Surya Roshni Limited (NSE: SURYAROSNI) Q4 2025 Earnings Call dated May. 14, 2025
Corporate Participants:
Raju Bista — Managing Director
B.B. Singal — Chief Financial Officer
Naresh Singhal — Executive Director
Analysts:
Jatin Damania — Analyst
Viraj Mehta — Analyst
Farokh Pandole — Analyst
Anand Mundra — Analyst
Aditya Pal — Analyst
Mohd Sheikh Sahil — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the Surya Limited Q4 and FY ’25 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions and expectations of the date of the company as on the date of this call. These statements are not the guarantees of future performance and involves risks and uncertainties that are difficult to predict. As a reminder, all participant lines 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 the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded.I now hand the conference over to Mr Raju Vista, Managing Director of Rosni Limited. Thank you, and over to you, sir.
Raju Bista — Managing Director
Thank you. And good evening, everyone. On behalf of Limited, I extend a very warm welcome to everyone for joining us today. On this call, we are joined by Mr B.B. Singhal, CFO and Company Secretary; Mr Singhal, Executive Director of Steel Division; Mr Jitendra Agrawal, CEO, Lighting and Consumer Durable; Mr Gaurav Jain, Executive Director and COO for the steel operations. MR. Vasu Mitrapande, COO, Lighting and Consumer Durable; and SJ, our Investor Relations Advisor.
Moving on — quickly moving on to the overall financial performance highlights, we are pleased to present our performance highlights, which demonstrate our company resilience and operational strength in a challenging market environment. For Q4 FY ’25, our consolidated revenue grew by 3% year-on-year to INR2146 crore and EBITDA registered a strong growth of 22% year-on-year to INR211 crore. The EBITDA margin expanded by 155 basis-points to 9.85% and profit before-tax increased by 26% to INR175 crore, while profit-after-tax increased by 25% to INR130 crore.
For the full-year FY ’25, revenue stood at INR7436 crore, INR7,436 crore, down 5% from the previous year. And despite this revenue slightly declined mainly on the account of HR coil, our EBITDA improved by 4% to INR609 crore rupees. EBITDA margin expanded by 68 basis-points in-full year to 8.19% and PBT grew by 5% to INR465 crore rupees and PET increased by 5% to INR347 crores. The strong performance this quarter and year reflect the efficiencies of our strategy despite a 5% decline in the revenue for the full-year, which was due to the average reduction in HR coal price, we have demonstrated our ability to enhance profitability through operational efficiencies across both business segments.
Better product mix and focus on value-added product, improved realization in our steel pipe division, consistent growth in our lighting and segments and effective cost-reduction measures and improve overall operating leverage. Now we are zero-debt company with a net cash surplus of INR342 crores as on March 31st March 2025. We have also declared a final dividend of INR3 per share, demonstrating our ongoing commitment to delivering shareholder value.
And this is in addition to the interim dividend of INR2.5 rupees per share pre-bonus capital already distributed. So total is 170% in FY ’25. Now coming to lighting and consumer durable, our lighting consumer deliver business had delivered a healthy performance despite significant industry challenge, including continuously price erosion, currency fluctuation and input cost pressures, our strategy of LEG and product innovation and operational discipline have enabled us to achieve consistent growth while safeguarding our profitability.
Throughout the year, we implemented proactive cost-control measures, executing value engineering initiatives, conducted frequent negotiations with our suppliers and improve productivity in our plants. These efforts help to mitigate impact beyond our control such as dollar fluctuation, commodity price, etc. On the market side, we enhance our focus on semi-urban market, which grew faster than urban markets. We incentivize our sales team and channel partner to promote our premium product as well. We are also entering now to the domestic wiring cable market, driven by a very strong demand from our channel partners.
We have planned and investment of INR25 crores and we are targeting approximately INR100 crore in FY ’26 itself and about INR500 crores of revenue in next three years leveraging our strong presence in our 3 lakh electrical retail outlets across the country and our robust electrician engagement program conducted quarterly. Looking ahead, we are targeting double-digit revenue growth for the lighting air consumer durable in FY ’26. We remain confident in our ability to deliver a sustainable and profitable growth, our strong brand franchise resilience, extensive distribution network and innovative product portfolio.
Now coming to the steel pipe segment, our — in the Q4 FY ’25, our Steel Pipe and strip segment achieved a historical quarter sales volume in FY ’24 Q4, which was about 2.67 lakh ton, representing a robust 9% year-on-year growth in terms of volume. And for the full-year ’25, our total volume Reached to 8.8 lakh ton, marking the highest annual volume in the company’s history. This exceptional performance undercores a strong market demand, particularly in the latter half of the year. Revenue for Q4 FY ’25 stood at INR1,688 crore and about 1% increase compared to Q4 FY ’24 and a significant a 19% increase on quarter-on-quarter basis for the full-year FY ’25. Our revenue was INR5749 crores compared to INR6,242 crore in FY ’24, reflecting an 8% decrease primarily due to lower HR coal price during the year early — during the earlier part of the year. Our EBITDA of Q4 FY ’25 reached INR264 crores in steel division, showing a substantial 28% year-on-year growth and an impressive 48% increase on a quarter-on-quarter basis. The EBITDA per ton Q4 of FY ’25 stood at INR6,708 rupees, a 14% improvement — improvement compared to INR877 per ton in the same quarter last year and a remarkable 30% increase from INR5,163 in Q3 FY ’25. And for the full-year of FY ’25, EBITDA was INR446 crore, a 2% increase over FY ’24 with EBITDA per ton at INR5,400, broadly stable compared to FY ’24. This remarkable growth in profitability, especially in Q4 was driven by a favorable product mix with higher contribution from value-added products, operational efficiencies and increase our production volume leading to the lower per unit cost by leveraging fixed expenses. Value-added products including API, spiral and galvanizing pipes constitute of about 44% of our total revenue in both the Q4 FY ’25 and the full-fiscal year. This product mix has significantly contributed to our improved margins. In the export market, a significant opportunities lies in the US market for the API oil and gas 5 City pipes which also known as a catching and tubing pipe for oil exploration where the favorable duty at reduced rate from approximately 19% to 2.3% will be applicable on the company. And so we are targeting about 20,000 metric ton of quantity from this year itself. Our spiral production facility in commence operation in February ’25 with a significant ramp-up expected by early-June ’25. Additionally — additionally, production has started to our cold-rolling project in as well with full ramp-up expected by the end of this month, May 25 itself. Looking at our future capital expenditure plan, we are outlined a INR500 crore capex plan over the next two years with approximately INR250 crore allocated for our upcoming greenfield projects, INR125 crores to Hindur facility with the commissioning expected by the end of FY ’26 and the remaining for the DFT plant in Gujarat and other strategic initiatives. Looking ahead for FY ’25, we are targeting to cross at least 1.1 million ton in sales volume. We expect our EBITDA per ton to improve further targeting INR5,800 rupees to INR6,000 in FY ’26. Now I will request our BB Singhal, Group CFO to share his thoughts on the numbers. And thank you, respected sir and very good afternoon to all the participants on the call. For the quarter, the revenue was INR2,146 crores as compared to INR2,080 crores as a growth of 3% year-on-year basis. EBITDA and PAT stood at INR211 crore and INR130 crores as compared to INR173 crore and INR104 crore, a growth of 22% and 25% respectively. For FY ’25, the revenue was INR747,436 crores as compared to INR7,809 crores.
B.B. Singal — Chief Financial Officer
EBITDA and PAT stood at INR609 crore and INR347 crore as compared to INR586 crore and INR329 crore, respectively. In Lighting and consumer durables, for the quarter, the revenue stood at INR458 crore as against INR418 crore, a growth of 10% year-on-year basis. EBITDA and PBT stood at INR47 crore and INR37 crore, a growth of 6% and 3% respectively. For FY ’25, the revenue stood at INR1,690 crore as against INR1,572 crore, a growth of 8% year-on-year basis. EBITDA and PBT stood at INR162 crore and INR125 crore, a growth of 8% and 4% respectively.
In the steel pipeline strips, during quarter-four FY ’25, the revenue was INR1,688 crore as compared to INR1,665 crore. Similarly, EBITDA per metric ton stood at INR6,708 compared to INR5,877, a growth of 14% year-on-year basis. EBITDA and PPT stood at INR164 crore at INR138 crore, a growth of 28% and 34% respectively. For FY ’25, the revenue was INR5,749 crores as compared to INR6,242 crore. Similarly, EBITDA per metric ton stood at INR5,392 compared to INR5,401 EBITDA and PBT stood at INR446 crores and INR341 crore, a growth of 2% and 5% respectively. Improved capacity utilization, working capital optimization and cost rationalization enabled us to become a zero-debt company and having cash surplus fund of INR342 crores in FY ’25.
As of March 31, ’25, our net working capital cycle was 55 days with a return on capital employed ROCE of 20.96% and a return-on-equity ROE of 14.97%. 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, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touch telephone. If you wish to remove yourself from the question queue, you may press and two. Participants are requested to use handsets only while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. I repeat, if you wish to ask a question you may press star and 1 thank you. We have our first question from the line of Jatin Damania from Swan Investments. Please go-ahead.
Jatin Damania
Good evening, sir, and thank you for the opportunity. Sir, first of all, congrats on the numbers and sorry to interrupt, Mr Jatin. Can you please use your handset? First of all congrats on a good set of numbers and thank you for increasing the dividend payout. So one thing that I wanted to understand, now when we are guiding a volume of 1.1 million tonne for next year, so once our Hindpur facility will come in operational, what type of cost-saving one can assume on the overall number?
Raju Bista
Okay. So only one question.
Jatin Damania
So once we commence our Himpur facility because last year we indicated that probably in second-half of FY ’26, our Himpur facility will come in Operation with a substantial amount of cost-savings that we will get it. So annualized cost-savings once the Himpur facility comes in operation.
Raju Bista
So overall., the total Investment Cup has made INR90 crores to existing facility hem Johan capacity enhancement. So will be overall Amara EBITDA margins go improve and help Carrega or QK Amari fixed-cost here. So fixed-cost come automatically, Amco. So existing facility may also improvement giga in terms of number. Or sir, capacity or 10 gig capacity REA. But this is overall project here, Uske under may just say 1.2 million khat of 1.9 million — almost 2 million per Amari capacity in next three years. So may 50% capacity, so existing plant may have 50% capacity, Jaga or balance 50% next year,, Jaga. So overall Joe Hinduur may annual capacity Marie is. It’s breakup. Or greenfield in so interesting facility here.
Karib 1.36 lakh ton Amara anval capacity my enhancement or Chatti Salka Johay go cold-rolling man here capacity enhancement area. Those are the Amari facility here, Uski Spiral plant Lagara who already commissioned, 60,000 ton car annual capacity enhancement or Johay DFT who already in-process here, plant machinery that already order who gaya imported. Those is 60,000 ton key capacity in, Sal Kanta, a commercial production is start or Hinduur Kay under Johay egg Naya DFT DFT or Kulmila Camlo Parch Naya plant 5K or acre Johay greenfield project Johay, Maklab Uska, Hamari plan in Challery the dotin location to Hamlo workout Kara.
Hindupur facility, additional plant. So Bombay,,, Amari greenfield project Amari discussion only. So Karib and Karib facilities you had, Tanki, Nani IG or of, Char capacity add floor greenfield Karith in okay. The charge in of Kari, though million ton are have Maripuri capacity or internal capacity is high. Sir, we have guidance on the DA 1.1 or already USF are export.
Jatin Damania
So how confidence are we in terms of achieving this number?
Raju Bista
DK, Madlab, overall, Maklab consistently there are actually our existing facility of Maria 85% to utilization. In fact, plant, Spiral, Joe will be 85% already said or Joe America, Jo or TV disco 5 city line both hedge or distribution till you mainly use. Amara, Usme anti-dumping or originally 5CT special mill Lagality for this purpose only, but mill commissioning for Aga AT. So case Gay or was made 2.3% rega to both million ton market in terms of number. So additionally, at. So overall capacity 1.1 million, whoa — Aram say achieve host with this America market or in fact trade or gold rolling and there may be facility facil say America facility.
So overall [Foreign Speech] aspect rank, which percently growth, Johay Isal in terms of volume. Sir, is my capex caring againsal? Issal Amari capex we are here,. But sir, on lighting Kara double-digit revenue growth automotive and revenue expect.
Jatin Damania
But with your wiring cable market here, how confident we are them croregi revenue curling or is the profitability?
Raju Bista
So crores, INR4 crore bit of June operation. So name is Sok hey or EA market, Johay, Maklab,, TAHA, the existing Amari Electrical outlet have was 60% say Jada already is product category, my deal car. So, those things times a joy, Amari is demand the channel partners. Hamco company, turnover discount may be low so ti, so company. So Hamil Shika Advantage as a channel partner Kabitha or a domestic YA, it’s a replacement or production be both easily Bunjata already unload plastic or PVC pipe to Banati.
But it’s not issues otherwise both easy equipped, both Jada technical products we need or, Amlok or overall Iska market size or lighting be Jara high. So the and easily achievable here or lighting candor may be more or less of market major players of,, will network or lighting industry with your stable lighting industry may margin, 3% EBITDA is lighting may only so Sad aspaska Amara top-line expected numbers or 10.5% as far as EBITDA margin, Samari, as of of the right.
Jatin Damania
So thank you for answering, sir, last question is on the bookkeeping question. I’m already — I’m just Karivan Karib, 8.8 lakh tonnes mal YSR. But can rework calculation,, as I said after EBITDA Johaya steel business car, Pure Salka, or Par EBITDA per ton. So backward calculation, Karveto lag bee volume. So sir, your difference cars speaker, sir. Danyawat.
Raju Bista
Okay, sir.
Jatin Damania
Thank you.
Operator
Thank you. A reminder to all participants, if you wish to ask a question, you may press star and one. We have our next question from the line of Viraj Mehta from Enigma Capital. Please go-ahead.
Viraj Mehta
Yeah, hello, sir. Sir, my first question is regarding the volume growth. [Foreign Speech] Isal Appan Zaba other 8.8 lakh because election problems are. But sir, purchased like a volume growth keep 8.8 lakh say 1.1 million. Sir, historically Hamara growth is not. So confidence are right?
Raju Bista
No, yes, I [Foreign Speech] do think Johan CapEx have or volume care. Dusra export market camera Country or hey or BK US market — I’ll say or Hamaray Jagape bottleneck debottleneck Kia, Sabi unit May or key aspaska volume growth, Joy, I’m easily curling or 4th-quarter improvement [Foreign Speech] government project APIK orders for spiral facility at scheme or scheme would be government are or and maybe me and see growth. So what the SM market demand here, I’m sorry selective way, if the capacity currently Hamara problem the — Hamara supply problem the demand for three. Right, don’t know, last year to demand with come or, those 3 demand come market may demand with or Hamaraj or bottleneck Parker [Foreign Speech].
Viraj Mehta
Okay, sir. Okay. Sir, this has the quarter still inventory gain, [Foreign Speech].
Raju Bista
[Foreign Speech]
Viraj Mehta
Yeah right. [Foreign Speech] So my Putram, Sir EBITDA per ton is quarter car, Agar may this crore, Agar may INR be minus per ton. So a stable EBITDA per ton, then such quarter.
Raju Bista
[Foreign Speech] Yes, I take the make make them say here. As I actually take factor. Q2 lost be. Yeah, overall. Overall, profit our PSM is hang a three times volume can that. Yeah, 3.5 times volume can that. So — but the hard quarter my factor at rightly mentioned or easily Hambi market, our EBITDA per ton is our are crore aspas, aspas. Right. And sir growth saying that’s about a percent growth in EBITDA margin?
[Foreign Speech] No, that’s it adjustices are current API basically API or spiral expos no, no.. Sir, Mehra next correct my dollar thing. But 1.2 million — sorry, perhap another 1.1 million we say hey for Sare Paj, Paj Cheso EBITDA piping or Akna EBITDA of the lighting. And so sorry, and so beats my EBITDA next year say you have changed upset. So crores is so crore EBITDA next year up is there to be certain other FY ’24 maybe Q2 may be a far decline to HR goal main or many — if you con-call me the last though con-call make Pansu, crore FY ’24, at least maintain support out, it Q2 sea line to, plus.
[Foreign Speech] Aglas Ali Manke,,, Mara actually. So sir, Mehra Khali questioning, see, started in so crore cash or upon crore next year EBITDA current I had those crore.. So cash cash up dividend by significantly because could been in there., as I keep on capex or or yeah, be sir, but Istal Hamari Surkey, debt-free request a as a minority shareholder. He sir, debt-free okay in so crore cash be for company croresa at Kamai EBITDA. So, sir,, your dividend payout please because dividend payout [Foreign Speech] sir is consistent policy other of is. So sir, Usta, it all forega is what our understanding is, sir., yes,
[Foreign Speech] Some of the fact 100% growth on achieve a dividend payout can salad or report, they can officially, they start with person or time me. CapEx as Hamco Emergency thank you.
Viraj Mehta
Thank you, sir and best of luck..
Operator
Thank you. A reminder to all participants, if you wish to ask a question, you may press star and 1. I repeat, if any participant wishes to ask a question, you may press star N1. We have our next question from the line of Farok Pandol from Avesta Fund Management. Please go-ahead.
Farokh Pandole
Yeah. Hi, Rajuji. Congratulations on very strong numbers. Yeke Hamara capacity Aj or value-add component here or Dosal, Jay Hamara CapEx sub is. Okay. Ken. Thank you very much. So overall capacity Karib, Hamara 1.2 million per se or the existing capacity or value-added product Hamlo Karib last dose also continuously 44%, hey or Joe Hamari Karib Sartlak capacity next though Bulkit Hai Salke and, 50% acre case, 60%, value-added product here for mehi investment. So as a manke, overall Hamara Johay, 55% acre case, 60% Johay, Hamara value-added production. The overall revenue car is component is that?.
Naresh Singhal
Great. Thank you. Thank you,. All the best.
Operator
Thank you. A reminder to all participants, if you wish to ask a question, you may press star and 1. We have our next question from the line of Anand Mundra from. Please go-ahead.
Anand Mundra
Good evening, sir. Congratulations on good results. Sir, [Foreign Speech] Mujay, sir give — tariff help exports give up nicely.
B.B. Singal
[Foreign Speech] or my yes, your tariff impact your India per a positive or time which is a tariff policy call India US car, SK under announcement Hoga, or YA time dialogue Chalra Jo Kujbi Pakistan who does Din or Dusra Johe this particular product announcement be or, EHO for K, Karan, Pura Europe, Germany or Pura US in-markets say under May, lighting production because of China, above lighting under maybe 50% export may growth, both nominal Ampur, Chalice is but GE say Laker KA, but lighting company regular inquiry or agreement signed TRA or Bodibi or is it still under maybe Joahi, but who by the entry mill Ratha or particularly US market Deke to Deke, India,, Ponchana, why will be Nirata, margin be or environment case, should be to be both the
Raju Bista
[Foreign Speech] logistically both numbers are up. So USK under May — API pipe market as we have these margins be Milta high. So the only person, Bajai be 2.3% Joe rate II final hearing bay. So. So Bara market, Kul Kitna who spondered K or Dynamics the. So I’m carefully tie like in overall my SM Kipur industan, EHO tariff Chala, ultimately Iska benefit Hoga across all product categories.
Anand Mundra
See, so currently, sir, API may — tariff terrify 2.3%. 2.3% here. QK only percentha fight Kiata. So ultimately hearing, Amar 2.3%. Passed track-record on this day. So equal and post this new tariff, whatever the agreement happens between India and India and US. Sir, Rusmey a tariff who are talking with 10 ogai or 15 Oga, pass-on? In general are push or is still applicable? After product may be given sir oga.
Raju Bista
Yeah, it’s a lava. 2.3 hoga. Then you say is India, America trade agreement, which may 10% uta on your products API may top capability 10. Joe here was Hoga. Like in each product category under Japan, I got 30 for 2.3 hoga. Okay. Okay, okay. This may fight only zer, only. Okay. So I think company 2.3%. My a like in are company ahead, like in company. Okay. Understood, sir. A question on the lighting business. Pump, pump. So businessman. Chalukia or Salkarib, at Sal or market-share of Mara purchased, we can give three more domestic pumping with soda product there. So Karib look took a past market-share is.
Okay. And sir, wires and cables may launched a concer domestic wiresumi domestic wire. Domestic wire cable QK projectil to Ham domestic borders cut segment has the size of crore then we’ll see for that cable, generally, Lumina Chalukia, Aj, appliance in Chalukia who business Ham Kujbi, to excitable business to Abhiham domestic deal is our. Any manufacturing outsourced over sir? No, I’m fully 100% in-house manufacturing currently. It may both margin or best product or some imported technology use Joe car product deliver currently.
Okay. And sir, Kitma capex of may allocate here? INR30 crore, INR crore already invested or capacity and I plus crore, both Jada capex or existing plant facility may be said worker Amara come here. So call join second question is inventory gain obvious this quarter was steel products. Precisely be push Ratha, crore inventory gain has got okay. And sir, it demerger the coffee hope I don’t know who — sir up there or yay best time, right time here. I’m Karnachi, I’m Board Cooker or Sai time permanent in LA. But I’m both strongly Hank, shareholder KHIA. He unlo a good demerger Karna,. I’m Baki Company or Bam Valu, Lok,,, Samaraniel.
Anand Mundra
Thank you. Thanks so much, sir.
Raju Bista
Hopefully, I’m. Good news day.
Anand Mundra
Thank you, sir. Thanks a lot, sir.
Operator
Thank you. Thank you. We have our next question from the line of Adity Pal from MSA. Please go-ahead.
Aditya Pal
Hello, am I audible?
Operator
Yes, Aditya. Please go-ahead.
Aditya Pal
Thank you so much. Sir, many congratulations. It’s performance. [Foreign Speech] 1.06 million tonnes in FY ’25 but March may he 8 lakh tonne car. So may yield generate a conservative guidance only there because optimus capacity here may be near capacity RI. This you say this say I I [Foreign Speech]
Raju Bista
Am a member of parliament be so my speak product conservative hi number ultimately the books of name. But, is Pakistan, healing. So Desma Kushnaku,, but will be Hamari capacity or the market trained head or Hamari ahead or Ham,, Mujapata,, Savala 25 base this may be cost we hardly recover OTA to unnecessary activity. Come over my margins be burning. So, Hamco 1.1 million product conservative achieved current JB Conservative care sector, Hamisko achieved currently. CK in bookkeeping question, is FY ’25 may gross margin steel and pipe segment and Lighting and Consumer. FIK just margins gross margins overall say 24.2% as well. 24% to 0.2% or EBITDA margins we are a steel pipe division or lighting division except, but still pipe may both come compare to Maharatsha Johan margins, maybe EBITDA margins maybe improvement.
Gross margin, 8% SIK lighting division by 38% gross margin so year 38 to 40 k range by or steel division can go 21% power and fuel expenses, power and fuel expenses 128 crore no, not steeply increase yes, crore INR752 crore against my joy or 786 both substantially your policy of increment SAA plant share or some marketing actually increase Ora ahead of Kushnukur Johan, cost-reduction plan, but how cost-reduction plan, increment this day. And sir, is there more working capital days air other company like not talking about divisions, company like DSO air both Bhara is there? Is there some strategy to of, may some of the other credit there last. Overall net working capital Hamari Din come or inventories you have 48 days k against my 38 days. Debtor 73 days k against my 78 days. So last last in holiday three. I got this question. So but overall working capital can the inventory data is may improvement there. Understood. Thank you, sir. Thank you so much and wishing you all the very best. Thank you thank you. A reminder to all participants, if you wish to ask a question, you may press star and 1. I repeat, if any participant wishes to ask a question, you may press star and 1. If you wish to ask a question, you may press star N1. We have our next question from the line of Mohammed Sheik Sahil from IDBI Capital Markets. Please go-ahead. Mohammed, are you there? Hello, am I audible?
Mohd Sheikh Sahil
Yes, sir. Yes, yes. Hi, hi, sir. Congratulations on a good set of number. Sir after your capex plan ahead. So sir, is the revenue potential
Raju Bista
With INR crore. It’s 50% to 60% high-value product. So in terms of revenues, charges are sources crore cash per. Also up overall EBITDA per ton movement are regularly as those alone. That are but yeah,, gradually I have HR on a middle those who say like a per ton improvement market may steel under maybe stability REA, maybe,, Patra and all these products may deal would gradually market-share. This is a standard product or gradually it may margins maybe improvement ra ahead both goods depend,
Sal product annually those things improvement Najarata specific product category as as other focus yields a higher-margin as a. Capacity Amari Spair purchased 3%, pass both Hamara. Apart from that, Hamaraj large pipe head, your infrastructure may use hedge, your, your head, airport or in like larger DFTCM, but a side project pipe, galvanized pipe, API pipe or export or in Sub Johay spiral bike, yeah, product, high-value — added, high-value margins from our focus behave.
On SK under my market competes with, both selected, Thora year tariff for China, either, US Kara Ato, okay. Sir, lastly up demand-side outlook as I’ll address structural pipe domestic market, as I structural pipe bit of this 5% annual growth or galvanized other, monsoon maybe. Export maybe those are throw us like in or API as I can remain, BB Joha so-so overall, you have volume IP under, Deka Jaya to Bharash 100% putting all together at XR to Bharash 500% volume growth here. O
Mohd Sheikh Sahil
Okay, sir. That’s it from my side.
Raju Bista
Thank you, Jay.
Operator
Thank you.
Raju Bista
Well done.
Operator
Ladies and gentlemen, this would be the last question for today. And I now hand the conference over to the management for closing comments.
Raju Bista
Thank you everyone for joining us today on this earnings call. We appreciate your interest in Limited. I sincerely once again thanks to our MDs and CEOs and other executives for sparing their valuable time and addressing queries raised by participants who attended the call. For any further queries, if any, contact SGA, our Investor Relation Advisors. Thanks and good evening.
B.B. Singal
Thank you very much.
Operator
Thank you. On behalf of Suraj Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.