Any current/future new fundraising through debt or equity?

Currently, Surya Roshni Limited maintains a net cash position of ₹225 crores as of the call date, indicating no immediate need for fundraising. The company has planned a capex of ₹500 crores over the next 2 years focused on capacity expansion and value-added products. Management mentioned maintaining a net cash position going forward, implying no current plans for debt raising. There is no mention of any equity fundraising or new debt issuance in the call transcript. The focus appears to be on utilizing internal accruals and cash surplus for funding growth and capex requirements.

Any current/future capex/capital investment/strategic investment?

Approved ₹25 crore capex for domestic wire business at Gwalior facility, entering a ₹25,000 crore market; expected business: ₹100 crore (1st year), ₹200 crore (2nd year), ₹300 crore (3rd year). ₹500 crore capex plan over next 2-3 years focused on steel pipe & strips, increasing capacity from 12 lakh tons to around 18-19 lakh tons. Investments in cold rolling mill (~₹200 crore completed), spiral plant in Gwalior (60,000 tons p.a.), Anjar, Hindupur expansions. Hindupur capex increased from ₹75 crore to ₹125 crore for large diameter, DFT, and coated pipes (200,000 tons p.a. expansion). Investment

Future growth expectations in sales/revenue/volumes?

FY25 volume expected around 8.8-8.9 lakh tons, slightly below earlier 9 lakh tons target due to election year and global crises. FY26 volume targeted at 12 lakh tons (approx. 33% growth from FY25), enabled by ₹500 crores capex in cold rolling, spiral plants, and expansion at Anjar and Hindupur. Over next 3 years, annual volume growth expected to be around 1.5-1.75 lakh tons; 12-15% year-on-year volume growth anticipated due to capacity expansions and new investments. Sales revenue growth is projected in line with volume increase and gross margin improvements, with double-digit percentage

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue growth expected to be double-digit in lighting segment driven by innovation, premiumization, and cost rationalization. Steel pipe volume to grow from ~9 lakh tons in FY25 to 12 lakh tons in FY26; expected to reach 18-19 lakh tons by FY27-28 due to ₹500 crore capex. EBITDA per ton in steel to improve from ₹5,200 currently to ₹6,500-₹7,000 by FY27 primarily through gross margin improvement. Export sales to grow steadily, adding ₹125-₹150 crores annually to export revenue; expected to surpass ₹1,100 crores by FY27. EBITDA to improve significantly to ₹750-₹800 crores by FY27 due to volume

Current/ Expected Orderbook/ Pending Orders?

As per the call, the professional lighting segment has a healthy order book of about ₹150 crores. The spiral pipe plant in Gwalior, started recently, has orders of over 30,000 tons currently in hand. The JJM (Jal Jeevan Mission) project extension till 2028 provides ongoing demand with around 1 lakh tons of large diameter pipes supplied in the last 1.5-2 years. The company expects tendering activity to increase post-election in the steel pipe segment, particularly in the ERW and Spiral pipe segments mainly for oil and gas infrastructure. Demand is expected to be strong in cross-country large pi

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Surya Roshni LtdQ4 FY26Industrial Products

Surya Roshni Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹262P/E: 16.6Market Cap: ₹5.3K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY25 volume expected around 8.8-8.9 lakh tons, slightly below earlier 9 lakh tons target due to election year and global crises.
→FY26 volume targeted at 12 lakh tons (approx. 33% growth from FY25), enabled by ₹500 crores capex in cold rolling, spiral plants, and expansion at Anjar and Hindupur.
→Over next 3 years, annual volume growth expected to be around 1.5-1.75 lakh tons; 12-15% year-on-year volume growth anticipated due to capacity expansions and new investments.
→Sales revenue growth is projected in line with volume increase and gross margin improvements, with double-digit percentage growth in lighting division.
→Exports and high-value products (API pipes, large diameter, DFT pipes) are expected drivers for volume and revenue growth.
→New domestic wire business to start with ₹100 crores sales in year 1, scaling to ₹300 crores by year 3.
→EBITDA per ton to improve from ₹5,200 to ₹6,500-₹7,000 by FY27-28, driven mainly by gross margin enhancement.

Margin guidance

Category 3

→Revenue growth expected to be double-digit in lighting segment driven by innovation, premiumization, and cost rationalization.
→Steel pipe volume to grow from ~9 lakh tons in FY25 to 12 lakh tons in FY26; expected to reach 18-19 lakh tons by FY27-28 due to ₹500 crore capex.
→EBITDA per ton in steel to improve from ₹5,200 currently to ₹6,500-₹7,000 by FY27 primarily through gross margin improvement.
→Export sales to grow steadily, adding ₹125-₹150 crores annually to export revenue; expected to surpass ₹1,100 crores by FY27.
→EBITDA to improve significantly to ₹750-₹800 crores by FY27 due to volume growth and margin expansion in steel pipes and strips.
→Lighting EBITDA margin to sustain double-digit growth, with new ₹25 crore capex in domestic wire business driving additional revenue.
→Operating leverage expected to be moderate; most margin gains come from gross margin enhancement rather than overhead cost reduction.

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Fundraise plans

→Currently, Surya Roshni Limited maintains a net cash position of ₹225 crores as of the call date, indicating no immediate need for fundraising.
→The company has planned a capex of ₹500 crores over the next 2 years focused on capacity expansion and value-added products.
→Management mentioned maintaining a net cash position going forward, implying no current plans for debt raising.
→There is no mention of any equity fundraising or new debt issuance in the call transcript.
→The focus appears to be on utilizing internal accruals and cash surplus for funding growth and capex requirements.

Order book

Yes

→As per the call, the professional lighting segment has a healthy order book of about ₹150 crores.
→The spiral pipe plant in Gwalior, started recently, has orders of over 30,000 tons currently in hand.
→The JJM (Jal Jeevan Mission) project extension till 2028 provides ongoing demand with around 1 lakh tons of large diameter pipes supplied in the last 1.5-2 years.
→The company expects tendering activity to increase post-election in the steel pipe segment, particularly in the ERW and Spiral pipe segments mainly for oil and gas infrastructure.
→Demand is expected to be strong in cross-country large pipes for gas distribution and smaller pipes for house distribution due to government initiatives.
→Order inflow in the API pipe and export segments (including the Canadian and Saudi markets) is also expected to contribute to volume growth.

Capex plans

Yes

→Approved ₹25 crore capex for domestic wire business at Gwalior facility, entering a ₹25,000 crore market; expected business: ₹100 crore (1st year), ₹200 crore (2nd year), ₹300 crore (3rd year).
→₹500 crore capex plan over next 2-3 years focused on steel pipe & strips, increasing capacity from 12 lakh tons to around 18-19 lakh tons.
→Investments in cold rolling mill (~₹200 crore completed), spiral plant in Gwalior (60,000 tons p.a.), Anjar, Hindupur expansions.
→Hindupur capex increased from ₹75 crore to ₹125 crore for large diameter, DFT, and coated pipes (200,000 tons p.a. expansion).
→Investment in Direct Forming Technology (DFT) plants across facilities to improve manufacturing cost.
→Dropped Gas Pipe (GP) project; shifting to large dia pipes in Hindupur with tie-ups for GP coil supply.
→Focus on value-added products, premium categories, exports (Middle East, Canada), and cost efficiencies through technology and operations.

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