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1. At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹2,046 Cr, up 27.5% year on year. PAT was ₹59.6 Cr, up 77.2%. Operating Profit was ₹112 Cr against ₹70 Cr a year earlier. So far, so tidy — the kind of quarter that fits on one slide without the font shrinking.
Then you look sideways instead of backwards. The March 2026 quarter did ₹2,163 Cr of revenue and ₹154 Cr of Operating Profit. The June quarter did less of both, which is what happens when a business that sells steel tubes to farmers, gas utilities and the state of Gujarat runs into the calendar.
The steel division moved 2.28 lakh tonnes, up 21% YoY, at roughly 82% utilisation across five factories. Management had planned for 2.65 lakh tonnes and said so out loud on the call, which is a refreshing amount of arithmetic to volunteer. They attributed the gap to roughly 7,000 tonnes sitting at a port waiting for a vessel, 8,000–10,000 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 Q1 FY26. Management stated that ocean freight cost about ₹3,800 per tonne of exported pipe this quarter, working out to roughly ₹800 per tonne across total volumes — a number they said is already being repriced into new orders. Lighting, meanwhile, had what management called its strongest-ever first quarter, at ₹456 Cr.
The company also sells fans, irons, juicer-mixer-grinders and, since August 2025, wires. The pipes remain the main event.
2. Introduction
Surya Roshni was incorporated in October 1973 as Prakash Tubes Private Limited, founded by Mr. B.D. Aggarwal and his son Mr. J.P. Aggarwal, starting with a single steel pipe unit at Bahadurgarh, Haryana. Per ICRA, the lighting business arrived in 1985 with a plant at Kashipur, Uttarakhand — a diversification roughly equivalent to a pipe maker deciding one morning that bulbs are also cylindrical, so how hard can it be.
Fifty-three years later the answer is: hard enough to be India’s second-largest consumer lighting brand. The company is, per its own description, India’s largest ERW pipes exporter and largest GI pipes producer. Both divisions sell under the Surya name; steel additionally rides the Prakash Surya brand, present since 1973 and now endorsed by cricketer Suryakumar Yadav, in what must be the most on-the-nose brand ambassador signing in Indian corporate history.
The recent record is one of a company that grew steadily and then stopped, then started again. FY22 revenue was ₹7,731 Cr; FY26 was ₹7,540 Cr. Four years of enormous industrial effort delivering a slightly smaller top line — which ICRA attributes to a decline in steel prices despite steady volumes. PAT over the same stretch ran ₹205 Cr, ₹336 Cr, ₹329 Cr, ₹347 Cr, ₹286 Cr.
The balance sheet went the other way entirely. Borrowings were ₹593 Cr in March 2022 and ₹80 Cr in March 2026. ICRA notes nil term loan as on March 31, 2026, and cash and liquid investments of ₹420–450 crore. The company reported a net cash surplus of ₹337 Cr at FY26 close and ~₹155 Cr at June 30, 2026.
Recent corporate business has been of the procedural kind: the 53rd AGM is set for 15 September 2026, a final dividend of ₹2.50 per share carried a 21 August record date, and the Board re-appointed both Mr. Jai Prakash Agarwal as Executive Chairman (from January 2027) and Mr. Vinay Surya as Managing Director (from October 2026), each for five years, 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 & Strips (76% of FY26 revenue). The company takes hot-rolled coil and turns it into tubes — structural pipes, GI pipes, API grade and spiral pipes, black pipes and CR strips. These end up in agriculture, infrastructure, oil and gas, water and construction, which is to say almost everything that involves a hole with intent. FY26 volume mix: black pipes 28%, GI pipes 27%, section pipes 17%, API and spiral 16%, CR strips 12%.
Capacity is 14.21 lakh MTPA, spread across Bahadurgarh, Malanpur, Hindupur and Anjar, plus a 3LPE coating line whose machinery came from Selmers in the Netherlands — a detail the company mentions at every opportunity, and honestly, fair enough. Exports go to 50-plus countries. Distribution runs through 21,000+ dealers and retailers backed by 250+ distributors. The company holds an estimated 10% share of oil and gas transmission pipes including city gas distribution.
The economics vary wildly by product. FY26 EBITDA per MT: GI pipes ₹6,133, API and spiral ₹5,600, black pipes ₹4,666, CR strips ₹2,522, section pipes ₹2,308. Same factories, same coil, and a spread that would embarrass a mutual fund. Management attributes the API/spiral swing mainly to mix between API spiral and water pipe, plus coating material sensitivity.
Lighting & Consumer Durables (24%). LED bulbs, battens, downlighters, panels, HID lamps, tube lights, GLS bulbs — and then, having entered fans in 2014 and appliances in 2015, a catalogue that now includes water heaters, room heaters, coolers, dry irons, steam irons, juicer-mixer-grinders and induction cooktops. FY26 sales mix: LED lighting 65%, consumer durables 21%, conventional 12%, wires and cables 2%.
The distribution here is the actual asset: 3,00,000+ retail outlets, 300+ RTFs and 2,500+ DSPs, with leadership positions claimed in Andhra Pradesh, Telangana, Madhya Pradesh, Chhattisgarh, Uttar Pradesh and Jharkhand. Three lakh outlets is not a sales network; it is a logistics religion.
There is also a PVC pipes business, which
