilated within 15 days of receipt
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.
Macro Economic Sensitivity
Highly sensitive to steel price fluctuations and infrastructure spending in India.
Consumer Behavior
Festive demand and a shift toward energy-efficient LED lighting are driving double-digit volume growth in the lighting segment.
Geopolitical Risks
Strong export performance (45% growth) makes the company sensitive to international trade barriers and global demand trends.
Regulatory & Governance
Industry Regulations
Operations are subject to pollution norms and manufacturing standards; the company benefits from the PLI scheme for backward integration.
Environmental Compliance
Manufacturing processes impact the environment through waste generation and power consumption; the company is IS/ISO 14001 compliant.
Taxation Policy Impact
The effective tax rate for Q2 FY26 was approximately 26% (INR 26 crores tax on INR 100 crores PBT).
Legal Contingencies
NSE waived a fine of INR 7.70 lakh previously imposed for delayed compliance with board composition regulations during the COVID-19 pandemic.
Risk Analysis
Key Uncertainties
Volatility in steel prices and potential elongation of the working capital cycle are key risks that could impact liquidity.
Geographic Concentration Risk
The company has a strong domestic presence across 17 locations and is increasing its geographic footprint through a 45% growth in exports.
Technology Obsolescence Risk
The lighting segment faces technology risks, requiring continuous investment in LED and smart lighting upgrades.
Credit & Counterparty Risk
Receivables quality is managed by targeting an operating cycle below 60 days.
