Consolidated Financial Performance

Surya Roshni Limited reported unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27).

Key Financial Metrics (Consolidated):

| Particulars (In ₹ crore) | Q1FY27 | Q1FY26 | YoY Growth |

| Revenue | 2,046 | 1,605 | 28% |

| EBITDA | 120 | 83 | 46% |

| EBITDA Margin | 5.9% | 5.1% | 73 bps |

| Profit before Tax (PBT) | 81 | 46 | 77% |

| Profit after Tax (PAT) | 60 | 34 | 77% |

Segment-wise Performance

Lighting & Consumer Durables Segment

| Particulars (In ₹ crore) | Q1FY27 | Q1FY26 | YoY Growth |

| Revenue | 456 | 397 | 15% |

| EBITDA | 36 | 31 | 17% |

| EBITDA Margins | 7.9% | 7.7% | 13 bps |

| PBT | 24 | 21 | 12% |

Performance Drivers:

  • Achieved highest-ever Q1 sales value
  • Broad-based volume growth across LED bulbs (up ~46% YoY), battens (up ~32% YoY), downlighters (up ~16% YoY)
  • Appliances growth of ~10% with water heater sales growing ~26% and induction cooktops growing 52% in volume terms
  • Professional Lighting order book of approximately ₹150 crore
  • Wires & Cables business achieved close to FY26 sales volume within Q1FY27 alone
  • Passed on input cost increase of ~7% during quarter with minimal profitability impact
  • Export markets remained flattish due to logistics economics

Steel Pipes & Strips Segment

| Particulars (In ₹ crore) | Q1FY27 | Q1FY26 | YoY Growth |

| Revenue | 1,590 | 1,207 | 32% |

| EBITDA | 84 | 52 | 63% |

| EBITDA/MT (Rs.) | 4,006 | 2,922 | 37% |

| PBT | 57 | 24 | 134% |

Performance Drivers:

  • Volume growth of 21% YoY to 2.28 lakh tonnes (highest Q1 volume)
  • Value-added products contributed ~47% of overall volumes
  • Exports accounted for ~20% of segment volumes
  • Total order book of ~₹800 crore including 78,000 tonnes of export API orders for US market
  • Capacity utilization stood at approximately 82%

Product-wise Volume Growth:

  • Section pipes: up 38% YoY
  • ERW API pipes: up 207% YoY (export volumes up 377%, domestic API up 41%)
  • Spiral non-API water pipes: up 36% YoY
  • Pre-galvanised (GP) pipes: up 53% YoY
  • Cold rolled steel pipes: up 30% YoY

Financial Position & Ratios

  • Net cash surplus of ₹154 crore as on June 30, 2026
  • Zero-debt company status achieved
  • Net Working Capital cycle: 72 days
  • Return on Capital Employed (ROCE): 12.69%
  • Return on Equity (ROE): 8.95%

Management Commentary & Guidance

Lighting & Consumer Durables Guidance:

  • FY27 guidance of 22-23% value growth and 25% volume growth maintained
  • Targeting sustained healthy annual volume growth over next 3-4 years
  • Expanding distribution penetration in Tier 2 and Tier 3 markets
  • Continuing brand-building including 'INDIA BOLE SURYA KO YA' campaign

Steel Pipes & Strips Guidance:

  • Reiterated FY27 guidance of ₹4,600-4,700 EBITDA per tonne
  • Targeting capacity of ~16 lakh tonnes in FY27 and ~20 lakh tonnes by FY30
  • Value-added products target: above 50% share over next two years (currently 47%)
  • Three new DFT mills being commissioned across Anjar, Malanpur and Bahadurgarh between August and December 2026
  • Adding 2-3 lakh tonnes of capacity each year

Strategic Initiatives

Cost Reduction & Efficiency Measures:

  • Automation of processes including pipe coating
  • Rooftop solar installations: 3 MW commissioned across lighting factories, 1 MW each at three steel plants
  • Additional 1 MW under installation at Bahadurgarh
  • Expected solar savings: ~₹3 crore per annum
  • Per-tonne cost reduction target: ₹1,100
  • Evaluating electric trucks and trailers for logistics cost reduction

Brand Building & Marketing:

  • Marketing budget increased to ₹20 crore for FY27 from ₹7 crore last year
  • Onboarded specialist agency for advertising and marketing strategy

Manufacturing Capability:

  • Only company in India manufacturing MS pipes across thickness range of 0.6 mm to 25 mm
  • Pipe sizes ranging from half an inch to 140 inches
  • 3LPE Coating facility unit (mainly to Oil & Gas and CGD sector)
  • Direct Forming Technology (DFT) capability

Outlook

Management expressed confidence in delivering strong double-digit growth in both value and volume terms for FY27. The festive season quarters are traditionally strongest for the company. The strategic groundwork in exports, brand-building, and cost reduction initiatives is expected to translate into sustained, profitable growth over the coming years.