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Surya Roshni Results: Latest Quarterly Results & Analysis

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Surya Roshni Ltd. 11 Nov 2025 15:15 PM
Result PDF

Q2FY26 Quarterly Result Announced for Surya Roshni Ltd.

Iron & Steel Products company Surya Roshni announced Q2FY26 results

  • Consolidated revenue up 21% YoY to Rs 1,845 crore; EBITDA up 69% YoY to Rs 141 crore; PAT up 116% YoY to Rs 74 crore
  • Steel Pipes business delivered 24% YoY revenue growth (with the highest-ever Q2 volumes); exports volume up 45% YoY; EBITDA/ton surged 73% YoY to Rs 5,013
  • Lighting & Consumer Durables revenue up 10% YoY with double-digit volume growth in LED lamps, battens, and streetlights
  • Net cash surplus of Rs 246 crore as on 30th September 2025
  • Declared an Interim Dividend of Rs 2.50 per share (50% of face value of Rs 5 per share)
  • Healthy capacity utilization across plants, a strong Rs 875-crore order book in Steel Pipes and Lighting & Consumer Durable segment.

Company’s Managing Director, Raju Bista, said “We delivered a robust performance in Q2FY26, with strong growth across key parameters. Consolidated revenue grew 21% YoY to Rs 1,845 crore, while EBITDA rose 69% YoY to Rs 141 crore. PAT more than doubled, rising 117% YoY to Rs 74 crore, reflecting improved profitability across both business segments.

The Lighting & Consumer Durables business sustained steady growth with revenues rising 10% YoY to Rs 434 crore. Margins improved sequentially, driven by better product mix, strong festive demand, and continued traction in professional lighting.

The Steel Pipes business reported a robust 24% YoY revenue growth led by strong export momentum and higher share of value-added products. EBITDA more than doubled YoY to Rs 102 crore, supported by improved realizations and operational efficiencies.

To reward the shareholders, Board of Directors approved an Interim Dividend of Rs. 2.50 per share (50% of the face value of Rs. 5 per share)

With healthy capacity utilization across plants, a Rs 875 crore order book in Steel Pipes segment and Lighting and Consumer Durable segment, the company remains confident of maintaining its growth momentum in H2FY26.”

“In Lighting and Consumer Durables, we delivered a healthy performance in Q2FY26, supported by improved demand momentum during the festive season and healthy contribution from both lighting and durables categories. EBITDA margins expanding to 9.0% from 7.7% in Q1 reflect better operating leverage and cost control.

Our lighting portfolio delivered a robust performance. In Q2FY26, LED lamps recorded a strong 37% growth versus last year. Battens also grew by 36% in Q2, while the downlighter category saw a notable 22% growth. Street lighting was the standout performer, growing an impressive 104% in Q2 on a year-on-year basis. Professional Lighting business grew by 25% in Q2FY26, supported by strong demand across solar, facade, industrial, and both indoor and outdoor segment.

Price erosion in the LED category continued across the industry, though its intensity has reduced over the past two quarters. The market remains competitive, but our strong backward integration, diversified product mix, and cost efficiencies have helped us maintain profitability.

In our Consumer Durable portfolio, fans and appliances witnessed a relatively muted performance in the first half due to climatic factors, though we expect a strong rebound in the second half. During the quarter, we achieved an important milestone by launching our first digital water heater, reflecting our focus on innovation, modernization and enhanced customer comfort. We also began in-house manufacturing of exhaust fans and induction appliances, further strengthening our cost control, design capability and delivery timelines.

The domestic wire business, which we had soft-launched in August, has received excellent feedback on product quality, pricing, and performance. We remain on track to achieve our FY26 revenue guidance of Rs 150 crore. Overall, we remain confident of achieving our full-year guidance for the Lighting and Consumer Durables business for a top line of Rs 1,850–Rs 1,900 crore and EBITDA of about Rs 180 crore.”

“In the Steel Pipes and Strips, we delivered a strong performance during Q2FY26, marked by healthy rebound in volumes and significant improvement in profitability, despite a challenging operating environment. Revenue for the quarter grew 24% year-on-year to Rs 1,411 crore, driven by a 26% increase in overall volumes and an improved product mix.

EBITDA rose sharply by 113% year-on-year to Rs 102 crore, while on a sequential basis too EBITDA nearly doubled, reflecting strong operational execution and price discipline. EBITDA per ton stood at approximately Rs 5,013, compared to Rs 2,901 in Q2FY25 - representing a 73% year-on-year increase & Rs 2,922 in the previous quarter - representing a 72% sequential increase

This robust performance improvement was achieved despite several external headwinds, including an extended monsoon across many parts of the country, which impacted demand and delayed project execution. The GI Pipes segment, which primarily caters to agriculture, was particularly affected. Extended rainfall and limited fund releases from the central government to state agencies delayed agricultural and rural infrastructure projects, resulting in muted domestic demand for GI pipes. However, this was more than offset by encouraging traction in the API and Cold Rolled (CR) strip categories as well as by a sharp uptick in exports.

Domestic volumes, too, grew by about 22% year-on-year, supported by improved performance in the API and CR segments. Within product categories, API pipe volumes grew by nearly 86% year-on-year in Q2, supported by orders from private oil and gas players. However, the pace of tendering from PSUs remained slow, as the central government temporarily redirected funding towards defence and other strategic areas.

Our export business recorded an impressive 45% year-on-year growth in volume and a 29% increase in value, driven by strong demand from European and Canadian buyers who pre-poned purchases ahead of the implementation of the Carbon Border Adjustment Mechanism (CBAM) and quotas. This prebuying helped us deliver the highest-ever Q2 volumes in the company’s history.

Looking ahead, we see a much-improved outlook for H2FY26. Demand is expected to recover with the pick-up in government project execution, especially as departments rush to utilize budgetary allocations before year-end. Agricultural demand should revive in the next few months as rainfall recedes. Also, the recent reduction in GST on key consumer and industrial products has started to improve overall consumption sentiment. We also expect demand for construction steel to strengthen as the liquidity of cement and steel supply chains normalizes post the GST rate cut.”

Vinay Surya – Managing Director said, “In Lighting and Consumer Durables, we delivered yet another quarter of solid performance, reflecting the strength of our diversified product portfolio and strong distribution reach. The sustained margin recovery also underscores our focus on operational efficiency, disciplined cost management and the growing contribution from higher-value product categories.

Our capacity utilization levels remained healthy across all product lines. Across our lighting manufacturing units, the glass, cap, and tube assembly lines operated at around 90% utilization, while LED lines ran close to full capacity. Overall, our average utilization stood close to 90%, higher than both Q1FY26 and Q2FY25, indicating strong execution momentum.

Our PLI-linked investments have also been completed well ahead of schedule. We have already invested the full Rs 25 crore. The benefits of this investment are visible in terms of improved quality, enhanced design capabilities, better serviceability and increased customer trust. On the sustainability front, we have commenced installation of 3 MW of captive solar capacity across our lighting facilities at Malanpur and Kashipur, involving an investment of around Rs 10 crore. This initiative will meet around 40% of these plants’ power requirements, leading to cost savings while also reinforcing our commitment to renewable energy and green manufacturing.

The monoblock pump business is progressing as planned, and we are confident of achieving our Rs 25 crore topline target for the year through channel expansion and network strengthening. Exports have also started contributing meaningfully to our growth story. In FY26, in lighting exports, we are targeting export revenues of around Rs 65 crore — a growth of nearly 30–35%.

Looking ahead, our focus will remain on driving innovation, deepening distribution, enhancing exports and exploring synergistic diversification opportunities in allied domains such as renewable energy.”

“In the Steel Pipes and Strips, we posted a marked improvement in operating performance during the second quarter, with both revenue and profitability registering strong growth on a year-on-year as well as sequential basis. Export performance was a standout this quarter, growing 45% year-on-year and enabling us to achieve the highest-ever Q2 volumes in the company’s history.

Operationally, capacity utilization stood at around 80% during the quarter and we expect this to rise in the second half as demand momentum strengthens. Despite some pressure from falling steel prices during the quarter, we managed our inventory well. There was inventory loss of around Rs 500 per ton, primarily due to price correction in July. However, this was more than offset by improved realizations and higher operating efficiencies.

During the quarter, we also made progress on several strategic cost and capacity initiatives. In-line with our strategic decision, a 1 MW rooftop solar plant is being installed at our Bahadurgarh facility, which will meet around 15% of the plant’s power requirement and contribute to reducing our fixed cost base. We are also implementing manpower optimization and productivity enhancement measures, expected to lower fixed costs by about 7–9%.

Overall, this quarter reflects a strong turnaround for our Steel Pipes and Strips business, marked by record exports, sharp improvement in profitability, and continued momentum in value-added and highend product categories. With a solid order book, operational efficiencies, and new capacities coming onstream, we are well positioned for sustained performance improvement in coming months. However, we prudently recalibrate our full-year volume guidance to around 10 lakh tonnes, reflecting a balanced outlook grounded in realistic near-term demand trends and the visibility of stronger execution in the second half.”

Commenting on the financial performance, Bharat Bhushan Singal – CFO said, “For the quarter, the revenue was Rs 1,845 crore as compared to Rs 1,529 crore, a growth of 21% YoY. EBITDA and PAT stood at Rs 141 crore and Rs 74 crore as compared to Rs 83 crore and Rs 34 crore, a growth of 69% and 117% YoY, respectively. For H1FY26, the revenue was Rs 3,450 crore as compared to Rs 3,422 crore. EBITDA and PAT stood at Rs 223 crore and Rs 108 crore as compared to Rs 242 crore and Rs 127 crore, respectively.

In Lighting & Consumer Durables, for the quarter, the revenue stood at Rs 434 crore as against Rs 395 crore, a growth of 10% YoY. EBITDA and PBT stood at Rs 39 crore and Rs 29 crore, a growth of 10% and 11% YoY, respectively. For H1FY26, the revenue stood at Rs 832 crore as against Rs 781 crore, a growth of 7% YoY. EBITDA and PBT stood at Rs 70 crore and Rs 51 crore in H1FY26, as compared to Rs 70 crore and Rs 52 crore, respectively in the same period last year.

In the Steel Pipes and Strips, during Q2FY26, the revenue was Rs 1,411 crore as compared to Rs 1,135 crore, a growth of 24% YoY. Similarly, EBITDA/MT stood at Rs 5,013 compared to Rs 2,901, a growth of 73% YoY. EBITDA and PBT stood at Rs 102 crore and Rs 70 crore as against Rs 48 crore and Rs 20 crore, a growth of 113% and 258% YoY, respectively. For H1FY26, the revenue was Rs 2,618 crore as compared to Rs 2,643 crore. Similarly, EBITDA/MT stood at Rs 4,037 compared to Rs 4,653. EBITDA and PBT stood at Rs 154 crore and Rs 95 crore in H1FY26 as against Rs 172 crore and Rs 117 crore, respectively in the same period last year.

In Q2FY26, our Net Working Capital cycle was 63 days, with a Return on Capital Employed (ROCE) of 16.46% and a Return on Equity (ROE) of 11.90%.

Improved capacity utilization, working capital optimization and cost rationalization enabled us to become a zero-debt company, and having cash surplus fund of Rs 246 crore in H1FY26.”

Result PDF

Result PDF

Iron & Steel Products company Surya Roshni announced Q3FY25 results

  • Revenue: Rs 1,868 crore compared to Rs 1,938 crore during Q3FY24, change -4%.
  • EBITDA: Rs 156 crore compared to Rs 158 crore during Q3FY24, change -2%.
  • PBT: Rs 121 crore compared to Rs 121 crore during Q3FY24.
  • PAT: Rs 90 crore compared to Rs 90 crore during Q3FY24.

Raju Bista, Managing Director, said: “We are pleased to have delivered a resilient performance in Q3FY25, despite macroeconomic headwinds. The consolidated revenue stood at Rs 1,868 crore, reflecting a marginal decline of 4% YoY, primarily impacted by the steel pipes segment due to softened steel prices. However, EBITDA margin remained stable at 8.33%, underscoring our cost discipline and operational efficiency.

Overall, despite challenges in the steel segment, we continue to demonstrate steadfastness through product diversification, cost optimization, and strategic growth initiatives, positioning itself well for an improved performance in the coming quarters.”

Vinay Surya, Managing Director said: “In Lighting and Consumer Durables, we have delivered another quarter of resilient growth, reinforcing our leadership position in the market. We continue to drive business expansion through innovation, cost optimization, and a strong distribution network, allowing us to navigate sectoral headwinds effectively.

“In the Steel Pipes and Strips, we experienced a volume growth of 8% year-on-year in Q3FY25. While revenue in this segment was down 8% year-on-year at Rs 1,417 crore, compared to Rs 1,536 crore last year, we are pleased with the strong sequential recovery, as revenue increased by approximately 25% from Rs 1,135 crore in the previous quarter. Thus, despite headwinds, the company has demonstrated resilience by focusing on volume growth, optimizing product mix, and enhancing profitability in key segments. Current capacity utilization in Q3FY25 stood at 78-80%, and for 9MFY25 it was ~72% due to the significant volume decline in Q2FY25. The current steel prices are at a five-year low, and we believe further declines are unlikely.

Bharat Bhushan Singal, CFO said: For the quarter, the revenue was Rs 1,868 crore as compared to Rs 1,938 crore. EBITDA and PAT stood at Rs 156 crore and Rs 90 crore as compared to Rs 158 crore and Rs 90 crore, respectively. For 9MFY25, the revenue was Rs 5,290 crore as compared to Rs 5,729 crore. EBITDA and PAT stood at Rs 397 crore and Rs 217 crore as compared to Rs 414 crore and Rs 225 crore, respectively.

Result PDF

Iron & Steel Products company Surya Roshni announced Q2FY25 results

  • Revenue: Rs 1,529 crore compared to Rs 1,916 crore during Q2FY24, change -20% YoY.
  • EBITDA: Rs 83 crore compared to Rs 139 crore during Q2FY24, change -40%.
  • PBT: Rs 46 crore compared to Rs 104 crore during Q2FY24, change -56%.
  • PAT: Rs 34 crore compared to Rs 76 crore during Q2FY24, change -55%.

Raju Bista, Managing Director, said: “In Q2FY25, posed several challenges for the company’s businesses due to seasonal factors, price volatility, and geopolitical tensions affecting export markets. Nonetheless, the company has managed these headwinds through stringent operational efficiencies and proactive capacity expansion, which are expected to support gradual improvement in both domestic and export markets. Due to external economic factors, the company faced a challenging Q2FY25, with consolidated revenue stood at Rs 1,529 crores. Strategic initiatives in operational efficiency, high-margin product focus, and regional market expansion are expected to support improved performance in the second half of the fiscal year.”

“In Lighting and Consumer Durables, we faced a challenging environment during Q2FY25, with significant headwinds in form of price erosion in LED lighting products and adverse weather conditions, including floods and rains across various regions. These external factors limited consumer and professional lighting demand. But despite these challenges, the segment demonstrated resilience. The topline of this vertical increased by 5% YoY in Q2FY25 on back of healthy volume growth in several subsegments, even though steep price erosion in LED products limited overall growth.

In Lighting segment, price erosion in LED was notably severe, which affected the segment's margins. However, the company successfully maintained margin stability through cost innovation and an increased focus on higher-margin products. Volume growth was recorded in high-wattage battens, downlighters, and panel sales within the LED segment, which helped to cushion the impact of price declines.

Professional lighting continued its positive momentum with a high single digit growth in Q2FY25 and double-digit growth rate in H1FY25. The segment faced some delays in project decisions due to the recent general elections, but a strong order book, provides optimism for sustained performance. The professional lighting segment, backed by a healthy order book and scheduled project executions, is expected to contribute significantly to Q3FY25.

In the Appliance segment, particularly water heaters, showed excellent volume growth. The company also launched products in mixer grinders and irons. The positive response to our newly launched Mono Block residential pumps, initially targeted for the northern and central markets, has prompted us to plan for further geographic expansion.

Seasonal preparations for the festive period, beginning with Onam and extending through Diwali, were integral to the business strategy in Q2FY25. Extensive product launches and promotional activities were timed for this season, which included social media campaigns, dealer meets, and point-of-sale enhancements.

We are optimistic about the upcoming quarters, expecting improved performance in professional lighting and consumer appliances on account of demand due to the festive season. We continue to aim for revenue growth close to 12% for FY25, with a cautiously optimistic outlook for EBITDA margin. Our expansion efforts in consumer durables and increasing geographical presence in semi-urban markets are anticipated to further strengthen our market position and instill resilience against ongoing price pressures.”

“In the Steel Pipes and Strips, the company recorded a revenue decline of 26% YoY for Q2FY25 at Rs 1,135 crore. Market hesitancy due to declining steel prices led distributors and dealers to scale back on inventory holdings, impacting topline performance. Additionally, the fall in sales can also be attributed to seasonality, as excessive rains led to reduced demand across various product lines.

A significant headwind this quarter was the sharp reduction in steel HR prices, by Rs 7,500 per ton during the quarter ended Q2FY25. This price drop not only dampened demand, as stockists and distributors delayed purchases, but also exerted considerable pressure on profitability, eroding EBITDA by an estimated Rs 3,000 per ton on account of inventory valuation adjustments. However, through rigorous operational efficiencies, the company managed to stabilize its EBITDA per ton at Rs 2,901. Value-added products continued to constitute about 45% of total revenue in H1FY25.

While demand in the API pipes segment remained subdued due to limited government tendering activity, the Spiral Pipes segment exhibited robust performance, supported by strong order inflows, particularly in the water pipe segment. The order book for spiral pipes remains healthy. The spiral plant at Malanpur (Gwalior), which is expected to commence operations in the coming month, has already secured a six-month order backlog.

Galvanized Pipes segment faced a challenging quarter, recording a 28% YoY decline. Demand was particularly impacted by the monsoon. However, we anticipate a recovery in the upcoming quarters as seasonal conditions normalize. The ERW segment saw a YoY contraction in volume, influenced by lower inventory levels held by distributors amidst falling steel prices. The CR Strips segment demonstrated modest growth, with volumes increasing by 5% in Q2FY25.

Export volumes declined, primarily due to geopolitical tensions in key markets, notably the Middle East. Despite these challenges, we remain confident in the potential for export recovery over the next six months, as demand stabilizes both domestically and internationally."
Vinay Surya – Managing Director said: “In Lighting and Consumer Durables, we presented a more resilient performance with a 5% YoY growth in revenue in Q2FY25. This was achieved despite facing headwinds on account of steep price erosion in LED products as well as adverse weather conditions impacting demand across various regions. The company managed to protect margins through a focus on high-margin and premium products, along with continuous cost-innovation efforts, which countered the impact of price erosion.

Consumer Lighting saw steady demand despite price erosion in LED products. However, our new launches across high-wattage battens, downlighters, and panels, contributed to both volume and margin growth.

The Professional Lighting sub-segment grew in healthy double digits in H1FY25, driven by a strong order book and major projects are set to commence execution in Q3.

In the Consumer Appliances category, the water heaters particularly saw strong seasonal demand.

We also had preparations in place for the festive season launches extending from Onam to Diwali, which should reflect in our Q3FY25 results. Ahead of the Diwali season, the company invested in a significant marketing campaign, especially on social media, emphasizing decorative lighting. Furthermore, we held dealers and electricians meets to showcase new products and provided merchandising materials to enhance visibility at the point of sale. These initiatives were aimed at stimulating demand and ensuring that dealers were well-prepared to serve customers during the high-demand festive period.

Additionally, regional trends indicate stronger growth in semi-urban and rural markets over urban areas, with premium products gaining traction outside metro markets. Our focus in expanding premium offerings and strengthening our presence in semi-urban and rural markets are expected to provide tailwinds. We remain optimistic for Q3 and Q4, driven by a robust order pipeline in the professional lighting segment and sustained demand in consumer durables.”

“In the Steel Pipes and Strips, the price corrections in steel over the three months of Q2FY25 significantly led to the overall revenue decline, as dealers delayed their purchases. To mitigate the impact of declining prices, we implemented rigorous cost management strategies and operational efficiencies.

The recent upward trend in steel prices provides an optimistic outlook for margin improvement. Steel prices rose by 3% over October and November, and this pricing trajectory is expected to support enhanced profitability across product segments.

Our value-added product portfolio continues to contribute significantly, maintaining a 45% share of total sales in H1FY25. With the commissioning of the new Spiral plant, we anticipate an increase upto 50% in coming years in this share, underscoring our focus on value addition.

The ERW mill in Bahadurgarh, operational since July, has already achieved a production output of 7,000 tons. The Bahadurgarh cold rolling expansion and Spiral plant in Gwalior are on track to commence operations, with turnover contributions beginning in Q4FY25. The Hindupur facility expansion is underway with an initial capex allocation of Rs 25–30 crore, while the Anjar facility expansion will proceed following a technical review with suppliers. Full operations at Hindupur facility are projected to begin in 12 months. These strategic investments, aligned with our focus on efficiency and capacity, are anticipated to strengthen the operational backbone of the Steel Pipe segment.

Q2FY25 presented a unique set of challenges across various sub-segments of the Steel Pipe business. While market dynamics, price volatility, and geopolitical factors impacted performance, our proactive operational adjustments, coupled with strategic expansions and efficiency initiatives, reinforce a positive outlook for the coming quarters. With a focus on executing our capex projects and leveraging favorable trade conditions, we remain well-positioned to drive growth and value creation in the Steel Pipe business.”

Bharat Bhushan Singal, CFO said: “For the quarter, the revenue was Rs 1,529 crore as compared to Rs 1,916 crore. EBITDA and PAT stood at Rs 83 crore and Rs 34 crore as compared to Rs 139 crore and Rs 76 crore, respectively. For H1FY25, the revenue was Rs 3,422 crore as compared to Rs 3,791 crore. EBITDA and PAT stood at Rs 242 crore and Rs 127 crore as compared to Rs 255 crore and Rs 135 crore, respectively.

In Lighting & Consumer Durables, for the quarter, the revenue stood at Rs 395 crore as against Rs 377 crore, a growth of 5% YoY. EBITDA and PBT stood at Rs 36 crore and Rs 26 crore, respectively. For H1FY25, the revenue stood at Rs 781 crore as against Rs 751 crore, a growth of 4% YoY. EBITDA and PBT stood at Rs 70 crore and Rs 52 crore, as compared to Rs 68 crore and Rs 54 crore, respectively.

In the Steel Pipes and Strips, during Q2FY25, the revenue was Rs 1,135 crore as compared to Rs 1,539 crore. Similarly, EBITDA/MT stood at Rs 2,901 compared to Rs 5,104. EBITDA and PBT stood at Rs 48 crore and Rs 20 crore as against Rs 104 crore and Rs 76 crore, respectively. For H1FY25, the revenue was Rs 2,643 crore as compared to Rs 3,042 crore. Similarly, EBITDA/MT stood at Rs 4,653 compared to Rs 4,758. EBITDA and PBT stood at Rs 172 crore and Rs 117 crore as against Rs 187 crore and Rs 131 crore, respectively.

Improved capacity utilization, working capital optimization and cost rationalization enabled us to become a zero-debt company, and having cash surplus of Rs 136 crore in H1FY25.”

Result PDF

Iron & Steel products company Surya Roshni announced Q1FY25 results:

  • EBITDA increased by 36% YoY to Rs 159 crore in Q1FY25
  • EBITDA per ton for the Steel Pipe and Strips segment rose by 38% YoY to Rs 6,065
  • Fan business recorded a 43% volume growth in Q1FY25 due to strong market penetration
  • Professional Lighting business saw a 18% growth driven by infrastructure projects
  • Appliances segment witnessed a 15% volume growth in Q1FY25

Commenting on the results, Company’s Managing Director, Raju Bista, said “We are pleased to report a very healthy operating performance for Q1FY25, despite the slowdown on account of general elections. Our continuous focus on value-added products in the steel pipes segment and innovative offerings in the lighting & consumer durables division have been the key drivers of this growth.

EBITDA for Q1FY25 stood at Rs 159 crore, up by 36%, as compared to Rs 116 crore last year. The EBITDA margins improved by 217 basis points to 8.37% on account of significant improvement in operating profitability of steel pipes business and stability in the margins of lighting and consumer durable business. We registered 56% growth in PAT at Rs 92 crore in Q1FY25 versus Rs 59 crore in the same period last year.”

“In Lighting and Consumer Durables, we exhibited a steady growth of 3% in Q1FY25. This performance reflects positive outcomes across various sub-segments. The EBITDA margin for Q1FY25 was recorded at 9%.

In professional lighting, we achieved a substantial growth of 18%, driven by strong performance in street lighting, industry lighting, and façade lighting. Although the consumer lighting business faced challenges due to ongoing price erosion, there was double-digit volume growth in most sub-categories. Despite short-term price deflation, the volume growth and introduction of value-added products are expected to ensure revenue and profitability growth in the lighting business.

The appliance segment witnessed a volume growth of 15%, with significant contributions from the induction cooktops and mixer grinders, particularly in semi-urban and rural markets. Fans business registered an impressive volume growth of 43%, supported by the hot summer season and the introduction of new products in Q4FY24. Enhanced market penetration and improved margins in the fans category further contributed to this growth.

We anticipate a revenue growth of 12% to 15% for FY25, driven by aspiring consumers, government focus on infrastructure, and industrial capex. We also remain confident in achieving an EBITDA of Rs 180 crore for FY25, focusing on high-margin products, cost management, and leveraging backward integration with Production Linked Incentive (PLI) benefits.

We are focusing on expanding our presence in semi-urban and rural areas, which have shown significant growth potential. While maintaining a strong presence in Tier 2 and Tier 3 cities, we also continue to strengthen our foothold in metro markets. We have tailored strategies for different tiers to promote high-margin products in strong markets and enhance distribution in areas with lower market share

We anticipate that the lighting and consumer durables industry will maintain its growth trajectory. This growth will be fueled by the rising aspirations of consumers and increased government investment in infrastructure. Our robust presence in both B2C and B2B segments, coupled with our unwavering commitment to delivering top-notch, cutting-edge products, positions us favorably to seize these opportunities. We anticipate that our continued focus on technology and product development, as well as our strategic market expansions, will lead to consistent growth and profitability in the coming fiscal years.”

Adding further, Vinay Surya – Managing Director said, “In Lighting and Consumer Durables, we recorded a growth of 3% in Q1FY25. Almost all business segments registered double-digit volume growth. The gross margins expanded across most segments due to a better margin mix and effective cost management strategies. High-capacity utilization at our manufacturing plants, has positively impacted EBITDA through better operational efficiency.

There is a growing preference for energy-efficient, high-quality, and aesthetically pleasing products among consumers. To cater to this demand, we introduced higher wattage and more efficient Platina LED lamps, a range of downlighters(Shine Nxt), and new generation flood lights for consumer lighting applications.

We also launched energy-efficient and decorative ceiling and table pedestal wall fans, including starlabelled models. Increase in the number of distributors, particularly in the fan category, over the past year has significantly contributed to the impressive growth in this category in Q1FY25. We have also for the first time, started manufacturing of ventilation fans at our Kashipur facility. We also expanded into the induction cooktops and mixer grinders segment, with a special focus on high-performance commercial mixer grinders.

In professional lighting, we have started focusing on indoor lighting and solar lighting to capitalize on growth opportunities. We also launched higher performance streetlights, offering a smart value proposition with lower cost of ownership.

We have entered in new product segment of Mono Block Residential Pumps via launch of ‘Surya Water Pumps’ in the month of July 2024. The market size for such pumps is Rs 1,000 crore and is growing fast driven by 'Har Ghar Nal Se Jal' scheme of Government of India.

Our comprehensive go-to-market (GTM) strategy includes leveraging existing distribution channels and exploring new avenues to reach consumers. We employ multiple GTM approaches to cater to different product categories, ensuring effective reach and penetration across various market segments.

We recognize the critical role that the in-shop experience plays in influencing consumer perceptions and driving sales. Over the quarters, we have intensified our efforts to enhance the in-shop experience across our retail outlets. We see it as a crucial component of our marketing strategy, contributing to the overall performance and growth of the company. Strategic display of our products at over 2,000 retail points ensures high visibility and availability of our offerings. We also have regular engagement exercises with retailers across different parts of the country to strengthen relationships and ensure product availability. These initiatives have already shown positive results, with marked improvements in customer satisfaction and increased sales.

We have also implemented significant training programs to ensure that all team members and staff can now provide deep product insights, demonstrations, and personalized suggestions, making every client engagement more informative and engaging. Our regular interactions with electricians and other influencers also enable us to drive brand loyalty and encourage product recommendations.

We are confident in our ability to navigate the obstacles and seize the opportunities that lie ahead. Our strategic efforts are linked with client needs, ensuring that we are well-positioned to continue growing and succeed in the lighting and consumer durables industry.”

Commenting on the financial performance, Bharat Bhushan Singal – CFO said, “For the quarter, the revenue was Rs 1,893 crore as compared to Rs 1,875 crore. EBITDA and PAT stood at Rs 159 crore and Rs 92 crore as compared to Rs 116 crore and Rs 59 crore, registering a growth of 36% and 56% YoY respectively

In Lighting & Consumer Durables, for the quarter, the revenue stood at Rs 385 crore as against Rs 374 crore. EBITDA and PBT stood at Rs 35 crore and Rs 26 crore, registering a growth of 5% and 1% YoY respectively.

In the Steel Pipes and Strips, during Q1FY25, the revenue was Rs 1,509 crore as compared to Rs 1,503 crore. Similarly, EBITDA/MT stood at Rs 6,065 compared to Rs 4,388, registering a growth of 38% YoY. EBITDA and PBT stood at Rs 124 crore and Rs 97 crore as against Rs 83 crore and Rs 55 crore, registering a growth of 49% and 76% YoY respectively.

Improved capacity utilization, working capital optimization and cost rationalization enabled us to become a zero-debt company, and having cash surplus of Rs 156 crore in Q1FY25.

As on 30th June 2024, ROCE stood at 22.93% and ROE stood at 16.71%.

As on 30th June 2024, the net working capital days stood at 67 days, inventory days stood at 51 days, debtor days stood at 38 days and creditor days stood at 23 days.”

Result PDF

Iron & Steel Products company Surya Roshni announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • The company reported slight dip in revenue by 2% & EBITDA by 5% in FY24 on account of significant headwinds.
  • EBITDA margins for Q4FY24 stood at 8.30%.
  • Strong volume growth coupled with better product-mix in favor of higher margin value products and cost savings on back of PLI led backward integration resulted in strong operating profitability.
  • EBITDA margins for Q4FY24 stood at 10.66% as against 9.84% for the same quarter last year.
  • Professional lighting business has witnessed high-teen digit growth in Q4.
  • Led Batten & LED Downlighter verticals saw healthy volume growth in FY24.
  • In Q4FY24, the fan business recorded mid-teens growth, while the appliances segment grew by robust 20%.
  • Net Working Capital: 76 days in Q4FY24 as against 70 days in Q3FY24.
  • In Q4FY24, the steel pipes segment recorded its highest ever quarterly volumes of 2.36 lakh tons and witnessed a volume growth of 4%.
  • Despite significant reduction in steel prices in Q4FY24, we witnessed only a slight dip in our overall sales revenue.
  • EBITDA/Ton for the quarter stood at Rs 5,877.

FY24 Financial Highlights:

  • We are now a Zero-debt company. We reduced our debt by Rs 400 crore in FY24 and have cash surplus of Rs 65 crore.
  • Inspite of significant price erosion in consumer lighting business, we recorded an annual revenue growth of 2% and stands at Rs 1,572 crore in FY24.
  • Professional lighting business witnessed more than 20% growth in FY24 driven by infrastructure as well as industrial projects.
  • In FY24, the fan business recorded mid-teens growth, while the appliances segment grew by robust 20%.
  • Net Working Capital: 55 days in Q4FY24 as against 69 days in Q3FY24.
  • Growth of 6% in FY24 inspite of the B2B business witnessing a temporary slowdown on account of General Elections.
  • Exports registered a volume growth of 12% in FY24.
  • Strong in-hand order book of Rs 800 crore as on 31st March 2024 for Oil & Gas sector, Water Sector and Exports business.

Commenting on the results, Company’s Managing Director, Raju Bista, said “The overall performance of the company in FY24 has been satisfactory given the headwinds in both our business verticals of Steel Pipe business & Lighting and Consumer Durable business. We firmly believe that these headwinds are temporary, and the company is poised for sustained growth in both the businesses.

EBITDA for FY24 stood at Rs 586 crore as compared to Rs 620 crore last year. There was slight dip in our overall EBITDA margins primarily on account of significant dip in operating margin of steel pipes business which was slightly offset by improved margins in lighting and consumer durable business. We registered PAT of Rs 329 crore in FY24, similar to what we had recorded in FY23.”

“In Lighting and Consumer Durables, we experienced good results in FY24. Overall sales witnessed a growth of 2% and EBITDA increased by 23% in FY24 as compared to previous year, signaling improved operational efficiency and effective cost management.

Our professional lighting segment notably grew in Q4FY24 by approximately 20%, demonstrating strong market acceptance and a robust order book. Consumer durables, including fans, water heaters, irons, kitchen appliances, and festival lighting products, all posted double-digit growth, reflecting high consumer satisfaction and market penetration.

Throughout the year, our focus on design quality and manufacturing excellence has significantly reduced warranty related costs for LED products, placing us at the forefront of industry standards. Both lighting plants met productivity targets, benefiting from numerous automation and process improvement projects. This focus on operational efficiency not only enhanced our performance metrics but also supported our profitability, with EBITDA margins improving from 7.9% to 9.6% over the fiscal year.

Despite a challenging market environment with subdued demand for consumer durable products in the last quarter, our engagement strategies with over 25,000 key retailers and innovative marketing activations have kept our brand highly visible and competitive. The introduction of new product lines, particularly in the premium category, has successfully enriched our product mix, further bolstering our market standing.

Looking forward, we expect the lighting and consumer durables industry to continue experiencing growth, driven by increasing consumer aspirations and government spending on infrastructure. Our strong position in both B2C and B2B segments, along with our focus on high-quality, innovative products, positions us well to capitalize on these opportunities. Our ongoing investments in technology and product development, along with strategic market expansions, are expected to drive sustained growth and profitability in the upcoming fiscal years.”

“In the Steel Pipes and Strips, the company achieved the highest ever quarterly volumes despite challenging market conditions and electoral season. However, the company demonstrated resilience, managing only a slight dip in sales revenues due to decline in steel prices. This success is attributed to our strong presence in the API pipes segment and robust export performance, which collectively constituted 29% of our total volume sales. The downturn in steel prices led to an EBITDA/Ton of Rs5,877, on account of muted value-added product sales & loss in inventory.

The current Government’s 2024 manifesto has given a lot of impetus to infrastructure projects which includes overbridges, new airports and railway station redevelopment. The designs of these projects are such that it will generate robust demand for DFT pipes. The manifesto also includes a promise to expand city gas distribution (CGD) networks across India, which will drive growth. We also expect healthy volume growth in API pipes business as well. We also supply GI section pipes to solar utility projects, which are likely to witness rampant installation over the upcoming years.

We are actively expanding our operational capacity - aimed at increasing our monthly production capacity by 12,000 to 15,000 tons - to meet anticipated market demand. These expansions will enhance our ability to serve growing market needs, particularly in water infrastructure and energy sectors. With steel prices stabilizing and the government’s increased focus on infrastructure development, we expect healthy demand across our product lines.

Our strong order book of Rs800 crore, particularly in the oil & gas and water sectors, along with a solid export portfolio, underscores the company's robust financial health and operational efficiency. Improved working capital cycles and strategic raw material sourcing further strengthen our market position. We will continue to innovate, adapt, and grow, driven by a commitment to excellence and sustainability.”

Result PDF

Iron & Steel Products company Surya Roshni announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:

  • Revenue: Rs 1,938 crore, down by 4% compared to Q3FY23.
  • EBITDA: Rs 158 crore, a decrease of 3% from Q3FY23.
  • EBITDA margins for Q3FY24 stood at 8.2% as against 8.1% for the same quarter last year
  • Profit Before Tax (PBT): Rs 121 crore, a slight decrease of 1% from Q3FY23.
  • Profit After Tax (PAT): Rs 90 crore, remained unchanged from Q3FY23.

Consolidated 9MFY24:

  • Revenue: Rs 5,729 crore, down by 2% compared to 9MFY23.
  • EBITDA: Rs 414 crore, a growth of 13% from 9MFY23.
  • Profit Before Tax (PBT): Rs 306 crore, a significant increase of 25% from 9MFY23.
  • Profit After Tax (PAT): Rs 225 crore, a notable increase of 25% from 9MFY23.

Commenting on the results, Company’s Managing Director, Raju Bista, said, “On sequential basis, the overall performance of the company has been satisfactory given the volume de-growth witnessed in Q3FY24. This demonstrates the company’s ability to withstand economic headwinds.

EBITDA for Q3FY24 stood at Rs 158 crore as compared to Rs 164 crore in the same quarter last year. We were able to sustain our overall EBITDA margins primarily on account of significant improvement in lighting and consumer durable business. We registered PAT of Rs 90 crore in Q3FY24, similar to what we had recorded in Q3FY23. However, on sequential basis, EBITDA, PBT, and PAT witnessed a growth of 14%, 16%, and 19% respectively.

We firmly believe that these headwinds are temporary, and the company is poised for sustained growth in both businesses."

 

 

Result PDF

Iron & Steel Products company Surya Roshni announced Q1FY24 results:

  • Revenue of Rs 1,875 crore in Q1FY24 compared to Rs 1,840 crore in Q1FY23, up 2% YoY.
  • Company reported a sustained growth momentum on a YoY basis, driven by value-added products and better volumes.
  • With softening of commodity prices and better volume led EBITDA to improve by 65% to Rs 116 crore; EBITDA margins for Q1FY24 stood at 6.2%.
  • Profit after tax stood at Rs 59 crore reporting a growth of 166%, on account of reduced finance costs.
  • Debt further reduced by Rs 171 crore and debt to equity ratio for June 30, 2023, stands at 0.12x.
  • Focused on innovating new-aged products, premiumization coupled with marketing and advertising campaigns, and expanding geographical footprint.
  • Celebrating 50 Years of Trust and Excellence.
  • Healthy volume growth of 20% in Steel Pipes and Strips.
  • Growth in Lighting and Consumer Durables by 11.5%.
  • Sustained performance driven by value added products and improved product mix.

Commenting on the results, Company’s Managing Director, Raju Bista, said, “The overall performance of the company has been satisfactory given a robust volume growth. This benchmarks the company’s ability to withstand economic headwinds.

Despite the seasonality and falling commodity prices, EBITDA grew by 65% and profit after tax recorded a healthy growth of 166%; supported by the demand in value added products, improved product mix and reduction in debt.

We firmly believe that these headwinds are temporary, and the company is poised for sustained growth in both the businesses."

 

 

Result PDF

Plastic Products company Surya Roshni announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Highest ever EBITDA/MT in Q4FY23 at Rs 9,868 as compared to Rs 5,605 in Q4FY22
    • Improvement in overall product mix with higher growth in value-added products and markets including API & Spiral Pipes and Exports and improvement on market realization.
    • Consistent inflow and enquiry generation for value-added products
    • Optimal working capital management with net working capital days at 61 days
  • FY23:
    • Revenue of Rs 6,452 crore in FY23 as compared to Rs 6,402 crore in FY22
    • For FY23, Steel pipes Trade Business grew 19%, Spiral Pipe by 8% and API Exports by 211%
    • The total orderbook in-hand exceeds Rs 850 crore at the end of FY23
    • EBITDA/MT for FY23 improved to Rs 6,496 as compared to Rs 4,648 YoY, an account of favorable product mix of value-added products and exports
    • Launched 30’’ Galvanized Pipe in India and 2’’ 5CT pipe for Exports
    • Continued focus on exporting value-added products along with further expansion of geographical footprint
    • Expansion at Hindupur is under execution as per schedule
    • Setting up of ERW pipe mill of 18” up to 24” large dia pipes at existing facilities with a capex of Rs 75 crore

Commenting on the financial performance, Bharat Bhushan Singal – CFO said, “For the quarter, EBITDA and PAT grew by 64% and 88% on YoY basis to Rs 254 crore and Rs 156 crore respectively. For the full year, the revenue was Rs 7,997 crore as compared to Rs 7,731 crore. EBITDA and PAT stood at Rs 620 crore and Rs 336 crore as compared to Rs 449 crore and Rs 205 crore, respectively. In Lighting & Consumer Durables, for the quarter, the revenue stood at Rs 431 crore as against Rs 404 crore. EBITDA and PBT stood at Rs 42 crore and Rs 35 crore, respectively. For the full year, the revenue stood at Rs 1,545 crore as against Rs 1,333 crore. EBITDA and PBT stood at Rs 122 crore and Rs 90 crore, respectively. In the Steel Pipes and Strips, during Q4FY23, the company witnessed EBITDA growth of 76% YoY. Similarly, EBITDA/MT stood at Rs 9,868 compared to Rs 5,605 YoY. For FY23, revenue grew by 4% YoY, to Rs 6,452 crore while EBITDA/MT stood at Rs 6,496 as against Rs 4,648 YoY. During FY23, the company reduced debt by Rs 176 crore and continued to remain long-term debt free, thus reducing the interest expenses to great extent. This has resulted into a reduction of debt to equity ratio from 0.37x in March 2022 to 0.22x in March 2023. RoCE has improved by 670 basis points to 22.9% for FY23 from 16.2% in FY22, while RoE has improved by 560 basis points to 19.7% in FY23 from 14.1% in FY22”.

 

 

 

Result PDF

Steel Pipes and Lighting product manufacturer Surya Roshni announced Q3FY23 results:

  •  Q3FY23 and 9MFY23:
    • Q3FY23 EBITDA and PAT grew by 65% and 121% respectively
    • Announced interim dividend of Rs 3.00 per equity share
    • Steel Pipes and Strips EBITDA/MT at Rs 6,733, a growth of 76% YoY for Q3FY23.
    • Reduced debt by Rs 71 crore in 9MFY23. Similarly, the finance cost also reduced by 28% in 9MFY23 inspite of the increasing interest rate trend. Debt Equity reduced to 0.30x as on 31st December 2022 as compared to 0.48x as on 31st December 2021.

Commenting on the results, Company’s Managing Director, Mr. Raju Bista, said “The company continued to report a healthy set of numbers along with improvement on operational parameters on a YTD basis. The financial performance was further aided by stable input costs, festive season and continuous improvement in the product mix.

In Lighting and Consumer Durables, Q3 and 9M FY23 revenue grew by 6% and 20% YoY respectively, driven by an improved product mix. LED lighting as a whole grew by 8% YoY during the quarter (LED street lighting grew 66% and 74%, for Q3 and 9MFY23 respectively). The Professional Lighting business continued to do well and registered a growth of 33% and 43% in Q3 and 9MFY23, respectively. The company’s recent product launches also aided the growth momentum. The input costs, especially on the commodity prices front have been stable in Q3FY23, however the USD has gone up w.r.t. INR.

Professional lighting continued to deliver the projects well within the stipulated timeline. The company is bidding aggressively for various projects across the country and witnessing a strong order inflow.

The company’s capex under the PLI scheme is ongoing as per schedule. Once operationalized, it is expected to lower the external dependency along with the reduction in cost. The company’s constant effort to bring down replacement costs has worked well. The replacement cost now stands at 5.15%, a significant reduction on YoY as well as QoQ basis. The company remains committed to further bring down the cost, which will enable the company to offer high quality products.

The company continued to focus on R&D to offer innovative and trendy product line along with further deepening the engagement with dealers and distributors. The key focus of the company remains on enhancing the market share in Metro and Tier-1 cities along with further penetrating the existing rural network.

In the Steel Pipes and Strips, the topline was affected due to correction in global steel prices. HR coil prices reduced by 18% on an average in current quarter as compared to corresponding quarter. However, EBITDA/MT improved significantly by 76% on a YoY basis to Rs. 6,733 in Q3FY23, due to increased share of value-added products. The company remains well geared to accelerate the growth further in the coming quarters.

To reward the company’s shareholders on the remarkable financial performance during the period, the Board has declared an interim dividend of Rs.3.00 (30%) per equity share on the paid-up equity capital. The company remains committed to enhance value for the shareholders further”.

 

Result PDF

Plastic products company Surya Roshni announced Q2FY23 results:

  • Consolidated Q2FY23:
    • The company reported a sustained growth momentum on a YoY basis, primarily led by value-added products across the products
    • Continued to undertake multiple price hikes to partly mitigate the higher input costs
    • Steel pipes and strips EBITDA/MT at Rs 5,259, a growth of 30% YoY for Q2FY23
    • Cash conversion cycles remained positive, driven by prudent financial acumen. The working capital days have remained largely stable at 60 days as compared to 62 days in H1FY22
    • Reduced debt by Rs 72 crore in H1FY23; finance cost also reduced by 26% in H1FY23. Debt equity reduced 0.31x as on September 30, 2022, as compared to 0.37x as on March 31, 2022.

Managing Director Raju Bista said, “The company reported healthy performance on financial as well as operational metrics despite challenging business environments such as rising interest rates, strengthening of USD, import parity, volatile ocean freight and rising input costs. However, these external challenges were mitigated by strong inherent fundamentals, product mix, brand equity, financial acumen, lean balance sheet and excellent execution by our team.

In lighting and consumer durables, Q2 and H1FY23 revenue grew by 12% and 29% YoY respectively, driven by an improved product mix. The company’s new-age lighting products continued to grow at a healthy pace with LED down-lighters growing at 63% and 100%, for Q2 and H1FY23 respectively. LED lighting as a whole grew by 29% YoY during the quarter. The professional lighting business is doing well and has registered a growth of 37% and 49% in Q2 and H1FY23 respectively. Consumer durables witnessed strong traction towards the end of Q2FY23 driven by the ongoing festive season. The company expects this traction to continue in Q3FY23 as well. The company has a strong product launch in the pipeline for lighting as well as consumer durables, which are in-line with current market trends.

The company continued to undertake price hikes to mitigate the impact of rising input costs. The softening commodity prices from Q2FY23 onwards along with these price hikes will help the company to improve the margin profile in the near future. The company is proactively tracking all global and domestic events and utilising all the possible means at its disposal to counter the impacts of such events.

The company’s capex under PLI scheme will further lower outside dependency and improve internal efficiencies along with the reduction in costs. The company is continuously adopting modern processes and automation for productivity enhancement and supply chain optimisation. The company has built strong and extensive capabilities and competence in design and manufacturing. The company’s past investment in R&D and modern electronics to reduce replacement costs has boded well. The replacement cost now stands at 5.9%, a significant reduction on YoY as well as QoQ basis. As a result, the company remains well-placed to offer innovative products at a competitive price without compromising on quality.

The company has also accelerated branding and marketing activities along with a focus on R&D to launch trendy and innovative products and enhance dealer engagement. The company has successfully penetrated the Metro and Tier-1 cities market further along with deepening the existing rural network.

The consumer durables segment is witnessing a healthy demand growth, driven by the ongoing festive season across the country. The company will also continue to focus on participating in multiple Smart Lighting projects in Professional Lighting.

In Steel Pipes and Strips, the company’s performance in terms of revenue and profitability was affected on account of a steep correction in global commodity prices. However, EBITDA/MT improved significantly by 30% on a YoY basis to Rs 5,259 in Q2FY23, driven by a healthy product mix due to an increased share of value-added products. We firmly believe that these headwinds are transient in nature and the company will grow Steel and Strips businesssignificantly in the long term.

Lastly, I would like to welcome Jitendra Agrawal as CEO – Lighting and Consumer Durables. He is a young, dynamic and renowned professional with 27 years of rich experience in the Lighting and Electrical Industry. We are confident that under his leadership, the company’s lighting business will touch new highs."

Vinay Surya, Managing Director, said, “The company reported a robust set of numbers with healthy expansion in EBITDA margin and healthy bottom-line growth which was mainly on account of growing share of value-added products, improved working capital cycle and a significant reduction in debt.

Result PDF

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