Surya Roshni Ltd
Surya Roshni Limited incorporated in 1973 has emerged as India’s largest ERW Pipes exporter, largest GI Pipes producer, and the second largest in the lighting segment. Its focus is on developing the value-added product mix (3LPE Coated pipes, Alkyd pipes, etc.) [1]
- Market Cap ₹ 7,102 Cr.
- Current Price ₹ 326
- High / Low ₹ 372 / 205
- Stock P/E 20.4
- Book Value ₹ 113
- Dividend Yield 0.38 %
- ROCE 20.9 %
- ROE 15.1 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 27.8% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 20.7%
Cons
- The company has delivered a poor sales growth of 6.34% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Steel Industry: Steel - Large
Part of BSE SmallCap BSE Allcap BSE Industrials Nifty Microcap 250 Nifty Total Market
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2,962 | 2,778 | 2,964 | 3,887 | 4,938 | 5,980 | 5,469 | 5,554 | 7,730 | 7,996 | 7,809 | 7,435 | |
2,728 | 2,555 | 2,722 | 3,574 | 4,592 | 5,608 | 5,115 | 5,177 | 7,288 | 7,382 | 7,236 | 6,856 | |
Operating Profit | 235 | 224 | 243 | 313 | 346 | 372 | 354 | 377 | 442 | 614 | 572 | 579 |
OPM % | 8% | 8% | 8% | 8% | 7% | 6% | 6% | 7% | 6% | 8% | 7% | 8% |
3 | 3 | 2 | 1 | 3 | 4 | 3 | 5 | 6 | 5 | 14 | 31 | |
Interest | 114 | 109 | 96 | 113 | 105 | 115 | 114 | 70 | 64 | 45 | 24 | 21 |
Depreciation | 56 | 56 | 61 | 84 | 87 | 89 | 103 | 103 | 108 | 115 | 117 | 123 |
Profit before tax | 67 | 62 | 87 | 118 | 156 | 173 | 139 | 209 | 276 | 459 | 445 | 467 |
Tax % | 20% | 12% | 27% | 27% | 31% | 30% | 27% | 25% | 26% | 27% | 26% | 25% |
53 | 54 | 63 | 86 | 108 | 121 | 102 | 156 | 205 | 335 | 329 | 348 | |
EPS in Rs | 3.04 | 3.08 | 3.60 | 4.92 | 4.97 | 5.56 | 4.70 | 7.19 | 9.40 | 15.41 | 15.11 | 16.01 |
Dividend Payout % | 8% | 8% | 7% | 9% | 10% | 9% | 11% | 10% | 10% | 11% | 16% | 34% |
Compounded Sales Growth | |
---|---|
10 Years: | 10% |
5 Years: | 6% |
3 Years: | -1% |
TTM: | -5% |
Compounded Profit Growth | |
---|---|
10 Years: | 21% |
5 Years: | 28% |
3 Years: | 19% |
TTM: | 7% |
Stock Price CAGR | |
---|---|
10 Years: | 27% |
5 Years: | 76% |
3 Years: | 47% |
1 Year: | 13% |
Return on Equity | |
---|---|
10 Years: | 14% |
5 Years: | 16% |
3 Years: | 17% |
Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 44 | 44 | 44 | 54 | 54 | 54 | 54 | 54 | 53 | 54 | 54 | 109 |
Reserves | 730 | 767 | 648 | 897 | 993 | 1,098 | 1,185 | 1,312 | 1,492 | 1,807 | 2,109 | 2,355 |
1,038 | 948 | 895 | 1,071 | 1,097 | 1,192 | 1,090 | 732 | 593 | 418 | 16 | 16 | |
259 | 310 | 390 | 594 | 711 | 685 | 641 | 842 | 974 | 776 | 739 | 752 | |
Total Liabilities | 2,071 | 2,068 | 1,977 | 2,616 | 2,855 | 3,029 | 2,970 | 2,939 | 3,112 | 3,054 | 2,919 | 3,233 |
912 | 936 | 753 | 1,101 | 1,072 | 1,089 | 1,061 | 1,029 | 943 | 912 | 835 | 841 | |
CWIP | 54 | 26 | 18 | 16 | 22 | 25 | 15 | 10 | 53 | 8 | 17 | 57 |
Investments | 50 | 50 | 50 | 0 | 0 | 0 | 4 | 4 | 4 | 4 | 4 | 4 |
1,055 | 1,056 | 1,155 | 1,500 | 1,762 | 1,916 | 1,890 | 1,896 | 2,112 | 2,130 | 2,063 | 2,331 | |
Total Assets | 2,071 | 2,068 | 1,977 | 2,616 | 2,855 | 3,029 | 2,970 | 2,939 | 3,112 | 3,054 | 2,919 | 3,233 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
90 | 267 | 208 | 256 | 155 | 120 | 280 | 540 | 285 | 279 | 540 | 393 | |
-146 | -62 | -51 | -100 | -63 | -105 | -52 | -66 | -54 | -33 | -51 | -328 | |
62 | -203 | -156 | -163 | -88 | -37 | -229 | -475 | -231 | -246 | -454 | -80 | |
Net Cash Flow | 6 | 2 | 1 | -6 | 4 | -22 | -1 | -1 | -0 | -0 | 34 | -15 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 61 | 69 | 65 | 59 | 53 | 51 | 47 | 50 | 42 | 34 | 33 | 44 |
Inventory Days | 70 | 70 | 79 | 84 | 80 | 66 | 79 | 74 | 59 | 68 | 66 | 58 |
Days Payable | 19 | 31 | 36 | 44 | 39 | 27 | 26 | 41 | 35 | 24 | 22 | 24 |
Cash Conversion Cycle | 112 | 108 | 108 | 99 | 93 | 90 | 100 | 82 | 65 | 78 | 77 | 79 |
Working Capital Days | 93 | 95 | 94 | 89 | 83 | 77 | 85 | 74 | 58 | 64 | 61 | 63 |
ROCE % | 11% | 9% | 11% | 13% | 13% | 13% | 11% | 13% | 16% | 23% | 21% | 21% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
2d - Surya Roshni reports Q4 FY25 revenue ₹2146 Cr, EBITDA ₹211 Cr; zero debt; ₹500 Cr capex plan; targets 2MT capacity by 2027.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
15 May - Regarding extract of Audited consolidated and standalone financial results for the quarter and year ended 31st March, 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
14 May - Audio recording of Surya Roshni's Q4 and FY25 earnings call available online.
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Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
14 May - Surya Roshni confirms it is not a large corporate as per SEBI criteria, with nil borrowings and AA- rating.
- Corporate Action-Board approves Dividend 14 May
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Jan 2023Transcript PPT
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Nov 2022TranscriptPPT
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Nov 2022Transcript PPT
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Aug 2022TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Feb 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Jul 2021TranscriptNotesPPT
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May 2021TranscriptNotesPPT
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Jan 2021TranscriptNotesPPT
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Oct 2020TranscriptNotesPPT
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Sep 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
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Nov 2019TranscriptNotesPPT
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Aug 2019TranscriptNotesPPT
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Jun 2019TranscriptNotesPPT
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Dec 2018TranscriptNotesPPT
Brand Reputation
It is the leading manufacturer of ERW GI Pipes in India. It is also the leading exporter of ERW Pipes with a 60% market share. It is a leader in South India and among the top 3 in North India for GI Pipes. [1] It is ranked no. 1 in states such as AP, Telangana, MP, Chhattisgarh, UP, and Jharkhand; ranked no. 2 in Karnataka, Delhi, Maharashtra, Bihar, Rajasthan, and Uttarakhand, among others. [2]