Suraj Ltd.

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surajgroup.comBSE: 531638NSE: SURAJLTD

Market Cap₹ 373 Cr.

Current Price

High / Low₹ 349 / 192

Stock P/E41.6

Book Value₹ 75

Price to Book2.91

Dividend Yield0.74 %

ROCE7.6 %

ROE5.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2015 • Stainless Steel Tubes & Pipes: 94.4% • Shares: 5.6%

AI Sector View

AI GENERATED

Metals & Mining

Hold

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.

Confidence

61%

View full sector analysis →

PROS

Company has delivered good profit growth of 39.5% CAGR over last 5 years
Latest quarter profit grew 109.2% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.24x)
Company has been maintaining a healthy dividend payout of 37.9%
Stock looks reasonably valued - P/E of 41.6 is below its historical median
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (57.7% of PBT)
Receivables are growing faster than sales - a possible quality concern
Company has delivered a poor sales growth of 1.8% over past five years
Operating margins have contracted to 7.8% from 11.1%
Growth is decelerating - 3Y profit CAGR (-28.8%) trails the 5Y trend (39.5%)
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

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1309.00	12.92	320109.92	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	183.65	20.78	229258.67	2.18	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	196.00	18.95	80958.30	1.20	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2646.15	30.23	69802.96	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	737.80	18.72	60825.68	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2151.00	48.59	59724.32	0.40	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1081.75	26.88	30195.09	0.42	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	310.70	30.41	19869.52	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2666.75	43.18	18691.78	0.38	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	506.95	15.81	17863.97	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	239.75	20.01	16140.90	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	SURAJLTD	203.05	44.84	372.88	0.74	3.59	-86.92	39.03	-22.47	7.65	17.35

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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%	32.25%
Net Profit	5	4	6	6	4	5	7	-4	2	1	1	4	3
	2.62	2.06	3.49	3.26	2.29	2.47	3.73	-2.11	0.84	0.30	0.74	2.07	1.77

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	196	207	179	176	188	344	367	331	234	206	195
	181	194	162	159	175	331	332	291	205	190	179
Operating Profit	16	13	18	17	14	12	35	39	28	16	15
OPM %	7.90%	6.28%	9.79%	9.77%	7.24%	3.62%	9.54%	11.94%	12.10%	7.83%	7.80%
	1	4	0	1	4	5	6	3	4	6	6
Interest	9	10	10	10	9	6	4	4	5	4	4
Depreciation	6	6	7	7	7	7	8	9	11	7	6
Profit before Tax	1	1	1	2	2	5	29	30	17	11	13
Tax %	38.18%	60.56%	-48.62%	38.74%	28.58%	34.80%	29.69%	30.83%	30.69%	31.02%	31.85%
Net Profit	0	0	1	1	1	3	20	21	12	7	9
EPS	0.00	0.00	0.00	0.00	0.71	1.56	10.69	11.25	6.37	3.95	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.33%	23.53%	37.94%	—

COMPOUNDED SALES GROWTH

10 Years:: 3%
5 Years:: 2%
3 Years:: -18%

COMPOUNDED PROFIT GROWTH

10 Years:: 34%
5 Years:: 40%
3 Years:: -29%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -34%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 11%
3 Years:: 11%
Last Year:: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	19	19	19	19	19	19	18	18	18	18
	66	66	68	69	70	73	85	103	112	117
	116	112	99	81	56	35	22	34	64	60
Trade Payables	17	8	6	12	16	21	5	14	12	17
	10	8	7	8	8	9	15	16	13	11
Total Liabilities	229	213	198	188	169	158	146	185	220	223
	63	61	57	54	49	49	60	85	89	89
Capital Work in Progress	3	0	0	0	0	0	0	0	0	0
	0	0	0	0	0	0	0	13	13	13
	99	88	84	93	77	61	28	24	52	63
	0	0	0	0	0	0	0	34	33	37
Cash & Bank	5	4	5	3	0	1	1	0	0	0
	59	60	52	38	42	47	57	28	33	22
Total Assets	229	213	198	188	169	158	146	185	220	223

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16	15	27	31	33	35	53	41	-9	17
Cash from Investing	-2	-1	-2	-4	-2	-7	-19	-47	-14	-6
Cash from Financing	-13	-14	-23	-28	-34	-26	-26	6	23	-11
	0	-1	1	-1	-3	0	-0	-0	-0	-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	0.22	0.20	0.73	0.50	0.71	1.56	10.96	11.25	6.37	3.95
Book Value (₹)	44.20	44.39	45.11	45.56	46.27	47.85	56.50	66.25	71.10	73.56
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.50	1.50	1.50
Cash EPS (₹)	3.48	3.52	4.15	3.96	4.31	5.33	15.28	16.36	12.31	7.92
PROFITABILITY
Operating Margin %	7.92%	8.15%	10.00%	10.53%	9.37%	5.09%	11.08%	11.94%	12.10%	7.83%
Net Margin %	0.21%	0.19%	0.78%	0.55%	0.73%	0.87%	5.49%	6.25%	5.01%	3.53%
ROE %	0.50%	0.45%	1.63%	1.11%	1.55%	3.31%	20.54%	18.33%	9.28%	5.47%
ROCE %	4.90%	5.26%	5.94%	6.70%	6.84%	7.49%	25.85%	23.89%	12.35%	7.64%
	0.19%	0.18%	0.69%	0.50%	0.77%	1.84%	13.27%	12.50%	5.78%	3.27%
EFFICIENCY
Debtor Days	67	74	74	54	45	28	31	37	52	62
Inventory Days	177	165	175	184	165	73	44	29	60	102
Payable Days	23	31	19	26	35	24	18	15	33	41
	220	208	230	212	175	78	57	51	79	123
FINANCIAL HEALTH
Debt to Equity (x)	1.37x	1.30x	1.13x	0.92x	0.63x	0.39x	0.21x	0.28x	0.49x	0.45x
Interest Coverage (x)	1.07x	1.10x	1.09x	1.15x	1.22x	1.82x	8.00x	9.14x	4.58x	3.40x
	1.16x	1.22x	1.29x	1.35x	1.51x	1.67x	1.81x	1.16x	1.23x	1.35x
GROWTH
Revenue Growth %	27.86%	5.48%	-13.32%	-2.08%	7.22%	82.46%	6.67%	-9.81%	-29.31%	-11.93%
Operating Profit Growth %	-4.52%	3.46%	6.36%	3.07%	-4.60%	-0.97%	132.50%	5.62%	-24.27%	-31.75%
Net Profit Growth %	9.25%	-9.48%	263.89%	-30.95%	41.23%	118.69%	570.26%	2.67%	-43.34%	-37.99%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.67%	-43.34%	-37.99%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	19.39x	59.62x	54.13x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.29x	5.35x	2.91x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.69%	0.39%	0.70%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.11x	23.43x	20.42x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00
	0.00	0.00	0.00	0.00	0.00	0.02	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.38	0.38	0.38	0.38	0.00	0.00	0.00	0.00	0.00
	24.62	24.62	24.62	24.62	25.00	24.99	25.00	25.00	25.00

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-07-25

Copy of Newspaper Publication

2026-07-25 - Suraj Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-23

Outcome of Board Meeting

2026-07-23 - Suraj Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-09

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-09 - Suraj Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-26

Trading Window

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

Shareholders meeting

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.

2026-06-26

Shareholders meeting

2026-06-26 - Suraj Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on Jun 26, 2026

2026-06-05

Copy of Newspaper Publication

2026-06-05 - Suraj Limited has informed the Exchange about Copy of Newspaper Publication

2026-06-04

Shareholders meeting

2026-06-04 - Suraj Limited has informed the Exchange regarding Notice of 33rd Annual General Meeting to be held on Jun 26, 2026

2026-05-29

Updates

2026-05-29 - Suraj Limited has informed the Exchange regarding ''launching a new business in the field of Copper/Aluminium Recycling.