Surya Roshni Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Steel: 76.0% • Lighting: 24.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Latest quarter profit grew 77.0% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.39x)
- Company has been maintaining a healthy dividend payout of 38.1%
- Company comfortably covers its interest (14.8x coverage)
- Company has a consistent dividend-paying track record
CONS
- Total debt has risen sharply - up 2007.8% year on year
- Company has delivered a poor sales growth of 6.3% over past five years
- Growth is decelerating - 3Y profit CAGR (-5.2%) trails the 5Y trend (12.8%)
* 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 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 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 |
| SURYAROSNI | 216.10 | 15.08 | 4703.11 | 2.31 | 59.60 | 77.22 | 2046.48 | 27.54 | 15.93 | 5.49 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,875 | 1,916 | 1,938 | 2,080 | 1,893 | 1,529 | 1,868 | 2,146 | 1,604 | 1,845 | 1,927 | 2,163 | 20,463 | |
| 1,761 | 1,778 | 1,783 | 1,915 | 1,742 | 1,452 | 1,718 | 1,943 | 1,535 | 1,727 | 1,782 | 2,009 | 19,737 | |
| Operating Profit | 114 | 137 | 155 | 166 | 151 | 76 | 150 | 202 | 70 | 118 | 145 | 154 | 726 |
| OPM % | 6.10% | 7.17% | 7.98% | 7.97% | 7.97% | 4.99% | 8.01% | 9.43% | 4.35% | 6.41% | 7.52% | 7.14% | 3.55% |
| 2 | 1 | 4 | 7 | 8 | 9 | 6 | 9 | 13 | 23 | 3 | 16 | 80 | |
| Interest | 6 | 6 | 7 | 4 | 5 | 6 | 5 | 5 | 5 | 9 | 7 | 6 | 53 |
| Depreciation | 29 | 29 | 30 | 29 | 30 | 31 | 30 | 31 | 32 | 32 | 33 | 33 | 343 |
| Profit before Tax | 81 | 103 | 121 | 139 | 123 | 48 | 121 | 175 | 46 | 100 | 107 | 131 | 805 |
| Tax % | 27.08% | 26.57% | 25.56% | 25.43% | 24.99% | 24.66% | 25.52% | 25.87% | 26.36% | 25.53% | 25.81% | 24.97% | 26.14% |
| Net Profit | 59 | 76 | 90 | 104 | 92 | 36 | 90 | 130 | 34 | 74 | 80 | 98 | 595 |
| 5.49 | 7.05 | 4.17 | 4.80 | 4.26 | 1.66 | 4.13 | 5.98 | 1.54 | 3.41 | 3.66 | 4.52 | 2.73 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,884 | 4,931 | 5,977 | 5,469 | 5,554 | 7,730 | 7,996 | 7,809 | 7,435 | 7,540 | 7,982 | |
| 3,571 | 4,585 | 5,605 | 5,115 | 5,177 | 7,288 | 7,382 | 7,236 | 6,856 | 7,053 | 7,492 | |
| Operating Profit | 313 | 346 | 372 | 354 | 377 | 442 | 614 | 572 | 579 | 487 | 490 |
| OPM % | 8.06% | 7.02% | 6.22% | 6.47% | 6.79% | 5.72% | 7.68% | 7.33% | 7.79% | 6.46% | 6.14% |
| 1 | 3 | 4 | 3 | 5 | 6 | 5 | 14 | 31 | 54 | 49 | |
| Interest | 113 | 105 | 115 | 114 | 70 | 64 | 45 | 24 | 21 | 28 | 28 |
| Depreciation | 84 | 87 | 89 | 103 | 103 | 108 | 115 | 117 | 123 | 130 | 133 |
| Profit before Tax | 118 | 156 | 173 | 139 | 209 | 276 | 459 | 445 | 467 | 383 | 418 |
| Tax % | 26.61% | 30.80% | 29.96% | 26.66% | 25.17% | 25.93% | 26.94% | 26.03% | 25.42% | 25.52% | 25.54% |
| Net Profit | 86 | 108 | 121 | 102 | 156 | 205 | 335 | 329 | 348 | 286 | 311 |
| EPS | 15.86 | 19.86 | 22.22 | 18.78 | 28.76 | 37.60 | 61.62 | 30.32 | 16.01 | 13.13 | — |
| Dividend Payout % | 9.46% | 10.07% | 9.00% | 10.65% | 10.28% | 10.43% | 11.23% | 16.49% | 34.34% | 38.09% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 6%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 13%
- 3 Years:
- -5%
STOCK PRICE CAGR
- 10 Years:
- 16%
- 5 Years:
- 9%
- 3 Years:
- -5%
- 1 Year:
- -28%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 15%
- 3 Years:
- 14%
- Last Year:
- 11%
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 | 54 | 54 | 54 | 54 | 54 | 53 | 54 | 54 | 109 | 109 |
| 897 | 993 | 1,098 | 1,185 | 1,310 | 1,485 | 1,792 | 2,088 | 2,332 | 2,500 | |
| 1,080 | 1,108 | 1,202 | 1,101 | 742 | 599 | 425 | 30 | 44 | 109 | |
| Trade Payables | 341 | 408 | 350 | 295 | 480 | 594 | 407 | 369 | 364 | 484 |
| 244 | 292 | 325 | 335 | 353 | 381 | 377 | 377 | 384 | 341 | |
| Total Liabilities | 2,616 | 2,855 | 3,029 | 2,970 | 2,939 | 3,112 | 3,054 | 2,919 | 3,233 | 3,544 |
| 1,101 | 1,072 | 1,089 | 1,061 | 1,029 | 943 | 912 | 835 | 841 | 892 | |
| Capital Work in Progress | 16 | 22 | 25 | 15 | 10 | 53 | 8 | 17 | 57 | 30 |
| 0 | 0 | 0 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |
| 655 | 829 | 844 | 913 | 868 | 987 | 1,152 | 1,086 | 902 | 1,005 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 715 | 894 | 934 | |
| Cash & Bank | 22 | 25 | 2 | 2 | 1 | 1 | 1 | 45 | 296 | 453 |
| 823 | 908 | 1,070 | 976 | 1,027 | 1,125 | 977 | 217 | 239 | 226 | |
| Total Assets | 2,616 | 2,855 | 3,029 | 2,970 | 2,939 | 3,112 | 3,054 | 2,919 | 3,233 | 3,544 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 283 | 190 | 155 | 319 | 593 | 349 | 384 | 547 | 393 | 401 | |
| Cash from Investing | -100 | -63 | -105 | -52 | -66 | -54 | -33 | -51 | -328 | -284 |
| Cash from Financing | -163 | -88 | -37 | -229 | -475 | -231 | -246 | -461 | -80 | -92 |
| -7 | 4 | -22 | -1 | -1 | -0 | -0 | 34 | -15 | 24 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Surya Roshni Limited has informed the Exchange about Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the month ended August, 2026
2026-08-27 - Surya Roshni Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-21 - Surya Roshni Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-20 - Surya Roshni Limited has informed the Exchange regarding 'Physical Letter to Shareholders' providing the weblink and exact pathway of Annual Report 2025-26 and Notice of 53rd AGM
2026-08-19 - Surya Roshni Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 15, 2026
2026-08-18 - Surya Roshni Limited has informed the Exchange about Transcript
2026-08-12 - Surya Roshni Limited has informed the Exchange about Copy of Newspaper Publication - prior notice of 53rd AGM
2026-08-12 - Surya Roshni Limited has informed the Exchange about Copy of Newspaper Publication - extract of financial results
2026-08-11 - Surya Roshni Limited has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for SURYAROSNI
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