Suraj Industries Ltd (526211)
🎯 Key Takeaways
- Suraj Industries Ltd is transitioning from a mature, cash-generating alcohol beverage business into a growth phase driven by new distillery operations, though current financials reflect a nascent stage with mixed profitability. The company maintains a stable promoter holding but shows early signs of reinvestment as it scales new ventures.
- Revenue grew 96.3% QoQ to ₹30 in Q1FY27.
- ⚠️ 1) Execution risk in scaling new distillery operations, as current profitability remains volatile despite margin improvement. 2) Governance concerns d
- Market Cap
- ₹268
- P/E Ratio
- 55.0
- P/B Ratio
- 1.85
- ROE
- 3.2%
- ROCE
- 3.5%
- Debt/Equity
- 1.18
- Promoter
- 39.6%
📖 The Story
Suraj Industries Ltd is transitioning from a mature, cash-generating alcohol beverage business into a growth phase driven by new distillery operations, though current financials reflect a nascent stage with mixed profitability. The company maintains a stable promoter holding but shows early signs of reinvestment as it scales new ventures.
📰 What's Happening
In August 2026, Suraj Industries approved material related party transactions totaling up to Rs. 250 crores with Carya Chemicals and VRV Foods, pending shareholder approval at its 34th AGM scheduled for September 30, 2026. Concurrently, its subsidiary Carya Chemicals & Fertilizers Private Limited received an excise license to operate a 125 KL per day grain-based distillery in Rajasthan, with commercial operations expected to begin in September 2026. These developments signal strategic expansion into distilling and potential vertical integration, though execution and capital allocation remain under shareholder review.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 14 | 12 | 15 | 30 |
| Operating Profit | 1 | -1 | 1 | 6 |
| OPM % | 5.1% | -7.9% | 3.7% | 18.4% |
| Net Profit | 0 | 1 | -0 | 4 |
| EPS | ₹0.01 | ₹0.37 | ₹-0.09 | ₹1.63 |
The company's quarterly revenue has shown sequential growth from ₹12 crore in December 2025 to ₹30 crore in June 2026, but profitability remains volatile, with operating margins expanding from negative 7.9% in December 2025 to 18.4% in June 2026, suggesting early operational scaling. However, net profit turned negative in March 2026 (₹-0.09 crore) before recovering slightly, indicating sensitivity to operational ramp-up costs. The financial trend aligns with management's focus on new infrastructure, though results are still in a developmental phase.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance on revenue or margins in the latest filings, but highlighted the commencement of commercial operations at the new distillery in September 2026 as a key milestone. The board's approval of related party transactions suggests intent to leverage existing group synergies and expand manufacturing capacity, implying an anticipated contribution to future cash flows from the new distillery operations.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 16 | 16 | 33 | 19 |
| Reserves | 57 | 56 | 112 | 74 |
| Borrowings | 86 | 26 | 172 | 126 |
| Total Liabilities | 192 | 130 | 342 | 241 |
| Fixed Assets | 24 | 23 | 80 | 80 |
| Investments | 15 | 13 | 37 | 16 |
| Total Assets | 192 | 130 | 342 | 241 |
The balance sheet shows a steady increase in total assets from ₹192 crore in March 2025 to ₹342 crore in March 2026, driven by rising borrowings from ₹84 crore to ₹175 crore and growth in equity and reserves. This indicates active capital deployment, likely funding new distillery infrastructure and working capital needs, while maintaining a moderate debt-to-equity ratio of 1.15, suggesting manageable leverage relative to asset growth.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | +2 | -3 |
| Investing | -97 | -127 |
| Financing | +94 | +134 |
| Net Cash Flow | -2 | +4 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 39.5% | 39.5% | 39.6% |
| FII | 3.2% | 3.2% | 3.2% |
| DII | 0.0% | 0.0% | 0.0% |
| Public | 42.2% | 42.1% | 42.1% |
| # Shareholders | 17,703 | 17,691 | 17,495 |
Promoter holding has remained stable around 39.5% over the last three quarters, with no significant dilution or sale. FII holding is minimal at ~3.16%, and DII has exited entirely (0% in Q1FY27), while public shareholding has slightly increased. The lack of institutional accumulation may reflect cautious sentiment, but the stable promoter stake suggests confidence in long-term control and strategy.
⚖️ Peer Comparison — Alcoholic Beverages
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Execution risk in scaling new distillery operations, as current profitability remains volatile despite margin improvement. 2) Governance concerns due to large related party transactions totaling Rs. 250 crores, pending shareholder approval, which could impact capital efficiency and investor trust. 3) High sensitivity to operational performance given small revenue base and negative net income in recent quarters.
📋 Recent Filings
- 🟡 Board Meeting2026-09-28Suraj Industries approved a cash preferential allotment of 75,850 VRV Foods shares at ₹66 per share ([amount not verified] total) to increase its stak…
- 🔴 Corporate Action2026-09-28Suraj Industries approved a cash preferential allotment of 75,850 VRV Foods shares at ₹66 per share ([amount not verified] total), increasing its stak…
- Announcement2026-09-24Suraj Industries Ltd announced that its trading window will close on October 1, 2026, for insiders and their relatives until 48 hours after the un-aud…
- 🔴 Announcement2026-09-24Suraj Industries announced that its material subsidiary Carya Chemicals & Fertilizers Private Limited has commenced production of Extra Neutral Alcoho…
- 🔴 annual report2026-09-07Suraj Industries Ltd informed BSE that it dispatched a letter to shareholders with outdated contact details, directing them to the company website for…
- 🟡 Board Meeting2026-09-07Suraj Industries Ltd announced its 34th AGM scheduled for September 30, 2026 at 3:30 PM IST via video conference. Shareholders will vote on adopting a…
- 🔴 annual report2026-09-07Suraj Industries Ltd reported FY2025-26 results with total revenue of **₹14,034.08 lakhs**, up from ₹12,665.70 lakhs, driven by liquor operations cont…
- 🟡 Board Meeting2026-08-31Suraj Industries announced its 34th Annual General Meeting will be held on September 30, 2026, and approved material related party transactions with C…
- 🔴 Announcement2026-08-27Suraj Industries announced that its material subsidiary Carya Chemicals & Fertilizers Private Limited received an excise license on August 27, 2026 to…
🧠 Analyst's Read
Suraj Industries is in an early growth phase with strategic moves into distilling, supported by capital investment and regulatory progress, but financial results remain fragile. Investors should monitor execution of new operations, shareholder response to related party deals, and any update on forward-looking performance metrics in upcoming filings.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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