Surya Roshni Ltd(SURYAROSNI)

NSE: SURYAROSNIBSE: 500336

₹ 195.1-3.01%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,246 crWebsite: www.surya.co.inUpdated: 24 Oct 2026

About

Surya Roshni Ltd is India's largest manufacturer of ERW GI pipes and largest exporter of ERW pipes, and the country's second-largest lighting manufacturer, operating across Steel Pipes & Strips and Lighting & Consumer Durables. It holds a zero-debt balance sheet with a net cash surplus and exports to over 50 countries.^[1][2][3][4]

Products and brands

Steel portfolio spans ERW pipes (GI, Black, Hollow Section), API & welded pipes, Spiral, 3LPE Coated pipes and CR strips; pipe sizes run from ½ inch to 140 inches, thickness 0.6 mm to 25 mm.^[1]
Spiral pipes are made in diameters from 18 inches to 104 inches and thickness up to 1 inch; CR strips are processed in widths up to 720 mm, thickness 0.3 mm to 0.6 mm.^[1]
Lighting portfolio covers LED bulbs, battens, tube lights, downlighters, street lighting, GLS, fans, water heaters, air coolers, steam irons, cooktops and the Turbo Flex FR/FRLSH house wiring cables.^[1]
Flagship brands are 'Surya' for lighting and consumer durables and 'Prakash Surya' for steel pipes; Suryakumar Yadav (T20i captain) serves as brand ambassador for both verticals.^[1]

Manufacturing capacity and plants

Steel Pipes & Strips total installed capacity is 14.21 lakh tonnes per annum across four plants: Anjar (Gujarat), Hindupur (Andhra Pradesh), Malanpur (Madhya Pradesh), and Bahadurgarh (Delhi-NCR).^[1]
Lighting facilities are at Kashipur (Uttarakhand) and Malanpur (Madhya Pradesh); production capacity includes 90 million LED bulbs, 3.60 million LED street lights, 10 million LED tubes & fittings, and 200 million GLS per annum.^[1]
Steel capacity utilisation was 82% in Q1 FY27 and 78 - 80% in FY26.^[5][4]
The Surya Technology & Innovation Centre (STIC) in Noida is DSIR-recognised with NABL-accredited photometric and electrical laboratories; LED component manufacturing is being expanded under the PLI scheme.^[1]

Key operating numbers

Steel dispatch volume was 2.28 lakh tonnes in Q1 FY27 (+21% YoY) and 9.04 lakh tonnes in FY26 (+3% YoY); H1 FY27 volume reached 4.95 lakh tonnes (+22% YoY).^[5][4][6]
Steel EBITDA/tonne was ₹4,006 in Q1 FY27 (+37% YoY vs ₹2,922 in Q1 FY26) and ₹4,553 for full-year FY26 (vs ₹5,392 in FY25).^[5][4]
Value-added products were 47% of steel volume in Q1 FY27, up from 43% in FY26.^[5][1]
Export share of the steel segment reached 20% in Q1 FY27, up from 17% in FY26; full-year FY26 export volume was 1.36 lakh tonnes to 50+ countries.^[5][1]
Steel segment order book was ₹800 crore in Q1 FY27; total order book was ₹1,160 crore as at 31 March 2026 (steel >₹1,000 crore, Professional Lighting ₹160 crore).^[5][1]
Lighting & Consumer Durables revenue was ₹456 crore in Q1 FY27 (+15% YoY), achieving the segment's highest-ever Q1; FY26 full-year segment revenue was ₹1,809 crore (+7% YoY).^[5][4]

Market position and distribution

GI Pipes hold the #1 market position with 27% volume share; Black Pipes are among the top 3 at 28% share; Hollow Section Pipes are a leading brand at 17% share; API/3LPE Coated Spiral Pipes command 16% share.^[1]
Steel pipes are sold through 250 dealers and 21,000 retailers across India; Lighting reaches 2,500+ distributors and over 3,00,000 retail outlets nationwide.^[1]
Exports cover 50+ countries including UAE, Australia, Egypt, EU, Canada and USA; the UK market was entered for section pipes in FY26, and the company registered with Neom city (Saudi Arabia) for pipe supply.^[1]
Wire & Cables distribution is supported by the Direct Benefit Transfer Electrician Loyalty Program, with 36,000 enrollments as of Q1 FY27.^[5]

Expansion and capex

Three new DFT mills are being commissioned across Gujarat, Malanpur and Bahadurgarh between August and December 2026, taking total steel capacity from 14 to 16 lakh tonnes by end FY27.^[5]
A greenfield plant at Hindupur with 3 lakh-tonne capacity is under development at a cost of ₹60 crore; first mill commissioning is targeted for January 2027.^[5]
Total brownfield capacity expansion capex (14→16 lakh tonnes) is ~₹100 crore, to be funded from internal accruals; the longer-term target is ~2 million tonnes capacity by FY28 - 29.^[5]
Wire & Cables was launched with ₹25 crore investment under the Turbo Flex brand, backed by the existing 3,00,000+ retailer distribution base; FY27 revenue target is ₹250 crore toward a 3-year target of ₹500 crore.^[1][5]

Recent developments

Surya Roshni became the first Indian company to manufacture API 5CT casing pipes via the ERW production route and secured an ONGC order; first dispatch of 4,500 tonnes was completed in Q3 FY26.^[1][7]
North America opened as a new export market in FY27; a 78,000-tonne US order book for ERW API pipes was in hand as at Q1 FY27, with management targeting 1.2 - 1.25 lakh tonnes of US volume for full-year FY27.^[5][4]
Steel Q2 FY27 volume reached 2.67 lakh tonnes (+23% YoY); H1 FY27 cumulative steel volume was 4.95 lakh tonnes (+22% YoY) as of the October 2026 press release.^[6]
The company maintained zero-debt status with a net cash surplus of ₹155 crore as at 30 June 2026, down from ₹337 crore at 31 March 2026, reflecting capex deployment.^[5][4]
Management indicated a buyback and/or demerger of the steel and lighting businesses is expected within 2 - 3 quarters from Q1 FY27; the MD is personally supportive of demerger but no binding timeline has been set.^[5]

Market Cap

₹4,246 Cr

High / Low

₹315 / 187

Stock P/E

13.6

Price / Book

1.6

Book Value

₹121

EPS

₹13.1

No. of Shares

21.76 Cr

ROCE

15.7%

ROE

11.2%

OPM

5.4%

Debt / Equity

0.02

Sales

₹7,540 Cr

Net Profit

₹286 Cr

Promoter holding

63.0%

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Surya Roshni Ltd(SURYAROSNI)

About

Products and brands

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Key operating numbers

Market position and distribution

Expansion and capex

Recent developments

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