Surya Roshni (SURYAROSNI) Q3 25/26 earnings summary

Executive summary

• Consolidated Q3 FY26 revenue grew 3% YoY to INR 2,927 crore (₹1,927 crore/₹192,749 lakhs), with EBITDA at INR 148 crore and PAT at INR 80 crore (₹7,969 lakhs), reflecting modest growth but lower profitability due to inventory losses in Steel Pipes.

• For the 9-month period ended December 2025, revenue was INR 5,377 crore (₹537,717 lakhs), EBITDA INR 371 crore, and PAT INR 188 crore (₹18,751 lakhs), showing modest YoY growth but lower margins.

• The company achieved zero-debt status with a net cash surplus of INR 245-250 crore as of December 31, 2025.

• Lighting & Consumer Durables segment saw 6% YoY revenue growth to INR 476 crore (₹47,649 lakhs), driven by festive demand and strong LED product performance, despite input cost pressures.

• Steel Pipes business maintained stable revenues at INR 1,451 crore (₹145,100 lakhs), with higher dispatch volumes and a healthy product mix, though EBITDA was affected by inventory losses from steel price declines.

Financial highlights

• Q3 FY26 consolidated revenue: INR 2,927 crore (up 3% YoY); EBITDA: INR 148 crore (margin 7.7%); PAT: INR 80 crore; gross profit margin at 22.5%.

• 9M FY26 revenue: INR 5,377 crore (up 2% YoY); EBITDA: INR 371 crore; PAT: INR 188 crore; EBITDA margin at 6.9%.

• Lighting & Consumer Durables Q3 revenue: INR 476 crore (up 6% YoY); EBITDA: INR 42 crore; EBITDA margin at 8.8%.

• Steel Pipes and Strips Q3 revenue: INR 1,451 crore (up 2% YoY); EBITDA: INR 106 crore; margin at 7.3%.

• Q3 FY26 consolidated EPS (basic/diluted): ₹3.66; nine-month EPS: ₹8.62.

Outlook and guidance

• Management remains confident in achieving full-year volume guidance for FY26 in the Steel segment, with Q4FY26 expected to be the highest-volume quarter historically.

• Appliances and Wires & Cables segments show early signs of stabilization, with demand expected to recover in Q4FY26 and improved performance anticipated in FY27.

• The company is monitoring the implementation of new Indian labour codes and will adjust accounting as required once rules are notified.

• Focus remains on mix optimization, disciplined execution, and capacity augmentation to support growth.