Company Overview

Consolidated Financial Performance (Q2FY27)

  • Revenue: ₹2,448 crore, up 33% YoY from ₹1,845 crore in Q2FY26
  • EBITDA: ₹143 crore, up 1% YoY from ₹141 crore in Q2FY26
  • Profit Before Tax (PBT): ₹103 crore, up 4% YoY from ₹100 crore in Q2FY26
  • Profit After Tax (PAT): ₹77 crore, up 3% YoY from ₹74 crore in Q2FY26
  • EBITDA margin: 5.8% vs 7.6% in Q2FY26

Sequential Performance (Q2FY27 vs Q1FY27)

  • Revenue growth: 20% QoQ (from ₹2,046 crore)
  • EBITDA growth: 19% QoQ (from ₹120 crore)
  • PAT growth: 29% QoQ (from ₹60 crore)

Half-Yearly Performance (H1FY27)

  • Revenue: ₹4,495 crore, up 30% YoY from ₹3,450 crore in H1FY26
  • EBITDA: ₹263 crore, up 18% YoY from ₹223 crore in H1FY26
  • PBT: ₹184 crore, up 27% YoY from ₹145 crore in H1FY26
  • PAT: ₹136 crore, up 26% YoY from ₹108 crore in H1FY26

Lighting and Consumer Durables Segment Performance

Q2FY27 Results:

  • Revenue: ₹507 crore (highest-ever Q2), up 17% YoY from ₹434 crore
  • EBITDA: ₹40 crore, up 1% YoY from ₹39 crore
  • EBITDA Margins: 7.8% vs 9.0% in Q2FY26 (-120 bps)
  • PBT: ₹28 crore, down 6% YoY from ₹29 crore

Product-wise Growth (YoY Volume):

  • Ceiling fans: +26%
  • Water heaters: +26%
  • Mixer grinders: +20%
  • Table, pedestal and wall fans: +18%
  • LED bulbs: +11% (higher-wattage bulbs +24%)
  • Wires & Cables: ~₹50 crore in Q2FY27 (from ~₹38 crore in Q1FY27)

H1FY27 Performance:

  • Revenue: ₹964 crore, up 16% YoY from ₹832 crore
  • EBITDA: ₹76 crore, up 8% YoY from ₹70 crore
  • EBITDA Margins: 7.8% vs 8.4% in H1FY26 (-60 bps)
  • PBT: ₹51 crore, up 1% YoY from ₹51 crore

Professional Lighting:

  • Order book: Over ₹200 crore
  • Strong execution visibility for H2FY27

Steel Pipe and Strips Segment Performance

Q2FY27 Results:

  • Revenue: ₹1,941 crore, up 38% YoY from ₹1,411 crore
  • EBITDA: ₹103 crore, up 1% YoY from ₹102 crore
  • EBITDA/MT: ₹4,105, down 18% YoY from ₹5,013
  • PBT: ₹75 crore, up 7% YoY from ₹70 crore
  • Sales volume: 2.67 lakh tonnes (record quarterly), up 23% YoY
  • Capacity utilization: 84% (vs 82% in Q1FY27)

Export Performance:

  • Export volumes: 64,408 tonnes, up 64% YoY
  • Contribution: ~24% of segment volumes
  • US volumes: More than doubled QoQ

Value-Added Products:

  • Contribution: ~48% of segment volumes in Q2FY27
  • Expected to rise in H2FY27 with API export and domestic oil & gas orders

H1FY27 Performance:

  • Revenue: ₹3,531 crore, up 35% YoY from ₹2,618 crore
  • EBITDA: ₹188 crore, up 22% YoY from ₹154 crore
  • EBITDA/MT: ₹4,059, up 1% YoY from ₹4,037
  • PBT: ₹132 crore, up 40% YoY from ₹95 crore
  • Volumes: 4.96 lakh tonnes, up 22% YoY

Order Book Position:

  • Total: ~₹1,200 crore
  • Export orders: ~1 lakh tonnes worth ~₹850 crore (~80,000 tonnes API pipes)
  • Domestic API order book: ~20,000 tonnes

Capacity Expansion and Projects

  • New spiral project at Malanpur, M.P. with outlay of ₹50 crore
  • Capacity: 24,000 tons per annum for water projects
  • Markets: Rajasthan, M.P. and U.P.
  • Commissioned large-dia section pipe facility (up to 300*300 mm) with Direct Forming Technology at Gwalior

Manufacturing Facilities

  • Steel Pipes: Bahadurgarh (Haryana), Gwalior (Madhya Pradesh), Hindupur (Andhra Pradesh)
  • Lighting & Consumer Durables: Kashipur (Uttarakhand), Gwalior (Madhya Pradesh)
  • R&D Centre: Delhi-NCR

Financial Position (as of September 30, 2026)

Balance Sheet Highlights:

  • Total Equity: ₹2,716 crore (Mar-26: ₹2,634 crore)
  • Total Assets: ₹3,655 crore (Mar-26: ₹3,545 crore)
  • Inventories: ₹1,204 crore (Mar-26: ₹1,005 crore)
  • Trade receivables: ₹1,003 crore (Mar-26: ₹937 crore)
  • Cash and bank balance: ₹244 crore (Mar-26: ₹453 crore)
  • Net cash surplus: ₹75 crore

Cash Flow Statement (H1FY27):

  • Profit before tax: ₹184 crore
  • Cash generated from operations: (₹35) crore
  • Net cash inflow from operating activities: (₹92) crore
  • Net cash inflow from investing activities: ₹113 crore
  • Net cash used in financing activities: ₹55 crore

Product Portfolio Evolution

Steel Pipes Volume Share Evolution:

  • FY21-22: GI Pipes 33%, API & Spiral Pipes 18%, Black Pipes 24%, Section Pipes 13%, CR Strips 12%
  • FY25-26: GI Pipes 27%, API & Spiral Pipes 16%, Black Pipes 28%, Section Pipes 17%, CR Strips 12%

Lighting & Consumer Durables Sales Mix:

  • FY25-26: LED Lighting 65%, Conventional 12%, Consumer Durables 21%, Wire & Cable 2%

PLI Scheme Benefits

  • Manufacturing facility for LED components under PLI 'Large Investment' category
  • Cumulative incremental investment in P&M: ₹25 crores
  • Incentives: 4% to 6% on sales over base year for five years
  • 3rd year claim received, eligible for 4th year claim

PVC Pipes Business

  • Revenue: ₹102 crore in FY26 (vs ₹94 crore in FY25)
  • Capacity: 12,500 MTPA
  • Applications: Housing, irrigation, infrastructure, drainage, chemical transportation

Board of Directors

  • Executive Chairman: Shri J. P. Agarwal (Padma Shri awardee)
  • Managing Directors: Shri Raju Bista, Shri Vinay Surya
  • Directors: Smt Urmil Agarwal, Smt Puja Surya (Whole Time Director), Shri Kaustubh N Karmarkar (Whole Time Director)
  • Independent Directors: Shri Sunil Sikka, Shri Naresh Agarwal, Ms. Suruchi Aggarwal, Shri Tekan Ghanshyam Keswani, Shri Ravinder Kumar Jaggi, Shri Ravi Kant Gupta

Awards and Recognition

  • Ms. Puja Surya recognized as Industry Leader by ECONOMIC TIMES for Excellence in Integrated Manufacturing and Supply Chain
  • Kashipur Plant: Uttarakhand's first non-governmental facility to earn BIS EnMS Certification
  • Top 500 Value Creators 2025
  • Recognized by M1xchange for achieving ₹2,00,000 crore throughput
  • SURYA ROSHNI honoured at Pride of Bharat Awards 2025 for excellence in manufacturing and lighting

Brand Ambassador

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

CSR Activities

  • Surya Foundation activities in health, skill development and education
  • Programs include Bamboo Training, Ecobricks, Poshan Vatika, Plantation, Eye Checkup Camps, Gramin Personality Development, Blood Donation Camps, Handicraft Sports Tournaments