Surya Roshni (SURYAROSNI) Q3 25/26 earnings summary

Executive summary

• Consolidated Q3 FY26 revenue grew 3% year-on-year 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, revenue was ₹5,377 crore (₹537,717 lakhs), EBITDA ₹371 crore, and PAT ₹188 crore (₹18,751 lakhs), showing modest year-on-year growth but lower margins.

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

• Steel Pipes & Strips business maintained stable revenues at ₹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.

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

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% (down 114 bps YoY).

• Steel Pipes & Strips Q3 revenue: ₹1,451 crore (up 2% YoY); EBITDA: ₹106 crore (down 4% YoY); margin at 7.3%, impacted by one-time inventory loss.

• Gross profit margin for Q3 FY26 at 22.5% (down from 24.0% YoY); PAT margin at 4.1%.

Outlook and guidance

• Management remains confident in achieving full-year volume guidance for FY26 in steel, with Q4 FY26 expected to be the highest-volume quarter historically.

• Appliances and Wires & Cables segments show early signs of stabilization, with demand expected to recover in Q4 FY26 and improved performance anticipated in FY27.

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

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