Surya Roshni: Business Overview & Financial Analysis
Surya Roshni is a major Indian steel pipes, tubes, lighting, and consumer durables manufacturing enterprise headquartered in New Delhi. Promoted by Chairman Jai Prakash Agarwal and Managing Director Raju Bista, the company operates across two distinct primary divisions: Steel Pipes & Strips and Lighting & Consumer Durables. Operating integrated manufacturing plants across Haryana, Madhya Pradesh, Gujarat, and Andhra Pradesh, Surya Roshni exports steel tubes, lighting solutions, and home appliances to 50+ countries worldwide.
Segment Revenue Mix of Surya Roshni (Q1 FY2027)
Surya Roshni structures its business operations across the core Steel Pipes & Strips division and the Lighting & Consumer Durables segment.
- Steel Pipes & Strips Division Share – 81.5% of Total Revenue (Rs 1,510.80 crore)
- Lighting & Consumer Durables Share – 18.5% of Total Revenue (Rs 343.20 crore)
- Total Consolidated Revenue from Operations (Q1 FY2027) – Rs 1,854.00 crore (+2.5% YoY)
Steel pipes and strips generate over four-fifths of total corporate turnover, supplying structural steel, ERW pipes, API oil & gas pipelines, and GI pipes to infrastructure projects. The lighting and consumer durables segment supplies LED lights, fans, and home appliances across consumer retail channels.
Product Portfolio & Category Mix of Surya Roshni (FY2026)
The company manages a broad product catalog spanning industrial steel tubes, API line pipes, LED lighting modules, and domestic appliances.
- Key Steel Pipe Product Categories – ERW Black & Galvanized (GI) Pipes, API Oil & Gas Line Pipes, Hollow Sections, and Spiral Welded Pipes
- Key Consumer Product Categories – LED Bulbs & Battens, Smart Lighting Solutions, Ceiling Fans, Water Heaters, and Kitchen Appliances
- Flagship Brand Names – 'Surya' (Consumer Durables & Lighting) and 'Surya Prakash' (Steel Pipes)
- Consumer Retail Dealer Touchpoints – 250,000+ retail lighting outlets and 2,500+ primary steel distributors
Managing 250,000+ retail lighting outlets and 2,500+ steel distributors provides retail market penetration across urban and rural markets. Manufacturing specialized API line pipes enables participation in oil and gas pipeline tenders issued by public sector undertakings.
Manufacturing Scale & Plant Infrastructure of Surya Roshni (Q1 FY2027)
Surya Roshni operates multi-locational manufacturing facilities equipped with automated tube mills, galvanizing baths, and LED assembly lines.
- Total Operating Manufacturing Facilities Base – 6 plant complexes across India
- Primary Plant Locations – Bahadurgarh (Haryana), Gwalior (Madhya Pradesh), Anjar (Gujarat), and Hindupur (Andhra Pradesh)
- Total Installed Steel Pipe Manufacturing Capacity – 1,150,000 Metric Tonnes per annum (MTPA)
- Installed LED Lighting Manufacturing Scale – 100+ million LED units per annum
- Anjar (Gujarat) Facility Strategic Role – Coastal manufacturing hub focused on export dispatches and large-diameter 3LPE coated API line pipes
Operating 1,150,000 MTPA of steel pipe capacity makes Surya Roshni one of India's largest structural and GI pipe producers. Locating an integrated manufacturing complex at Anjar near Kandla and Mundra ports lowers freight costs for export shipments.
Latest Quarterly Financial Performance of Surya Roshni (Q1 FY2027)
Surya Roshni recorded steady top-line revenue realisations alongside margin expansion during the first quarter of FY2027.
- Consolidated Revenue from Operations – Rs 1,854.00 crore (+2.5% YoY vs Rs 1,808.80 crore in Q1 FY2026)
- Consolidated Operating EBITDA – Rs 128.50 crore (+12.8% YoY vs Rs 113.90 crore in Q1 FY2026)
- Consolidated Operating EBITDA Margin – 6.93% (+63 bps YoY vs 6.30%)
- Consolidated Net Profit After Tax (PAT) – Rs 72.40 crore (+18.2% YoY vs Rs 61.20 crore in Q1 FY2026)
- Standalone Net Profit After Tax (PAT) – Rs 70.80 crore
First-quarter consolidated operating revenue expanded 2.5% year-on-year to Rs 1,854.00 crore, supported by volume off-take in value-added steel pipes and LED lighting. Consolidated Net Profit After Tax reached Rs 72.40 crore, while operating EBITDA margins expanded to 6.93%.
Consolidated Annual Financial Performance of Surya Roshni (FY2026)
The enterprise delivered full-year turnover expansion and cash flow generation during full financial year FY2026.
- Full Year Consolidated Revenue from Operations – Rs 7,850.40 crore (+3.8% YoY)
- Full Year Consolidated Operating EBITDA – Rs 538.20 crore (+8.5% YoY)
- Full Year Operating EBITDA Margin – 6.86% (+30 bps YoY)
- Full Year Consolidated Net Profit After Tax (PAT) – Rs 332.80 crore (+12.4% YoY)
- Return on Capital Employed (ROCE) Realisation – 19.50%
- Return on Equity (ROE) Realisation – 16.20%
Full-year operating turnover crossed Rs 7,850.00 crore in FY2026, as consolidated Net Profit After Tax reached Rs 332.80 crore. Delivering a return on capital employed of 19.50% reflects working capital management and debt reduction.
Balance Sheet Structure & Financial Health Ratios of Surya Roshni (Q1 FY2027)
Surya Roshni operates a low-geared financial structure backed by equity net worth, cash generation, and working capital discipline.
- Net Financial Debt to Equity Ratio – 0.08x (Virtually Debt-Free / Deleveraging Trajectory)
- Consolidated Gross Debt Base – Rs 180.00 crore (Reduced from Rs 420.00 crore in Q1 FY2026)
- Total Consolidated Shareholder Equity Net Worth Base – ~Rs 2,250.00 crore
- Working Capital Conversion Cycle – 52 days
- Credit Rating Profile – Reaffirmed '[CRISIL] AA- (Stable)' / 'CARE AA- (Stable)'
Systematically reducing gross debt brought the net debt-to-equity ratio down to 0.08x. Operating with minimal debt leverage provides financial flexibility to fund capacity debottlenecking through internal cash flows.
Capex Allocation & Capacity Expansion Roadmap of Surya Roshni (FY2027–FY2028)
The company executes a structured capital expenditure plan to expand value-added steel pipe capacity, upgrade coating lines, and scale smart lighting.
- Hindupur & Anjar Plant Debottlenecking Outlay – Rs 75.00 crore to add 100,000 MTPA value-added pipe capacity
- 3LPE Pipe Coating Line Expansion Outlay – Rs 45.00 crore at Anjar for oil & gas pipeline orders
- Planned Annual Group Capex Guidance – Rs 100.00 to Rs 120.00 crore per annum
- Target Return Hurdle Benchmark – Capital expenditure evaluated against an ~18.0% ROCE threshold
- Funding Strategy – 100% funded through internal operational cash accruals
Capital expenditure outlays of Rs 100–120 crore in FY2027 focus on expanding 3LPE pipe coating lines and debottlenecking Hindupur facilities. Internal operational cash flows fully fund planned equipment additions without long-term debt.
Strategic Outlook & Management Commentary of Surya Roshni (Q1 FY2027 Concall)
Management guidance outlines strategic priorities centered on value-added steel volume expansion, debt elimination, and retail consumer scaling.
- Management targets maintaining a 10.0% to 12.0% annual volume growth trajectory in the Steel Pipes division over FY2027.
- Consolidated operating EBITDA margins are guided to sustain between the 7.0% and 7.5% corridor as value-added pipe share increases.
- The company aims to achieve zero net debt status during full financial year FY2027 using internal cash accruals.
- Value-added steel pipes (GI, API, and coated pipes) share within total pipe sales is targeted to expand past 55.0%.
- Consumer Durables and Lighting division will focus on high-margin Smart LED lighting and BLDC fans.
- Capital allocation strategy will prioritize self-funded brownfield additions while preserving balance sheet health.
Management anticipates strong infrastructure outlays and city gas distribution network expansions to support full-year steel pipe demand. Operational focus centers on expanding value-added 3LPE coated pipe sales, growing consumer lighting retail touchpoints, and achieving a zero net debt balance sheet.
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Sources & References
- Surya Roshni Q1 FY2027 Financial Disclosures & Press Release (August 2026)
- Surya Roshni Stock Exchange Outcomes & Board Meeting Disclosures
- Investor Presentation & Performance Summary for Surya Roshni
- Corporate Announcements & BSE/NSE Regulatory Filings for Surya Roshni
- Ticker Finology Surya Roshni Page
Disclaimer
The information presented above on Surya Roshni has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Surya Roshni page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.