Surya Roshni Limited (NSE: SURYAROSNI) Q3 2026 Earnings Call dated Feb. 11, 2026
Corporate Participants:
Raju Bista — Managing Director
B. B. Singal — Chief Financial Officer & Company Secretary
Analysts:
Dhaval Dhamma — Analyst
Shyam — Analyst
Kiran — Analyst
Keshav Garg — Analyst
Presentation:
operator
Ladies and gentlemen, you are connected to Surya Roshni Limited call. Please stay connected. The call will begin shortly. Thank you.
Raju Bista — Managing Director
Foreign.
operator
Ladies and gentlemen, good day and welcome to The Surya Roshni Limited Q3FY26 earnings conference call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant clients will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star 100 on your touchstone phone.
Please note that this conference is now being recorded. I now hand the conference over to Mr. Raju Bista, Managing Director of Surya Roshni Limited. Thank you. And over to you sir.
Raju Bista — Managing Director
Thank you very much. Good evening everyone. On behalf of Sura Rosni Ltd. I once again extend a very warm welcome to everyone for joining us today. On this call we are joined by B.B. singal, CFO and Company Secretary. Mr. Gaurav Jain, CEO Steel Division, Mr. Vashumitrapande CEO Lighting and Consumer Durable Mr. Naresh Singhal, Executive Director, Steel Division and SJ Our Investor Relation Advisor. I hope everyone had an opportunity to go through the financial results. Now moving on to the overall financial performance in the Q3FY26 our consolidated revenue increased by 3% year on year 29. 27 crore while EBITDA stood at 148 crore with margins of 7.7%.
Consolidated paid for the quarter is 80 crore. For the nine month period. Extended period ended December 2025 the company reported consolidated revenue of 5377 crore. EBITDA of 371 crore and paid of 188 crore compared to 5290 crore, 397 crore and 217 crore respectively in nine month FY25 we are a zero debt company with a net cash surplus of 250 crore as of 12-31-2025. Coming to lighting and consumer durable during Q3FY26 the lighting and consumer Durable segment deliver a stable operating performance despite a challenging of uneven demand condition on select appliances. Category segment revenue for the quarter stood at 476 crore representing a growth of about 6% year on year and a strong sequential growth of nearly 10% over Q2 FY26.
This was largely driven by festival season demand, healthy volume across consumer lighting categories and the traditional stronger second half demand profile for this lighting business. EBITDA margin stood at approximately 8.8%. While EBITDA margin remain under pressure due to elevated input cost and category mix, absolute EBITDA improve sequentially over Q2 of FY26 driven by higher volumes and better operating leverage. Category wise consumer lighting continued to perform well during the quarter. We witnessed very strong volume growth across LED bulb, baton and dowlighter segment supported by sustained retailer engagement, regular product launches and enhanced brand visibility initiatives. Professional lighting also remain a key growth driver with consistent transition across infrastructure LED applications such as airport, railway tunnels, stadium and facade lighting.
Now moving on to the steel pipe and strip segment during FY26 Q3 the steel pipe and strip segment deliver a stable operating performance in a challenging environment marked by volatility in steel prices and uneven demand conditions. Across select end markets, revenue stood at 1451 crore supported by dispatch volume of 2.37 lakh tonnes reflecting steady year on year growth and sequential improvement over Q2 FY26 volume. Momentum remain healthy across most product categories reinforcing our confidence in achieving full year volume as guided for FY on the profitability front, EBITDA for the quarter include 106 crore with margins of approximately 7.3% margin were imported impacted by a one time inventory loss of around 500 rupees per ton arising from the sharp correction in steel prices during October and November month.
Importantly, despite this headwinds, EBITDA improved sequencingly by about 4% year on quarter on quarter supported by better operating leverages and partial recovery in realization as steel price stabilized towards the latter part of the quarter. However, hollow section and structural pipes continue to be the very key growth drivers aided by a strong demand from infrastructure, industry, fabrication and engineering applications. Volume in this segment increased meaningfully and we continue to invest in capacity expansion across our plants at Anjar, Gwalior, Batugar and Hindipur along with the installation of new DFT lines to support sustained growth in this particular category.
Export accounted for almost 19% of volume growth in Q3 FY26 and with export volumes growing almost 10% year on year. As of the end of the quarter the order book stood at approximately 500 crore for steel division and almost 150 crore for lighting LED by spiral pipes, export and domestic API orders. Overall, while near term volatility persists particularly on raw material price exports and government linking projects, we remain focused on mix optimization, discipline, education and capacity augmentation. Now I will request our CFO Mr. B.B. single to share his line.
B. B. Singal — Chief Financial Officer & Company Secretary
Thank you respected MD sir and a very good afternoon to all the participants on the call. For the quarter the revenue was 1927 crore as compared to 1868crore, a growth of 3%. Year on year basis EBITA and PAT stood at rupees 148 crore and rupees 80 crore as compared to 156 crore and rupees 90 crore respectively. For nine months FY26 the revenue was rupees 5377 crore as compared to rupees 5290 crore a growth of 2% Year on year basis, EBITA and PAT stood at Rupees 371 crore and rupees 188 crore as compared to rupees 397 crore and rupees 217 crore respectively.
In lighting and consumer durables for the quarter the Revenue stood at Rs. 476 crore as against Rupees 451 crore a growth of 6%. Year on year basis EBITA and PBT stood at Rupees 42 crore and Rupees 31 crore as compared to Rupees 45 crore and Rupees 35 crore respectively. For nine months financial year 26 the revenue stood at Rupees 1308 crore as against Rupees 1232 crore, a growth of 6%. Year on Year basis, Beta and PBT stood at Rupees One Hundred and Twelve crore and Rupees 82 crore in nine months financial year 26 as compared to One Hundred and Fifteen crore and Rupees 87 crore respectively in the same period last year.
In the steel pipes and strips during Q3FY26 the revenue was 1451 crore as compared to 1417 crore a growth of 2% year on year basis. Similarly, beta per Metric stood at Rupees 4810 compared to 5163 in the same period last year Beta and PBT stood at Rupees 106 crore and Rupees 76 crore as against 111 crore and Rupees 86 crore respectively. For nine month FY26 the revenue is Rupees 4069 crore as compared to 4061 crore. Similarly, Beta per metric ton stood at Rupees 4320 compared to 4840. Beta and PBT stood at Rupee 259 crore and Rupees 171 crore in nine months of FY26 as against Rupees 282 crore and Rupees 203 crore respectively in the same period last year.
Improved capacity utilization, working capital optimization and cost rationalization enabled us to become a zero debt company and having cash surplus of fund of rupees 245 crore in nine months FY26 in Q3 FY26 our networking capital cycle was 61 days with a return on capital employed ROCE of 17.57% and a return on equity ROE of 12.65%. With this I conclude the presentation and we can now open the floor for further questions and answers.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Dhaval Dhamma from Enigma Small Opportunities Fund. Please go ahead.
Dhaval Dhamma
Hi sir this is Viraj Here SIR volumes Quarter 2.6 2.65 lakh tons. We are short of our our ambition by like.
Raju Bista
Hello. 2.5 2.6 so mainly API segment oil and gas segment 35%. Quarter on quarter growth spiral pipe may be SARS percent key growth galvanizing maybe cold rolling maybe. So mainly.
Dhaval Dhamma
Recently.
Raju Bista
December. January maybe or February. On ebitda front also. Contribution or API under May drastically. But is quarter candle May particularly Charlie. Volume revenue maybe Agaram volume volume growth here overall. Or dolak nabe as per johe quarter 4k under major nolak matthew nolak chalice is at 10.
Dhaval Dhamma
B pakarta.
Raju Bista
Or q4k under may joe.
Dhaval Dhamma
Type Ebitda steel division or lighting.
operator
So.
Dhaval Dhamma
Kaya saiman Q4 McCarling.
Raju Bista
So Q4 may Amara do so lighting or still division.
Dhaval Dhamma
We were just probably 2.3% short here and there. Upon market share lose current Upco as a Lakhta or agar as a Heto Cap Nego Karna Chayeki market share loss.
Raju Bista
Bandojayapna market share Tom lose naked compare Karun lose Nikar or this segment particular segment may growth or is particularly quarter method otherwise overall.
Dhaval Dhamma
Significant improvement in payout request and of course you are the only medium who can take it to the management is. At least some Payout at the company level. Because.
Raju Bista
Subsequently.
Dhaval Dhamma
Best of luck. I’ll come back in the queue, sir.
operator
Thank you. The next question is from the line of Shyam from MSA Capital. Please go ahead.
Shyam
Hello sir.
B. B. Singal
Good evening. Hi. Good evening.
Shyam
Headwinds decree Exports may because of EU quotas and CPAM or price gap. So Hamara abhi. I think unispercent exports here in terms of volume. So FY27 may export volume contract. Or the other markets will cover up and offset that export. Okay. So the Middle east and Africa markets are bolder. They should be able to cover up for that shortfall. Okay, next question. Professional lighting order book 150crores mentioned KIA execution timeline and because infrastructure projects.
B. B. Singal
Or.
Shyam
B2C consumer lighting.
Raju Bista
B2B business. Education time. Or is particularly segment overall margins or as compared to consumer durable. Infrastructure.
Shyam
Okay sir.
B. B. Singal
Understood sir.
Shyam
API pipe volume crash year on year because of the slowdown oil and gasket tenders. ONGC order casing pipes. Do you think this is the start of you know some improved tender activity to happen in FY27.
Raju Bista
Particularly seamless kitara market convert ojatahe. So isco overall. This could be. In terms of volume or overall margins.
Shyam
Okay sir.
Raju Bista
Got it.
Shyam
Sir. One last question from my side. Joe. Price gap domestic or international steel prices. Just to touch on that. Again. Export other uncompetitive Hoga and like you know. Are you looking to shift your utilization back to the domestic market more.
Raju Bista
Surya was the first company. Domestic.
Shyam
Okay sir. Thank you so much and wish you the best.
operator
Yeah, thank you. The next question is from the line of Kiran from Table Tree Capital. Please go ahead. Your voice is cracked. Can you please check.
Kiran
Is this better?
operator
Much better.
Kiran
Is this better?
Dhaval Dhamma
Hello.
Kiran
Yeah, thank you so much.
Raju Bista
Yes. Yes.
Kiran
So this year we had a very tough year. Q1 we had a SAP issue. Now Q3 we are having a API issue. So this year seems to be probably the most challenging year of Surya Roshni in the past few years that we have seen. Sir. Aglay sal. I mean let’s say we do 9.3 9.4 lakh tons aglay sal. Are we seeing or do you see the potential for a 12 lakh ton kind of number where we can get where we can sell through that volume. Or is it going to be substantially lesser given the challenges with Jaljeevan machine and everything else.
Raju Bista
Amara budget FY26 KDA or US maybe volume growth or my investors go or Amarisa Rollerco Yeb Johavo confidence minimum part. Similarly on lighting Front maybe joy. Or agla sal hamlo karib pandra personka growth hamara hamney man. Hamara manna haikiya or agla sal hamlog shareholder co or mari investor co. Kitaraps.
Keshav Garg
Got it sir.
Raju Bista
Got it.
Kiran
And sir confidence especially on the steel division. If you can just give. Is it a dependency on government? Because sir article government challenges Is it including some some volume from a Jaljeevan mission or a government program standpoint or is it not including that? That can be an optionality.
Raju Bista
Lighting or steel division. Project Already. Lighting division. So wire volume increase overall LED segment consumer durability growth.
Kiran
Got it sir. Got it.
Kiran
No thanks for that sir last question. Okay, got it sir. Last question. API pipe. API growth but spiral pipe growth will continue to grow. So API pipe degrowth.
Raju Bista
Seamless segment. Next year fy26. Almost 30 years.
Kiran
Got it.
Kiran
Thank you sir. I’ll join back in the queue.
operator
Thank you. The next question is from the line of Keshav Garg from countercyclical. Please go ahead sir.
Keshav Garg
Hamara Kansan. Or sir we understand business to dynamic. Volume guidance. Taxation corporate promoter skill buys percent have buyback May taxation total company share by back karthihe to the number of shares earning per share permanently future growth. Sir, what is your thinking over this.
Raju Bista
General election? Geopolitical. But. Strong balance sheet or cash surplus company.
Keshav Garg
Permanently Europe may exports will be hit Green steel renewable energy. So will that suffice to dodge this duty or Yafir Sergio steel have itself should be green steel.
Raju Bista
Material testing. Middle east or Africa countries or sir.
Keshav Garg
Duty free import advance authorization.
Raju Bista
Regular basis domestic price or imported price. So regular basis.
Shyam
Okay sir.
Keshav Garg
Thank you.
Raju Bista
Yeah.
operator
Thank you ladies and gentlemen. We will take that as a last question for today. I now hand the conference over to Mr. B.B. singhal for his closing comments. Over to you sir.
B. B. Singal
Thank you everyone for joining us today on this earnings call. We appreciate your interest in Surya Roshni Limited. I sincerely once again thanks our MD sir and the CEO for sparing their valuable time and addressing queries raised by participants who attended the fall. For any further queries if any contact SGA were Investor Vision Advisor. Thanks. Good evening to all.
Raju Bista
Thank you very much.
operator
Thank you on behalf of Surya Roshni Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.