Surya Roshni (SURYAROSNI) Q3 25/26 earnings summary

Executive summary

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

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

• The company remains zero-debt with a net cash surplus of ₹245–250 crore as of December 31, 2025.

• The Board approved the results on 11th February 2026, with auditors issuing an unmodified review report.

Financial highlights

• Q3 FY26 consolidated revenue: ₹1,927 crore (up 3% YoY); EBITDA: ₹148 crore (down 5% YoY); PAT: ₹80 crore (down 11% YoY).

• 9M FY26 revenue: ₹5,377 crore (up 2% YoY); EBITDA: ₹371 crore (down 7% YoY); PAT: ₹188 crore (down 13% YoY).

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

• Steel Pipes & Strips Q3 revenue: ₹1,451 crore (up 2% YoY); EBITDA: ₹106 crore; margin at 7.3%, impacted by inventory loss.

• 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, supported by healthy product category momentum and capacity expansion.

• Steel Pipes order book remains strong at ₹500 crore, 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.