Surya Roshni Ltd

Surya Roshni Ltd

₹ 622 -0.93%
14 Jun - close price
About

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]

Key Points

Brand Reputation
It is the leading manufacturer of ERW GI Pipes in India. It is also the leading exporter of ERW Pipes with 60% market share. It is a leader in South India and among the top 3 in North India for GI Pipes. [1] #1 in states such as AP, Telangana, MP, Chhattisgarh, UP, and Jharkhand

<h1>2 in Karnataka, Delhi, Maharashtra, Bihar, Rajasthan, and Uttarakhand, among others. [2]</h1>
  • Market Cap 6,766 Cr.
  • Current Price 622
  • High / Low 842 / 364
  • Stock P/E 20.6
  • Book Value 199
  • Dividend Yield 0.96 %
  • ROCE 21.0 %
  • ROE 16.3 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 22.2% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 5.48% 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,722 1,453 1,946 2,030 2,301 1,839 1,984 2,021 2,151 1,875 1,916 1,938 2,080
1,602 1,361 1,845 1,932 2,149 1,770 1,855 1,858 1,899 1,761 1,778 1,783 1,915
Operating Profit 120 92 101 98 152 70 129 163 252 114 137 155 166
OPM % 7% 6% 5% 5% 7% 4% 7% 8% 12% 6% 7% 8% 8%
1 1 1 1 2 1 2 1 2 2 1 4 7
Interest 16 17 15 17 15 13 11 11 10 6 6 7 4
Depreciation 28 25 27 28 28 28 29 30 29 29 29 30 29
Profit before tax 77 51 60 54 111 30 91 123 215 81 103 121 139
Tax % 25% 27% 26% 26% 26% 26% 25% 27% 28% 27% 27% 26% 25%
58 37 44 40 82 22 68 90 156 59 76 90 104
EPS in Rs 5.36 3.43 4.07 3.72 7.58 2.03 6.25 8.24 14.30 5.43 6.97 8.27 9.55
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,922 2,962 2,778 2,964 3,887 4,938 5,980 5,469 5,554 7,730 7,996 7,809
2,685 2,728 2,555 2,722 3,574 4,592 5,608 5,115 5,177 7,288 7,382 7,236
Operating Profit 237 235 224 243 313 346 372 354 377 442 614 572
OPM % 8% 8% 8% 8% 8% 7% 6% 6% 7% 6% 8% 7%
1 3 3 2 1 3 4 3 5 6 5 14
Interest 110 114 109 96 113 105 115 114 70 64 45 24
Depreciation 57 56 56 61 84 87 89 103 103 108 115 117
Profit before tax 72 67 62 87 118 156 173 139 209 276 459 445
Tax % 4% 20% 12% 27% 27% 31% 30% 27% 25% 26% 27% 26%
69 53 54 63 86 108 121 102 156 205 335 329
EPS in Rs 7.90 6.08 6.17 7.19 9.84 9.93 11.11 9.39 14.38 18.80 30.82 30.22
Dividend Payout % 25% 8% 8% 7% 9% 10% 9% 11% 10% 10% 11% 8%
Compounded Sales Growth
10 Years: 10%
5 Years: 5%
3 Years: 12%
TTM: -2%
Compounded Profit Growth
10 Years: 20%
5 Years: 22%
3 Years: 28%
TTM: -2%
Stock Price CAGR
10 Years: 29%
5 Years: 39%
3 Years: 33%
1 Year: 49%
Return on Equity
10 Years: 13%
5 Years: 15%
3 Years: 17%
Last Year: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 44 44 44 44 54 54 54 54 54 53 54 54
Reserves 688 730 767 648 897 993 1,098 1,185 1,312 1,492 1,807 2,109
857 1,038 948 895 1,071 1,097 1,192 1,090 732 593 418 16
226 259 310 390 594 711 685 641 842 974 776 739
Total Liabilities 1,815 2,071 2,068 1,977 2,616 2,855 3,029 2,970 2,939 3,112 3,054 2,919
853 912 936 753 1,101 1,072 1,089 1,061 1,029 943 912 835
CWIP 26 54 26 18 16 22 25 15 10 53 8 17
Investments 50 50 50 50 0 0 0 4 4 4 4 4
886 1,055 1,056 1,155 1,500 1,762 1,916 1,890 1,896 2,112 2,130 2,063
Total Assets 1,815 2,071 2,068 1,977 2,616 2,855 3,029 2,970 2,939 3,112 3,054 2,919

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
175 90 267 208 256 155 120 280 540 285 279 540
-77 -146 -62 -51 -100 -63 -105 -52 -66 -54 -33 -51
-100 62 -203 -156 -163 -88 -37 -229 -475 -231 -246 -454
Net Cash Flow -2 6 2 1 -6 4 -22 -1 -1 -0 -0 34

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 51 61 69 65 59 53 51 47 50 42 34 33
Inventory Days 63 70 70 79 84 80 66 79 74 59 68 65
Days Payable 12 19 31 36 44 39 27 26 41 35 24 22
Cash Conversion Cycle 102 112 108 108 99 93 90 100 82 65 78 77
Working Capital Days 77 93 95 94 89 83 77 85 74 58 64 61
ROCE % 12% 11% 9% 11% 13% 13% 13% 11% 13% 16% 23%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
62.96% 62.96% 62.96% 62.96% 62.96% 62.96% 62.96% 62.96% 62.96% 62.96% 62.96% 62.96%
1.59% 2.68% 2.63% 1.04% 0.71% 1.18% 0.86% 2.54% 4.87% 5.15% 5.26% 5.02%
1.64% 1.43% 1.47% 1.24% 1.24% 0.04% 0.24% 0.24% 0.45% 0.45% 0.52% 0.56%
32.08% 30.66% 30.92% 32.76% 33.10% 33.93% 34.33% 33.15% 30.63% 30.54% 30.63% 31.11%
1.73% 2.27% 2.01% 1.99% 1.99% 1.89% 1.61% 1.11% 1.09% 0.91% 0.62% 0.36%
No. of Shareholders 26,80529,55237,99245,07745,64646,64545,72238,13341,37443,08347,63253,438

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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