Surya Roshni LimitedDiversifiedSURYAROSNI
Q1 FY27 concall · 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 | ₹2,046 Cr | 28% | |
| Consolidated PAT | ₹60 Cr | 77% | |
| Steel Pipes Revenue | ₹1,590 Cr | 32% | |
| Steel Pipes EBITDA per ton | INR 4,006 | 37% | |
| Lighting & Consumer Durables Revenue | ₹456 Cr | 15% |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| 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.
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