Surya Roshni Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,445 Cr
- P/E
- 14.26
- ROE
- 10.90%
- PEG
- -2.34
- Price to sales
- 0.55
- Debt to equity
- 0.03
- 52W high / low
- ₹305 / ₹188
- Sales growth (5Y)
- 6.28%
- EBITDA margin
- 6.64%
- Net profit margin
- 3.68%
- Promoter holding
- 63.02%
- Sales (last year)
- ₹7,982 Cr
Surya Roshni Limited incorporated in 1973 has emerged as India’s largest ERW Pipes exporter, largest GI Pipes producer, and the second largest in the lighting segment. Its focus is on developing the value-added product mix (3LPE Coated pipes, Alkyd pipes, etc.) [1]
Guidance scorecard · Q1 FY27 call
What Surya Roshni Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ1 FY27 call
20–40%- Steel Pipes segment expects volume growth of 20%-22% and value growth of 30%+ year-on-year.
- Lighting business anticipates 20%-22% growth in sales with INR2,200 crore turnover in FY27 vs INR1,809 crore last year.
- Overall company revenue guidance for FY27 is INR9,400-9,500 crore.
- Volume is targeted to increase from 14 lakh tons to 16 lakh tons in pipe segment by end of FY27; expected to reach 20 lakh tons by FY28-29.
- Annual capacity expansion planned at 2-3 lakh tons, with new DFT mills commissioning between August-December 2026.
- Export volumes to grow, targeting 3 lakh tons for FY27, with US market share around 10%-11%.
- EBITDA guidance stands at INR670-680 crore for FY27, maintaining previous estimates.
2 more points from Surya Roshni Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Surya Roshni Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Current Capex: Approximately INR 100 crore is being invested to increase pipe segment capacity from 14 lakh tons to 16 lakh tons, funded through internal accruals.
- Strategic Investments: Focus on greenfield projects to strengthen regional presence; clarity expected in next board meeting.
- Cost-reduction Initiatives: Automation, energy efficiency, and plant replacement aimed at reducing per ton costs by INR 1,100.
FundraisingQ1 FY27 call
See what Surya Roshni Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Flat- As of the current quarter, the steel segment order book stands at around INR 800 crore, down from INR 1,000 crore at the end of March.
- Despite this decrease, the order book now has a higher proportion of exports with improved freight-related pricing.
- The overall business maintains a consistent order book in the range of INR 800 crore to INR 1,200 crore regularly.
- Combined lighting and steel businesses have an order book of approximately INR 1,000 crore.
- Export order book includes fresh orders booked at higher freight rates, reflecting tariff adjustments.
2 more points from Surya Roshni Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Surya Roshni Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Surya Roshni Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,151 | 1,875 | 1,916 | 1,938 | 2,080 | 1,893 | 1,529 | 1,868 | 2,146 | 1,604 | 1,845 | 1,927 | 2,163 |
| Expenses + | 1,899 | 1,761 | 1,778 | 1,783 | 1,915 | 1,742 | 1,452 | 1,718 | 1,943 | 1,535 | 1,727 | 1,782 | 2,009 |
| Operating Profit | 252 | 114 | 137 | 155 | 166 | 151 | 76 | 150 | 202 | 70 | 118 | 145 | 154 |
| OPM % | 12% | 6% | 7% | 8% | 8% | 8% | 5% | 8% | 9% | 4% | 6% | 8% | 7% |
| Other Income + | 2 | 2 | 1 | 4 | 7 | 8 | 9 | 6 | 9 | 13 | 23 | 3 | 16 |
| Interest | 10 | 6 | 6 | 7 | 4 | 5 | 6 | 5 | 5 | 5 | 9 | 7 | 6 |
| Depreciation | 29 | 29 | 29 | 30 | 29 | 30 | 31 | 30 | 31 | 32 | 32 | 33 | 33 |
| Profit before tax | 215 | 81 | 103 | 121 | 139 | 123 | 48 | 121 | 175 | 46 | 100 | 107 | 131 |
| Tax % | 28% | 27% | 27% | 26% | 25% | 25% | 25% | 26% | 26% | 26% | 26% | 26% | 25% |
| Net Profit + | 156 | 59 | 76 | 90 | 104 | 92 | 36 | 90 | 130 | 34 | 74 | 80 | 98 |
| EPS in Rs | 7.15 | 2.71 | 3.49 | 4.14 | 4.77 | 4.25 | 1.66 | 4.13 | 5.98 | 1.54 | 3.41 | 3.66 | 4.51 |
Financials of Surya Roshni Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,778 | 2,964 | 3,887 | 4,938 | 5,980 | 5,469 | 5,554 | 7,730 | 7,996 | 7,809 | 7,435 | 7,540 |
| Expenses + | 2,555 | 2,722 | 3,574 | 4,592 | 5,608 | 5,115 | 5,177 | 7,288 | 7,382 | 7,236 | 6,856 | 7,053 |
| Operating Profit | 224 | 243 | 313 | 346 | 372 | 354 | 377 | 442 | 614 | 572 | 579 | 487 |
| OPM % | 8% | 8% | 8% | 7% | 6% | 6% | 7% | 6% | 8% | 7% | 8% | 6% |
| Other Income + | 3 | 2 | 1 | 3 | 4 | 3 | 5 | 6 | 5 | 14 | 31 | 54 |
| Interest | 109 | 96 | 113 | 105 | 115 | 114 | 70 | 64 | 45 | 24 | 21 | 28 |
| Depreciation | 56 | 61 | 84 | 87 | 89 | 103 | 103 | 108 | 115 | 117 | 123 | 130 |
| Profit before tax | 62 | 87 | 118 | 156 | 173 | 139 | 209 | 276 | 459 | 445 | 467 | 383 |
| Tax % | 12% | 27% | 27% | 31% | 30% | 27% | 25% | 26% | 27% | 26% | 25% | 26% |
| Net Profit + | 54 | 63 | 86 | 108 | 121 | 102 | 156 | 205 | 335 | 329 | 348 | 286 |
| EPS in Rs | 3.08 | 3.60 | 4.92 | 4.97 | 5.56 | 4.70 | 7.19 | 9.40 | 15.41 | 15.11 | 16.01 | 13.12 |
| Dividend Payout % | 8% | 7% | 9% | 10% | 9% | 11% | 10% | 10% | 11% | 16% | 34% | 38% |
Financials of Surya Roshni Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 54 | 54 | 54 | 54 | 54 | 53 | 54 | 54 | 109 | 109 |
| Reserves | 767 | 648 | 897 | 993 | 1,098 | 1,185 | 1,312 | 1,492 | 1,807 | 2,109 | 2,355 | 2,523 |
| Borrowings + | 948 | 895 | 1,071 | 1,097 | 1,192 | 1,090 | 732 | 593 | 418 | 16 | 16 | 80 |
| Other Liabilities + | 310 | 390 | 594 | 711 | 685 | 641 | 842 | 974 | 776 | 739 | 752 | 832 |
| Total Liabilities | 2,068 | 1,977 | 2,616 | 2,855 | 3,029 | 2,970 | 2,939 | 3,112 | 3,054 | 2,919 | 3,233 | 3,544 |
| Fixed Assets + | 936 | 753 | 1,101 | 1,072 | 1,089 | 1,061 | 1,029 | 943 | 912 | 835 | 841 | 892 |
| CWIP | 26 | 18 | 16 | 22 | 25 | 15 | 10 | 53 | 8 | 17 | 57 | 30 |
| Investments | 50 | 50 | 0 | 0 | 0 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Other Assets + | 1,056 | 1,155 | 1,500 | 1,762 | 1,916 | 1,890 | 1,896 | 2,112 | 2,130 | 2,063 | 2,331 | 2,618 |
| Total Assets | 2,068 | 1,977 | 2,616 | 2,855 | 3,029 | 2,970 | 2,939 | 3,112 | 3,054 | 2,919 | 3,233 | 3,544 |
Financials of Surya Roshni Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 267 | 208 | 256 | 155 | 120 | 280 | 540 | 285 | 279 | 540 | 393 | 401 |
| Cash from Investing Activity + | -62 | -51 | -100 | -63 | -105 | -52 | -66 | -54 | -33 | -51 | -328 | -284 |
| Cash from Financing Activity + | -203 | -156 | -163 | -88 | -37 | -229 | -475 | -231 | -246 | -454 | -80 | -92 |
| Net Cash Flow | 2 | 1 | -6 | 4 | -22 | -1 | -1 | -0 | -0 | 34 | -15 | 24 |
| Free Cash Flow | 204 | 157 | 158 | 90 | 15 | 232 | 474 | 231 | 246 | 489 | 253 | 250 |
| CFO/OP | 124% | 95% | 90% | 55% | 42% | 90% | 157% | 79% | 63% | 118% | 91% | 107% |
Financials of Surya Roshni Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 69 | 65 | 59 | 53 | 51 | 47 | 50 | 42 | 34 | 33 | 44 | 45 |
| Inventory Days | 70 | 79 | 84 | 80 | 66 | 79 | 74 | 59 | 68 | 66 | 59 | 63 |
| Days Payable | 31 | 36 | 44 | 39 | 27 | 26 | 41 | 35 | 24 | 22 | 24 | 30 |
| Cash Conversion Cycle | 108 | 108 | 99 | 93 | 90 | 100 | 82 | 65 | 78 | 77 | 79 | 78 |
| Working Capital Days | 27 | 31 | 30 | 30 | 28 | 34 | 38 | 33 | 45 | 61 | 63 | 64 |
| ROCE % | 9% | 11% | 13% | 13% | 13% | 11% | 13% | 16% | 23% | 21% | 21% | 16% |
Guidance history
How Surya Roshni Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Flat |
| Q4 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Up 0–2% | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | None planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
13 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −29.6% | 25% |
| Last 6 months | −18.5% | 24% |
| Last 3 months | −14.9% | 33% |
The price is 49.4% below its all-time high of ₹402.5 (12 Jan 2024). Stocks more than 20% below their peak have their score halved, so 26 became 13.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Surya Roshni Ltd: 0.4 × 25 + 0.4 × 24 + 0.2 × 33 = 26, halved to 13 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
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 →
- Q2 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 →
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