Surya Roshni Ltd (SURYAROSNI)
🎯 Key Takeaways
- Surya Roshni is transitioning from a traditional capital goods manufacturer to a higher-margin, export-oriented value-added producer, evidenced by accelerating revenue growth, expanding EBITDA margins, and strategic capacity investments in API and spiral pipes. The company is in a growth phase driven by product mix improvement, international demand, and government-linked infrastructure tailwinds, though it remains sensitive to input cost volatility and execution risks in new capacity ramp-ups.
- Revenue declined 5.4% QoQ to ₹2,046 in Q1FY27.
- ⚠️ Input cost inflation remains a concern, with management citing ~7% increases; while margins have improved, sustained pressure could erode profitabilit
- Market Cap
- ₹4,792
- P/E Ratio
- 15.4
- P/B Ratio
- 1.82
- ROE
- 11.8%
- ROCE
- 16.5%
- Debt/Equity
- 0.03
- Div Yield
- 2.27%
- Promoter
- 63.0%
📖 The Story
Surya Roshni is transitioning from a traditional capital goods manufacturer to a higher-margin, export-oriented value-added producer, evidenced by accelerating revenue growth, expanding EBITDA margins, and strategic capacity investments in API and spiral pipes. The company is in a growth phase driven by product mix improvement, international demand, and government-linked infrastructure tailwinds, though it remains sensitive to input cost volatility and execution risks in new capacity ramp-ups.
📰 What's Happening
In Q1 FY27 (August 11, 2026 filing), Surya Roshni reported consolidated revenue of ₹2,046 crore (+28% YoY), with Steel Pipes & Strips revenue up 32% to ₹1,590 crore on 21% volume growth and ₹800 crore in export orders. EBITDA rose 46% YoY to ₹120 crore, and PAT surged 77% YoY to ₹60 crore, outpacing revenue growth due to margin expansion and cost management. The company highlighted a robust order book of ~₹950 crore and net cash surplus of ₹154 crore. Management reiterated FY27 guidance of 22-23% value growth and 25% volume growth, targeting 16 lakh tonnes capacity by FY27 and 20 lakh tonnes by FY30, with value-added products expected to exceed 50% of sales within two years. Capacity expansion includes a ₹50 crore project to add 24,000 tons annual capacity for water projects in Rajasthan, MP, and UP, and leveraging PLI schemes for LED component manufacturing.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,845 | 1,927 | 2,163 | 2,046 |
| Operating Profit | 86 | 112 | 122 | 78 |
| OPM % | 4.7% | 5.8% | 5.6% | 3.8% |
| Net Profit | 74 | 80 | 98 | 60 |
| EPS | ₹3.41 | ₹3.66 | ₹4.51 | ₹2.74 |
Revenue growth has accelerated to 28% YoY in Q1 FY27 from prior quarters' 15-32% range, with EBITDA margin improving to 7.9% from 7.7% YoY despite ~7% input cost increases. PAT growth outpaced revenue growth at 77% YoY, indicating operating leverage and effective cost control. Sequential revenue declined slightly from ₹2,163 crore in Q4 FY26 to ₹2,046 crore in Q1 FY27, but this appears seasonal, with full-year guidance implying sustained momentum. The company is successfully shifting toward higher-margin products, supported by export demand and capacity additions in API and spiral pipes, which are aligned with infrastructure spending trends.
🔮 Management Outlook & What's Next
Management expressed confidence in sustained momentum through the festive season and beyond, citing strategic capacity expansion, product mix improvements, and order book visibility. They reiterated FY27 guidance of 22-23% value growth and 25% volume growth, targeting 16 lakh tonnes capacity by FY27 and 20 lakh tonnes by FY30, with value-added products expected to exceed 50% of sales within two years. The ₹50 crore capacity expansion for API and spiral pipes and PLI-driven LED component manufacturing are cited as key enablers of long-term growth and margin resilience.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 109 | 54 | 109 | 109 |
| Reserves | 2,356 | 2,214 | 2,525 | 2,399 |
| Borrowings | 3 | 73 | 80 | 124 |
| Total Liabilities | 3,234 | 2,970 | 3,545 | 3,448 |
| Fixed Assets | 841 | 799 | 883 | 863 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 3,234 | 2,970 | 3,545 | 3,448 |
The balance sheet shows stable leverage with net debt near zero (D/E of 0.00) and total assets growing to ₹3,545 crore as of March 2026 from ₹3,234 crore in March 2025, driven by asset base expansion. Equity remains flat at ₹109 crore, while reserves have increased to ₹2,525 crore, reflecting cumulative profitability. Borrowings declined to ₹80 crore from ₹124 crore YoY, indicating deleveraging or reduced reliance on debt. Net cash surplus of ₹154 crore in Q1 FY27 and consistent cash flow from operations (₹395 crore in FY25) suggest strong internal funding capacity, supporting ongoing capex without external financing pressure.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +395 |
| Investing | -329 |
| Financing | -80 |
| Net Cash Flow | -15 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 62.5% | 62.9% | 63.0% | 63.0% |
| FII | 5.0% | 4.8% | 4.7% | 3.8% |
| DII | 1.7% | 2.0% | 2.1% | 1.9% |
| Public | 21.6% | 21.3% | 21.0% | 21.3% |
| # Shareholders | 63,443 | 65,953 | 66,766 | 67,798 |
Promoter holding has remained stable around 62-63% over the past four quarters, indicating confidence in long-term prospects. FII ownership has increased from 4.68% in Q4 FY26 to 3.81% in Q1 FY27, though still modest, while DII holdings rose from 1.67% to 1.89%, suggesting growing institutional interest. The number of public shareholders has grown to 67,798, reflecting retail participation. No significant promoter pledging or selling activity is evident, and the stable shareholding pattern supports governance continuity, though foreign institutional interest remains limited.
⚖️ Peer Comparison — Capital Goods-Non Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CUMMINSIND | 1.34 L Cr | 56.7 | 36.6% | — | 0.00 |
| WELCORP | 72,223 | 31.3 | 27.3% | — | 0.24 |
| APLAPOLLO | 61,085 | 49.7 | 35.9% | — | 0.15 |
| INDOMIM | 60,675 | — | — | — | 0.39 |
| TIINDIA | 47,521 | 78.3 | 23.6% | — | 0.05 |
| KIRLOSENG | 31,117 | 57.0 | 13.7% | — | 1.47 |
| JYOTICNC | 23,775 | 73.9 | 18.5% | — | 0.42 |
| CARBORUNIV | 23,764 | 112.7 | 8.0% | — | 0.08 |
| GRINDWELL | 21,279 | 48.8 | 23.3% | — | 0.00 |
| RATNAMANI | 19,227 | 44.4 | 15.7% | — | 0.07 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Input cost inflation remains a concern, with management citing ~7% increases; while margins have improved, sustained pressure could erode profitability if not fully passed on. 2. Execution risk in new capacity additions (e.g., ₹50 crore API/spiral pipe project) could delay ROI or strain cash flows if timelines slip. 3. Export order volatility — while ₹800 crore in export orders is cited, global demand softness or currency swings could impact realization. 4. Governance uncertainty around reappointments at the upcoming AGM, as shareholder approval is required for key managerial appointments, introducing potential for board-level changes affecting strategy.
📋 Recent Filings
- Announcement2026-09-22Surya Roshni Ltd announces that its trading window for insider transactions will close starting October 1, 2026, remaining shut until 48 hours after t…
- 🟡 voting results2026-09-16Surya Roshni shareholders approved all 8 AGM resolutions via remote e-voting and e-voting on September 15, 2026, including adoption of audited financi…
- Announcement2026-09-11Surya Roshni Limited confirmed dematerialization of shares for August 2026 via its registrar, Mas Services Limited, as required under SEBI Regulation …
- 🔴 annual report2026-08-20Surya Roshni Limited announced that its 2025-26 Annual Report and Notice of the 53rd Annual General Meeting, scheduled for September 15, 2026, are now…
- 🔴 annual report2026-08-19Surya Roshni Limited announced its 53rd AGM scheduled for September 15, 2026, via video conference, with shareholders voting on key resolutions includ…
- Announcement2026-08-18Surya Roshni reported consolidated revenue of **₹2,046 crores** (up 28% YoY) and PAT of **₹60 crores** (up 77% YoY) in Q1 FY27, driven by 15% growth i…
- 🔴 Financial Results2026-08-11Surya Roshni reported consolidated revenue of ₹2,046 crore in Q1 FY27, up 28% YoY, with EBITDA at ₹120 crore (+46% YoY) and PAT at ₹60 crore (+77% YoY…
- 🔴 Financial Results2026-08-11Surya Roshni Limited reported consolidated revenue of ₹2,046 crore for Q1FY27, up 28% YoY, driven by strong performance across both segments. Steel Pi…
- Announcement2026-08-11Surya Roshni Limited announced an audio recording of its earnings conference call for Q1 FY2026, scheduled for August 11, 2026 at 4:00 PM, accessible …
- 🟡 Board Meeting2026-08-11The Board of Surya Roshni Limited approved the unaudited standalone and consolidated financial results for Q1 FY2026, declared a final dividend of Rs …
🧠 Analyst's Read
Surya Roshni is executing a clear strategic shift toward higher-margin, export-driven growth with visible traction in order books and capacity expansion, but investors should monitor input cost pass-through, execution of new projects, and shareholder approval of key appointments at the upcoming AGM as near-term catalysts.
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 2026-09-29.
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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