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Suraj Ltd (SURAJLTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531638 NSE: SURAJLTD Steel & Iron Products | Small Cap | Suraj Share Price

₹228.50 2.50 (1.11%)

As on 11-Jun'26 16:59

Suraj Ltd (SURAJLTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531638 NSE: SURAJLTD Steel & Iron Products | Small Cap | Suraj Share Price

₹228.50 2.50 (1.11%)

As on 11-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹415 Cr.
Current Price
₹228.5
52-Week Low / High
₹202 / 423
TTM EPS
₹4
TTM Sales
₹206 Cr.
Book Value per Share
₹73.6
P/E Ratio
57.17
Higher than its 5-year historical median
Industry PE
24.7
Price to Book (P/B)
3.07
In line with its 5-year historical median
Price to Sales (P/S)
2.02
Higher than its 5-year historical median
EV/EBITDA
21.41
Higher than its 5-year historical median
Dividend Yield
0.70%
Profitability Efficiency
Return on Equity (ROE)
5.47%
Underperforms industry median
Return on Capital Employed (ROCE)
7.64%
Underperforms industry median
Return on Assets (ROA)
3.27%
Operating Profit Margin
7.8%
Net Profit Margin
3.53%
Gross Profit Margin
8.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-11.93%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-43%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-38%
Asset Quality
Promoter Holding
75.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹117 Cr.
Equity
₹18.4 Cr.
Face Value
₹10
All Time Low / High
₹0.43 / 530.40

Suraj stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Suraj Ltd a good quality company?
Suraj Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Suraj Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Suraj Ltd vs industry peers?
Suraj Ltd revenue CAGR is 5.87%, compared to the industry median CAGR of 7.56%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Suraj Ltd?
Promoters hold 75.00% of the Suraj Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Suraj Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 18.3% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Suraj Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 4.9%5.3%5.9%6.7%6.8%7.5%25.9%23.9%12.4%7.6%-
Value Creation
Index
-0.7-0.6-0.6-0.5-0.5-0.50.90.7-0.1-0.5-

Growth Parameters

Sales 196207179176188344367331234206206
Sales YoY Gr.-5.5%-13.3%-2.1%7.2%82.5%6.7%-9.8%-29.3%-11.9%-
Adj EPS 0.1-1.10.80.2-0.3-0.38.9104.81.74
YoY Gr.--2340%NA-82.1%-320%NANA12.9%-51.7%-64.4%-
BVPS (₹) 44.244.445.145.646.347.956.566.371.173.673.6
Adj Net
Profit
0.1-2.21.60.3-0.6-0.516.318.48.93.27
Cash Flow from Ops. 15.914.526.330.532.533.344.640.8-917.3-
Debt/CF from Ops. 7.37.73.82.71.71.10.50.8-7.13.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 0.5%1.8%-17.5%-11.9%
Adj EPS 48.2%NA-42.1%-64.4%
BVPS5.8%9.7%9.2%3.5%
Share Price 18.5% 26.3% 17.5% -39.1%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
0.1-2.51.90.3-0.7-0.516.616.372.45.4
Op. Profit
Mgn %
7.96.3109.87.23.69.511.912.17.87.8
Net Profit
Mgn %
0.1-10.90.2-0.3-0.14.45.63.81.53.5
Debt to
Equity
1.41.31.10.90.60.40.20.30.50.50
Working Cap
Days
2662702892782421209695160212102
Cash Conv.
Cycle
2252142342181818161559013628

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales196207179176188344367331234206
Operating Expenses + 181194162159175331332291205190
Manufacturing Costs12161415143237313333
Material Costs149147131124145280269228144129
Employee Cost 11111114121417222220
Other Costs 821564681078
Operating Profit 16131817141235392816
Operating Profit Margin (%) 7.9%6.3%9.8%9.8%7.2%3.6%9.5%11.9%12.1%7.8%
Other Income + 1401456346
Exceptional Items 0000000000
Interest 9101010964454
Depreciation 66777789117
Profit Before Tax 11122529301711
Tax 01-01128953
Profit After Tax 0011132021127
PAT Margin (%) 0.2%0.2%0.8%0.6%0.7%0.9%5.5%6.3%5.0%3.5%
Adjusted EPS (₹)0.20.20.70.50.71.611.011.36.44.0
Dividend Payout Ratio (%)0%0%0%0%0%0%0%13.30%23.50%37.90%

Valuation of Suraj - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 858687888992104122131135
Share Capital 19191919191918181818
Reserves 66666869707385103112117
Debt +1161129981563522346460
Long Term Debt0000000000
Short Term Debt1161129981563522346460
Minority Interest0000000000
Trade Payables17861216215141217
Others Liabilities 108788915161311
Total Liabilities 229213198188169158146185220223

Fixed Assets

Net Fixed Assets +63615754494960858989
Gross Block152157159163165172190224238238
Accumulated Depreciation9096103109116123131139149149
CWIP 3000000000
Investments 0000000131313
Inventories99888493776128245263
Trade Receivables42423122252833343337
Cash Equivalents 5453011000
Others Assets 17182217171924283322
Total Assets 229213198188169158146185220223

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 1614263133334541-917
PBT 11122529301711
Adjustment 14161716151312121410
Changes in Working Capital 2-291316171311-37-3
Tax Paid -0-1-1-1-1-1-8-13-30
Cash Flow From Investing Activity + -2-1-2-4-2-7-19-47-14-6
Capex -3-2-2-4-2-7-19-34-14-6
Net Investments 0000000-1300
Others 100000000-0
Cash Flow From Financing Activity + -13-14-23-28-34-26-26623-11
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -8-10-10-10-9-6-4-3-5-5
Dividend Paid 0000000-3-3-3
Others -6-5-13-18-25-20-221230-4
Net Cash Flow 0-11-1-30-0-0-0-0

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)0.50.451.631.111.553.3120.5418.339.285.47
ROCE (%)4.95.265.946.76.847.4925.8523.8912.357.64
Asset Turnover Ratio0.930.940.870.911.062.112.4221.150.93
PAT to CFO Conversion(x)N/AN/A263133112.251.95-0.752.43
Working Capital Days
Receivable Days66.7074.3073.6054.2045.1028.2030.5037.2052.3061.70
Inventory Days177.20165.10175.30183.80164.6073.4044.4028.9059.70102.20
Payable Days23.4031.5018.9026.3035.2023.8017.6015.1032.9041.20

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Suraj Ltd FAQs

The current trading price of Suraj on 11-Jun-2026 16:59 is ₹228.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Jun-2026 the market cap of Suraj stood at ₹415.0 Cr

The latest P/E ratio of Suraj as of 10-Jun-2026 is 57.17.

The latest P/B ratio of Suraj as of 10-Jun-2026 is 3.07.

The 52-week high of Suraj is ₹422.5 and the 52-week low is ₹202.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Suraj is ₹206 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Suraj Ltd is a average quality company.

The key valuation ratios of Suraj Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Suraj Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Suraj Ltd

Suraj, earlier known as Suraj Stainless, a Suraj Group company, was founded by Tarachand Balaji Shah in 1960. Suraj Group established has spearheaded the mini-revolution with the aim to be one of the market leaders in the country. In 2011 company changed its name from Suraj Stainless Ltd to Suraj Ltd.

The company manufactures Stainless Steel Seamless & Welded Pipes, Tubes & ‘U’ Tubes are manufactured and tested to international Standards, under strict supervision of highly qualified and experienced technocrats, to satisfy and meet the most critical demands of reputed industrial users for various applications, sizes, grades and specifications as per ASTM and also conforming other international GradeStandards Equivalent to ASME, DIN, NFA, JIS, etc.

Suraj Stainless specialises in tubing for Heat exchangers, Heater, Condensers, Heating Elements and Instrumentation with facility of annealed, pickled, cold rolled and weld bead removed tubes upto 22-meters long tubes.  Suraj Stainless is a Govt. of India recognized Export House and is selling its premium products in India and abroad to more than 53 countries in all over the world.

All products of Suraj Stainless Ltd.' have to meet a very high standard, set by stringent quality specifications and norms. All process parameters and conditions are developed and constantly monitored throughout the entire manufacturing process.

A quality system to ISO 9001 : 2000 , AD 2000 – Merkblatt / WO , and PED – 97 /23/EC as outlined in this manual has been developed and implemented to ensure that all the customer requirements is satisfied. The quality system is applicable to all departments and all activities undertaken by the company for manufacturing of Stainless Steel Seamless/Welded Pipes, Tubes and ‘U’ Tubes.

In 2010 commenced Production of Large Diameter Fusion Welded Pipes to Specification ASTM A-358. A-409, A-779, A-928

Product range of the company includes:

Seamless ferritic and austenitic alloy steel boiler, super heater and heat Exchanger tubes

The company is specialized in tubing for equipment like

- Heat Exchanger- Heating Elements- Surface Condensers- Evaporators- Digesters- Instrumentation and Fluid Pipings.

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