SURYAROSNI Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹2,163 Cr
verified against source
Revenue YoY
1%
reported change
EBITDA
₹541 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Surya Roshni delivered Q4 FY26 with consolidated revenue of ₹2,163 crore (broadly stable YoY) and EBITDA of ₹170 crore at 7.9% margins, reflecting sequential improvement driven by better realizations and product mix. Full-year FY26 revenue stood at ₹7,540 crore (vs ₹7,436 crore in FY25), EBITDA at ₹541 crore, and PAT at ₹86 crore. The steel pipes and strips segment faced headwinds from Middle East geopolitical disruptions causing near-zero exports (~12,000 tons impact) and elevated steel price volatility, though Q4 volumes hit an all-time high of 2.6 lakh tons. The lighting and consumer durable segment delivered strong performance with March 2026 being the highest-ever monthly sales across all business categories. Management targets FY27 consolidated revenue of ₹9,400-9,500 crore (24-25% growth), combined EBITDA of ₹680-700 crore, and steel volumes of 11 lakh tons (vs 9.04 lakh tons in FY26). Key upside catalysts include new North America export orders (~65,000 tons booked, targeting 2.5 lakh tons exports in FY27) and capacity expansion from 1.4 to 1.9 million tons by FY28-29. Risks include persistent EBITDA per ton decline (₹5,600 in FY26 vs ₹12,000 in FY23), limited government spending absorption (₹3,000 crore spent vs ₹55,000 crore Jal Jeevan Mission budget), and raw material cost pressures including ~₹40-50 crore impact from new labor laws and fuel costs. The demerger of lighting and consumer durable business remains under board discussion with no definitive timeline amid unfavorable external environment.
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Guidance to track
- 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.
Risks flagged
- Steel segment EBITDA per ton has declined from ₹12,000 in FY23 to ₹5,600 in FY26, the lowest since FY21. While management attributes this to tender business competition and government spending pressure, the sustained margin compression raises questions about the sustainability of volume growth strategy.
- This marks the third consecutive quarter where management's export volume guidance has not been achieved. Q4 saw 12,000 tons lost due to Middle East crisis, following Q1 SAP implementation setback. Management has provided conservative guidance for FY27 but analyst questioned whether systematic execution gaps exist versus market factors.
- Despite ₹55,000 crore Jal Jeevan Mission budget, only ₹3,000 crore has been disbursed through FY26, limiting demand recovery from government-linked water infrastructure spending. Management expects continued pressure on government-dependent business (15-16% of volumes) through FY27.
- The proposed demerger of lighting and consumer durable business has no definite timeline. Management stated it would update shareholders after the next board meeting but emphasized external environment is 'not friendly' for corporate actions, leaving the strategic restructuring indefinitely deferred.
Key quotes
- FY26 will be the best year in Surya Roshni's 50-year history, and FY27 will also be almost the same. Already two months are almost over and we are growing in extraordinary volumes and profitability.
- The biggest reason is this is tendering business which is not in our control, and competition has increased over the past years along with government spending pressure.
- We remain confident that the current global supply chain realignment presents a structural long-term opportunity for efficient Indian manufacturers with integrated capabilities. Surya Roshni is exceptionally doing well and we are well positioned to capture that upside.
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