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Surya Roshni Ltd (SURYAROSNI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500336 NSE: SURYAROSNI Steel & Iron Products | Small Cap | Surya Roshni Share Price

₹219.60 -0.75 (-0.34%)

As on 24-Aug'26 16:01

Surya Roshni Ltd (SURYAROSNI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500336 NSE: SURYAROSNI Steel & Iron Products | Small Cap | Surya Roshni Share Price

₹219.60 -0.75 (-0.34%)

As on 24-Aug'26 16:01

Key Metrics
Valuation Multiples
Market Cap
₹4,796 Cr.
Current Price
₹219.6
52-Week Low / High
₹187 / 315
TTM EPS
₹14.3
TTM Sales
₹7,982 Cr.
Book Value per Share
₹122.6
P/E Ratio
15.40
Lower than its 5-year historical median
Industry PE
24.1
Price to Book (P/B)
1.80
Lower than its 5-year historical median
Price to Sales (P/S)
0.60
Lower than its 5-year historical median
EV/EBITDA
7.62
Lower than its 5-year historical median
Dividend Yield
2.28%
Profitability Efficiency
Return on Equity (ROE)
11.31%
Outperforms industry median
Return on Capital Employed (ROCE)
15.92%
Outperforms industry median
Return on Assets (ROA)
8.43%
Operating Profit Margin
6.5%
Net Profit Margin
3.79%
Gross Profit Margin
6.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
1.41%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-15.87%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-18.02%
Asset Quality
Promoter Holding
63.02%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,560 Cr.
Equity
₹108.8 Cr.
Face Value
₹5
All Time Low / High
₹1.86 / 420.75

Surya Roshni stock performance

Key Ratios
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Check Before You Invest

Quality

Very Good
Check detailed performance

Valuation

Fair

Check Valuation charts

Price Trend

Weak
Check Price chart
Q.1 Is Surya Roshni Ltd a good quality company?
Surya Roshni Ltd is a good quality company, based on a consistently good 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.

View More

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.

View More
How does Surya Roshni Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Surya Roshni Ltd vs industry peers?
Surya Roshni Ltd revenue CAGR is 6.30%, compared to the industry median CAGR of 8.54%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Surya Roshni Ltd?
Promoters hold 63.02% of the Surya Roshni Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Surya Roshni Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 17.5% based on the current price.
View More

10 Year X-Ray :

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 majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ12.8%12.5%12.8%10.9%12.7%16.2%23%21.2%21.1%15.9%-
Value Creation
Index ⓘ		-0.1-0.1-0.1-0.2-0.10.20.60.60.50.1-

Growth Parameters ⓘ
Sales ⓘ3,8844,9315,9775,4695,5547,7307,9967,8097,4357,5407,982
Sales YoY Gr.-27%21.2%-8.5%1.6%39.2%3.4%-2.3%-4.8%1.4%-
Adj EPS ⓘ455.64.77.39.715.615.115.91314.3
YoY Gr.-25.2%11.9%-15.5%55.5%33%60.5%-3.2%5.3%-18.3%-
BVPS (₹) ⓘ43.748.152.956.963.672.185.898.7112.2119.9122.6
Adj Net
Profit ⓘ		86.5108121102157207336328346283311
Cash Flow from Ops. ⓘ256155120280540285279540393401-
Debt/CF from Ops. ⓘ4.27.19.93.91.321.5000.2-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ7.7%6.3%-1.9%1.4%
Adj EPS ⓘ14.1%12.2%-5.9%-18.3%
BVPSⓘ11.9%13.5%11.8%6.9%
Share Price 17.5% 11.1% 1.7% -25.8%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		10.510.8118.61214.219.716.31511.111.8
Op. Profit
Mgn % ⓘ		8.176.26.56.85.87.77.47.86.56.6
Net Profit
Mgn % ⓘ		2.22.221.92.82.74.24.24.73.83.9
Debt to
Equity ⓘ		1.11.110.90.50.40.2000-
Working Cap
Days ⓘ		1141171111271249597979910257
Cash Conv.
Cycle ⓘ		7173738779566167686839

Valuation of Surya Roshni - 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!

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 (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales3,8844,9315,9775,4695,5547,7307,9967,8097,4357,540
Operating Expenses ⓘ + 3,5714,5855,6055,1155,1777,2887,3827,2366,8567,053
Manufacturing Costs147159170185168208230229228234
Material Costs2,8533,7714,6864,1974,3016,1506,1746,0335,5915,756
Employee Cost 236269294304307340372410436479
Other Costs ⓘ 335387455430401590605564602583
Operating Profit ⓘ 313346372354377442614572579487
Operating Profit Margin (%) 8.1%7.0%6.2%6.5%6.8%5.7%7.7%7.3%7.8%6.5%
Other Income ⓘ + 1343565143154
Exceptional Items ⓘ 0000000000
Interest ⓘ 113105115114706445242128
Depreciation ⓘ 848789103103108115117123130
Profit Before Tax ⓘ 118156173139209276459445467383
Tax ⓘ 31485237537212411611998
Profit After Tax 86108121102157205335329348286
PAT Margin (%) 2.2%2.2%2.0%1.9%2.8%2.7%4.2%4.2%4.7%3.8%
Adjusted EPS (₹)4.05.05.64.77.39.615.615.216.013.1
Dividend Payout Ratio (%)9.50%10.10%9%10.70%10.30%10.40%11.20%16.50%34.30%38.10%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 9511,0471,1521,2391,3641,5381,8462,1422,4412,609
Share Capital ⓘ 5454545454535454109109
Reserves ⓘ 8979931,0981,1851,3101,4851,7922,0882,3322,500
Debt +1,0311,0711,1321,0326655804044365
Long Term Debt401354335270172610000
Short Term Debt6317177977624935194044365
Minority Interest0000000000
Trade Payables341408350295480594407369364484
Others Liabilities ⓘ 293328395405430401398404424386
Total Liabilities ⓘ 2,6162,8553,0292,9702,9393,1123,0542,9193,2333,544

Fixed Assets

Net Fixed Assets ⓘ +1,1011,0721,0891,0611,029943912835841892
Gross Block1,2731,3281,4321,5031,5701,5771,6421,6641,7771,932
Accumulated Depreciation1722563434425416347298299361,040
CWIP ⓘ 1622251510538175730
Investments ⓘ 0004444444
Inventories6558298449138689871,1521,0869021,005
Trade Receivables632713838698753885745715894934
Cash Equivalents 22252211145296453
Others Assets ⓘ 191196232278274239232217239226
Total Assets ⓘ 2,6162,8553,0292,9702,9393,1123,0542,9193,2333,544
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 256155120280540285279547393401
PBT ⓘ 118156173139209276459445467383
Adjustment ⓘ 193194204210172176161144121119
Changes in Working Capital ⓘ -28-160-221-30212-103-23690-6418
Tax Paid ⓘ -26-35-35-39-53-64-105-132-132-120
Cash Flow From Investing Activity ⓘ + -100-63-105-52-66-54-33-51-328-284
Capex -99-65-105-48-66-54-33-51-140-150
Net Investments -12000000-205-170
Others ⓘ 00-0-4000-01836
Cash Flow From Financing Activity ⓘ + -163-88-37-229-475-231-246-461-80-92
Net Proceeds from Shares ⓘ 0000003320
Net Proceeds from Borrowing ⓘ -68-6015-66-105-163-61000
Interest Paid ⓘ -118-106-118-115-68-63-44-23-20-26
Dividend Paid ⓘ -4-7-11-11-19-8-38-49-54-120
Others ⓘ 288577-37-2833-106-392-854
Net Cash Flow ⓘ -74-22-1-1-0-034-1524
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)10.5110.8110.998.5512.0314.119.8216.4915.211.31
ROCE (%)12.7612.5412.8210.8512.6516.1622.9521.1521.0615.92
Asset Turnover Ratio1.821.832.031.821.882.552.592.612.422.23
PAT to CFO Conversion(x)2.981.440.992.753.441.390.831.661.131.4
Working Capital Days
Receivable Days50.504947.3051.2047.7038.7037.2034.1039.5044.20
Inventory Days49.105451.1058.6058.5043.8048.8052.3048.8046.20
Payable Days35.5036.3029.502832.9031.9029.6023.5023.9026.90

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Surya Roshni Ltd FAQs

The current trading price of Surya Roshni on 24-Aug-2026 16:01 is ₹219.6.

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 23-Aug-2026 the market cap of Surya Roshni stood at ₹4,795.6 Cr

The latest P/E ratio of Surya Roshni as of 23-Aug-2026 is 15.40.

The latest P/B ratio of Surya Roshni as of 23-Aug-2026 is 1.80.

The 52-week high of Surya Roshni is ₹314.5 and the 52-week low is ₹187.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Surya Roshni is ₹7,982 ( Cr.) .

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

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

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.

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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