Suraj Limited Board Approves Audited Financial Results for FY26

The Board of Directors of Suraj Limited , a manufacturer and exporter of stainless steel seamless pipes, tubes, flanges, and fittings, convened on May 07, 2026, and approved the standalone and consolidated audited financial results for the quarter and year ended March 31, 2026. The meeting commenced at 10.30 a.m. and concluded at 01.00 p.m. The results were reviewed by the Audit Committee prior to board approval, in compliance with Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Standalone Financial Performance

On a standalone basis, Suraj Limited reported revenue from operations of Rs. 20,585.08 lakhs for the year ended March 31, 2026, compared to Rs. 23,374.29 lakhs in the previous year. Total income, including other income of Rs. 607.18 lakhs, stood at Rs. 21,192.26 lakhs against Rs. 23,796.85 lakhs in the prior year. The company's net profit after tax (PAT) for the full year was Rs. 725.97 lakhs, compared to Rs. 1,170.67 lakhs in the prior year. Total comprehensive income for the year was Rs. 728.00 lakhs versus Rs. 1,165.00 lakhs in the prior year. For the quarter ended March 31, 2026, standalone revenue from operations was Rs. 4,343.47 lakhs, and PAT stood at Rs. 379.93 lakhs, compared to a loss of Rs. (387.78) lakhs in the corresponding quarter of the previous year.

Metric:	Q4 FY26 (31-Mar-26)	Q3 FY26 (31-Dec-25)	Q4 FY25 (31-Mar-25)	FY26 (Year Ended 31-Mar-26)	FY25 (Year Ended 31-Mar-25)
Revenue from Operations (Rs. Lakhs):	4,343.47	6,188.42	5,874.59	20,585.08	23,374.29
Other Income (Rs. Lakhs):	283.29	63.81	166.04	607.18	422.56
Total Income (Rs. Lakhs):	4,626.76	6,252.23	6,040.63	21,192.26	23,796.85
Total Expenses (Rs. Lakhs):	4,105.97	6,057.08	6,580.82	20,139.78	22,107.92
Profit/(Loss) Before Tax (Rs. Lakhs):	520.79	195.15	(540.19)	1,052.48	1,688.93
PAT (Rs. Lakhs):	379.93	136.26	(387.78)	725.97	1,170.67
Total Comprehensive Income (Rs. Lakhs):	386.21	134.84	(393.56)	728.00	1,165.00
Basic & Diluted EPS (Rs.):	2.07	0.74	(2.11)	3.95	6.37

The standalone balance sheet as at March 31, 2026 reflects total assets of Rs. 22,334.44 lakhs, compared to Rs. 22,001.11 lakhs as at March 31, 2025. Total equity stood at Rs. 13,508.60 lakhs, comprising equity share capital of Rs. 1,836.41 lakhs and other equity of Rs. 11,672.19 lakhs. Current borrowings declined to Rs. 6,030.21 lakhs from Rs. 6,408.03 lakhs in the prior year.

Standalone Cash Flow Highlights

The standalone cash flow statement for the year ended March 31, 2026 shows net cash flow from operating activities of Rs. 1,725.60 lakhs, compared to Rs. (901.20) lakhs in the prior year. Net cash flow used in investing activities stood at Rs. (623.50) lakhs versus Rs. (1,429.34) lakhs previously, reflecting lower capital expenditure of Rs. 950.49 lakhs against Rs. 1,548.72 lakhs in the prior year. Net cash flow used in financing activities was Rs. (1,106.61) lakhs, which included an interim dividend of Rs. (275.46) lakhs and net short-term borrowing repayments of Rs. (377.82) lakhs. The closing balance of cash and cash equivalents stood at Rs. 12.33 lakhs.

Cash Flow Item:	FY26 (Rs. Lakhs)	FY25 (Rs. Lakhs)
Net Cash Flow from Operating Activities:	1,725.60	(901.20)
Net Cash Flow (used in) Investing Activities:	(623.50)	(1,429.34)
Net Cash Flow (used in) Financing Activities:	(1,106.61)	2,315.23
Closing Cash and Cash Equivalents:	12.33	15.84

Consolidated Financial Performance

On a consolidated basis, which includes the financial results of associate company Suraj Enterprise Private Limited, total income for the year ended March 31, 2026 was Rs. 21,192.26 lakhs against Rs. 23,796.85 lakhs in the prior year. The share of profit from associates for the year was Rs. 21.04 lakhs, compared to Rs. 159.80 lakhs in the previous year. Consolidated PAT for the full year stood at Rs. 747.01 lakhs versus Rs. 1,330.47 lakhs in the prior year.

Metric:	Q4 FY26 (31-Mar-26)	Q3 FY26 (31-Dec-25)	Q4 FY25 (31-Mar-25)	FY26 (Year Ended 31-Mar-26)	FY25 (Year Ended 31-Mar-25)
Revenue from Operations (Rs. Lakhs):	4,343.47	6,188.42	5,874.59	20,585.08	23,374.29
Total Income (Rs. Lakhs):	4,626.76	6,252.23	6,040.63	21,192.26	23,796.85
Share of Profit/(Loss) of Associates (Rs. Lakhs):	(128.08)	1.41	(204.21)	21.04	159.80
Profit/(Loss) Before Tax (Rs. Lakhs):	392.71	196.56	(744.40)	1,073.52	1,848.73
PAT (Rs. Lakhs):	251.85	137.67	(591.99)	747.01	1,330.47
Total Comprehensive Income (Rs. Lakhs):	258.13	136.25	(597.77)	749.04	1,324.80
Basic & Diluted EPS (Rs.):	1.37	0.75	(3.22)	4.07	7.24

The consolidated balance sheet as at March 31, 2026 shows total assets of Rs. 22,601.50 lakhs against Rs. 22,247.13 lakhs as at March 31, 2025. Total consolidated equity stood at Rs. 13,775.66 lakhs, with other equity at Rs. 11,939.25 lakhs. The company's operations are limited to a single segment — manufacturing stainless steel seamless pipes, tubes, flanges, and fittings.

Consolidated Cash Flow Highlights

On a consolidated basis, net cash flow from operating activities for the year ended March 31, 2026 was Rs. 1,726.60 lakhs compared to Rs. (901.20) lakhs in the prior year. Net cash flow used in investing activities was Rs. (623.50) lakhs versus Rs. (1,429.34) lakhs previously. Net cash flow used in financing activities amounted to Rs. (1,106.61) lakhs, inclusive of an interim dividend of Rs. (275.46) lakhs. The closing balance of cash and cash equivalents stood at Rs. 12.33 lakhs.

Cash Flow Item:	FY26 (Rs. Lakhs)	FY25 (Rs. Lakhs)
Net Cash Flow from Operating Activities:	1,726.60	(901.20)
Net Cash Flow (used in) Investing Activities:	(623.50)	(1,429.34)
Net Cash Flow (used in) Financing Activities:	(1,106.61)	2,315.23
Closing Cash and Cash Equivalents:	12.33	15.84

Key Board Decisions and Appointments

Beyond the financial results, the Board approved several significant matters at the May 07, 2026 meeting:

Decision:	Details
Internal Auditor (FY 2026-27):	M/s Trivedi Parikh & Shah, Chartered Accountants (FRN: 131671W) — Re-appointment
Cost Auditor (FY 2026-27):	M/s Kiran J. Mehta & Co., Cost Accountants — Re-appointment
AGM Scrutinizer:	M/s Hardik Jetani & Associates, Practicing Company Secretary
33rd AGM Date:	Friday, June 26, 2026, via Video Conferencing (VC) / OAVM
Draft Director's Report:	Approved for Financial Year 2025-26
Draft AGM Notice:	Approved for 33rd Annual General Meeting

The auditor's report on the standalone and consolidated financial results was issued by Rinkesh Shah & Co., Chartered Accountants (FRN: 129690W), with an unmodified opinion. The auditors noted that figures for the quarter ended March 31, 2026 represent balancing figures between the audited full-year results and the published unaudited year-to-date figures up to the third quarter. The company also confirmed that there were no investor complaints received or pending as on March 31, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.76%	+2.97%	-4.90%	-13.19%	-34.12%	-21.96%

Suraj Limited has received its secretarial compliance report for the financial year ended March 31, 2026, prepared by Hardik Jetani & Associates, Practicing Company Secretaries. The report, prepared pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, identifies three deviations from compliance requirements during the review period.

The report examined compliance with various SEBI regulations including the SEBI (LODR) Regulations, 2015, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and SEBI (Prohibition of Insider Trading) Regulations, 2015, among others.

Compliance Deviations Identified

The practicing company secretary noted three specific deviations during the review period:

Sr. No.	Compliance Requirement	Deviation	Stock Exchange	Fine Amount
1	Regulation 24A (2) - Secretarial compliance report submission	PDF of secretarial compliance report not submitted	BSE Limited	Rs. 61160 including GST
2	Regulation 33 - Filing of Financial Results	Non-compliance with submission of Standalone cash flow for the year ended March 2025	National Stock Exchange of India Limited	Rs. 81000/- including GST
3	Regulation 23(9) - Related Party Transactions disclosure	Delayed submission of RPT disclosure for the half year ended March 31, 2025	National Stock Exchange of India Limited	-

Management Response and Observations

Regarding the first deviation, the company stated that it had duly complied with the requirement within the prescribed timeline by filing the Annual Secretarial Compliance Report (ASCR) in XBRL format on May 23, 2025. However, due to an unintentional and inadvertent oversight, the PDF version could not be uploaded on the BSE portal, which was described as purely procedural in nature.

For the standalone cash flow statement omission, management attributed the issue to a technical error during the scanning process, stating the omission was unintentional and procedural without any intent to withhold material information.

The delayed RPT disclosure was attributed to circumstances beyond the company's control, including the first-time implementation of the Integrated Filing – Financials in XBRL system and slow internet connectivity issues that prolonged the submission process.

Overall Compliance Status

Despite these deviations, the report confirmed that Suraj Limited has complied with provisions of applicable regulations and circulars in other areas. The company maintains compliance with Secretarial Standards issued by ICSI, has adopted and updated all applicable policies under SEBI regulations, and maintains a functional website with timely dissemination of required documents.

The report also confirmed that none of the directors are disqualified under Section 164 of Companies Act, 2013, and the company is in compliance with prohibition of insider trading regulations. The listed entity does not have any material subsidiary, and there were no instances of resignation of statutory auditors during the review period.