Surya Roshni Limited (SURYAROSNI)

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Surya Roshni Limited (SURYAROSNI) · mywealthgrid

About

Surya Roshni manufactures Iron & Steel Products in Industrials sector, market cap ₹4,852 Cr. Quarterly revenue runs ₹1,845–₹2,163 Cr (standalone). Mid-cap domestic player.

Face value: ₹5

Market cap

₹4,802 Cr

P/E

15.4×

P/B

1.8×

Dividend yield

3.6%

ROE

11.2%

ROCE

15.5%

Debt / equity

0.02

OPM

6.5%

EPS (TTM)

₹14.3

Book value

₹121.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM swung from 7.52% (Dec 2025) to 5.48% (Jun 2026). Verify drivers—input-cost pressure, capacity underutilization, or structural operational issues?

Low ROE of 11.21% below typical investor hurdle rates. Check whether this reflects cyclical trough or persistent structural constraint on returns.

52-week stock decline of 29.56% against PE 15.56 signals investor concern. Verify whether demand has weakened, cycle has turned, or valuation reset is underway.

Commodity-input exposure typical in steel products. Verify hedging practice and limits to pricing power in competitive markets.

Generated analysis · source review pending

Growth drivers

D/E of 0.02 leaves balance-sheet capacity for capex or working-capital investment if management deploys it.
Revenue stable at ₹1,845–₹2,163 Cr (Sep 2025–Jun 2026); verify whether unutilised capacity or product breadth could expand base.
OPM ranged 5.48–7.52% in recent quarters; recovery toward Dec 2025 peak (7.52%) without volume growth would lift profit floor.
Six dividend payments in 20 months signal cash generation; verify whether retained capex tracks organic-growth potential.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹220.7-0%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 14.9×
+Dividend yield of 3.6%
+Dividend payout of 55.8% of profit
+High promoter holding of 63% with no pledge

Cons

−Thin operating margin of 6.5%
−Modest revenue growth of 6.3% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

61/100

Business quality: 52
Growth: 50

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,471	5,561	7,731	7,997	7,809	7,436	7,540
COGS	4,235	4,342	6,190	6,222	6,075	5,635	5,803
Gross profit	1,236	1,219	1,541	1,775	1,735	1,801	1,737
	882	840	1,098	1,160	1,162	1,222	1,250
	354	379	443	614	572	579	487
OPM %	6.5%	6.8%	5.7%	7.7%	7.3%	7.8%	6.5%
Depreciation	103	103	108	115	117	123	130
Interest	114	70	64	45	24	21	28
	3	5	6	5	14	30	54
Profit before tax	140	211	277	459	445	465	384
Tax	37	53	72	124	116	119	98
Tax %	26.7%	25.1%	25.9%	26.9%	26%	25.5%	25.5%
	103	158	205	336	329	347	286
PAT margin %	1.9%	2.9%	2.7%	4.2%	4.2%	4.7%	3.8%
EPS (₹)	18.9	29.4	38.4	62.8	30.5	16	13.1
EPS adjusted (₹)	—	7.4	9.6	15.6	15.2	15.9	13.1
	10.6%	10.2%	10.4%	11.2%	16.4%	34.5%	38.1%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	54	53	54	54	109	109
Reserves	1,314	1,494	1,810	2,112	2,356	2,525
	717	580	404	4	3	65
	858	987	790	752	765	846
Total equity & liabilities	2,941	3,115	3,057	2,922	3,234	3,545
	1,029	943	912	835	841	892
CWIP	10	53	8	17	57	30
Investments	0	0	0	0	0	0
	1,903	2,119	2,136	2,070	2,336	2,623
Total assets	2,941	3,115	3,057	2,922	3,234	3,545

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Steel Pipes and Strips	5,731.22	291.24	2,357.91	369.06	1,988.85	14.64
Lighting and Consumer Durables	1,809.2	120.18

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	22.6%	21.9%	19.9%	22.2%	22.2%	24.2%	23%
EBITDA margin %	6.5%	6.8%	5.7%	7.7%	7.3%	7.8%	6.5%
EBIT margin %	4.6%	5%	4.3%	6.2%	5.8%	6.1%	4.7%
PAT margin %	1.9%	2.9%	2.7%	4.2%	4.2%	4.7%	3.8%
Working capital
Receivable days	—	50	42	34	34	44	45
Inventory days	—	73	58	68	65	58	63
Payable days	—	40	35	24	22	24	30
NWC days	—	82	65	78	77	79	78
Leverage
Current ratio	—	1.47	1.51	1.92	3.06	3.35	3.21
Debt to EBITDA	—	1.89	1.31	0.66	0.01	0.01	0.13
Debt to equity	—	0.52	0.37	0.22	0	0	0.02
Interest coverage	2.2	4	5.3	11.2	19.5	23.4	14.9
Asset turnover	—	1.89	2.48	2.62	2.67	2.3	2.13
Return ratios
Return on assets %	—	5.4%	6.6%	11%	11.3%	10.7%	8.1%
Return on capital employed %	—	16.7%	19.8%	27.1%	22.1%	20.1%	15.5%
Return on equity %	—	11.6%	13.2%	18%	15.2%	14.1%	10.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.96%	62.96%	62.96%	62.96%	62.96%	62.47%	62.47%	62.47%	62.47%	62.89%	63%	63.02%
	5.14%	5.26%	5.02%	4.49%	4.87%	4.53%	4.12%	4.67%	4.95%	4.75%	4.68%	3.81%
	0.45%	0.52%	0.56%	1%	1.26%	1.45%	1.62%	1.69%	1.67%	2.03%	2.1%	1.9%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	30.54%	30.64%	31.1%	31.25%	30.79%	31.5%	31.76%	31.15%	30.9%	30.32%	30.21%	31.27%
No. of shareholders	—	—	—	—	—	—	—	—	63,443	65,953	66,766	67,798

Promoter holding up 0.06 percentage points since Sep 2023.

5 deals · 17 Sept 2021 – 29 Dec 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 Dec 2023	SW CAPITAL PRIVATE LIMITED	Bulk	NSE	Buy	6,26,096	₹721.66	₹45.18 Cr
29 Dec 2023	SW CAPITAL PRIVATE LIMITED	Bulk	NSE	Sell	6,10,898	₹764.36	₹46.69 Cr
29 Aug 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,60,030	₹488.05	₹17.57 Cr
29 Aug 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,60,030	₹487.46	₹17.55 Cr
17 Sept 2021	EMPLOYEES RETIREMENT SYSTEM OF TEXAS - SELF MANAGED PORTFOLIO	Bulk	NSE	Buy	4,27,789	₹720.83	₹30.84 Cr

1–5 of 5

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. JAI PRAKASH AGARWALExecutive Director-Chairperson related to Promoter
Mr. RAJU BISTAExecutive Director-MD
Mr. VINAY SURYAExecutive Director-MD
Mrs. URMIL AGARWALNon-Executive - Non Independent Director
Mr. SUNIL SIKKANon-Executive - Independent Director
Ms. SURUCHI AGGARWALNon-Executive - Independent Director
Mr. KAUSTUBH N KARMARKARExecutive Director
Mr. TEKAN GHANSHYAM KESWANINon-Executive - Independent Director
Mr. NARESH AGARWALNon-Executive - Independent Director
Mr. RAVINDER KUMAR JAGGINon-Executive - Independent Director
Mrs. PUJA SURYAExecutive Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.09%

of the company's equity

All mutual funds

0.19%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.04 L	4.49	0.18%	0.094%	-4,473
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	1,398	0.03	0.01%	0.001%	+6
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	232	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

26

Final dividend21 Aug 2026 · ex-date₹2.5
Interim dividend17 Nov 2025 · ex-date₹2.5
Final dividend4 Sept 2025 · ex-date₹3
Interim dividend29 Nov 2024 · ex-date₹2.5
Final dividend23 Aug 2024 · ex-date₹2.5
Interim dividend10 Nov 2023 · ex-date₹2.5
Final dividend25 Aug 2023 · ex-date₹4
Interim dividend27 Jan 2023 · ex-date₹3
Dividend dividend1 Sept 2022 · ex-date₹4
Final dividend2 Sept 2021 · ex-date₹1.5
Interim dividend6 Nov 2020 · ex-date₹1.5
Dividend dividend3 Sept 2020 · ex-date₹2
Dividend dividend27 Aug 2019 · ex-date₹2
Dividend dividend7 Sept 2018 · ex-date₹2
Dividend dividend8 Dec 2017 · ex-date₹1.5
Dividend dividend1 Sept 2016 · ex-date₹1
Final dividend21 Aug 2015 · ex-date₹1
Dividend dividend8 Aug 2014 · ex-date₹1
Final dividend30 Aug 2013 · ex-date₹1
Interim dividend8 Feb 2013 · ex-date₹1
Interim dividend31 Oct 2012 · ex-date₹2
Dividend dividend2 Sept 2011 · ex-date₹1.5
Dividend dividend3 Sept 2010 · ex-date₹2
Dividend dividend4 Sept 2009 · ex-date₹1.2
Dividend dividend5 Sept 2008 · ex-date₹1.5
Dividend dividend11 Sept 2007 · ex-date₹1.5

1

Board meeting to consider results11 Aug 2026

1

Face value ₹10 → ₹56 Oct 2023 · ex-date

1–3 of 4

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

1 Oct 2026, 11:00 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	22.6%	21.9%	19.9%	22.2%	22.2%	24.2%	23%
EBITDA margin %	6.5%	6.8%	5.7%	7.7%	7.3%	7.8%	6.5%
EBIT margin %	4.6%	5%	4.3%	6.2%	5.8%	6.1%	4.7%
PAT margin %	1.9%	2.9%	2.7%	4.2%	4.2%	4.7%	3.8%
Working capital
Receivable days	—	50	42	34	34	44	45
Inventory days	—	73	58	68	65	58	63
Payable days	—	40	35	24	22	24	30
NWC days	—	82	65	78	77	79	78
Leverage
Current ratio	—	1.47	1.51	1.92	3.06	3.35	3.21
Debt to EBITDA	—	1.89	1.31	0.66	0.01	0.01	0.13
Debt to equity	—	0.52	0.37	0.22	0	0	0.02
Interest coverage	2.2	4	5.3	11.2	19.5	23.4	14.9
Asset turnover	—	1.89	2.48	2.62	2.67	2.3	2.13
Return ratios
Return on assets %	—	5.4%	6.6%	11%	11.3%	10.7%	8.1%
Return on capital employed %	—	16.7%	19.8%	27.1%	22.1%	20.1%	15.5%
Return on equity %	—	11.6%	13.2%	18%	15.2%	14.1%	10.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

Date	Category	Subject	Filing
1 Oct 2026, 11:00 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
22 Sept 2026, 4:32 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
16 Sept 2026, 5:16 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
15 Sept 2026, 5:07 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
11 Sept 2026, 12:11 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF
27 Aug 2026, 12:20 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
21 Aug 2026, 12:06 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
20 Aug 2026, 2:42 pm	Company Update General	Physical Letter To Shareholders	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	208	181	120	276	540	285	280	540	395	401
	-51	-84	-105	-48	-66	-54	-33	-51	-329	-284
	-156	-105	-37	-229	-475	-231	-246	-454	-80	-92
Net cash flow	1	-8	-22	-1	-1	0	1	34	-15	25
Free cash flow	155	95	14	226	480	227	244	478	244	241
CFO / Operating profit %	—	—	—	78.1%	142.4%	64.4%	45.6%	94.3%	68.2%	82.2%

Surya Roshni Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

26

1

1

Announcements

26

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

LIGHTING & CONSUMER DURABLES · revenue

Surya Roshni Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends26

Board meetings1

Stock splits1

Announcements

Dividends26

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

LIGHTING & CONSUMER DURABLES · revenue

26

1

1

26

1

1