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Surya Roshni (SURYAROSNI) investor relations material

Surya Roshni Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary11 Nov, 2025

Executive summary

  • Q2 FY26 consolidated revenue grew 21% YoY to INR 1,845 crore, with EBITDA up 69% to INR 141 crore and PAT more than doubling to INR 74 crore, driven by improved realization, product mix, and operating leverage.

  • Lighting & Consumer Durables saw strong double-digit volume growth in LED lamps, battens, water heaters, and mixer grinders, despite pricing pressures.

  • Steel Pipes and Strips business posted 24% YoY revenue growth, with EBITDA more than doubling, supported by strong exports and higher value-added product share.

  • Achieved zero-debt status with a net cash surplus of INR 250 crore as of September 30, 2025, and declared an interim dividend of INR 2.5 per share.

  • Unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2025 were approved by the Board on 11th November 2025.

Financial highlights

  • Q2 FY26 consolidated revenue: INR 1,845 crore (up 21% YoY); EBITDA: INR 141 crore (up 69% YoY); PAT: INR 74 crore (up 117% YoY).

  • H1 FY26 revenue: INR 3,450 crore; EBITDA: INR 223 crore; PAT: INR 108 crore.

  • Standalone revenue from operations for Q2 FY26 was Rs. 1,84,501 lakhs, up from Rs. 1,52,872 lakhs in Q2 FY25; half-year revenue at Rs. 3,44,942 lakhs.

  • Net working capital cycle at 63 days; ROCE at 16.46%; ROE at 11.90%.

  • Gross profit margin in Q2 FY26: 21.6%; EBITDA margin: 7.6%; PAT margin: 4.0%.

Outlook and guidance

  • Strong order book in Steel Pipes and Lighting & Consumer Durables segments supports future growth.

  • Lighting and consumer durables segment guidance: FY26 revenue of INR 1,900 crore and EBITDA of INR 180 crore.

  • Steel segment full-year volume guidance recalibrated to around 1 million tons, reflecting realistic demand trends.

  • Domestic and export demand expected to remain robust, with government infrastructure initiatives and private capex as key drivers.

  • New product launches and backward integration initiatives to drive margin expansion.

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