Surya Roshni Limited’s Q4 FY26 earnings call transcript reveals stable year-on-year revenue, with consolidated revenue at ₹2,163 crores and EBITDA at ₹170 crores. The company highlights strong performance in the Lighting & Consumer Durables segment and resilience in Steel Pipes & Strip despite market challenges. Projections for FY27 indicate significant growth, targeting 11 lakh tons in steel volume and an EBITDA of ₹680-700 crores.
Surya Roshni Limited: FY26 Performance and FY27 Outlook
Surya Roshni Limited has released its Q4 FY26 earnings call transcript, detailing a stable financial performance and outlining ambitious growth plans for the upcoming fiscal year. The company reported consolidated revenue of ₹2,163 crores for the quarter, remaining broadly stable year-on-year. EBITDA for the quarter stood at ₹170 crores, with margins of 7.9%, reflecting sequential improvement. Profit After Tax (PAT) for the quarter was ₹98 crores.
For the full fiscal year FY26, consolidated revenue reached ₹7,540 crores, a slight increase from ₹7,436 crores in FY25, indicating stable growth amid a challenging operating environment. EBITDA for the year was ₹541 crores, with PAT at ₹286 crores. The company maintained its position as a zero-debt entity, with a net cash surplus of ₹337 crores as of March 31, 2026. A final dividend of ₹2.50 per share was declared, in addition to an interim dividend of the same amount, totaling ₹5.00 for FY26.
Segment Performance and Strategic Focus
Lighting & Consumer Durables
The Lighting & Consumer Durables segment demonstrated growth in Q4 FY26, with revenues of ₹501 crores. March 2026 was noted as the highest monthly sales month for this segment. EBITDA for the quarter was ₹44 crores with margins of 8.8%. For the full year FY26, segment revenue grew by 7% to ₹1,809 crores, with EBITDA at ₹156 crores.
The Professional Lighting business achieved double-digit revenue growth, contributing 26% to the segment’s total revenue. The Wire and Cable business closed FY26 at ₹38 crores, with an FY27 revenue target of ₹260 crores. The company is targeting an overall value growth of 22% to 25% annually in the Lighting and Consumer Durables segment through enhanced distribution and premiumization.
Steel Pipes & Strip
The Steel Pipe and Strip segment reported a resilient performance in Q4 FY26, with revenue at ₹1,662 crores. Volume for the quarter reached 2.6 lakh tons, the highest quarterly volume to date. EBITDA for the quarter was ₹126 crores, with EBITDA per ton at ₹5,121.
For the full year FY26, the steel business reported revenue of ₹5,731 crores and a volume of 9.04 lakh tons, a 3% growth year-on-year. Value-added products contributed 43% of the total volume in FY26. Exports stood at 1.36 lakh tons, with an increased target of over 2.5 lakh tons for the coming year. The current order book for the Steel Division is approximately ₹1,000 crores.
Future Growth Projections (FY27)
Looking ahead to FY27, Surya Roshni is targeting an overall volume of 11 lakh tons in the steel segment, representing a growth of nearly 21% to 22%. The company anticipates substantial growth in the steel segment, with revenue projected around ₹7,200 crores and EBITDA between ₹470 to ₹480 crores. Combined EBITDA for Steel and Lighting is expected to be between ₹680 to ₹700 crores, signaling a substantial improvement. The company expects FY27 to be its best year in history.
Management expressed confidence in capturing long-term opportunities arising from global supply chain realignments. Discussions regarding the demerger of the Lighting and Consumer Durable business are ongoing, with updates expected after the current crisis subsides. The company also indicated potential for a share buyback, pending government regulations.
The company is also enhancing its capacity, with current capacity at 1.4 million tons expected to reach 1.6 million tons in FY27 and approximately 1.9 million tons by FY28-FY29.
Source: BSE
