Surya Roshni Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Surya Roshni Ltd filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Surya Roshni reported Q4 FY26 consolidated revenue of ₹2,163 crores, broadly flat year-on-year, with EBITDA of ₹170 crores at 7.9% margin and PAT of ₹98 crores. For the full year, revenue reached ₹7,540 crores with EBITDA of ₹541 crores and PAT of ₹286 crores, while the company maintained a net cash surplus of ₹337 crores and declared a total annual dividend of ₹5.00 per share. Management attributed the Steel division's shortfall in volume and EBITDA per ton to the Middle East crisis disrupting exports and raw material availability, while highlighting new export order books from North America.
Numbers mentioned
Consolidated Revenue: ₹2,163 crores (Q4 FY26)
p. 3
“In Q4 FY26, our consolidated revenue stood at ₹2,163 crores, remaining broadly stable year-on-year.”
Raju Bista, page 3 of the filed PDF · View the filing
EBITDA: ₹170 crores (Q4 FY26)
p. 3
“EBITDA for the quarter stood at ₹170 crores with margins of 7.9%, reflecting sequential improvement driven by better realization and improved product mix.”
Raju Bista, page 3 of the filed PDF · View the filing
PAT: ₹98 crores (Q4 FY26)
p. 3
“PAT for the quarter stood at ₹98 crores.”
Raju Bista, page 3 of the filed PDF · View the filing
Consolidated Revenue: ₹7,540 crores (FY26)
p. 3
“For the full year FY26, consolidated revenue stood at ₹7,540 crores as compared to ₹7,436 crores in FY25, reflecting stable growth in a challenging operating environment.”
Raju Bista, page 3 of the filed PDF · View the filing
EBITDA: ₹541 crores (FY26)
p. 3
“EBITDA for the year stood at ₹541 crores and PAT at ₹286 crores.”
Raju Bista, page 3 of the filed PDF · View the filing
Net cash surplus: ₹337 crores (as of March 31, 2026)
p. 3
“We remain a zero-debt company with a net cash surplus of ₹337 crores as of March 31, '26.”
Raju Bista, page 3 of the filed PDF · View the filing
Final dividend: ₹2.50 per share (FY26)
p. 3
“We have declared a final dividend of ₹2.50 per share, demonstrating our ongoing commitment to delivering shareholder value.”
Raju Bista, page 3 of the filed PDF · View the filing
Lighting & Consumer Durables revenue: ₹501 crores (Q4 FY26)
p. 3
“The Lighting & Consumer Durables segment delivered growth during Q4 FY26 with a revenue of ₹501 crores.”
Raju Bista, page 3 of the filed PDF · View the filing
Lighting segment revenue: ₹1,809 crores (FY26)
p. 3
“For FY26 as a whole, segment revenue grew by 7% year-on-year to ₹1,809 crores, while EBITDA at ₹156 crores.”
Raju Bista, page 3 of the filed PDF · View the filing
Steel volume: 2.6 lakh tons (Q4 FY26)
p. 4
“Volume for the quarter stood at 2.6 lakh tons, the ever-highest quarter volume for the business so far.”
Raju Bista, page 4 of the filed PDF · View the filing
Steel EBITDA per ton: ₹5,121 per ton (Q4 FY26)
p. 4
“EBITDA for the quarter stood at ₹126 crores with EBITDA per ton to ₹5,121 per ton.”
Raju Bista, page 4 of the filed PDF · View the filing
Steel Division revenue: ₹5,731 crores (FY26)
p. 4
“For the full year FY26 for the Steel business, the business reported revenue of ₹5,731 crores, reflecting stable year-on-year performance.”
Raju Bista, page 4 of the filed PDF · View the filing
Value-added products share of volume: 43% (FY26)
p. 4
“And most importantly, the value-added products contributed 43% of overall volume during the year FY26.”
Raju Bista, page 4 of the filed PDF · View the filing
Exports: 1.36 lakh tons (FY26)
p. 4
“Exports stood at 1.36 lakh tons for FY26, and we are targeting to cross 2.5 lakh tons in the coming year.”
Raju Bista, page 4 of the filed PDF · View the filing
Order book, Steel Division: ₹1,000 crores plus
p. 4
“The current order book of the Steel Division is about ₹1,000 crores plus, led by exports, spiral, and some domestic API orders, providing strong visibility for H1 FY27, which is expected to be the highest-ever half year for value-added product sales.”
Raju Bista, page 4 of the filed PDF · View the filing
ROCE: 20.76% (Q4 FY26)
p. 5
“In Q4 FY26, our net working capital cycle was 58 days with a return on capital employed, ROCE of 20.76% and a return on equity, ROE of 15.23%.”
B.B. Singal, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Wire and Cable revenue — ₹260 crores · FY27
stated firmly by Raju Bista
p. 4
“Our FY27 revenue target for the Wire and Cable business is ₹260 crores, firmly on track with the three-year guidance of ₹500 crores to ₹600 crores business.”
Raju Bista, page 4 of the filed PDF · View the filing
Lighting and Consumer Durables value growth — 22% to 25% · medium term
stated as an aspiration by Raju Bista
p. 4
“Overall, we are targeting value growth of 22% to 25% annually in Lighting and Consumer Durables segment overall -- over the medium term, supported by deeper distribution penetration, premiumization and continued investment in brand building.”
Raju Bista, page 4 of the filed PDF · View the filing
Steel volume — 11 lakh tons · FY27
stated conditionally by Raju Bista
p. 4
“Looking ahead to FY27, we are targeting overall volume of 11 lakh tons, representing growth of nearly 21% to 22% over FY26, supported by improving utilization levels, phased commissioning of new capacities and strong contribution from value-added products.”
Raju Bista, page 4 of the filed PDF · View the filing
Steel Division revenue — ₹7,200 crores · FY27
stated conditionally by Raju Bista
p. 6
“In the whole year, we expect revenue of about ₹7,200 crores in the Steel Division.”
Raju Bista, page 6 of the filed PDF · View the filing
Steel Division EBITDA — ₹470 crores to ₹480 crores · FY27
stated conditionally by Raju Bista
p. 6
“And where our EBITDA was ₹385 crores this year (FY26), we will do ₹470 crores to ₹480 crores this year (FY27), and it can even cross”
Raju Bista, page 6 of the filed PDF · View the filing
Exports — more than 2.5 lakh tons · FY27
stated firmly by Raju Bista
p. 6
“last year where our exports were about 1.4 lakh tons, we will be exporting more than 2.5 lakh tons this year, almost double the growth in volume.”
Raju Bista, page 6 of the filed PDF · View the filing
Q1 FY27 Steel volume — around 2.65 lakh tons · Q1 FY27
stated firmly by Raju Bista
p. 8
“Our Q1 will have the highest-ever volume, around 2.65 lakh tons in Q1 itself and we will grow by about 27% to 28%.”
Raju Bista, page 8 of the filed PDF · View the filing
Combined EBITDA (Steel + Lighting) — ₹680 crores to ₹700 crores · FY27
stated conditionally by Raju Bista
p. 9
“So, combined, the EBITDA for the whole year will be ₹680 crores to ₹700 crores.”
Raju Bista, page 9 of the filed PDF · View the filing
Steel EBITDA per ton — around ₹4,700 · FY27
stated conditionally by Raju Bista
p. 9
“We are assuming there will be some pressure in oil and gas. The oil and gas segment is a very substantially high-margin business domestically. So, we are assuming there will be some pressure there. That's why we expect the EBITDA per ton to be around ₹4,700 for the whole year.”
Raju Bista, page 9 of the filed PDF · View the filing
Q1 FY27 Steel EBITDA — ₹120 crores to ₹125 crores · Q1 FY27
stated firmly by Raju Bista
p. 9
“Yes, we will do ₹120 crores to ₹125 crores. And compared to last year, there will be almost 100% growth.”
Raju Bista, page 9 of the filed PDF · View the filing
Total company revenue — ₹9,400 crores to ₹9,500 crores · FY27
stated conditionally by Raju Bista
p. 13
“So, the overall revenue will be ₹9,400 crores to ₹9,500 crores this year.”
Raju Bista, page 13 of the filed PDF · View the filing
Capacity — 1.6 million tons · FY27
stated firmly by Raju Bista
p. 14
“In the last one and a half years, our capacity has improved by about 2 lakh tons. And in the next one year, we will reach around 1.6 million from 1.4.”
Raju Bista, page 14 of the filed PDF · View the filing
Capacity — 1.9 million tons · FY28-FY29
stated as an aspiration by Raju Bista
p. 14
“And after that, our capacity will increase by about 3 lakh tons. So, in FY28 - FY29, our capacity will be around 1.9 million.”
Raju Bista, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the miss to the Middle East crisis cutting exports and causing a domestic raw material shortage, but said FY27 would show strong recovery.
Answered by Raju Bista
Asked by Aditya Pal: Why did Q4 EBITDA per ton and volume growth fall short of prior guidance while competitors grew strongly?
p. 6
“the Middle East crisis that occurred in late February caused our exports to immediately become almost nil. So on the export account, our supply decreased by about 12,000 tons of material that was ready.”
Raju Bista, page 6 of the filed PDF · View the filing
Management said the US export market had opened up with substantial new order bookings.
Answered by Raju Bista
Asked by Aditya Pal: Will the 12,000 tons missed due to the Strait of Hormuz crisis be booked in Q1?
p. 6
“Already 65,000 tons of material is booked, and from this month, 10,000 tons per month is already added.”
Raju Bista, page 6 of the filed PDF · View the filing
Management said a decision could come after the crisis eases and would be discussed at the next board meeting, but the external environment remains unfavorable.
Answered by Raju Bista
Asked by Love Gupta: Is there an update on the demerger of the Lighting and Consumer Durables business?
p. 7
“No, I think once this crisis ends, hopefully by the next board meeting, we will be in a position to talk to the board and tell the shareholders.”
Raju Bista, page 7 of the filed PDF · View the filing
Management said they had considered it before, regulations were unfavorable, but it is being reconsidered.
Answered by Raju Bista
Asked by Love Gupta: Is there any plan for a share buyback given the cash surplus?
p. 8
“No, we had thought about it earlier, but the government regulations were not favourable. We have started considering it again; it has been reintroduced.”
Raju Bista, page 8 of the filed PDF · View the filing
Management said they kept the guidance conservative due to expected weak government oil and gas spending, but noted actual Q1 volumes already suggest upside.
Answered by Raju Bista
Asked by Viraj Mehta: Given exports contribute 1.1 lakh tons of the incremental 1.8 lakh ton growth to 11 lakh tons, isn't domestic growth aspiration too low?
p. 8
“We are assuming that spending will remain a bit low this year as well, because of the pressure built up on gas and fuel and the overall environment.”
Raju Bista, page 8 of the filed PDF · View the filing
Management cited rising input costs, new labour law and gratuity impact, and higher fuel and power costs affecting all companies.
Answered by Raju Bista
Asked by Viraj Mehta: Why would EBITDA per ton fall to ₹4,600-4,700 in FY27 despite higher export and API mix, unlike peers?
p. 9
“the impact of gratuity and the new labour law is about ₹30 crores to ₹40 crores for every company, not just Surya Roshni.”
Raju Bista, page 9 of the filed PDF · View the filing
Management said tendering competition increased and government spending pressure reduced margins, but expects new export markets to compensate.
Answered by Raju Bista
Asked by Pratik Singhania: Why has value-added segment EBITDA per ton declined steadily from FY23 highs to ₹5,600 in FY26?
p. 10
“One big reason is that this is a tendering business, which is not in our control. And competition has also increased in this in recent years.”
Raju Bista, page 10 of the filed PDF · View the filing
Management said supply had begun but the major volume impact would only be visible in FY28 after R&D upgrades.
Answered by Raju Bista
Asked by Kiran: Is there traction on the Seamless-to-ERW opportunity with ONGC and other oil companies?
p. 11
“we have already supplied 5,000 tons. And to upgrade this, R&D is already going on for upgradeable 5CT. But its major impact will come in FY28.”
Raju Bista, page 11 of the filed PDF · View the filing
Management said the shortage was temporary due to a supply surge and gas-related plant issues, and availability was normalizing.
Answered by Raju Bista
Asked by Kiran: Is there any steel buying constraint given industry-wide tightness in HR coil availability?
p. 12
“So now it is almost sorted out for the last month, and I don't think any crisis will come in the future; it was temporary.”
Raju Bista, page 12 of the filed PDF · View the filing
Risks flagged
Middle East crisis disrupted exports and caused a domestic raw material shortage
p. 6
“So on the export account, our supply decreased by about 12,000 tons of material that was ready. This was a major setback.”
Raju Bista, page 6 of the filed PDF · View the filing
Delayed and reduced government spending on water/gas distribution programs
p. 7
“the government budget was about ₹55,000 crores, but the government distributed money was only ₹3,000 crores.”
Raju Bista, page 7 of the filed PDF · View the filing
Expected pressure on high-margin oil and gas segment reducing overall EBITDA per ton
p. 9
“We are assuming there will be some pressure in oil and gas. The oil and gas segment is a very substantially high-margin business domestically.”
Raju Bista, page 9 of the filed PDF · View the filing
Impact of new labour law and gratuity provisions increasing costs across the industry
p. 13
“there is an impact of ₹40 crores - ₹50 crores on every company.”
Raju Bista, page 13 of the filed PDF · View the filing
Rising imported raw material costs with a lag before pass-through to the market
p. 13
“The impact in our input raw material imported is around 30% to 35%.”
Raju Bista, page 13 of the filed PDF · View the filing
Temporary steel and gas availability constraints affecting the wider industry
p. 12
“there was a substantial surge in steel after a long time, and because of that, demand had increased everywhere. And second, at the same time, because of this Middle East crisis, there was also an issue with gas availability.”
Raju Bista, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.