Surya Roshni Limited announced its Q3 FY26 financial results, reporting a 3% YoY increase in consolidated revenue to ₹1,927 crore. EBITDA stood at ₹148 crore, while Profit After Tax (PAT) was ₹80 crore, impacted by inventory losses in the Steel Pipes division due to steel price corrections. The Lighting segment delivered steady growth, while the company achieved a milestone by manufacturing API 5CT casing pipes using ERW technology.
Surya Roshni Announces Q3 FY26 Financial Outcome
Surya Roshni Limited has announced the outcome of its Board Meeting held on February 11, 2026, approving the Unaudited Financial Results for the quarter and nine months ended December 31, 2025.
Consolidated Financial Highlights
The company posted strong top-line growth despite inventory adjustments within its pipes segment:
- Consolidated Revenue for Q3FY26 grew 3% YoY to ₹1,927 crore (vs. ₹1,868 crore in Q3FY25).
- EBITDA for the quarter was ₹148 crore, marking a -5% YoY decrease.
- Profit After Tax (PAT) stood at ₹80 crore, compared to ₹90 crore in the previous corresponding quarter.
- For the Nine Months Ended (9MFY26), revenue reached ₹5,377 crore (2% YoY growth), while EBITDA declined by 7% YoY to ₹371 crore.
The PAT decline was primarily attributed to inventory losses in the Steel Pipes business following steel price corrections, though sequential profitability saw improvement.
Segment Performance: Lighting and Consumer Durables
The Lighting & Consumer Durables segment demonstrated resilience and steady expansion:
- Revenue grew approximately 6% YoY to ₹476 crore in Q3FY26, supported by festive demand and strong volume growth, particularly in LED bulbs (37% volume growth).
- EBITDA for the segment was ₹42 crore (-7% YoY), with margins moderating to 8.8% due to elevated input costs and category mix.
- The Professional Lighting order book remains robust at approximately ₹150 crore.
Managing Director Mr. Raju Bista noted that the segment benefited from seasonally stronger demand and sustained traction in core lighting, despite input cost pressures.
Segment Performance: Steel Pipes and Strips
The Steel Pipes segment maintained stable revenues despite volatility in steel prices:
- Revenue for Q3FY26 stood at ₹1,451 crore, achieving 2% YoY growth, driven by dispatch volumes of 2.37 lakh tonnes.
- EBITDA was impacted by a one-time inventory loss of ~₹500 per ton due to steel price correction, resulting in quarterly EBITDA of ₹106 crore (-4% YoY).
- EBITDA per tonne decreased to ₹4,810 from ₹5,163 in Q3FY25.
- Hollow section (structural) pipes were a key driver, achieving quarterly volumes of 40K MT.
Mr. Bista highlighted a major achievement: the successful manufacturing of API 5CT casing pipes using ERW technology for the first time in India, securing an order from ONGC.
Operational and Financial Outlook
CFO Mr. Bharat Bhushan Singal confirmed key financial indicators:
- Net Working Capital cycle improved to 61 days in Q3FY26.
- Return on Capital Employed (ROCE) stood at 17.57%, and Return on Equity (ROE) was 12.65%.
- Improved optimization enabled the company to become a zero-debt company with a cash surplus fund of ₹245 crore in 9MFY26.
The company is strategically focusing on value-added downstream applications, supported by capacity expansion plans across multiple facilities, positioning the business for structural margin support moving forward.
Source: BSE
