Key Financial Performance - Q1 FY27 (Consolidated)

Quantitative Figures:

  • Revenue: ₹2,046 crore (up 28% YoY from ₹1,605 crore in Q1FY26)
  • EBITDA: ₹120 crore (up 46% YoY from ₹83 crore)
  • Profit Before Tax (PBT): ₹81 crore (up 77% YoY from ₹46 crore)
  • Profit After Tax (PAT): ₹60 crore (up 77% YoY from ₹34 crore)
  • Gross Profit Margin: 21% (vs 23% in Q1FY26)
  • EBITDA Margin: 5.9% (vs 5.2% in Q1FY26)
  • PAT Margin: 2.9% (vs 2.1% in Q1FY26)

Segment-wise Performance

Lighting and Consumer Durables Segment:

  • Revenue: ₹456 crore (up 15% YoY from ₹397 crore)
  • EBITDA: ₹36 crore (up 16% YoY from ₹31 crore)
  • EBITDA Margins: 7.9% (improved 13 bps from 7.7%)
  • PBT: ₹24 crore (up 12% YoY from ₹21 crore)
  • Growth driven by broad-based volume growth across LED bulbs, battens, downlighters, appliances and professional lighting
  • Company passed on input cost increase of ~7% during quarter with minimal profitability impact

Steel Pipe and Strips Segment:

  • Revenue: ₹1,590 crore (up 32% YoY from ₹1,207 crore)
  • EBITDA: ₹84 crore (up 63% YoY from ₹52 crore)
  • EBITDA/MT: ₹4,006 (up 37% YoY from ₹2,922)
  • PBT: ₹57 crore (up 134% YoY from ₹24 crore)
  • Volumes: 2.28 lakh tonnes (up 21% YoY)
  • Value-added products contributed approximately 47% of overall volumes
  • Exports accounted for approximately 20% of segment volumes
  • Order Book: Approximately ₹800 crore, including 78,000 tonnes of export API orders for US market

Volume Growth Drivers - Steel Pipes:

  • Section pipes: up 38% YoY
  • ERW API pipes: up 207% YoY
  • Spiral non-API water pipes: up 36% YoY
  • Pre-galvanised (GP) pipes: up 53% YoY
  • Cold rolled steel pipes: up 30% YoY

Operational and Strategic Updates

Manufacturing Expansion:

  • Commissioned new spiral pipe project at Malanpur, Madhya Pradesh
  • Project Outlay: ₹50 crore
  • Capacity: 24,000 tons per annum
  • Purpose: Manufacture spiral pipes for water projects to cater markets in Rajasthan, M.P. and U.P.

Technology Upgradation:

  • 3LPE coating plant machinery procured from Selmers, Netherlands
  • Installed 3LPE coating facilities of 27,50,000 sqmtr (external coating)
  • Commissioned large-dia section pipe facility (up to 300*300 mm) with Direct Forming Technology at Gwalior
  • Accreditations from major PMC including EIL, Mecon

Export Performance:

  • Largest exporter of ERW Pipes (GI and Black Pipes)
  • Exporting to 50+ countries including USA, Australia, Canada, Mexico, Middle East, Europe and Africa
  • Market share of ~10% in Oil & Gas Transmission Pipes

PLI Scheme Implementation:

  • Commenced manufacturing facility for LED components under PLI scheme for 'Large Investment' category
  • Cumulative incremental investment in P&M of ₹25 Crores achieved
  • Claim of 3rd year received and eligible for 4th year claim
  • Incentives: 4% to 6% on sales over base year for five years
  • Target manufacturing components: LED Drivers, Mechanicals, Housing, Packaging, Modules, Wire Wound Inductors

PVC Pipes Business:

  • Revenue: ₹102 crore (vs ₹94 crore in FY25)
  • Growth drivers: Government initiatives (Housing for All, 'Nal se Jal', AMRUT, Swachh Bharat Mission)
  • Sector expected to see average annual growth of 10%

Financial Position

Balance Sheet Highlights (as of March 31, 2026):

  • Net cash surplus: ₹337 crore
  • Investment in FDRs: ₹407 crore (as of March 31, 2026)
  • Total Equity: ₹2,634 crore
  • Property, plant & equipment: ₹869 crore
  • Inventories: ₹1,005 crore
  • Trade receivables: ₹937 crore
  • Cash and bank balance: ₹453 crore
  • Working Capital Borrowings: ₹65 crore
  • Term Borrowings: ₹0 (nil)

Cash Flow Statement (FY26):

  • Cash generated from operations: ₹520 crore
  • Net cash inflow from operating activities: ₹400 crore
  • Net cash outflow from investing activities: ₹284 crore
  • Income taxes paid: ₹120 crore

Corporate Governance

Board of Directors:

  • Executive Chairman: Shri J. P. Agarwal (Padma Shri awardee)
  • Managing Director: Shri Raju Bista (Member of Parliament, past President of ELCOMA)
  • Managing Director: Shri Vinay Surya (MBA from Swinburn University, Australia)
  • Whole Time Director: Smt Puja Surya (recognized as Industry Leader by ECONOMIC TIMES)
  • Director: Smt Urmil Agarwal
  • Whole Time Director: Shri Kaustubh N Karmarkar
  • Independent Directors: Shri Sunil Sikka, Shri Naresh Agarwal, Ms. Suruchi Aggarwal, Shri Tekan Ghanshyam Keswani, Shri Ravinder Kumar Jaggi, Shri Ravi Kant Gupta

Brand Ambassador:

  • Cricketer Suryakumar Yadav appointed as brand ambassador for Steel Tubes & Pipes business

Distribution Network

  • Lighting business: Over 3,00,000 retail outlets
  • Strong rural distribution network, one of largest in industry
  • Secondary network of 300+ RTF & 2,500+ DSPs
  • Decentralized branch/depot network system

CSR Activities

Surya Foundation activities in health, skill development and education including health camps, blood donation, plantation, eye checkup camps, Gramin Personality Development, Poshan Vatika Seva Pakhwada, Yoga Day, Swachchhata Abhiyan, multilayer farming, and sports tournaments.