Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug - 2Nd reminder notice-Ease of Doing Investment-special window for transfer of and dematerialisation of physical securities
Source: Bse
Surya Roshni Limited (SURYAROSNI)
Micro CapIndustrials stocks · Micro cap · NSE
Surya Roshni Limited operates in Lighting & Consumer Durables and Steel Pipes & Strips segments. The company reported strong Q1 FY27 results with significant year-on-year growth in revenue and PAT, maintaining a zero-debt status with a net cash surplus. It focuses on capacity expansion and value-added products.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:17 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
47NeutralMACD +
Stock trend: 45
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SURYAROSNID candles · FIT view-8.4%Latest close ₹215.84 on 2026-10-19
Bar
+1.5%
RSI
50
MACD hist
0.06
52W pos
22%
2026-10-19O ₹212.60H ₹217.82L ₹208.51C ₹215.84Vol 3.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SURYAROSNINifty India ManufacturingNifty 500
- SURYAROSNI
- -10.8%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -5.2 pp
Chart stats
19 Oct 2026- From 52W high
- -31.4%
- 52W range position
- 22%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.84x
- Avg traded value
- ₹9.7 Cr
- 20D price channel
- ₹204.6 - ₹229.7
₹314.5
₹187.4 - ₹314.5
₹7.2
Latest completed session
20-session average
27.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +27.5% · PAT +76.5% YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+66.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +27% YoY · PAT +76% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,046 Cr | +27.5% | -5.4% |
| EBITDA | ₹112 Cr | +60.0% | -27.3% |
| Operating margin | 5.0% | +70 bps | -200 bps |
| PAT | ₹60 Cr | +76.5% | -38.8% |
| PAT margin | 2.9% | +81 bps | -160 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.60
- P/B
- 1.72
- EV/EBITDA
- 6.95
- Market Cap
- 4530.00Cr
Profitability
- ROE
- 10.90%
- ROCE
- 15.60%
- ROA
- 8.80%
- Dividend Y
- 2.40%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- -6.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 18.93×
- Altman Z
- 6.99
- Book Value
- 121.00
Cash Flow
- FCF Yield
- 2.58%
- FCF Positive Y
- 11/5
- OCF
- 401.00 Cr
- EPS TTM
- 14.33
Shareholding
- Promoter Hold
- 63.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 17%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 7,540+1.4% vs prev
Net Profit
₹ CrLatest: 286-17.6% vs prev
Return on Equity
%Latest: 10.9-22.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 50 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 31% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
36
RS percentile
Stage 1 Base / Transition
1M return
+2.5%
3M return
-10.8%
6M return
-10.9%
1Y return
-23.2%
RS 1D
+4
RS 20D
+11
Sector rank
#2
Industry rank
#10
Stage evidence
- Price is within 7.7% of the 30-week proxy.
- The 30-week proxy changed +0.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 77.46+2.68%
RS vs Nifty 50077
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth12/25
Quality4/20
Balance Sheet13/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 66.5%.
- Balance sheet contributes 13/15 to the score.
Main drags
- Quality is weaker at 4/20; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Valuation is weaker at 18/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
14.6
PB
1.7
EV/EBITDA
7.0
ROE
10.9%
ROCE
15.6%
FCF Yield
2.6%
Debt/Equity
0.0
MoS
+66.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+66.5%
Previous: +66.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
60
60
60
60
60
61
61
61
61
61
61
61
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹197.52
-9.3% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹644.85
+66.5% MoS
PEG
1.22
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SKIPPER
Micro
Skipper Limited
Steel Pipes
match 58
61
27.8
16.6%
+33%
UNDERVALUED
GOODLUCK
Small
Goodluck India Limited
Steel Pipes
match 54
45
23.5
13.0%
+27%
WATCHLIST
MAHSEAMLES
Micro
Maharashtra Seamless Limited
Steel Pipes
match 53
77
10.7
10.7%
+73%
DEEP VALUE
MANINDS
Small
Man Industries (India) Limited
Steel Pipes
match 49
37
32.6
9.2%
+26%
WATCHLIST
HITECH
Small
Hi-Tech Pipes Limited
Steel Pipes
match 48
50
18.9
5.9%
+51%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T08:16:56.388Z
Management commentary snapshot
Q1 FY27 consolidated revenue up 28% YoY to INR 2,046 crore; PAT surged 77% YoY to INR 60 crore, driven by strong steel pipe volumes and robust lighting segment performance.
Management delivered strong Q1 FY27 results, with significant YoY growth in revenue and PAT. Steel segment volume growth and improved EBITDA/ton, alongside robust lighting performance, support the growth thesis. Concerns about Q1 EBITDA/ton shortfall are addressed by management with explanations and confidence in full-year guidance.
Current business mix
Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Steel Pipes & Strips77.7%
Lighting & Consumer Durables22.3%
Growth engines
New US Export Market
Opening of the US market for ERW API pipes, with 78,000 tons of export API orders for the US market in the order book.
Value-Added Product Mix
Value-added products contribute 47% of overall steel segment volume, with a strategy to deepen this mix.
Lighting Distribution & Brand Building
Expected strong support from deeper distribution penetration and continued investment in brand building in the next three quarters.
Wire & Cables Business
Achieved close to FY26 sales volume within Q1 FY27 itself, with FY26 revenue target of INR 250 crore on track for 3-year guidance of INR 500 crore.
Capacity and execution
DFT Mill Commissioning
Three new DFT mills are being commissioned across Gujarat, Malanpur, and Bahadurgarh plants between August and December 2026.
Annual Capacity Addition Target
Company will continue to add 2 lakh to 3 lakh tons of capacity every year, targeting overall capacity of about 16 lakh tons in FY27 and approximately 2 million tons by FY28-29.
Hindupur Plant Expansion
Next capacity expansion in South (Hindupur) with 10 acres of additional land, creating 3 lakh tons extra capacity with a 4-mill plant, first mill commissioning in January 2027, involving INR 60 crore investment.
Tailwinds
Global Supply Chain Opportunity
Current global supply chain presents structural long-term opportunity for efficient Indian manufacturers with integrated capabilities.
Festive Season Demand
Festive seasons underway are expected to strongly support lighting growth in the next three quarters.
US Market for ERW API Pipes
New market for ERW API pipes in the US offers good EBITDA per ton, with long-term break-bulk tie-ups reducing vessel impact.
Headwinds
Ocean Freight Impact
Ocean freight had an impact of nearly INR 800 per ton on Q1 EBITDA, particularly higher due to earlier old order bookings.
Increased Input Costs
Increase in input costs, mainly coating material, gas, and ORM, had an impact of around INR 200 per ton on Q1 EBITDA.
Middle East Geopolitical Situation
Extended situation in the Middle East led to slightly lower orders (8,000 to 10,000 tons shortfall) and reduced material flow.
Delayed Government Fund Releases
Galvanized pipes segment remained soft due to continued delay in government fund releases.
Risk radar
Geopolitical Uncertainty
Globally, the geopolitical situation is uncertain, impacting trade and freight costs, which is difficult to predict.
Steel Price Fluctuations
Steel price fluctuations are not in the company's control, leading to potential inventory loss/gain issues.
Domestic Competition
Domestic market faces margin pressure and competition, with some peers showing higher margin increases and market share gains.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Management consistently highlights year-on-year growth for all key financial metrics and segment performance, indicating that Q1 results are primarily compared against the same period in the prior fiscal year.
Sector KPIs management disclosed
Consolidated Revenue
INR 2,046 crore, up 28% year-on-year.
Consolidated PAT
INR 60 crore, up 77% year-on-year.
Steel Pipes & Strips Revenue
INR 1,590 crore, up 32% year-on-year.
Steel Pipes Volume Growth
21% year-on-year to 2.28 lakh tons, achieving its ever highest sales in Quarter 1.
Management forward view
FY27 Guidance Confidence
Fully confident to deliver FY27 guidance of 22% to 23% value growth and about 25% volume growth in lighting, and INR 4,600 to INR 4,700 per ton EBITDA for steel.
Full Year FY27 Targets
Targeting consolidated revenue of INR 9,400-9,500 crore and consolidated EBITDA of INR 670-680 crore for FY27.
Corporate Actions Under Consideration
Work is ongoing regarding a buyback, and the management believes demerger is logical, with decisions expected soon.
Long-Term Growth Vision
Aiming to maintain 15% to 18% CAGR in the next 5 years, focusing on growth and strengthening regional presence through greenfield projects.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Steel Pipes EBITDA per ton | INR 4,006 (Q1 FY27) | Improvement towards guided INR 4,600-4,700 for the full year, especially in Q2-Q4. |
| Steel Pipes Sales Volume | 2.28 lakh tons (Q1 FY27) | Achievement of the 11 lakh tons sales volume target for FY27. |
| Export Contribution (Steel Segment) | 20% of segment volumes (Q1 FY27) | Increase towards the target of about 25% of total steel segment volume. |
| Capacity Utilization | Approximately 82% | Sustained high utilization rates as new DFT mills and Hindupur plant capacity come online. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 79th percentile within Industrials. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
95 docs text-extracted · 32 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Industrials: 79th pctile, median 68 · Micro: 66th pctile, median 73
Evidence depth
Financial-only
95 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
70
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 63%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.5%.
- ▸11 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.7%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Surya Roshni Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug - Related to post dispatch of notice of 53rd AGM
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 19 Aug - Surya Roshni filed BRSR for FY 2025-26 as part of its 53rd Annual Report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.