Surya Roshni Ltd (Steel - Tubes/Pipes) — fundamental analysis, earnings data, and key metrics. PE: 13.5. ROE: 14.8%. This stock is not currently in the Nifty 500 momentum outperformers list.
Deep value thesis based on recent earnings • Updated Mar 28, 2026
Surya Roshni is strategically pivoting toward higher-margin lighting business while steel segment stabilizes, with net cash position enabling growth and potential shareholder returns.
Verdict
TURNAROUND_IN_PROGRESS
Re-rating catalysts over the next 2-4 quarters • Updated Mar 28, 2026
Steel division targeting 11 lakh tonnes production by Q4 FY26 with ₹540-550 crore EBITDA guidance for FY27
Impact: +₹540 Cr revenue
“Management guidance in Q3 FY26 earnings call”
LED product mix improvement driving lighting segment margins toward 10%+ from current 8.8% (42/476)
Impact: +₹150 Cr revenue
“6% YoY revenue growth in lighting segment with strong traction in LED bulbs and professional lighting”
First approval from ONGC for ERW casing pipes opening ₹200+ crore high-margin order pipeline
Impact: +₹200 Cr revenue
“Milestone achievement mentioned in Q3 FY26 earnings call”
Risks that could prevent re-rating or deepen the value trap
Steel prices fluctuating >15% quarterly
Impact: -300 bps margin impact
Management view: Management acknowledges steel price volatility but cites improved hedging strategies in Q3 call
Monitor: Steel inventory turnover ratio
Market share loss >5% in key LED categories
Impact: -200 bps margin impact
Management view: Management cites product differentiation and professional lighting focus as competitive advantages
Monitor: Lighting segment market share data
Forward-looking targets from management for FY27
Revenue Growth Target
17.5%
Implied PAT Growth
40%
OPM Guidance
9.5%
Capex Plan
₹150 Cr
Key Milestones
• 11 lakh tonnes steel production
• ₹540-550 crore EBITDA
• Lighting segment market share growth
The above analysis is AI-generated from publicly available financial data. This is educational research only — not investment advice. Last updated Mar 28, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Surya Roshni Ltd's latest quarterly results (Dec 2025) show
Surya Roshni Ltd's current PE ratio is 13.5x.
Surya Roshni Ltd's price-to-book ratio is 1.7x.
Surya Roshni Ltd's fundamental strength based on key financial ratios
Surya Roshni Ltd has a debt-to-equity ratio of N/A.
Surya Roshni Ltd's return ratios over recent years
Surya Roshni Ltd's operating cash flow is positive (FY2025).
Surya Roshni Ltd's current dividend yield is 2.16%.
Surya Roshni Ltd's shareholding pattern (Dec 2025)
Surya Roshni Ltd's promoter holding has increased recently.
Surya Roshni Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
Surya Roshni Ltd has 3 key growth catalysts identified from recent earnings analysis
Surya Roshni Ltd has 2 key risks worth monitoring
Surya Roshni Ltd's management has provided the following forward guidance for FY27
Based on quantitative research signals, here is why Surya Roshni Ltd may be worth studying
Surya Roshni Ltd investment thesis summary:
Surya Roshni Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
