Surya Roshni earnings calls.

Surya Roshni delivered mixed Q3Current 3 crore vs previous available quarter 1 crore. FY26 results with consolidated revenue of ₹2,927 croreCurrent reported value: ₹2,927 crore. No comparable prior figure is available in the source record. (up 3% YoY) but EBITDA margin contraction to 7.7% versus 8.5% year-ago due to steel price volatility and API segment weakness. Steel division volumes missed guidance at 2.37 lakh tonsCurrent 2.37 lakh tons. Reported change: Short of 2.6-2.65L target. (shortfall of ~10-15% vs ambition) primarily due to 35% API volume decline from oil & gas sector weakness, though inventory losses of ~₹12 crore and ₹89 crore impact from API degrowth hurt EBITDA. Lighting segment performed better at ₹476 crore revenue (+6% YoY, +10% QoQ) driven by festive demand and LED volume growth. Management maintained full-year volume guidance of 9.35-9.40 lakh tons but faces execution risk in Q4 given Q1 SAP issues and Q3 steel headwinds. Forward guidance appears optimistic with FY27 targets of 11 lakh tons steel volumes and ₹750 crore combined EBITDA, contingent on government infrastructure spending, Jal Jeevan Mission revival, and successful ERW pipe penetration in oil & gas. Key concerns include persistent EBITDA margin pressure, market share questions from analysts, and shareholder returns via buyback/de-merger requests. Working capital efficiency improved (61 days cycle) with net cash surplus of ₹250 crore providing balance sheet flexibility for capex and potential capital return.