Surya Roshni · forward-looking guidance across the available source record.
Guidance tracker
Management maintained volume guidance despite Q3 shortfall, projecting Q4 volumes of 2.0-2.3 lakh tons driven by restocking momentum from December 2025 and consistent record-breaking dispatches in January-February.
Management committed to minimum 11 lakh tons for FY27, implying ~17-18% volume growth, contingent on infrastructure spending revival and API segment recovery.
Management guided ₹5,000/ton EBITDA floor for FY27 full year, generating ₹540-550 crore EBITDA from steel division alone, versus ~₹480 crore estimated for FY26.
Lighting and consumer durables expected to cross ₹2,100 crore turnover next fiscal year with ₹200 crore EBITDA, driven by wire launches and professional lighting expansion.
Management provided assurance to shareholders of ₹750 crore combined EBITDA target for FY27, up from estimated ₹580-600 crore for FY26, enabling potential capital returns.
Management targets 11 lakh tons of steel pipe and strips volumes in FY27, representing ~22% growth over FY26's 9.04 lakh tons, supported by improved capacity utilization, new capacity commissioning, and strong contribution from value-added products.
Steel division EBITDA guidance of ₹470-480 crore for FY27 (potentially crossing ₹500 crore), vs FY26 EBITDA of ₹385 crore, with upside from higher export contribution and North America market penetration.
Total company EBITDA guidance of ₹680-700 crore for FY27, implying ~25-26% growth over FY26's ₹541 crore, with steel contributing ₹470-480 crore and lighting ₹200 crore.
Consolidated revenue guidance of ₹9,400-9,500 crore for FY27 (steel ₹7,200 crore + lighting ₹2,200 crore), representing ~25% growth, accounting for ~₹40-50 crore impact from new labor laws and fuel cost increases.