Suraj Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2018 • Stainless Steel Seamless Pipes, Tubes, U-Tubes, Flanges and Fittings: 98.6% • Others: 0.8% • Power Generated from Windmill: 0.4%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.16x)
- Company has been maintaining a healthy dividend payout of 36.9%
- Attractively priced for its growth - PEG of 0.6
- Stock looks reasonably valued - P/E of 44.3 is below its historical median
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (56.6% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Inventory has been piling up - inventory days up from 60 to 102
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1308.00 | 12.91 | 319865.38 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 185.95 | 21.04 | 232129.86 | 2.15 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 184.00 | 17.79 | 76001.67 | 1.28 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2775.65 | 31.71 | 73219.05 | 0.18 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 762.35 | 19.35 | 62849.63 | 0.52 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2198.00 | 49.66 | 61029.32 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1086.30 | 27.00 | 30322.09 | 0.41 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 317.60 | 31.08 | 20310.78 | 0.63 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.00 | 45.47 | 19681.83 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 537.05 | 16.75 | 18924.64 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 252.40 | 21.07 | 16992.55 | 0.40 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| SURAJLTD | 200.66 | 44.31 | 368.49 | 0.75 | 3.59 | -86.92 | 39.03 | -22.47 | 7.65 | 17.35 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 76 | 85 | 93 | 76 | 55 | 57 | 64 | 59 | 50 | 50 | 62 | 43 | 39 | |
| 67 | 77 | 82 | 65 | 46 | 48 | 51 | 61 | 46 | 47 | 57 | 41 | 35 | |
| Operating Profit | 9 | 7 | 11 | 11 | 9 | 8 | 13 | -2 | 5 | 4 | 5 | 2 | 4 |
| OPM % | 12.09% | 8.81% | 12.34% | 14.77% | 16.48% | 14.71% | 20.59% | -3.69% | 9.61% | 7.33% | 8.37% | 5.57% | 9.99% |
| 0 | 1 | 1 | 1 | 0 | 2 | 1 | 2 | 1 | 1 | 1 | 3 | 1 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | -1 | 1 |
| Profit before Tax | 7 | 5 | 9 | 9 | 6 | 7 | 10 | -5 | 2 | 1 | 2 | 5 | 5 |
| Tax % | 29.26% | 29.42% | 29.28% | 30.83% | 30.76% | 30.73% | 29.27% | 28.15% | 28.90% | 53.78% | 30.26% | 27.06% | 30.07% |
| Net Profit | 0 | 0 | 0 | 0 | 6 | 6 | 7 | -59 | 27 | 8 | 1 | 3 | 4 |
| 2.62 | 2.30 | 3.67 | 3.31 | 3.10 | 3.52 | 3.84 | -3.22 | 1.49 | 0.45 | 0.75 | 1.37 | 1.95 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 207 | 182 | 331 | 234 | 206 | 195 | |
| 194 | 164 | 291 | 205 | 190 | 179 | |
| Operating Profit | 13 | 18 | 39 | 28 | 16 | 15 |
| OPM % | 6.25% | 9.65% | 11.94% | 12.10% | 7.83% | 7.80% |
| 4 | 0 | 3 | 4 | 6 | 6 | |
| Interest | 10 | 10 | 4 | 5 | 4 | 4 |
| Depreciation | 6 | 7 | 9 | 11 | 7 | 6 |
| Profit before Tax | 1 | 1 | 31 | 18 | 11 | 13 |
| Tax % | 62.91% | -48.14% | 29.96% | 28.03% | 30.41% | 31.03% |
| Net Profit | 0 | 1 | 22 | 13 | 7 | 9 |
| EPS | 0.00 | 0.00 | 11.72 | 7.25 | 4.07 | — |
| Dividend Payout % | 0.00% | 0.00% | 12.80% | 20.70% | 36.88% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 74%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -39%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 8%
- 3 Years:
- 12%
- Last Year:
- 6%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 19 | 19 | 18 | 18 | 18 |
| 66 | 68 | 104 | 115 | 119 | |
| 112 | 99 | 34 | 64 | 60 | |
| Trade Payables | 8 | 6 | 14 | 12 | 17 |
| 8 | 7 | 16 | 13 | 11 | |
| Total Liabilities | 213 | 198 | 186 | 222 | 226 |
| 61 | 57 | 85 | 89 | 89 | |
| 0 | 0 | 14 | 15 | 15 | |
| 88 | 84 | 24 | 52 | 63 | |
| 0 | 0 | 34 | 33 | 37 | |
| Cash & Bank | 4 | 5 | 0 | 0 | 0 |
| 60 | 52 | 28 | 33 | 22 | |
| Total Assets | 213 | 198 | 186 | 222 | 226 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 15 | 27 | 41 | -9 | 17 | |
| Cash from Investing | -1 | -2 | -47 | -14 | -6 |
| Cash from Financing | -14 | -24 | 6 | 23 | -11 |
| -1 | 1 | -0 | -0 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Suraj Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-09-09 - Suraj Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-09-09 - Suraj Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-09-09 - Suraj Limited has informed the Exchange about the Resignation of CS Rashmi Lakhani from the post of Company Secretary & Compliance Officer and a Key Managerial Personnel of the Company with effect from closing of business hours of 31st October, 2026
2026-07-25 - Suraj Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-23 - Suraj Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-09 - Suraj Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-26 - Suraj Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-26 - Suraj Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on Jun 26, 2026. Further, the company has informed the Exchange regarding voting results.
News
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