Surya Roshni Announces Q4FY26 Results: Revenue Reaches ₹ 2,163 Crore, Strong Focus on Value-Added Products
Surya Roshni Limited, a major exporter of ERW Pipes and producer of ERW GI pipes, has declared its audited financial results for the fourth quarter and the full financial year ended March 31, 2026. The company reported significant quarterly highlights and outlined its strategy for growth across its core business verticals, including Lighting & Consumer Durables and Steel Pipes & Strips.The company announced a recommended Final Dividend of ₹ 2.50 per share, alongside the interim dividend of ₹ 2.50 per share paid in November 2025.
Consolidated Financial Performance Snapshot
For the quarter ended March 31, 2026, Surya Roshni’s consolidated revenue stood at ₹ 2,163 crore. This represents a modest 1% year-on-year (YoY) increase, but saw a 12% sequential increase (QoQ) compared to Q3FY26. EBITDA reached ₹ 170 crore, marking 7.9% margins. Profit after Tax (PAT) for the quarter was ₹ 98 crore, improving sequentially by 23%.The full financial year (FY26) saw consolidated revenue climb to ₹ 7,540 crore, a 1% YoY increase from FY25's ₹ 7,436 crore. EBITDA and PAT for FY26 stood at ₹ 541 crore and ₹ 286 crore, respectively.
Financial data comparison across key quarters and years:
| Particulars (In ₹ crore) | Q4FY26 | Q4FY25 | YoY | Q3FY26 | QoQ | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,163 | 2,146 | 1% | 1,927 | 12% | 7,540 | 7,436 | 1% |
| EBITDA | 170 | 211 | -19% | 148 | 15% | 541 | 609 | -11% |
| Profit before Tax (PBT) | 131 | 175 | -25% | 107 | 22% | 384 | 465 | -18% |
| Profit after Tax (PAT) | 98 | 130 | -24% | 80 | 23% | 286 | 347 | -18% |
Note: The Profit after Tax (PAT) for Q4FY26 was reported at ₹ 98 crore, showing strong sequential improvement supported by better realizations.
Segment Highlights
Lighting & Consumer Durables
The Lighting & Consumer Durables segment delivered healthy growth in Q4FY26. Revenue for the quarter was ₹ 501 crore, representing a 9% YoY growth from ₹ 458 crore in Q4FY25. This growth was attributed to strong demand across consumer lighting, professional lighting, and appliances.| Particulars (In ₹ crore) | Q4FY26 | Q4FY25 | YoY | Q3FY26 | QoQ | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 501 | 458 | 9% | 476 | 5% | 1,809 | 1,690 | 7% |
| EBITDA | 44 | 47 | -6% | 42 | 5% | 156 | 162 | -4% |
| EBITDA Margins | 8.8% | 10.3% | -146 bps | 8.8% | -2 bps | 8.6% | 9.6% | -98 bps |
| PBT | 33 | 37 | -11% | 31 | 6% | 115 | 125 | -8% |
The segment reported an overall revenue growth of 7% for FY26, reaching ₹ 1,809 crore. The Professional Lighting segment, in particular, saw double-digit growth and ended Q4 with an order book of ₹ 160 crore.
Steel Pipes & Strips
The Steel Pipes & Strips business recorded revenues of ₹ 1,662 crore in Q4FY26, supported by sales volumes of 2.6 lakh tonnes, which marked an all-time high. While revenue reflected a 2% YoY decline from ₹ 1,688 crore, the business showed strong sequential momentum.For the full year FY26, the segment achieved revenues of ₹ 5,731 crore, with overall volumes at 9.04 lakh tonnes. Key performance indicators for the Steel Pipes & Strips business were:
| Particulars (In ₹ crore) | Q4FY26 | Q4FY25 | YoY | Q3FY26 | QoQ | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,662 | 1,688 | -2% | 1,451 | 15% | 5,731 | 5,749 | 0% |
| EBITDA | 126 | 164 | -23% | 106 | 19% | 385 | 446 | -14% |
| EBITDA/MT (Rs.) | 5,121 | 6,708 | -24% | 4,810 | 6% | 4,553 | 5,392 | -16% |
| PBT | 98 | 138 | -29% | 76 | 28% | 269 | 341 | -21% |
Operational Outlook and Future Strategy
Management noted that both verticals continue to strengthen their long-term growth platforms.In the Steel Pipes & Strips segment, the company highlighted its status as the only company in India manufacturing MS pipes across a unique thickness range from 0.6 mm to 25 mm, with pipe sizes from half-inch to 140 inches. The business benefited from improved product mix, with value-added products contributing 43% of overall volumes during FY26. For FY27, the company aims to increase this value-added product contribution to approximately 45% of overall volumes and targets total volumes of approximately 11 lakh tonnes, representing growth of 21-22% over FY26.
The Lighting & Consumer Durables business, meanwhile, reinforced its structural strength by focusing on product mix improvements and premiumization. The company is pursuing volume growth of approximately 25% annually in the lighting business over the next few years, while also strengthening its appliances and professional lighting offerings.
Internationally, both segments emphasized the global supply chain realignment as a structural opportunity. The company noted expanding its export footprint across newer geographies, including the UK market and strengthening its order visibility across North America and Europe, driving future export growth.
In addition to the core businesses, the company is actively developing high-margin adjacencies. Surya Roshni is also evaluating solar wires and cables, and motor-winding wire, to broaden its product basket and margin profile.
SURYAROSNI Stock Price Movement
Shares of Surya Roshni Limited are slipping by 10.44% in live trading, currently priced around ₹220.1 as of 3:25 PM today. The stock has seen heavy selling pressure throughout the session, trading on a total volume of 3.90 million shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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