Surya Roshni Ltd
Surya Roshni Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Surya Roshni expects volume sales of around 9.8 lakh tons for FY 2026, with Q3 at 2.6 lakh tons and Q4 at 3 lakh tons, slightly revised from the original 10.5 lakh tons target. ROE and ROC are improving regularly, with substantial improvement seen in the latest quarter.
From Surya Roshni Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Surya Roshni expects volume sales of around 9.8 lakh tons for FY 2026, with Q3 at 2.6 lakh tons and Q4 at 3 lakh tons, slightly revised from the original 10.5 lakh tons target.
- Steel pipe capacity is being expanded from 13.5 lakh tons to approximately 20 lakh tons within 1.5 years, with plans to increase capacity by 1.95 million tons over 1.5 to 2 years.
- Growth in steel pipes is driven mainly by section pipes, with expected utilization around 80%, matching industry norms.
- Lighting business revenue is targeted at INR 180-185 crores EBITDA for FY 2026, with significant contribution expected from new wire products and festive season demand.
- The company aims to increase value-added product mix in steel and lighting segments from current ~44-45% to 55-60%, improving margins and ROE/ROC.
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Profitability & Margins
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Capital Expenditure Plans
- Current and future CAPEX includes investments in Steel Pipes and Lighting segments.
- Investment of around INR 100-125 crores is planned over the next five years for Steel Pipes and Lighting.
- Ongoing INR 50 crore investment in Bhuj plant to increase capacity by 60,000 tons.
- Investment of INR 35-50 crores in Bahadurgarh plant for cold rolling, adding 36,000 tons capacity annually.
- Investment of INR 50 crores in Gwalior plant (spiral line) adding another 36,000 tons capacity.
- Greenfield projects at Hindupur and another location in plant & machinery finalization stage; capacity increase from 15 lakh tons to 20 lakh tons expected.
- Aim to increase total manufacturing capacity to 2 million tons within 1.5 to 2 years.
- Large greenfield project of INR 500 crores planned in FY’26 and FY’27.
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Top-ranked in Industrial Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Surya Roshni Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Surya Roshni Limited maintains a healthy order book of around INR 750 crores, comprising orders from the oil and gas segment, water, and export segments, providing strong visibility for the second half of the year. (Page 5)
- The company currently has an export order book of 30,000 to 40,000 tons in hand from markets like Europe, Canada, and the Middle East, indicating ongoing demand. (Page 12)
- In the steel segment, the installed capacity is around 1.35 million tons, with further expansions planned to increase capacity to 2 million tons over the next 1.5 to 2 years. (Page 8)
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Surya Roshni Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹2.2K Cr, net profit ₹98 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Surya Roshni Ltd's management said in earlier quarters
- Q3 FY25 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
Others in Industrial Products this season
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- Shubhshree Biofuels Energy Ltd (Q2 FY26)
Revenue from operations for H1 FY26: ₹9,604.6 Lakhs . Key investor presentation takeaways from Shubhshree Biofuels Energy Ltd's Q2 FY26 investor presentation —
- Tembo Global Industries Ltd (Q2 FY26)
Q2 FY26 Revenue: INR 245.4 crores, a 49.8% year-on-year (YoY) increase from INR 163.8 crores in Q2 FY25 (Page 6). Key investor presentation takeaways from Tembo
- United Heat Transfer Ltd (Q2 FY26)
Year-on-year revenue decline: INR 69.7 Mn (~24.5% decrease) . Key investor presentation takeaways from United Heat Transfer Ltd's Q2 FY26 investor presentation
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Frequently Asked Questions
What were Surya Roshni Ltd Q2 FY26 results?
Surya Roshni expects volume sales of around 9.8 lakh tons for FY 2026, with Q3 at 2.6 lakh tons and Q4 at 3 lakh tons, slightly revised from the original 10.5 lakh tons target. ROE and ROC are improving regularly, with substantial improvement seen in the latest quarter.
What is Surya Roshni Ltd share price analysis?
Surya Roshni Ltd currently shows a neutral. The stock trades at a P/E of 14.8 with a market cap of ₹4,612 Cr. Investors should review the full earnings analysis for detailed insights.
Is Surya Roshni Ltd planning capital expenditure?
Current and future CAPEX includes investments in Steel Pipes and Lighting segments.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.