Surya Roshni LimitedUnclassifiedSURYAROSNI
Q1 FY27 earnings callSurya Roshni Limited
The company delivered strong revenue and profit growth across both Lighting and Steel segments, driven by volume growth, new export markets, and margin expansion, while maintaining a zero-debt position.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | INR 2,046 crore | 28% | |
| Consolidated PAT | INR 60 crore | 77% | |
| Steel Pipes Revenue | INR 1,590 crore | 32% | |
| Steel Pipes EBITDA per ton | INR 4,006 | 37% | |
| Lighting & Consumer Durables Revenue | INR 456 crore | 15% |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,867.96 Cr-3.6% YoY+22.2% QoQ | ₹89.90 Cr-0.2% YoY+163.2% QoQ | ₹4.13-50.5% YoY+31.5% QoQ |
| Q2 FY25 | ₹1,528.89 Cr-20.2% YoY-19.2% QoQ | ₹34.16 Cr-55.1% YoY-63.1% QoQ | ₹3.14-55.5% YoY-63.1% QoQ |
| Q1 FY25 | ₹1,893.19 Cr+1% YoY-9% QoQ | ₹92.45 Cr+56.4% YoY-11% QoQ | ₹8.52-22.5% YoY-11.3% QoQ |
| Q4 FY24 | ₹2,080.47 Cr-3.3% YoY+7.4% QoQ | ₹103.92 Cr-33.2% YoY+15.3% QoQ | ₹9.61-66.9% YoY+15.2% QoQ |
| Q3 FY24 | ₹1,937.80 Cr-4.1% YoY+1.2% QoQ | ₹90.10 Cr+0.5% YoY+18.5% QoQ | ₹8.34-50.3% YoY+18.1% QoQ |
TL;DR
- Consolidated revenue grew 28% YoY to INR 2,046 Cr.
- PAT surged 77% YoY to INR 60 Cr.
- Steel Pipes revenue up 32% YoY, with EBITDA per ton at INR 4,006.
- Lighting & Consumer Durables posted its strongest ever Q1 with revenue up 15%.
- Company is zero-debt with a net cash surplus of INR 155 Cr.
- Full-year EBITDA guidance for Steel segment of INR 4,600-4,700 per ton reiterated.
Said on the call
“We remain a zero-debt company with a net cash surplus of about INR155 crore as of June 30, 2026.”
From the Q&A
| Topic | What management said |
|---|---|
| EBITDA per ton guidance and Q1 shortfall | Management explained Q1 EBITDA per ton of INR 4,006 was below the full-year guidance of INR 4,600-4,700 due to a ~INR 800/ton impact from higher ocean freight on old export orders and input cost increases; they expect Q2 at INR 4,400-4,500 and are confident in achieving the full-year target as new orders are booked at updated freight rates. |
| Steel inventory loss | There was no material inventory loss in Q1 as steel price increases in April offset decreases in May and June; prices are currently stable. |
| Order book decline in Steel | The order book decreased from INR 1,000 Cr to INR 800 Cr due to clearance of old orders and lower Middle East/API volumes, but management stated 75-80% of the business is fixed like distribution, so fluctuations don't significantly impact quarterly volume. |
| US export product and outlook | Exports to the US are primarily ERW API pipes, not GI pipes. Management expects to do 1.2-1.25 lakh tons of business with the US in FY27, with export contribution in Steel rising from 17% in FY26 to 20% currently and potentially 25%. |
| Corporate actions (buyback/demerger) | Work is ongoing regarding a potential buyback; a decision on buyback or demerger will be taken by the board soon, with management believing both businesses are strong standalone and it is the right time, pending macro improvements. |
| FY27 Financial Guidance | Management provided specific guidance: Q2 EBITDA ~INR 150 Cr, H2 EBITDA target ~INR 400 Cr, leading to full-year EBITDA of INR 670-680 Cr on revenue of INR 9,400-9,500 Cr. Lighting business is expected to do ~INR 2,200 Cr revenue and ~INR 200 Cr EBITDA. |
| Volume guidance and freight impact | Q2 steel volume is guided at 2.6-2.65 lakh tons. The negative freight impact seen in Q1 is not expected to continue in Q2 and Q3 as new orders incorporate higher rates and alternative shipping methods (break-bulk) are used. |
Guidance
- Steel Division: Full-year FY27 EBITDA per ton guidance of INR 4,600 to INR 4,700.
- Steel Division: Full-year volume target of 11 lakh tons.
- Lighting Division: FY27 value growth guidance of about 22% to 23% and volume growth of about 25%.
- Full Company: FY27 revenue expected around INR 9,400-9,500 crore.
- Full Company: FY27 EBITDA expected around INR 670-680 crore.
- Lighting Division: FY27 revenue target of ~INR 2,200 crore with ~INR 200 crore EBITDA.
- Capacity: Target overall steel capacity of about 16 lakh ton in FY27 and approximately 2 million ton by FY28-29.
Source
Summary written from the transcript filed by Surya Roshni Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 21:21 IST.