Surya Roshni (SURYAROSNI) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 consolidated revenue grew 3% year-on-year to ₹2,146 crore, with EBITDA up 22% to ₹211 crore and PAT up 25% to ₹130 crore; full-year revenue declined 5% to ₹7,436 crore, but EBITDA improved 4% to ₹609 crore and PAT rose 5% to ₹347 crore.

• Achieved zero-debt status with a net cash surplus of ₹342 crore as of March 31, 2025; declared a total dividend of ₹5.5 per share (170% payout for FY25).

• EBITDA margin expanded by 155 bps YoY in Q4 to 9.85%, and by 68 bps YoY for FY25 to 8.19%, reflecting strong operating leverage and cost control.

• Steel Pipes segment delivered record volumes and improved profitability, while Lighting & Consumer Durables maintained double-digit margins and steady growth.

Financial highlights

• Q4 FY25 EBITDA margin expanded by 155 bps to 9.85%; full-year EBITDA margin up 68 bps to 8.19%.

• Lighting and consumer durables Q4 revenue grew 10% year-on-year to ₹458 crore; FY25 revenue up 8% to ₹1,690 crore.

• Steel pipes and strips Q4 revenue at ₹1,688 crore, up 1% year-on-year; Q4 EBITDA per ton at ₹6,708, up 14% year-on-year.

• FY25 steel segment revenue at ₹5,749 crore (down 8% year-on-year), EBITDA at ₹446 crore (up 2%), and EBITDA per ton stable at ₹5,400.

• Gross profit margin in Q4 FY25 improved to 26.1% from 23.1% YoY.

Outlook and guidance

• Targeting double-digit revenue growth in lighting and consumer durables for FY26.

• Steel segment aims for 1.1 million tons sales volume in FY26, with EBITDA per ton guidance of ₹5,800–₹6,000.

• Capex plan of ₹500 crore over two years, including greenfield and capacity enhancements.

• Lighting business expects FY26 revenue of ₹1,960 crore and EBITDA margin of 10.5%.

• Robust order books in both Steel Pipes (₹650 crore) and Lighting (₹150 crore) segments provide strong demand visibility for FY26.