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Suraj Overview

1. Business Overview

Suraj Ltd. operates in the Steel & Iron Products sector in India. Its core business involves the manufacturing, processing, and/or trading of various steel and iron products. The company likely caters to a diverse set of customers, including those in construction, infrastructure development, automotive, manufacturing, and general engineering sectors. Revenue is primarily generated through the sale of these products, with profitability driven by managing raw material costs, operational efficiencies, and product pricing relative to market demand.

2. Key Segments / Revenue Mix

Specific key segments or a detailed revenue mix for Suraj Ltd. are not provided. Given its industry, potential segments could include:

Primary Steel Products (e.g., billets, slabs)

Flat Products (e.g., sheets, plates, coils)

Long Products (e.g., rebar, wire rods, structural steel)

Specialty Steel Products (e.g., alloy steel, stainless steel)

Iron Castings or Forgings

Without specific data, it is not possible to quantify the contribution of each potential segment.

3. Industry & Positioning

The Indian steel industry is one of the largest globally, characterized by its cyclical nature, high capital intensity, and sensitivity to economic growth. It consists of large integrated players (e.g., Tata Steel, JSW Steel, SAIL), mid-sized producers, and numerous smaller, often regional, players. Suraj Ltd., as an individual entity without scale or market share information, likely positions itself as a mid-sized to smaller player, potentially focusing on specific product categories, regional markets, or operational efficiencies to compete against larger, more diversified players and a fragmented unorganized sector. The industry is highly competitive, driven by pricing, product quality, and supply chain efficiency.

4. Competitive Advantage (Moat)

Without specific details, Suraj Ltd.'s competitive advantages are likely operational rather than structural. In the highly commoditized steel industry, strong moats are challenging for smaller players to establish. Potential advantages could include:

Cost Efficiency: Lean operations, favorable raw material sourcing, or efficient energy consumption.

Regional Dominance: Strong market presence and distribution network within a specific geographic area.

Product Specialization: Expertise in producing niche or high-quality specific steel/iron products.

Customer Relationships: Strong, long-standing relationships with key industrial clients.

A brand-based moat is less common in this B2B commodity-driven sector, and significant scale or network effects are usually reserved for the largest integrated producers.

5. Growth Drivers

Key factors that could drive Suraj Ltd.'s growth over the next 3-5 years include:

Government Infrastructure Spending: Significant public investment in roads, railways, ports, and urban development.

Real Estate & Construction Sector Growth: Increasing demand for residential and commercial spaces driven by urbanization and economic growth.

Manufacturing Sector Expansion: Growth in industries like automotive, capital goods, and consumer durables.

Increasing Per Capita Steel Consumption: India's per capita steel consumption is still below the global average, indicating headroom for growth.

Export Opportunities: Leveraging competitive production costs to access international markets, subject to global demand and trade policies.

6. Risks

Commodity Price Volatility: Fluctuations in prices of raw materials (iron ore, coking coal, energy) and finished steel products directly impact profitability.

Cyclicality of Demand: The steel industry is highly sensitive to economic cycles, with downturns leading to reduced demand and pricing pressure.

High Capital Intensity & Debt: Steel production requires significant capital expenditure, making companies vulnerable to interest rate changes and balance sheet stress.

Import Competition: Cheaper imports can put pressure on domestic steel prices and margins.

Environmental Regulations: Stricter environmental norms can lead to increased compliance costs and operational challenges.

Supply Chain Disruptions: Geopolitical events or logistics issues can disrupt raw material availability or product delivery.

7. Management & Ownership

Specific information on Suraj Ltd.'s promoters, management quality, or ownership structure is not provided. In many Indian companies, a promoter group often holds a significant stake and plays a crucial role in strategic decision-making. The quality of management would be assessed based on their experience, financial prudence, strategic vision, and corporate governance practices, none of which can be evaluated without further information.

8. Outlook

Suraj Ltd., as a participant in India's Steel & Iron Products sector, is poised to benefit from India's robust long-term economic growth drivers, particularly in infrastructure and construction. The government's continued focus on 'Make in India' and infrastructure development presents a tailwind for domestic steel demand.

However, the company operates in a highly competitive and cyclical industry. Profitability will be subject to the volatile swings in raw material costs and finished product prices. Without a strong, discernible competitive moat, Suraj Ltd. may face challenges in sustaining superior margins over the long term, relying heavily on operational efficiency, prudent financial management, and effective market positioning. Its performance will be closely tied to broader macroeconomic trends and the company's ability to navigate the inherent volatility of the commodity market.

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Suraj Key Financials

Market Cap ₹424 Cr.

Stock P/E 31.9

P/B 3.1

Current Price ₹231.1

Book Value ₹ 75

Face Value 10

52W High ₹434.3

Dividend Yield 0.65%

52W Low ₹ 202

Suraj Share Price

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Volume
Price

Suraj Quarterly Price

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Suraj Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 93 76 55 57 64 59 50 50 62 43
Other Income 1 1 0 2 1 2 1 1 1 3
Total Income 94 78 55 58 64 60 52 51 63 46
Total Expenditure 82 65 46 48 51 61 45 47 57 41
Operating Profit 12 13 10 10 14 -1 6 5 6 5
Interest 1 1 1 1 1 2 1 1 1 1
Depreciation 2 3 3 3 3 3 3 3 3 -1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 9 9 6 7 10 -5 2 1 2 5
Provision for Tax 3 3 2 2 3 -2 1 1 1 1
Profit After Tax 6 6 4 5 7 -4 2 1 1 4
Adjustments 0 0 1 2 0 -2 1 0 0 -1
Profit After Adjustments 7 6 6 6 7 -6 3 1 1 3
Adjusted Earnings Per Share 3.7 3.3 3.1 3.5 3.8 -3.2 1.5 0.5 0.7 1.4

Suraj Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2024 Mar 2025 TTM
Net Sales 207 182 331 234 205
Other Income 4 0 3 4 6
Total Income 211 182 334 238 212
Total Expenditure 194 164 291 205 190
Operating Profit 17 18 43 33 22
Interest 10 10 4 5 4
Depreciation 6 7 9 11 8
Exceptional Income / Expenses 0 0 0 0 0
Profit Before Tax 1 1 31 18 10
Provision for Tax 1 -0 9 5 4
Profit After Tax 0 1 22 13 8
Adjustments 0 -0 0 0 0
Profit After Adjustments 0 1 22 13 8
Adjusted Earnings Per Share 0.2 0.7 11.7 7.2 4.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -29% 4% 0% 0%
Operating Profit CAGR -23% 25% 0% 0%
PAT CAGR -41% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -42% 25% 38% 18%
ROE Average 10% 11% 8% 8%
ROCE Average 13% 13% 12% 12%

Suraj Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2024 Mar 2025
Shareholder's Funds 85 87 123 133
Minority's Interest 0 0 0 0
Borrowings 0 0 0 0
Other Non-Current Liabilities 3 1 1 2
Total Current Liabilities 125 109 62 87
Total Liabilities 213 198 186 222
Fixed Assets 61 57 85 89
Other Non-Current Assets 0 0 29 26
Total Current Assets 153 141 72 107
Total Assets 213 198 186 222

Suraj Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 5 4 1 0
Cash Flow from Operating Activities 14 27 41 -9
Cash Flow from Investing Activities -1 -2 -47 -14
Cash Flow from Financing Activities -14 -24 6 23
Net Cash Inflow / Outflow -1 1 -0 -0
Closing Cash & Cash Equivalent 4 5 0 0

Suraj Ratios

# Mar 2018 Mar 2019 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.19 0.73 11.72 7.25
CEPS(Rs) 3.5 4.16 16.83 13.18
DPS(Rs) 0 0 1.5 1.5
Book NAV/Share(Rs) 44.38 45.12 66.72 72.44
Core EBITDA Margin(%) 6.25 9.65 11.94 12.1
EBIT Margin(%) 5.04 6.26 10.4 9.93
Pre Tax Margin(%) 0.46 0.53 9.29 7.91
PAT Margin (%) 0.17 0.78 6.51 5.69
Cash Profit Margin (%) 3.25 4.41 9.35 10.35
ROA(%) 0.2 0.69 11.23 6.52
ROE(%) 0.58 1.64 20.55 10.41
ROCE(%) 6.93 5.94 20.14 13.14
Receivable days 53.51 72.79 35.76 52.34
Inventory Days 127.72 173.4 59.8 59.74
Payable days 33.14 18.61 15.51 32.87
PER(x) 239.2 49.03 18.61 52.46
Price/Book(x) 1.01 0.8 3.27 5.25
Dividend Yield(%) 0 0 0.69 0.39
EV/Net Sales(x) 0.94 0.9 1.31 3.26
EV/Core EBITDA(x) 11.54 9.08 10.11 23.43
Net Sales Growth(%) -11 -12.43 82.14 -29.31
EBIT Growth(%) -45.4 8.84 202.57 -32.54
PAT Growth(%) -95.8 304.74 1418.56 -38.19
EPS Growth(%) -96.18 291.63 1496.17 -38.19
Debt/Equity(x) 1.31 1.13 0.27 0.48
Current Ratio(x) 1.22 1.29 1.16 1.23
Quick Ratio(x) 0.51 0.52 0.77 0.63
Interest Cover(x) 1.1 1.09 9.37 4.92
Total Debt/Mcap(x) 1.3 1.42 0.08 0.09

Suraj Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 75 75 75 75 75 75 75 75 75 75
FII 0 0 0 0 0 0 0 0.02 0 0
DII 0.38 0.38 0.38 0.38 0.38 0.38 0 0 0 0
Public 24.62 24.62 24.62 24.62 24.62 24.62 25 24.99 25 25
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Suraj News

Suraj Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 11% over the last 3 years.
  • Debtor days have increased from 15.51 to 32.87days.
  • Stock is trading at 3.1 times its book value.
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