Any current/future new fundraising through debt or equity?

There is no mention of any current or planned fundraising through debt or equity in the provided transcript. The company has become a zero-debt company and holds a net cash surplus of around ₹337-340 crores as of FY26. They are focused on utilizing cash surplus for business growth, capex, and shareholder returns rather than raising new funds. A buyback of shares is being considered now that government regulations have become favorable, but no concrete plan has been announced yet. No new debt or equity fundraising is indicated in the call, and the company emphasizes maintaining a strong balance

Future growth expectations in sales/revenue/volumes?

FY27 revenue is projected at ₹9,400-₹9,500 crores (₹7,200 crores from Steel, ₹2,200 crores from Lighting), a 24-25% growth. Steel division volume target for FY27 is 11 lakh tons, a 21-22% increase over FY26's 9.04 lakh tons. Steel capacity to rise from 1.4 million tons currently to 1.6 million tons in FY27 and approximately 1.9 million tons by FY28-FY29. Exports expected to nearly double from 1.36 lakh tons in FY26 to over 2.5 lakh tons in FY27, with strong order books in North America and Europe. Value-added products to constitute a higher contribution, maintaining at 43% volume share in FY26

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

For FY27, Surya Roshni Limited projects combined EBITDA of ₹680-700 crores, a 24-26% growth over FY26. Steel division EBITDA expected around ₹470-480 crores on a volume of 11 lakh tons. Lighting division EBITDA estimated at ₹200 crores. Volume in steel pipes expected to grow from 1.4 million tons to 1.6 million tons in FY27, and further to 1.9 million tons by FY28-FY29. Export volumes, particularly to North America, are expected to nearly double, providing higher-margin business and boosting EBITDA per ton. Despite current challenges, management is confident FY27 will be the best year in the c

Current/ Expected Orderbook/ Pending Orders?

The Steel Division currently has an order book of approximately ₹1,000 crores. This order book is driven by exports, spiral pipes, and some domestic API orders. The order book provides strong visibility for the first half of FY27. Lighting segment had an order book of ₹160 crores at the end of Q4 FY26, indicating healthy near-term execution visibility.

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Surya Roshni LtdQ1 FY26Industrial Products

Surya Roshni Ltd Q1 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 2

Margin

Category 1

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→FY27 revenue is projected at ₹9,400-₹9,500 crores (₹7,200 crores from Steel, ₹2,200 crores from Lighting), a 24-25% growth.
→Steel division volume target for FY27 is 11 lakh tons, a 21-22% increase over FY26's 9.04 lakh tons.
→Steel capacity to rise from 1.4 million tons currently to 1.6 million tons in FY27 and approximately 1.9 million tons by FY28-FY29.
→Exports expected to nearly double from 1.36 lakh tons in FY26 to over 2.5 lakh tons in FY27, with strong order books in North America and Europe.
→Value-added products to constitute a higher contribution, maintaining at 43% volume share in FY26 and expected growth ahead.
→Lighting segment targets ₹200 crores EBITDA in FY27, with continued double-digit revenue growth anticipated.
→FY27 EBITDA for Steel and Lighting combined expected around ₹680-700 crores, a 25-26% growth.
→Moderate growth assumptions due to cautious outlook on government spending and external risks factored into guidance.

Margin guidance

Category 1

→For FY27, Surya Roshni Limited projects combined EBITDA of ₹680-700 crores, a 24-26% growth over FY26.
→Steel division EBITDA expected around ₹470-480 crores on a volume of 11 lakh tons.
→Lighting division EBITDA estimated at ₹200 crores.
→Volume in steel pipes expected to grow from 1.4 million tons to 1.6 million tons in FY27, and further to 1.9 million tons by FY28-FY29.
→Export volumes, particularly to North America, are expected to nearly double, providing higher-margin business and boosting EBITDA per ton.
→Despite current challenges, management is confident FY27 will be the best year in the company’s 50-year history.
→EPS and profits projected to grow significantly due to capacity expansions and value-added product mix.
→Risks like government spending delays and raw material cost volatility have been factored into guidance.

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Fundraise plans

→There is no mention of any current or planned fundraising through debt or equity in the provided transcript.
→The company has become a zero-debt company and holds a net cash surplus of around ₹337-340 crores as of FY26.
→They are focused on utilizing cash surplus for business growth, capex, and shareholder returns rather than raising new funds.
→A buyback of shares is being considered now that government regulations have become favorable, but no concrete plan has been announced yet.
→No new debt or equity fundraising is indicated in the call, and the company emphasizes maintaining a strong balance sheet without debt.

Order book

Yes

→The Steel Division currently has an order book of approximately ₹1,000 crores.
→This order book is driven by exports, spiral pipes, and some domestic API orders.
→The order book provides strong visibility for the first half of FY27.
→Lighting segment had an order book of ₹160 crores at the end of Q4 FY26, indicating healthy near-term execution visibility.

Capex plans

Yes

- Surya Roshni has undertaken significant capacity additions over the last 1.5 years, increasing capacity by about 2 lakh tons. - Current capacity is around 1.4 million tons, expected to increase to 1.6 million tons in FY27. - Further capacity expansion to approximately 1.9 million tons is planned by FY28-FY29, adding around 3 lakh tons. - New capex projects will take about 9-10 months to impact volumes, with some benefits anticipated starting FY28. - Focus on high-value, export-oriented, and value-added products continues, supported by export orders (e.g., 65,000 tons booked for North America). - Capex allocation is structured: one-third for capex, one-third for working capital, and one-third returned to shareholders as dividends. - Discussions on strategic corporate actions like demerger of Lighting and Consumer Durables are ongoing but delayed due to external environment. Overall, Surya Roshni is entering a new phase of growth driven by this planned capacity expansion and targeted investments.

How does Surya Roshni Ltd rank vs peers in Industrial Products?

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