Record volume masks ₹600/ton margin gap; EBITDA guidance cut signals H2 challenge
Revenue surged 27.5% YoY and PAT 77%, but sequential profits fell 39%, guidance dropped ₹30 Cr, and order book declined 20%. The margin pressure is structural, not cyclical.
+27.5%
₹2046.5 Cr delivered
-5.4%
Post-Q4 sequential decline
+77.2%
Inflated by low FY26 base (ERP disruption)
-39.4%
₹59.6 Cr vs ₹98 Cr Q4 FY26; reveals margin decay
Surya Roshni delivered record Q1 steel volume (2.28L tons, +21% YoY) and reported PAT growth of 77%, which on the headline looks exceptional. But the quarter reveals a company grappling with structural margin compression, and the market has rightly called it out: the stock fell 4.78% on day 1 and 5.45% by day 3 as investors parsed the guidance cut and QoQ PAT collapse.
The real story: EBITDA per ton is ₹600 short, and management doesn't have a proven fix
The company guided to EBITDA of ₹670–680 Cr for FY27 (down from prior ₹680–700 Cr) with steel EBITDA per ton of ₹4,600–₹4,700. Q1 delivered ₹4,006 per ton — a 13% shortfall driven by freight costs of ₹800 per ton and input inflation of ₹200 per ton. For the full-year target to hold, Q2–Q4 needs to average ₹5,000+ per ton, a bold assumption given management's own order book fell 20% (from ₹1,000 Cr to ₹800 Cr) in the quarter.
Management's key claims, fact-checked
Record volume performance
Overstated2.28L tons (highest Q1), but 14% below the 2.65L implied by guidance; vessel delays + Middle East softness blamed
Export growth acceleration with fresh orders repriced higher
Partial78k US API tons in hand, export mix rising to 20% (from 17% FY26). But old order book locked at old freight rates; fresh repricing benefit unquantified and unproven in Q1
Freight costs normalizing for EBITDA recovery
PartialQ1 ocean freight ₹3,800/ton created ₹800/ton EBITDA drag. Management claims new orders priced in fresh rates, but provides no detail on velocity, pricing power, or timeline
77% PAT growth reflects operational strength
OverstatedQ1 FY26 PAT ₹33.6 Cr (ERP disruption base), so ₹59.6 Cr Q1 FY27 = +77% YoY. But Q4 FY26 was ₹98 Cr, so Q1 FY27 is -39% QoQ — revealing actual margin deterioration
11L tons annual volume target on track
At riskQ1 delivered 2.28L (21% of annual), needs 8.72L in Q2–Q4. At current 82% utilization, headroom exists, but Q1 miss of 370k tons signals execution risk; capacity expansion critical
What changed on this call
EBITDA guidance narrowed and cut by ₹10–₹30 Cr
Order book visibility reduced: ₹1,000 Cr (March) → ₹800 Cr (Q1-end)
Middle East export headwind materialized: 15–20k tons/qtr → ~5k tons/qtr (67% decline)
Input cost pressure sustained: ₹200/ton drag on Q1; no recovery timeline given
US API ERW pipe market opened with 78k tons of orders in hand
Export volume ramp confirmed: 20% of steel volumes now, targeting 25% FY27
3 new DFT mills commissioning Aug–Dec 2026 (capacity 14L → 16L tons)
The bull case vs. the bear case
How the street is positioned
The stock opened at ₹222.41 on August 17, 2026, down 29.28% from its all-time high of ₹314.5 and below all major moving averages (SMA20 ₹237.25, SMA50 ₹248.68, SMA200 ₹248.19). The post-result price action was bearish and held: a 4.78% day-1 decline extended to 5.45% by day 3, suggesting the market consensus agrees that the headline numbers mask unresolved margin pressure. This is not a panic sell-off (RSI 32.3 is neutral, not oversold), but a deliberate repricing.
Institutional flows confirm the skepticism: FII ownership trimmed to 3.81% from 4.68% (87 basis points outflow), and DII ownership fell to 1.90% from 2.10%. Promoter stake held steady at 63.02%, suggesting no insider selling, but the absence of insider buying is notable. Volume is trending upward, consistent with deliberate unwinding rather than panic. For a stock down 29% from ATH to stabilize, the next catalyst must be Q2 results confirming margin recovery — or the stock could test lower levels.
Ranked risks — what matters most for a holder
1
High
Management claims ₹600–1,000/ton EBITDA upside from fresh order repricing and freight normalization. But order book fell 20% in Q1, signaling repricing velocity is slower than guided. If this doesn't materialize, full-year EBITDA target of ₹670–680 Cr will miss further, dragging FY27 ROE below 9%.
Margin recovery is unproven
2
High
Q1 delivered 2.28L tons vs 2.65L expected (14% shortfall). Q2–Q4 needs 8.72L tons to hit 11L annual. Vessel delays, Middle East softness, and API spiral weakness drove Q1 miss. If these persist or worsen, full-year volume guidance drops and so does absolute EBITDA.
Volume execution gap widens
3
Medium
Middle East volumes collapsed 67% (5k tons/qtr vs prior 15–20k). Export now 20% of steel mix, targeting 25%. If geopolitical uncertainty spreads or tariff regimes change, export-led growth (78k US API tons in hand) becomes a headwind, not a tailwind.
Geopolitical headwinds extend beyond H2
4
Medium
Coating material, gas, ORM up ₹200/ton in Q1. Management expects normalization but gives no recovery timeline. Manpower cost reduction (20% over 1 year) helps, but automation takes time. If input costs stay elevated, EBITDA per ton stays depressed and full-year margin target misses.
Input costs don't normalize
What to watch in the next 90 days
1 · Q2 EBITDA per ton: Does it hit ₹4,400–₹4,500 as guided?
This is the make-or-break number. Q2 results will show whether freight normalization and fresh order repricing are real or just rhetoric. If Q2 delivers ₹4,200 or lower per ton, the full-year target is dead and guidance will be cut again.
2 · Order book rebuilding: Does it climb back above ₹900 Cr?
The 20% Q1 decline (₹1,000 → ₹800 Cr) is a yellow flag. If the fresh order flow is as strong as claimed, order book should stabilize or grow by Q2-end. Stagnation or further decline signals demand is softening and repricing is not offset by volume.
3 · Demerger / buyback decision: Does the board meet and commit?
Management deferred both decisions to a future board meeting, citing macro uncertainty. Clarity on capital allocation (buyback to boost ROE, or demerger to unlock value) would reset valuation. A concrete timeline would be a positive catalyst; continued deferral suggests management is uncertain about earnings visibility.
Surya Roshni is a quality compounder with genuine structural growth tailwinds (export ramp, capacity expansion, value-add shift). But this quarter shows that near-term margin pressure is real and not easily reversible. The stock's 29% drawdown from ATH is not a capitulation dip or a gift — it reflects a legitimate repricing of Q1 FY27 as a transition quarter, not the start of a new growth leg.
The number to track from here is EBITDA per ton in Q2. If it recovers toward ₹4,400–₹4,500, management's thesis holds and the stock may stabilize. If it stays near ₹4,000 or declines further, the margin recovery narrative crumbles and the stock could test lower levels. Until Q2 results land, hold at the current price is the honest call.
Strong growth masks margin miss; freight, geopolitics cloud H2
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 6/10
Grade C
Cut EBITDA range by ₹10-30 Cr; Q1 volumes missed 14% of guidance; EBITDA/ton fell 13% vs guidance; margin recovery plan relies on unproven fresh-order repricing.
Cautiously Optimistic
next 1–2 quarters
Optimistic
multi-year
Surya Roshni delivered strong YoY growth (+27.5% revenue, +77% PAT) driven by volumes and export ramp-up, but Q1 reveals structural margin pressure: EBITDA per ton ₹4,006 vs FY27 target ₹4,600-4,700, and management cut full-year EBITDA guidance to ₹670-680 Cr from ₹680-700 Cr. Freight volatility and geopolitical headwinds (Middle East down 67%, API orders down 50% QoQ) cloud near-term sustainability; the 15-18% CAGR thesis for next 5 years is credible but contingent on execution against tighter FY27 targets.
₹2046.5 Cr
Revenue · +27.5% YoY₹59.6 Cr
Reported PAT · +77.2% YoYCompressing
Margins · vs guidance: MixedDid the claims hold up?
Strong Q1 performance with record volume
OVERSTATEDRevenue ₹2046.5 Cr (+27.5% YoY), but QoQ -5.4%; Steel 2.28L tons highest Q1 but 0.37L below guidance
EBITDA per ton ₹4,600-4,700 achievable full year
MISSQ1 delivered ₹4,006/ton, needs ₹5,000+ in remaining quarters to average target
Export freight costs 'normalizing' with fresh orders priced higher
PartialOld orders still impacting Q1 with ₹800/ton freight drag; fresh order benefit unproven at call
11 lakh tons volume target on track
OVERSTATEDQ1 shortfall to 2.28L from 2.65L expected; Q2-Q4 needs 8.72L from 3 quarters (aggressive)
PAT growth of 77% reflects operational strength
OVERSTATEDYoY growth inflated by low Q1 FY26 (ERP disruption); QoQ PAT down 39% to ₹59.6 Cr
Earnings quality
What changed since the last call
EBITDA guidance range narrowed & cut
DowngradePrior ₹680-700 Cr → ₹670-680 Cr; lower end ₹10 Cr, upper end ₹20 Cr cut driven by Q1 margin shortfall
Order book visibility reduced
DowngradeMarch ₹1,000 Cr → Q1-end ₹800 Cr; management cites old order clearance, fresh order flow slower than prior
Export growth acceleration confirmed
UpgradeUS API ERW pipe market opened; 78k tons API orders + 1.2-1.25L tons FY27 target (vs 1.26L FY26); export % growing 17% → 20% (Q1) → 25% (FY27 target)
Middle East headwind materialized
DowngradePrior steady 15-20k tons/qtr → now ~5k tons/qtr; 67% volume decline; geopolitical uncertainty cited but no recovery timeline
Input cost pressure sustained
DowngradeCoating material, gas, ORM up ₹200/ton in Q1; no recovery expected (unlike freight which management claims normalizing)
The Q&A
Analysts pressed hard on EBITDA per-ton math (Viraj Mehta: need ₹5,000+ in Q2-Q4 to average ₹4,700), order book decline (Kiran: why down ₹200 Cr despite export ramp?), and value creation (Raj Mehta: ROE/ROCE mid-teens stagnant 4 years, margin pressure domestic). Management defended via capacity expansion roadmap + cost-reduction targets + growth CAGR narrative, but partly dodged near-term margin recovery with freight normalization assumptions.
EBITDA per-ton guidance math — Viraj Mehta, Enigma Investment Partners
PartialQ1 shortfall due ₹800/ton freight + ₹200/ton input cost. Fresh orders booked at new rates. Q2 ₹4,400-4,500, Q3-Q4 combined ₹4,600-4,700 average. Confident.
Steel price inventory impact — Viraj Mehta, Enigma Investment Partners
AnsweredNet par impact in Q1; no loss. Q2 benefit from 25k tons imported material at good prices arriving.
Order book decline amid growth — Kiran, TableTree Capital
PartialCleared old orders; fresh orders at new freight rates carry better margin. Business 75-80% fixed (domestic trade), so ₹800-1,200 Cr fluctuates normally; no material impact.
Export product & EBITDA — Kiran, TableTree Capital
AnsweredERW API pipe; new market. Q1 EBITDA/ton ₹7,200 (freight-inflated). Break-bulk tie-ups improve future; not spiral.
US export growth outlook — Kiran, TableTree Capital
AnsweredFY27 volume 11L tons; export 20% now, target 25% (3L tons total). US 1.2-1.25L tons = 10-11% of exports. Export growth sustained high EBITDA.
Buyback decision — Love Gupta, Counter Cyclical Investments
DodgedWork ongoing; double-tax angle corrected by govt. Soon will decide. Working capital tied up currently due steel price swings.
Demerger status — Love Gupta, Counter Cyclical Investments; Pranav, Rare Enterprises
DodgedBoard consensus pending. Both businesses strong stand-alone. Macro uncertainty (geopolitical) delaying; will convey to board. No timeline.
Demerger logic & macro rationale — Pranav, Rare Enterprises
PartialNo regulatory/bank obstacle. Both businesses strong. Geopolitical uncertainty is the reason. When right time comes, will execute.
Export tariff & EBITDA erosion — Pranav, Rare Enterprises
PartialOld order book at old prices; new orders at new freight rates captured. Tariffs by country differ; impact already absorbed.
Export volume guidance — Pranav, Rare Enterprises
AnsweredFY27 1.2-1.25L tons US; total exports ~3L tons. US = 10-11% of total exports.
Middle East outlook — Shantanu Basu, SMIFS Limited
DodgedFreight ₹300-4,200; not in our control. Geopolitical situation hard to predict; beyond India's or anyone's control.
API spiral EBITDA collapse — Shantanu Basu, SMIFS Limited
AnsweredProduct mix: API spiral higher margin, water pipe lower. Coating material impact significant in spiral. Q1 FY27 ₹3,420/ton; will improve to ₹5,000/ton full year.
API tender pipeline — Resham Jain, VVD Asset Managers
PartialTenders coming, participating, but process slow to materialize.
Capacity expansion location — Resham Jain, VVD Asset Managers
AnsweredHindupur South: 10 acres taken, 15k tons incremental, first mill Jan 2027, total 4-mill plant, ₹60 Cr capex, 3L tons capacity addition.
Full-year EBITDA composition — Resham Jain, VVD Asset Managers
AnsweredQ1 ₹120 Cr, Q2 ₹150 Cr, H2 ₹400 Cr target; total ₹670-680 Cr full year.
Freight margin impact Q2 — Viraj Mehta, Enigma Investment Partners (2nd round)
AnsweredJuly very low; next 2 months zero impact. Fresh orders at increased prices. Break-bulk for US minimal impact. Q2-Q3 no impact.
Volume spillover Q1→Q2 — Viraj Mehta, Enigma Investment Partners (2nd round)
AnsweredQ2 2.6-2.65L tons minimum; higher guidance reflects spillover benefit.
Domestic margin pressure & competition — Raj Mehta, Raj Mehta & Associates
PartialVolume 21% growth, value 32%; peers 8-13%. Our strength, work on that. Year of growth for Surya Roshni. Lighting 15% Q1, 19-20% FY27; steel 22% volume, 30% value.
Value-added product strategy — Raj Mehta, Raj Mehta & Associates
PartialManpower cost per ton 20% reduction next year. Steel price fluctuation not in control; 75-80% business fixed (domestic trade), averages out full year. 50-year history on this.
5-year growth roadmap — Raj Mehta, Raj Mehta & Associates
Partial15-18% CAGR next 5 years (cost headwinds). Focus on section pipes, DFT expansion. More opportunities ahead; greenfield projects under consideration; clarity at next board meeting.
Capacity capex requirement — Saket Kapoor, Kapoor & Co
Answered₹100 Cr; internal accruals.
Lighting vs steel EBITDA mix — Saket Kapoor, Kapoor & Co
PartialLighting: ₹2,200 Cr revenue, ₹200 Cr EBITDA FY27. Steel: ₹7,200 Cr implied, balance from lighting EBITDA. Company total ₹9,400-9,500 Cr revenue, ₹670-680 Cr EBITDA.
Lighting contract manufacturing — Saket Kapoor, Kapoor & Co
Answered80% in-house, 20% outsourced. Outsourced controlled by Surya; 80% of external material exclusive to Surya; extended plant model.
Guidance
FY27 consolidated ₹9,400-₹9,500 Cr (24-25% growth from FY26 base ~₹7,700 Cr)
HighLighting ₹2,200 Cr (20-22% growth), Steel ~₹7,200 Cr implied; on track after Q1 ₹2,046 Cr (21.8% of midpoint)
FY27 consolidated EBITDA ₹670-680 Cr (7.1-7.2% margin)
MediumCut from prior ₹680-700 Cr (₹10-20 Cr lower range); Q1 margin 5.86% below pace; recovery depends on freight normalization + input cost stabilization in H2
Steel EBITDA/ton ₹4,600-4,700 full year
LowQ1 ₹4,006/ton (₹600-700 shortfall); management claims Q2 ₹4,400-4,500, Q3-Q4 ₹4,600-4,700 via fresh order repricing, but unproven
Lighting segment ₹200 Cr EBITDA (22% of lighting revenue ₹2,200 Cr)
HighOn track; 7.9% margin in Q1 (₹36 Cr on ₹456 Cr); value growth 19-20% guided
₹100 Cr capex for 14L→16L tons expansion (funded internal accruals)
High3 DFT mills Aug-Dec 2026; ₹60 Cr Hindupur South (3L tons addition, Jan 2027 first mill commission)
Risks the call surfaced
Geopolitical / Export concentration
MediumMiddle East volumes collapsed 67% (15-20k tons/qtr → ~5k tons/qtr) due extended conflict; export now 20% of steel volumes, targeting 25% by FY27; US market new but tariff exposure unquantified
Freight cost volatility
HighOcean freight ₹3,800/ton in Q1 created ₹800/ton EBITDA drag (20% export volume × 100% impact); management claims fresh orders repriced but old order book still impacting; break-bulk model for US helps but only mitigation in place
Volume execution gap
MediumQ1 delivered 2.28L tons vs 2.65L expected (shortfall 370k tons, 14%); vessel unavailability (7k tons at port) + Middle East softness (8-10k tons) + API spiral shortfall (8-10k tons) cited; Q2-Q4 target 8.72L tons requires sustained execution without further disruptions
Margin pressure from input costs
MediumCoating material, gas, ORM up ₹200/ton in Q1; management claims normalization but provides no recovery timeline; manpower cost reduction of 20% targeted over 1 year helps but not immediate
Order book decline & demand signals
MediumOrder book ₹800 Cr (Q1-end) vs ₹1,000 Cr (March-end) = ₹200 Cr decline (20%); combined with API spiral EBITDA collapse (₹5,600 FY26 → ₹3,420 Q1) and domestic trade tightness (margins squeezed), signals order flow velocity slowing despite growth narrative
Management
Score 7/10. MD provided detailed segment-by-segment breakdown, specific EBITDA per-ton math (with freight/cost adjustments), and Q2-Q4 quarterly targets. Direct on numbers but hedged on demerger/buyback timeline; used 'macro uncertainty' deflection multiple times, signaling caution but also evasion on shareholder returns. Track record mixed: revenue guidance maintained (₹9,400-9,500 Cr on pace), but EBITDA guidance cut (₹680-700 → ₹670-680); Q1 volume 14% below plan (2.28 vs 2.65L); EBITDA margin 13% below target. Positive: lighting segment +15% growth & 7.9% margin stable, capacity expansion on schedule, zero debt achieved.
1 · Aug-Dec 2026
3 new DFT mills commission (Gujarat, Malanpur, Bahadurgarh); capacity 14L → 16L tons
2 · Q2-Q4 FY27
Export orders repriced at higher freight; fresh API/ERW US volumes ramp; EBITDA/ton target ₹4,600-4,700 recovery
3 · H2 FY27
Festive season demand (lighting LED, battens); 19-20% value growth in lighting segment
Freight volatility and geopolitical headwinds (Middle East down 67%, API orders down 50% QoQ) cloud near-term sustainability; the 15-18% CAGR thesis for next 5 years is credible but contingent on execution against tighter FY27 targets.
Export Diversification in Focus as Surya Roshni Reports Q1
Can export orders offset domestic pricing pressure? Street watches execution on recent North America deal and signs of demand recovery.
Surya Roshni reports Q1 FY27 results tomorrow, Aug 11 at 4 PM IST. The metals & mining heavyweight—₹2,163 Cr in Q4 revenue, ₹170 Cr EBITDA—faces a classic commodity squeeze: domestic steel prices under pressure, working capital tight, but export orders ramping. The real test is whether recent North America and USA orders (US$2.96M in July, US$7.23M + US$1.90M in April) can absorb weakness at home and sustain the 7.9% EBITDA margin floor.
What to expect
~₹1,900 Cr
on-plan trend from prior quarters; Q4 FY26 was ₹2,163 Cr (includes seasonal Q4 tailwinds). Q1 typically softer YoY.
~7–8%
sustained at or near Q4's 7.9%, dependent on export-mix tailwinds vs domestic steel price headwinds.
tracking upward
recent large orders (US$11M+ YTD) point to growing shipments; watch ASP (average selling price) in filings.
reaffirm FY27 trajectory
management may guide on H2 demand recovery as government project capex normalizes post-monsoon.
A strong print would show export orders flowing through revenue (up YoY from Q1 FY26's weak base), EBITDA margin holding above 7.5%, working capital in control, and management confidence on demand recovery in H2. A weak print would flag slower export ramp, margin erosion below 7%, WC stretched, or downward guidance revision. Watch ASP in filings—if export ASP is materially lower than domestic, it flags a margin trade-off.
On track for full-year?
No verified FY27 guidance found in filings yet (no delivered P&L for Q1 available to check). But Q4 FY26 (₹2,163 Cr revenue, ₹170 Cr EBITDA, ₹2.50 dividend) set a seasonal high; management had flagged H2 FY26 recovery post-SAP disruptions and weak Q1 FY26. If that pattern repeats—soft H1 offset by project-driven H2 upside—Q1's real job is showing stable margins and visible order traction, not a strong top line.
Street view
Since last quarter
1 · Export orders (Jul 10, Apr 27)
Secured US$2.96M order from North America (Jul 10). Prior to that, US$7.23M (ERW steel, OCTG, API casing) and US$1.90M (ERW carbon steel) from USA (Apr 27). Total US$11.89M YTD = clear diversification signal away from domestic pricing squeeze. Watch: ASP trend and shipment timing in disclosures.
2 · Ownership shifts (FY27 Q1 vs Q4 FY26)
FII fell 87 bps (4.68% → 3.81%); DII was flat (-20 bps to 1.90%); promoter steady at 63.02%. Declining FII suggests tepid institutional confidence pre-result. Promoter holding near 63% keeps family control intact.
3 · Board approvals & trading window (May 25, Jun 25)
May 25: Board approved Q4 FY26 results, recommended ₹2.50 final dividend (50%). Jun 25: Trading window closed from Jul 1 until 48h post-result announcement (standard routine).
4 · No red flags
No block deals, pledges, or insider transactions flagged in filings. No adverse regulatory news. Cash generation and dividend payout remain disciplined.
What to watch on result day
1. Export revenue recognition & ASP: Will Q1 show material export shipments? Compare export ASP vs domestic pricing to gauge margin trade-off. 2. EBITDA margin hold: Can the company hold 7–8% margin despite domestic steel price weakness? If below 7%, watch for guidance downside. 3. Order book update: Management must reaffirm or raise order book and confirm government project capex is ramping in H2. 4. Working capital & cash: Ensure WC isn't deteriorating and cash remain strong—key credibility signal for export execution. 5. FY27 guidance: If management revises H2 expectations downward, stock could re-rate lower even if Q1 numbers are in-line. Street is neutral; positive surprise (margin hold + export traction + raised H2 guide) would drive re-rating.
Surya Roshni trades 18% below Street consensus, with a dividend yield near 2%, but Street mood is muted: Hold. Export orders are a genuine de-risking lever in a soft domestic cycle, but Street needs proof of sustainable margin and H2 demand visibility. Q1 is a setup quarter—the real earnings surprise (if any) will come from guidance confidence on recovery. Watch margin, ASP, and management tone on government capex timing.
Surya Roshni Q1FY27: consolidated PAT +77% YoY to ₹59.6 Cr on 27.5% revenue growth
PAT +77.22% YoY · revenue +27.54% · margins expanding
₹2,046.48 Cr
+27.54% YoY
₹59.6 Cr
+77.22% YoY
2.9%
+0.8pp YoY
₹2.74
Surya Roshni's consolidated Q1 FY27 revenue rose 27.5% YoY to ₹2,046.5 Cr (₹1,604.5 Cr a year ago) and consolidated PAT jumped 77.2% YoY to ₹59.6 Cr (₹33.6 Cr), with EPS at ₹2.74 versus ₹1.55. Net margin expanded to 2.91% from 2.08% YoY as profit growth outpaced revenue growth, indicating operating leverage rather than a one-off — there were no exceptional items in either period. Sequentially, revenue was down 5.4% and PAT down 39.4% from Q4 FY26 (₹2,163.3 Cr revenue, ₹98.3 Cr PAT, 4.51% NPM), but Q4 is consistently the strongest quarter in this company's own segment history (both Steel and Lighting segment revenue peak in Q4 across all four columns in the filing), so the QoQ drop reads as normal seasonality rather than deterioration, not a genuine slowdown.
Q1 FY-2027 vs prior quarters
By segment, Steel Pipe & Strips revenue grew 31.7% YoY to ₹1,590.1 Cr with segment PBT of ₹60.5 Cr, while Lighting & Consumer Durables grew 14.9% YoY to ₹456.4 Cr with segment PBT of ₹25.5 Cr — both ahead of company-wide revenue growth, with Steel the larger driver in absolute terms. We found no analyst consensus or brokerage preview for this print, so vsStreet is unknown rather than assumed. Against management's own FY27 outlook from the May 2026 concall (consolidated revenue of ₹9,400-9,500 Cr, +24-25%; Steel revenue ₹7,200 Cr with ₹470-480 Cr EBITDA on 11 lakh tons; Lighting revenue ₹2,200 Cr with ~₹200 Cr EBITDA; consolidated EBITDA ₹680-700 Cr), Q1 revenue of ₹2,046.5 Cr is roughly 22% of the low end of the full-year target — plausible if, as historically, H2 and especially Q4 carry a disproportionate share, but one quarter is not enough to call it beat, met or missed, so vsGuidance is marked unknown rather than guessed.
The stock went into the print at ₹240.76, down 4.3% over the past month of trading.
For FY27, Surya Roshni projects consolidated revenue of approximately ₹9,400-₹9,500 crores, representing a 24-25% growth. The Steel Division is expected to generate revenue of around ₹7,200 crores with EBITDA of ₹470-₹480 crores, targeting 11 lakh tons in volume. The Lighting segment is projected to contribute ₹2,200 c
On the same day as this result, the board fixed August 21, 2026 as the record date for the ₹2.50/share final FY26 dividend already recommended in May, and separately approved five-year re-appointments of Executive Chairman J.P. Agarwal and Managing Director Vinay Surya — governance continuity items with no bearing on this quarter's numbers. The only externally-flagged development inside the quarter was a US$2.96 million export order from North America (July 10, 2026), which aligns with management's stated FY27 emphasis on export markets, particularly North America, as a growth lever, though it is too small on its own to move the segment numbers. No standalone press release or MD&A commentary accompanied this filing beyond the standard board-outcome letter and segment tables.
W1
FY27 guidance of ₹9,400-9,500 Cr consolidated revenue (24-25% growth) — Q1 is ~22% of the low end; watch for H2/Q4-weighted ramp consistent with the company's historical quarterly pattern
W2
Steel segment FY27 target of ₹470-480 Cr EBITDA on 11 lakh tons volume — track tonnage/EBITDA disclosure in Q2-Q3 against this
W3
Export order momentum in North America (US$2.96M order, Jul 10 2026) flagged by management as a growth lever — watch for further order-book additions
Clean digital filing, column headers unambiguous (30.06.2026 Unaudited = current quarter). Nil exceptional items in every period shown, so no raw-vs-adjusted PAT split needed. Standalone and consolidated are nearly identical (single wholly-owned subsidiary, Surya Roshni LED Lighting Projects Ltd, is immaterial).