Surya Roshni Limited conducted its Q3FY26 earnings conference call on February 11, 2026, where management discussed quarterly performance and provided forward-looking guidance for FY27. The call was led by Managing Director Raju Bista alongside senior leadership team including CFO B.B. Singal and divisional CEOs.

Q3FY26 Financial Performance Overview

The company reported consolidated revenue of ₹1,927 crore for Q3FY26, representing a 3% year-on-year increase from ₹1,868 crore in Q3FY25. EBITDA stood at ₹148 crore with margins of 7.7%, while profit after tax declined to ₹80 crore from ₹90 crore in the corresponding quarter of the previous year.

For the nine-month period ended December 2025, consolidated revenue reached ₹5,377 crore compared to ₹5,290 crore in the corresponding period of FY25, reflecting 2% growth. The company maintained its zero-debt status with a net cash surplus of ₹245 crore as of December 31, 2025.

Steel Pipes and Strips Segment Analysis

The Steel Pipes and Strips segment reported revenue of ₹1,451 crore in Q3FY26, up 2% from ₹1,417 crore in Q3FY25, with dispatch volumes of 2.37 lakh tonnes. However, EBITDA margins faced pressure due to inventory losses of approximately ₹500 per tonne arising from steel price corrections during October-November.

Management highlighted that API segment volumes declined 35% year-on-year, impacting overall performance by ₹8-9 crore in EBITDA. However, hollow section and structural pipes showed strong momentum with 25% quarter-on-quarter growth, supported by infrastructure and industrial demand.

Lighting and Consumer Durables Performance

The Lighting and Consumer Durables segment delivered stable performance with revenue of ₹476 crore, representing 6% year-on-year growth and 10% sequential improvement over Q2FY26. The segment benefited from festive season demand and strong performance across consumer lighting categories.

Consumer lighting categories showed robust volume growth, with LED bulbs recording 37% growth, LED battens growing 16%, and downlighters registering 15% growth during the quarter. The newly launched wire business, introduced in August, has received strong market acceptance.

Strategic Developments and Order Book

A significant milestone was achieved with the successful manufacturing of API 5CT ERW casing pipes for ONGC, making Surya Roshni the first company in India to get ERW pipes approved as an alternative to seamless pipes. The company has already dispatched the first order of 4,500 tonnes.

The order book comprises spiral pipes, exports, and domestic API orders, providing strong revenue visibility for Q4FY26, which management expects to be the highest-volume quarter historically.

FY27 Guidance and Outlook

Management provided confident guidance for FY27, targeting volume growth of 17-18% in the steel division. Key projections include achieving 11 lakh tonnes volume with minimum EBITDA of ₹5,000 per tonne, translating to ₹540-550 crore EBITDA for the steel division alone.

For the lighting segment, management targets 15% growth with revenue reaching ₹2,100 crore and EBITDA of ₹200 crore. The company expects Q4FY26 EBITDA of ₹200-210 crore, including inventory gains of ₹40-45 crore from steel price recovery.

Capacity Expansion and Export Strategy

The company continues investing in capacity expansion across plants at Anjar, Gwalior, Bahadurgarh, and Hindupur, with ongoing CAPEX of ₹250 crore. Export volumes grew 9% year-on-year, accounting for 19% of total sales, with management focusing on Middle East and African markets to offset European quota restrictions.

Despite challenges from EU quotas and Carbon Border Adjustment Mechanism, management remains confident about export prospects, targeting diversification into new markets while maintaining competitive positioning in existing regions.

Surya Roshni Limited has announced that its board of directors will convene on February 11, 2026, to review and approve the company's unaudited financial results for the third quarter of fiscal year 2026. Following the board meeting, the company will host an earnings conference call to discuss financial and operational performance with investors and analysts.

Board Meeting and Earnings Call Schedule

The company has informed both the Bombay Stock Exchange and National Stock Exchange of India about the upcoming board meeting and earnings conference call through official communications. The board meeting will consider and approve unaudited standalone and consolidated financial results, followed by an investor presentation and conference call on the same day.

Conference Call Access Information

The earnings conference call will be accessible through multiple dial-in numbers to accommodate both domestic and international participants. The company has provided comprehensive access details for investors and analysts.

Management Participants

The conference call will feature key members of Surya Roshni Limited's senior management team who will discuss the company's financial and operational performance for the quarter ended December 31, 2025.

Trading Window and Regulatory Compliance

In compliance with insider trading regulations, Surya Roshni Limited has implemented a trading window closure for its securities. The restriction on trading activities was initially communicated to the exchanges on December 20, 2025, and will remain in effect until February 13, 2026.

The announcements demonstrate the company's adherence to SEBI's disclosure requirements under Regulation 30 and other applicable provisions of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The communications were signed by B B Singal, who serves as both Chief Financial Officer and Company Secretary of Surya Roshni Limited.