Surya Roshni Ltd - Stock Valuation and Financial Performance

BSE: 500336 | NSE: SURYAROSNI | Diversified | Small Cap

Surya Roshni Share Price

508.70 9.70 1.94%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Surya Roshni

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Surya Roshni stock performance -

mw4me loader
P/E Ratio (SA):
14.60
Market Cap:
5,555.2 Cr.
52-wk low:
301.4
52-wk high:
841.5

Is Surya Roshni Ltd an attractive stock to invest in?

1. Is Surya Roshni Ltd a good quality company?

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

2. Is Surya Roshni Ltd undervalued or overvalued?

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

3. Is Surya Roshni Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Surya Roshni Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Surya Roshni:

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.
Surya Roshni Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 7.8%7.2%7.8%9.2%8.7%9%7.8%9.3%12%16.7%-
Value Creation
Index
-0.4-0.5-0.4-0.4-0.4-0.4-0.4-0.3-0.20.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 3,0312,8572,9643,8844,9315,9775,4695,5547,7307,9967,879
Sales YoY Gr.--5.7%3.8%31%27%21.2%-8.5%1.6%39.2%3.4%-
Adj EPS 667.289.911.19.414.619.431.235
YoY Gr.-0%19.7%11%24.9%11.9%-15.5%55.7%32.9%60.6%-
BVPS (₹) 67.872.178.987.496.2105.9113.9127.2144.2171.5190.2
Adj Net
Profit
52.452.462.886.5108121102157207336381
Cash Flow from Ops. 90.3267208256155120280540285279-
Debt/CF from Ops. 11.53.64.34.27.19.93.91.321.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.4%10.2%13.5%3.4%
Adj EPS 20.2%25.7%49.2%60.6%
BVPS10.9%12.3%14.6%19%
Share Price 30.2% 31.6% 42.5% 57.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
76.68.410.510.8118.61214.219.719.3
Op. Profit
Mgn %
7.77.88.28.176.26.56.85.87.78.4
Net Profit
Mgn %
1.71.82.12.22.221.92.82.74.24.8
Debt to
Equity
1.81.51.31.11.110.90.50.40.2-
Working Cap
Days
107122123114117111127124959745
Cash Conv.
Cycle
8490837173738779566124

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 19.30%

Sales growth is growing at healthy rate in last 3 years 13.50%

Net Profit is growing at healthy rate in last 3 years 49.22%

Sales growth is not so good in last 4 quarters at -3.04%

Latest Financials - Surya Roshni Ltd.

Standalone Consolidated
TTM EPS (₹) 35 35
TTM Sales (₹ Cr.) 7,879 7,880
BVPS (₹.) 190.2 190.5
Reserves (₹ Cr.) 2,016 2,019
P/BV 2.68 2.68
PE 14.60 14.59
From the Market
52 Week Low / High (₹) 301.40 / 841.50
All Time Low / High (₹) 3.73 / 841.50
Market Cap (₹ Cr.) 5,555
Equity (₹ Cr.) 54.4
Face Value (₹) 5
Industry PE 67.6

Management X-Ray of Surya Roshni:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *9.059.059.069.050.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Surya Roshni

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales3,0312,8572,9643,8844,9315,9775,4695,5547,7307,996
Operating Expenses 2,7972,6342,7223,5714,5855,6055,1155,1777,2887,382
Manufacturing Costs165172138147159170185168208230
Material Costs2,2252,0212,1242,8533,7714,6864,1974,3016,1506,174
Employee Cost 151156186236269294304307340372
Other Costs 257285274335387455430401590605
Operating Profit 234223242313346372354377442614
Operating Profit Margin (%) 7.7%7.8%8.2%8.1%7.0%6.2%6.5%6.8%5.7%7.7%
Other Income 4421343565
Interest 11410996113105115114706445
Depreciation 565661848789103103108115
Exceptional Items 0000000000
Profit Before Tax 676287118156173139209276459
Tax 14824314852375372124
Profit After Tax 53546386108121102157205335
PAT Margin (%) 1.8%1.9%2.1%2.2%2.2%2.0%1.9%2.8%2.6%4.2%
Adjusted EPS (₹)6.16.27.27.99.911.19.414.619.231.2
Dividend Payout Ratio (%)8%8%7%9%10%9%11%10%10%11%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 7748116919511,0471,1521,2391,3641,5381,846
Share Capital 44444454545454545354
Reserves 7307676488979931,0981,1851,3101,4851,792
Minority Interest0000000000
Debt9518808461,0311,0711,1321,032665580404
Long Term Debt401364333401354335270172610
Short Term Debt550516513631717797762493519404
Trade Payables116172215341408350295480594407
Others Liabilities 230205225293328395405430401398
Total Liabilities 2,0712,0681,9772,6162,8553,0292,9702,9393,1123,054

Fixed Assets

Gross Block1,4701,5538111,2731,3281,4321,5031,5701,5771,642
Accumulated Depreciation55861758172256343442541634729
Net Fixed Assets9129367531,1011,0721,0891,0611,029943912
CWIP 5426181622251510538
Investments 5050500004444
Inventories4333904706558298449138689871,152
Trade Receivables497524526632713838698753885745
Cash Equivalents 252627222522111
Others Assets101115132191196232278274239232
Total Assets 2,0712,0681,9772,6162,8553,0292,9702,9393,1123,054

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 90267208256155120280540285279
PBT 676287118156173139209276459
Adjustment 167163156193194204210172176161
Changes in Working Capital -13054-13-28-160-221-30212-103-236
Tax Paid -14-11-22-26-35-35-39-53-64-105
Cash Flow From Investing Activity -146-62-51-100-63-105-52-66-54-33
Capex -147-63-51-99-65-105-48-66-54-33
Net Investments 000-1200000
Others 110000-4000
Cash Flow From Financing Activity 62-203-156-163-88-37-229-475-231-246
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 32-54-50-68-6015-66-105-163-61
Interest Paid -114-109-98-118-106-118-115-68-63-44
Dividend Paid -5-5-4-4-7-11-11-19-8-38
Others 149-35-3288577-37-2833-103
Net Cash Flow 621-74-22-1-100
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)9.368.829.5410.5110.8110.998.5512.0314.119.82
ROCE (%)11.9610.6311.5812.7612.5412.8210.8512.6516.1622.95
Asset Turnover Ratio1.671.481.581.821.832.031.821.882.552.59
PAT to CFO Conversion(x)1.74.943.32.981.440.992.753.441.390.83
Working Capital Days
Receivable Days51616051494751483937
Inventory Days46494949545159594449
Payable Days16263336363028333230

Surya Roshni Ltd Stock News

Surya Roshni Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Surya Roshni on 28-Mar-2024 16:01 is ₹508.7.
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 28-Mar-2024 16:01 the market cap of Surya Roshni stood at ₹5,555.2.
The latest P/E ratio of Surya Roshni as of 28-Mar-2024 16:01 is 14.60.
The latest P/B ratio of Surya Roshni as of 28-Mar-2024 16:01 is 2.68.
The 52-week high of Surya Roshni is ₹841.5 and the 52-week low is ₹301.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Surya Roshni is ₹7,879 ( Cr.) .

About Surya Roshni Ltd

Surya Roshni was incorporated in 1973 with a steel pipe plant located at Bahadurgarh in Haryana. Presently, this plant has emerged as one of the largest in Asia, with a production capacity of 180000 MT of steel pipes annually. Today company’s product portfolio comprise of fluorescent tube lights, GLS lamps, CFL lamps, HPSV Lamps, HPMV Lamps Metal Halide Lamps and ERW pipe.

Company owns two manufacturing units at Malanpur and Kashipur. Company’s Malanpur unit was set up in 1984 and its Kashipur unit in 1992. These units have received ISO 9001:2000, ISO 14001:1996 and OHSAS18001:1999 certifications for quality management.

Presently, it has marketing network of 30 branches, over 1500 authorized dealers and over 1,00,000 retailers in India itself. In India, Surya Roshni is the second largest seller of GLS and FTL. Currently company has presence in over 48 countries namely Australia, Indonesia, Oman, Bahrain, Iran, Paraguay, Bangladesh, Jordan, Saudi Arabia, Botswana, Korea, Singapore, Columbia, Kenya, Sri Lanka, Egypt and many more.

Products

  • General Lighting Service Lamps (GLS lamps)
  • Fluorescent Tubes
  • Compact Fluorescent Lamp (CFL)
  • HID Lamps
  • Luminaries
  • Lighting Poles
  • High Masts
  • Miniature Circuit Breakers (MCB)
  • Accessories like choke and starters
  • Components like soda lime glass shells, tubular glass shells, aluminum caps, GLS filament, TL cathodes and CFL cathodes

Milestones

  • 1973- Surya Roshni incorporated in 1973 with a steel pipe plant at Bahadurgarh in Haryana.
  • 1984- Company set up lighting division at Kashipur.
  • 1985- Its Kashipur unit started production of GLS chain and first chain of FTL. Company launched Surya tubes and bulbs.
  • 1986-Company’s Kashipur unit started production of second chain of FTL. Company set up a glass factory.
  • 1987-Company started production of second GLS lamp chain.
  • 1988-Company added a bulb blowing machine in Kashipur unit.
  • 1991-Company expanded its tube drawing capacity.
  • 1992-Company started production of its Fluorescent powder, Filament for GLS and FTL. Company added two GLS shell blowing machines at Kashipur. Company started production of its Malanpur plant producing 5 million FTLs and 20 million GLS.
  • 1993- Company expanded its Malanpur plant’s FTL capacity to 10 million.
  • 1994-Company started production of its glass plant. Company increased production capacity of GLS lamp unit. Its Malanpur plant started producing H4-Halogen lamps.
  • 1995-Company doubled GLS lamp production capacity. Production of H3 Lamps and Deco Lamps started at Malanpur plant.
  • 1996-Company increased filament and wire drawing capacity. Company installed an automatic packing machine for FTL. Company set up aluminium cap plant for GLS at Malanpur plant.
  • 1997- Company increased its FTL capacity increased by addition of a new FTL chain. At its Malanpur plant, company installed FTL automatic packaging machine and production of new Osram GLS chain was started.
  • 1998-Company established Asia's largest ribbon glass plant started with annual capacity of 400 million GLS and 25 million FTL shell. 
  • 2001-Company developed Triband tubes.
  • 2002-Company developed blended lamps and blue tubes. Company received ISO 14001 and OHSAS 18001 certifications.
  • 2004-Company increased production capacity of HID lamps from 1.5 lac Pcs. p.a. to 4.5 lacs Pcs. p.a.
  • 2005- Company added tube drawing line in lead glass furnace thus leading to doubling of production capacity. Company installed additional tube drawing line on sodalime furnace.
  • 2006-Company increased production capacity of wire drawing and filament plant by 90 million filaments p.a. 
  • 2008 - Worlds best CFL plant from GE Europe commissioned
  • 2010- Surya Roshni launched its high-power factor CFL lamps in the Kerala market.
  • 2011 -Surya Gets Award for Energy Conservation
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