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1. At a Glance
Consolidated revenue for the three months to June 2026 was ₹2,046 crore, up 27.5% on a year earlier. Profit after tax was ₹59.6 crore, up 77.2%. Operating profit was ₹112 crore, against ₹70 crore a year earlier. The quarter fits on one slide without shrinking the font.
The previous quarter was bigger on both counts. The three months to March 2026 brought ₹2,163 crore of revenue and ₹154 crore of operating profit. Surya Roshni sells steel tubes to farmers, gas utilities and the state of Gujarat.
The steel division moved 2.28 lakh tonnes, up 21% on a year earlier. Utilisation ran at roughly 82% across five factories. Management had planned for 2.65 lakh tonnes and said so on the earnings call. Management attributed the gap to about 7,000 tonnes waiting at a port for a vessel. It also cited 8,000 to 10,000 tonnes of softer Middle East orders, and a similar shortfall in API and spiral pipe.
EBITDA per tonne for steel was ₹4,006, against ₹2,922 in the three months to June 2025. EBITDA is operating profit before interest, tax and depreciation are taken out. Management stated that ocean freight cost about ₹3,800 per tonne of exported pipe in the quarter. That works out to roughly ₹800 per tonne across total volumes, and management said the cost is already being repriced into new orders.
Lighting had what management called its strongest-ever first quarter, at ₹456 crore. The company also sells fans, irons, juicer-mixer-grinders and, since August 2025, wires. Pipes remain the larger business.
2. Introduction
Surya Roshni was incorporated in October 1973 as Prakash Tubes Private Limited. Mr B.D. Aggarwal and his son Mr J.P. Aggarwal founded it with a single steel pipe unit at Bahadurgarh, Haryana. Per ICRA, a credit-rating agency, the lighting business arrived in 1985 with a plant at Kashipur, Uttarakhand. Somebody in a pipe works had noticed that bulbs are also cylindrical.
Fifty-three years later the company is India’s second-largest consumer lighting brand. By its own description it is India’s largest exporter of ERW pipes and its largest producer of GI pipes, meaning pipe coated in zinc. Both divisions sell under the Surya name. Steel additionally rides the Prakash Surya brand, present since 1973 and now endorsed by the cricketer Suryakumar Yadav. A brand named for the sun has signed a man named for the sun.
Revenue in the year to March 2022 was ₹7,731 crore. The year to March 2026 came in at ₹7,540 crore. Four years of heavy industrial effort ended with a slightly smaller top line. ICRA attributes that to a decline in steel prices, despite steady volumes. Profit after tax was ₹205 crore in the year to March 2022, and ₹336 crore the next year. It was ₹329 crore in the year to March 2024, then ₹347 crore. The year to March 2026 brought ₹286 crore.
The balance sheet moved the other way. Borrowings were ₹593 crore in March 2022 and ₹80 crore in March 2026. ICRA notes nil term loan as on 31 March 2026, and cash and liquid investments of ₹420 crore to ₹450 crore. The company reported a net cash surplus of ₹337 crore at the close of the year to March 2026. It reported about ₹155 crore at 30 June 2026.
Recent corporate business has been procedural. The 53rd annual general meeting is set for 15 September 2026. A final dividend of ₹2.50 per share carried a record date of 21 August. The Board re-appointed Mr Jai Prakash Agarwal as Executive Chairman from January 2027, and Mr Vinay Surya as Managing Director from October 2026. Each appointment runs five years and is subject to shareholder approval.
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3. Business Model: WTF Do They Even Do?
Two businesses, one brand, entirely different physics.
Steel Pipes and Strips brought 76% of revenue in the year to March 2026. The company buys hot-rolled coil and turns it into tubes. The range runs to structural pipes, GI pipes, API grade and spiral pipes, black pipes and CR strips. These end up in agriculture, infrastructure, oil and gas, and water. Construction takes them as well, which covers most things involving a hole with intent.
The volume mix for the year to March 2026 was black pipes 28% and GI pipes 27%. Section pipes were 17% and API and spiral 16%. CR strips made up the remaining 12%.
Capacity is 14.21 lakh tonnes a year, spread across Bahadurgarh, Malanpur, Hindupur and Anjar. A 3LPE coating line runs on machinery from Selmers in the Netherlands, a detail the company mentions at every opportunity. Exports go to more than 50 countries. Distribution runs through over 21,000 dealers and retailers, backed by more than 250 distributors. The company holds an estimated 10% share of oil and gas transmission pipes, including city gas distribution.
The economics vary sharply by product. EBITDA per tonne in the year to March 2026 was ₹6,133 for GI pipes and ₹5,600 for API and spiral. Black pipes made ₹4,666 and CR strips ₹2,522. Section pipes made ₹2,308. The same factories and the same coil sit behind that spread. Management attributes the swing in API and spiral mainly to mix between API spiral and water pipe, plus coating material sensitivity.
Lighting and Consumer Durables is the other 24%. It covers LED bulbs, battens, downlighters and panels. HID lamps, tube lights and GLS bulbs
