Surya Roshni Limited (SURYAROSNI)
Micro CapIndustrials stocks · Micro cap · NSE
Surya Roshni Limited, established in 1973, is a trusted brand in Steel Pipes, Lighting & Consumer Durables (FMEG), and PVC pipes in India and globally. The company focuses on value-added products, has a deep distribution network, and reported a net cash surplus of 337 crore as of March 31, 2026.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +27% YoY · PAT +76% YoY · margin expansion · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4FY26 consolidated revenue stable YoY at 2,163 crore, up 12% QoQ. EBITDA declined 19% YoY to 170 crore (7.9% margin), while PAT fell 24% YoY to 98 crore, despite sequential improvements.
Consolidated profitability saw a significant YoY decline in Q4FY26 and FY26, indicating stress on core earnings. However, sequential recovery in Q4, record steel pipe dispatch volumes, and a strong order book for H1FY27 provide some positive momentum. The focus on value-added products and FMEG expansion is key for future margin recovery.
Steel Pipes & Strips Volume Share (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Value-Added Steel Products
Value-added products contributed ~43% of overall volumes in FY26, with API pipes identified as a fast-growing, higher EBITDA/Ton product.
FMEG Expansion
Company is strengthening its long-term growth platform through expansion in Wires & Cables, PVC pipes, pumps, Fans, and Home Appliances.
Professional & B2B Lighting
Strong professional lighting team in place, developing customized and integrated smart lighting solutions for B2B projects like infrastructure and monuments.
Export Market Expansion
Export business expanded its footprint across newer geographies including the UK, with strengthening order visibility across North America and Europe.
Spiral Pipe Project
Commissioned a new spiral pipe project at Malanpur, M.P., with an outlay of 50 crore and capacity of 24,000 tons per annum.
3LPE Coating Facilities
Installed 3LPE coating facilities of 27,50,000 sqmtr (external coating) with machinery from Selmers, Netherlands.
Large-Dia Section Pipe Facility
Commissioned a large-dia section pipe facility (up to 300*300 mm) with Direct Forming Technology at Gwalior to improve exports.
Ongoing Brownfield Expansion
Ongoing brownfield expansion at the company’s existing steel plants.
Domestic Economic Improvement
Visible improvement in the Indian economy, including rural, with significant pick-up in Housing, Irrigation, and Construction.
Government Infrastructure Thrust
Government thrust on high investments in Oil & Gas, City Gas Distribution, Smart Cities, Nal se Jal, and 5 lac crore investment expected in 5 years.
Export Market Demand
High demand for Steel Pipes in various sectors, with Gulf region/Europe and USA envisaging strong growth.
Public & Private Capex
Major Public and Private capex outlay in infrastructure, especially for Airport, metros, Urbanization, and Jal Jeevan Mission.
Geopolitical Disruptions
The Steel Pipes & Strips business faced geopolitical disruptions and volatility across export markets during Q4FY26.
Steel Price Volatility
Management aims to diversify customer and product mix to de-risk the Steel Price volatility.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial to assess overall business trends and the impact of market conditions on profitability. QoQ comparison is important to gauge sequential momentum, operational recovery, and the effectiveness of recent strategic initiatives.
Consolidated EBITDA Margin
Q4FY26 consolidated EBITDA margin stood at ~7.9%.
Steel Pipes & Strips EBITDA/MT
Q4FY26 EBITDA/MT for Steel Pipes & Strips was 5,121, a 24% YoY decline but 6% QoQ improvement.
Lighting & Consumer Durables EBITDA Margin
Q4FY26 Lighting & Consumer Durables EBITDA margins were 8.8%, down 146 bps YoY.
Steel Pipes Order Book
Order book stood at 1000 crore, led by exports, spiral pipes, and domestic API orders, providing strong visibility for H1FY27.
Strengthening Growth Platform
The company is strengthening its long-term growth platform through expansion in Wires & Cables, PVC pipes, and pumps businesses.
Focus on Value-Added Products
Increasing share of Value-added Products, especially API pipes and Exports, is expected to improve market share, margins, and profitability.
Cost Efficiencies
Continuous process improvement, energy saving, and increasing yield are priorities for cost-effectiveness.
Brand & Distribution Network
Continuous brand development activities and engagement with country-wide dealers, distributors, retailers, and influencers are key.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Steel Pipes Order Book | 1000 crore for H1FY27 | Execution of the order book and conversion into revenue, especially for value-added products and exports. |
| Consolidated EBITDA Margin | ~7.9% in Q4FY26 | Improvement in margins driven by better realizations, improved product mix, and cost efficiencies, particularly in the Steel segment. |
| Value-Added Products Contribution | ~43% of Steel segment volumes in FY26 | Continued increase in the share of value-added products across both segments to drive higher profitability. |
| New Capacity Utilization | Spiral pipe project and large-dia section pipe facility commissioned | Ramp-up of utilization rates for newly commissioned capacities and their contribution to overall volumes and profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -8.4% / mo · MACD +
Technical chart
SURYAROSNIdaily · 1Y · AUTO+1.5%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.2% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 31% off 52W high · 16% 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.
Valuation & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 66.4%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 63%. Key concern: ROCE trend is -3.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 79th pctile, median 68 · Micro: 66th pctile, median 73
95 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 15.10
- P/B
- 1.79
- EV/EBITDA
- 7.23
- Market Cap
- 4712.00Cr
Profitability
- ROE
- 10.90%
- ROCE
- 15.60%
- ROA
- 8.80%
- Dividend Y
- 2.31%
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
- 7.11
- Book Value
- 121.00
Cash Flow
- FCF Yield
- 2.48%
- FCF Positive Y
- 11/5
- OCF
- 401.00 Cr
- EPS TTM
- 14.33
Shareholding
- Promoter Hold
- 63.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
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.