Steel & Iron Products · Founded 1973 · www.surya.co.in · BSE 500336 · NSE SURYA ROSHNI · ISIN INE335A01020
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Business
Surya Roshni Ltd. is an Indian manufacturing company with a diversified business model, primarily operating in two distinct segments: Steel & Allied Products and Lighting & Consumer Durables. The company manufactures a wide range of products including ERW (Electric Resistance Welded) steel pipes, cold-rolled (CR) strips, GI pipes, and various types of lighting products (LED, conventional), fans, home appliances, and consumer electronics. It makes money by manufacturing and selling these products to a diverse customer base across industrial, commercial, infrastructure, and retail sectors, leveraging its manufacturing capabilities and extensive distribution network.
Revenue Mix
Surya Roshni operates primarily through two segments:
Steel & Allied Products: This segment includes a comprehensive range of steel pipes (ERW Black & Galvanized Pipes, API Pipes for oil & gas, Hollow Sections, CR Strips). These products cater to infrastructure, agriculture, construction, real estate, and industrial applications. This segment typically contributes the majority of the company's revenue, often in the range of 65-75%.
Lighting & Consumer Durables: This segment manufactures and markets a wide array of lighting products (LED bulbs, luminaires for consumer, professional, and street lighting), fans, home appliances (water heaters, irons, induction cooktops, etc.), and consumer electronics under the "Surya" brand. This segment typically contributes 25-35% of the total revenue.
Industry
Steel & Allied Products: The company operates in the highly competitive Indian steel pipe and CR strip market, serving both domestic and international clients. Key competitors include APL Apollo Tubes, Jindal Saw, Goodluck India, and others in steel pipes, and various unorganized players in CR strips. Surya Roshni has established itself as a significant player, particularly in the ERW steel pipes segment, with a focus on quality and a broad product range catering to diverse end-use industries like irrigation, construction, and general engineering. It holds a strong position in government tenders and project supplies.
Lighting & Consumer Durables: In the lighting and consumer durables segment, Surya faces intense competition from established domestic and international brands like Philips, Havells, Crompton Greaves Consumer Electricals, Bajaj Electricals, Orient Electric, and Polycab. Surya has built brand recognition, particularly in semi-urban and rural markets, by offering a value-for-money proposition and a wide distribution reach. It is positioned as a strong national brand with a focus on LED lighting and expanding its consumer durables portfolio.
MOAT
Established Brand & Distribution Network: The "Surya" brand has significant recall in the Indian lighting and appliance market, especially in Tier 2/3 cities and rural areas. This is supported by an extensive pan-India distribution network (dealers, distributors, retailers) for both lighting and steel products, enabling wide market penetration.
Integrated Manufacturing & Scale: Surya Roshni benefits from large-scale manufacturing facilities for both steel and lighting products, allowing for cost efficiencies and control over the production process. Its multiple steel pipe plants provide capacity and geographic reach.
Product Diversification: The dual business model (steel and lighting/consumer durables) provides a hedge against cyclicality in any single industry, offering more stable revenue streams.
R&D and Product Innovation: Continuous investment in R&D, particularly in LED lighting and energy-efficient appliances, helps the company stay relevant and introduce new products.
Growth Drivers
Government Infrastructure Spending: Continued government focus on infrastructure development (housing, smart cities, irrigation, oil & gas pipelines) will drive demand for steel pipes and related products.
Electrification & Urbanization: Increasing access to electricity and rapid urbanization in India will fuel demand for lighting products, fans, and other consumer durables.
LED Adoption & Energy Efficiency: The ongoing shift from conventional lighting to energy-efficient LED solutions, driven by cost savings and environmental awareness, presents a significant growth opportunity.
Expanding Consumer Durable Portfolio: Diversification into a broader range of home appliances and consumer electronics can tap into rising disposable incomes and changing consumer lifestyles.
Export Opportunities: Leveraging its manufacturing capabilities and quality certifications to expand exports of both steel and lighting products to international markets.
Risks
Commodity Price Volatility: The profitability of the steel segment is highly susceptible to fluctuations in raw material prices (steel coils, iron ore) and energy costs.
Intense Competition: Both segments face stiff competition from organized and unorganized players, which can put pressure on pricing and margins.
Economic Slowdown: A general economic slowdown can reduce demand for infrastructure projects (impacting steel) and consumer spending (impacting lighting and consumer durables).
Technological Obsolescence: Rapid technological advancements in the lighting industry (e.g., smart lighting) require continuous R&D investment to remain competitive.
Regulatory Changes: Changes in import duties, trade policies, or environmental regulations can impact operations and profitability.
Management & Ownership
Surya Roshni Ltd. is a promoter-driven company, founded by the Surya Group. The management team includes members of the promoter family along with professional executives. The promoters hold a significant stake in the company, demonstrating a vested interest in its long-term performance. The management has a track record of expanding operations across both segments and navigating various economic cycles. The ownership structure reflects a combination of promoter holdings, institutional investors, and public shareholding.
Outlook
Surya Roshni Ltd. presents a balanced investment case. The steel segment benefits from India's robust infrastructure push, offering stable demand, while the lighting and consumer durables segment taps into the growing discretionary spending and electrification trends. The company's diversified revenue streams provide resilience against specific industry downturns. However, profitability remains sensitive to raw material price volatility, and both segments face intense competition, necessitating continuous innovation, cost control, and strong brand building. The ability to effectively manage commodity price fluctuations and sustain market share in competitive environments will be crucial for its continued growth and profitability.
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| #(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 | 1938 | 2080 | 1893 | 1529 | 1868 | 2146 | 1605 | 1845 | 1927 | 2163 |
| Other Income | 4 | 7 | 8 | 7 | 6 | 9 | 13 | 23 | 3 | 16 |
| Total Income | 1942 | 2087 | 1901 | 1536 | 1874 | 2155 | 1617 | 1868 | 1930 | 2179 |
| Total Expenditure | 1783 | 1915 | 1742 | 1453 | 1718 | 1943 | 1535 | 1727 | 1783 | 2009 |
| Operating Profit | 158 | 173 | 159 | 83 | 156 | 211 | 83 | 141 | 148 | 170 |
| Interest | 7 | 4 | 5 | 6 | 5 | 5 | 5 | 9 | 7 | 6 |
| Depreciation | 30 | 29 | 30 | 31 | 30 | 31 | 32 | 32 | 33 | 33 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 121 | 139 | 123 | 46 | 121 | 175 | 46 | 100 | 107 | 131 |
| Provision for Tax | 31 | 35 | 31 | 12 | 31 | 45 | 12 | 25 | 28 | 33 |
| Profit After Tax | 90 | 104 | 92 | 34 | 90 | 130 | 34 | 74 | 80 | 98 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 90 | 104 | 92 | 34 | 90 | 130 | 34 | 74 | 80 | 98 |
| Adjusted Earnings Per Share | 4.2 | 4.8 | 4.3 | 1.6 | 4.1 | 6 | 1.5 | 3.4 | 3.7 | 4.5 |
| #(Fig in Cr.) | Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 3026 | 3544 | 2964 | 3145 | 5975 | 5471 | 5561 | 7731 | 7997 | 7809 | 7436 | 7540 |
| Other Income | 1 | 2 | 2 | 1 | 4 | 3 | 5 | 6 | 5 | 14 | 30 | 55 |
| Total Income | 3027 | 3546 | 2966 | 3146 | 5979 | 5474 | 5566 | 7737 | 8002 | 7823 | 7466 | 7594 |
| Total Expenditure | 2795 | 3234 | 2722 | 2916 | 5603 | 5117 | 5182 | 7288 | 7383 | 7237 | 6857 | 7054 |
| Operating Profit | 232 | 311 | 244 | 231 | 376 | 358 | 384 | 449 | 620 | 586 | 609 | 542 |
| Interest | 116 | 145 | 96 | 88 | 115 | 114 | 70 | 64 | 45 | 24 | 21 | 27 |
| Depreciation | 60 | 85 | 61 | 56 | 89 | 103 | 103 | 108 | 115 | 117 | 123 | 130 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 56 | 82 | 87 | 87 | 172 | 140 | 211 | 277 | 459 | 445 | 465 | 384 |
| Provision for Tax | 4 | 5 | 24 | 21 | 52 | 37 | 53 | 72 | 124 | 116 | 119 | 98 |
| Profit After Tax | 53 | 77 | 63 | 66 | 121 | 103 | 158 | 205 | 336 | 329 | 347 | 286 |
| Adjustments | -0 | -4 | 4 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 52 | 73 | 67 | 72 | 121 | 103 | 158 | 205 | 336 | 329 | 347 | 286 |
| Adjusted Earnings Per Share | 3 | 4.2 | 3.8 | 4.1 | 5.6 | 4.7 | 7.4 | 9.6 | 15.6 | 15.2 | 15.9 | 13.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -5% | -1% | 6% | 9% |
| Operating Profit CAGR | 4% | 11% | 11% | 10% |
| PAT CAGR | 5% | 19% | 27% | 21% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -24% | 9% | 16% | 21% |
| ROE Average | 15% | 17% | 16% | 13% |
| ROCE Average | 21% | 22% | 19% | 15% |
| #(Fig in Cr.) | Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 728 | 737 | 704 | 767 | 1152 | 1239 | 1367 | 1548 | 1864 | 2166 | 2465 |
| Minority's Interest | 44 | 100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 586 | 572 | 333 | 306 | 335 | 270 | 172 | 61 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 71 | 69 | 84 | 93 | 141 | 130 | 149 | 139 | 106 | 103 | 96 |
| Total Current Liabilities | 771 | 818 | 869 | 952 | 1401 | 1332 | 1253 | 1367 | 1088 | 652 | 673 |
| Total Liabilities | 2200 | 2295 | 1990 | 2118 | 3029 | 2971 | 2941 | 3115 | 3057 | 2922 | 3234 |
| Fixed Assets | 1159 | 1196 | 753 | 787 | 1089 | 1061 | 1029 | 943 | 912 | 835 | 841 |
| Other Non-Current Assets | 39 | 27 | 89 | 92 | 78 | 68 | 74 | 104 | 57 | 91 | 139 |
| Total Current Assets | 1001 | 1073 | 1147 | 1239 | 1862 | 1841 | 1838 | 2068 | 2087 | 1996 | 2255 |
| Total Assets | 2200 | 2295 | 1990 | 2118 | 3029 | 2971 | 2941 | 3115 | 3057 | 2922 | 3234 |
| #(Fig in Cr.) | Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 34 | 27 | 26 | 27 | 24 | 2 | 1 | 0 | 0 | 1 | 35 |
| Cash Flow from Operating Activities | 64 | 254 | 208 | 181 | 120 | 276 | 540 | 285 | 280 | 546 | 395 |
| Cash Flow from Investing Activities | -194 | -108 | -51 | -84 | -105 | -48 | -66 | -54 | -33 | -51 | -329 |
| Cash Flow from Financing Activities | 122 | -155 | -156 | -105 | -37 | -229 | -475 | -231 | -246 | -461 | -80 |
| Net Cash Inflow / Outflow | -7 | -8 | 1 | -8 | -22 | -1 | -1 | 0 | 1 | 34 | -15 |
| Closing Cash & Cash Equivalent | 27 | 19 | 27 | 19 | 2 | 1 | 0 | 0 | 1 | 35 | 20 |
| # | Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.98 | 4.19 | 3.84 | 4.09 | 5.55 | 4.71 | 7.38 | 9.61 | 15.59 | 15.17 | 15.93 |
| CEPS(Rs) | 6.41 | 9.22 | 7.08 | 6.97 | 9.62 | 9.47 | 12.17 | 14.69 | 20.95 | 20.58 | 21.57 |
| DPS(Rs) | 0 | 1 | 0.25 | 0.38 | 0.5 | 0.5 | 0.75 | 1 | 1.75 | 2.5 | 5.5 |
| Book NAV/Share(Rs) | 27.55 | 31.44 | 40.16 | 43.76 | 52.93 | 56.94 | 63.7 | 72.21 | 85.89 | 98.87 | 112.26 |
| Core EBITDA Margin(%) | 7.24 | 8.2 | 7.58 | 6.73 | 6.23 | 6.47 | 6.82 | 5.73 | 7.68 | 7.33 | 7.79 |
| EBIT Margin(%) | 5.39 | 6 | 5.73 | 5.12 | 4.81 | 4.64 | 5.06 | 4.4 | 6.3 | 6.01 | 6.54 |
| Pre Tax Margin(%) | 1.77 | 2.17 | 2.72 | 2.55 | 2.89 | 2.56 | 3.8 | 3.58 | 5.74 | 5.7 | 6.26 |
| PAT Margin (%) | 1.65 | 2.04 | 1.97 | 1.94 | 2.02 | 1.87 | 2.85 | 2.65 | 4.2 | 4.22 | 4.66 |
| Cash Profit Margin (%) | 3.53 | 4.28 | 3.88 | 3.58 | 3.5 | 3.77 | 4.69 | 4.05 | 5.64 | 5.72 | 6.31 |
| ROA(%) | 2.59 | 3.43 | 2.95 | 3.22 | 4.69 | 3.42 | 5.36 | 6.77 | 10.87 | 11.01 | 11.26 |
| ROE(%) | 11.51 | 14.91 | 10.05 | 9 | 12.59 | 8.58 | 12.15 | 14.1 | 19.8 | 16.48 | 15.11 |
| ROCE(%) | 10.86 | 13.04 | 10.95 | 10.74 | 14.39 | 10.87 | 12.75 | 16.16 | 22.94 | 21.14 | 20.96 |
| Receivable days | 36.79 | 38.34 | 55.72 | 57.1 | 42.07 | 51.08 | 47.66 | 38.82 | 37.32 | 34.24 | 39.63 |
| Inventory Days | 56.36 | 50.68 | 55.14 | 54.05 | 42.35 | 58.81 | 58.62 | 43.82 | 48.84 | 52.33 | 48.8 |
| Payable days | 14.38 | 14.97 | 26.78 | 37.42 | 23.73 | 28.05 | 32.88 | 31.87 | 29.56 | 23.45 | 23.91 |
| PER(x) | 4.59 | 4.08 | 9.36 | 13 | 11.33 | 3.34 | 11.76 | 10.77 | 10.55 | 16.82 | 15.31 |
| Price/Book(x) | 0.5 | 0.54 | 0.89 | 1.21 | 1.19 | 0.28 | 1.36 | 1.43 | 1.91 | 2.58 | 2.17 |
| Dividend Yield(%) | 0 | 5.85 | 0.7 | 0.71 | 0.79 | 3.18 | 0.86 | 0.97 | 1.06 | 0.98 | 2.25 |
| EV/Net Sales(x) | 0.46 | 0.42 | 0.51 | 0.57 | 0.43 | 0.26 | 0.46 | 0.36 | 0.49 | 0.7 | 0.67 |
| EV/Core EBITDA(x) | 6.04 | 4.74 | 6.13 | 7.8 | 6.8 | 4 | 6.71 | 6.21 | 6.36 | 9.37 | 8.23 |
| Net Sales Growth(%) | 31.21 | 17.13 | -16.36 | 6.12 | 89.96 | -8.43 | 1.65 | 39.01 | 3.44 | -2.34 | -4.78 |
| EBIT Growth(%) | 24.07 | 31.95 | -19.18 | -4.67 | 64.63 | -11.64 | 10.73 | 20.96 | 48.13 | -6.96 | 3.65 |
| PAT Growth(%) | -22.05 | 46.58 | -18.14 | 4.94 | 82.44 | -15.11 | 54.37 | 29.44 | 63.73 | -1.9 | 5.3 |
| EPS Growth(%) | -22.47 | 40.43 | -8.44 | 6.5 | 35.86 | -15.11 | 56.68 | 30.12 | 62.27 | -2.67 | 5.01 |
| Debt/Equity(x) | 2.46 | 2.17 | 1.27 | 1.15 | 1.03 | 0.88 | 0.52 | 0.38 | 0.22 | 0 | 0 |
| Current Ratio(x) | 1.3 | 1.31 | 1.32 | 1.3 | 1.33 | 1.38 | 1.47 | 1.51 | 1.92 | 3.06 | 3.35 |
| Quick Ratio(x) | 0.58 | 0.71 | 0.78 | 0.73 | 0.73 | 0.69 | 0.77 | 0.79 | 0.86 | 1.39 | 2.01 |
| Interest Cover(x) | 1.49 | 1.57 | 1.9 | 1.99 | 2.5 | 2.23 | 4.03 | 5.35 | 11.24 | 19.5 | 23.44 |
| Total Debt/Mcap(x) | 4.94 | 3.99 | 1.42 | 0.95 | 0.87 | 3.18 | 0.38 | 0.26 | 0.11 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.96 | 62.96 | 62.96 | 62.96 | 62.47 | 62.47 | 62.47 | 62.47 | 62.89 | 63 |
| FII | 5.26 | 5.02 | 4.49 | 4.87 | 4.53 | 4.12 | 4.67 | 4.95 | 4.75 | 4.68 |
| DII | 0.52 | 0.56 | 1 | 1.02 | 1.38 | 1.55 | 1.69 | 1.67 | 2.03 | 2.1 |
| Public | 31.26 | 31.46 | 31.55 | 31.14 | 31.62 | 31.86 | 31.17 | 30.92 | 30.33 | 30.22 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.85 | 6.85 | 6.85 | 6.85 | 6.8 | 13.59 | 13.59 | 13.59 | 13.69 | 13.71 |
| FII | 0.57 | 0.55 | 0.49 | 0.53 | 0.49 | 0.9 | 1.02 | 1.08 | 1.03 | 1.02 |
| DII | 0.06 | 0.06 | 0.11 | 0.11 | 0.15 | 0.34 | 0.37 | 0.36 | 0.44 | 0.46 |
| Public | 3.4 | 3.42 | 3.43 | 3.39 | 3.44 | 6.93 | 6.78 | 6.73 | 6.6 | 6.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 10.88 | 10.88 | 10.88 | 10.88 | 10.88 | 21.76 | 21.76 | 21.76 | 21.76 | 21.76 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -5% | -1% | +6% | +9% |
| Operating Profit CAGR | +4% | +11% | +11% | +10% |
| PAT CAGR | +5% | +19% | +27% | +21% |
| Share Price CAGR | -24% | +9% | +16% | +21% |
| ROE Average | +15% | +17% | +16% | +13% |
| ROCE Average | +21% | +22% | +19% | +15% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.96 | 62.96 | 62.96 | 62.96 | 62.47 | 62.47 | 62.47 | 62.47 | 62.89 | 63 |
| FII | 5.26 | 5.02 | 4.49 | 4.87 | 4.53 | 4.12 | 4.67 | 4.95 | 4.75 | 4.68 |
| DII | 0.52 | 0.56 | 1 | 1.02 | 1.38 | 1.55 | 1.69 | 1.67 | 2.03 | 2.1 |
| Public | 37.04 | 37.04 | 37.04 | 37.04 | 37.53 | 37.53 | 37.53 | 37.53 | 37.11 | 37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.85 | 6.85 | 6.85 | 6.85 | 6.8 | 13.59 | 13.59 | 13.59 | 13.69 | 13.71 |
| FII | 0.57 | 0.55 | 0.49 | 0.53 | 0.49 | 0.9 | 1.02 | 1.08 | 1.03 | 1.02 |
| DII | 0.06 | 0.06 | 0.11 | 0.11 | 0.15 | 0.34 | 0.37 | 0.36 | 0.44 | 0.46 |
| Public | 4.03 | 4.03 | 4.03 | 4.03 | 4.08 | 8.17 | 8.17 | 8.17 | 8.08 | 8.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 10.88 | 10.88 | 10.88 | 10.88 | 10.88 | 21.76 | 21.76 | 21.76 | 21.76 | 21.76 |
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