भारतीय मानक ब्यूरो
मानक पथप्रदर्शक: Bureau of Indian Standards
An IS/ISO 9001, An IS/ISO 14001 & IS: 18001 Company

SURYA

SURYA ROSHNI LIMITED

CIN -L31501HR1973PLC007543
Padma Tower-I, Rajendra Place, New Delhi-110 008
Ph.: +91-11-47108000 E-mail: [email protected]
Website: www.surya.co.in

SRL/26-27/10
June 02, 2026

The Secretary
The Stock Exchange, Mumbai
New Trading Ring, 14th Floor,
Rotunda Building, P.J.Towers,
Dalal Street, Fort,
MUMBAI - 400 001
Scrip Code: 500336

The Manager (Listing Department)
The National stock Exchange of India Ltd
Exchange Plaza, 5th floor
Plot No. C/1, G Block
Bandra Kurla Complex, Bandra (E)
Mumbai – 400 051
NSE Symbol: SURYAROSNI

Sub: Transcript of Earnings Call (Group Meet) for the Quarter and year ended 31st March, 2026.

Dear Sir,

This is with reference to the Company intimation dated 18th May, 2026 filed with the stock exchanges in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding the earning conference call (Group meet) to discuss the Audited financial results and operational performance for the quarter and year ended 31st March, 2026 scheduled for Monday, 25th May, 2026 at 4:00 P.M (IST).

Further to the audio recording filed with the stock exchanges already on 25th May 2026, we are enclosing the Transcript of the said Earnings Call (Group Meet).

The same is also being uploaded on the website of the Company at www.surya.co.in under Financials in the Investor section.

This is for your information and records.

Thanking you,

Yours faithfully
For Surya Roshni Limited

BHARAT | Digitally signed by
BHARAT
BHUSHAN SINGAL
Date: 2026.06.02
N SINGAL | 10:59:59 +03'30'

B B SINGAL
CFO & COMPANY SECRETARY

Enclosed: as above.

Regd. Office : Prakash Nagar, Sankhol, Bahadurgarh, Haryana - 124507

SURYA

"Surya Roshni Limited

Q4 FY26 Earnings Conference Call"

May 25, 2026

E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 25th May 2026 will prevail.

SURYA

MANAGEMENT: MR. RAJU BISTA – MANAGING DIRECTOR

MR. B. B SINGHAL – CFO AND CS

MR. GAURAV JAIN – CEO, STEEL DIVISION

MR. VASUMITRA PANDEY – CEO, LIGHTING DIVISION

MR. NARESH SINGHAL – ED, STEEL OPERATIONS

Page 1 of 13

SURYA

Surya Roshni Limited

May 25, 2026

Moderator:

Ladies and gentlemen, good day, and welcome to the Surya Roshni Limited Q4 FY26 Earnings Conference Call. This conference call may contain certain forward-looking statements about the company which are based on beliefs, opinions, and expectations of the company as on date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict.

As a reminder, all lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone.

I now hand the conference over to Mr. Raju Bista, Managing Director. Thank you, and over to you, sir.

Raju Bista:

Thank you very much and once again, good evening, everyone. On behalf of Surya Roshni Limited, I once again extend a very warm welcome to everyone for joining us today evening. On this call, we are joined by Mr. B.B. Singal, CFO and Company Secretary; Mr. Gaurav Jain, CEO, Steel Division; and Vasumitra Pandey, CEO, Lighting & Consumer Durables. Mr. Naresh Singhal has also joined us, Executive Director, Steel; and SGA, our Investor Relations Advisor. I hope everyone had an opportunity to go through the financial results.

Moving on to the overall financial performance highlights. In Q4 FY26, our consolidated revenue stood at ₹2,163 crores, remaining broadly stable year-on-year. EBITDA for the quarter stood at ₹170 crores with margins of 7.9%, reflecting sequential improvement driven by better realization and improved product mix. PAT for the quarter stood at ₹98 crores.

For the full year FY26, consolidated revenue stood at ₹7,540 crores as compared to ₹7,436 crores in FY25, reflecting stable growth in a challenging operating environment. EBITDA for the year stood at ₹541 crores and PAT at ₹286 crores.

We remain a zero-debt company with a net cash surplus of ₹337 crores as of March 31, '26.

We have declared a final dividend of ₹2.50 per share, demonstrating our ongoing commitment to delivering shareholder value. This is in addition to the interim dividend of ₹2.50 per share already distributed and disbursed. So, a total of ₹5.00 dividend for the full year of FY26.

Coming to the Lighting & Consumer Durables. The Lighting & Consumer Durables segment delivered growth during Q4 FY26 with a revenue of ₹501 crores. I am particularly pleased to highlight that March 2026 was our ever-highest monthly sales month across every business category in this segment, a milestone that reflects the enduring strength of the Surya brand and depth of our distribution network.

EBITDA for the quarter stood at ₹44 crores with margins of 8.8%, broadly stable despite some input cost pressure.

For FY26 as a whole, segment revenue grew by 7% year-on-year to ₹1,809 crores, while EBITDA at ₹156 crores.

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Surya Roshni Limited

May 25, 2026

The Professional Lighting business achieved double-digit revenue growth at ₹473 crores for the full year, being a 26% share in the total revenue of the Lighting segment and ended Q4 FY26 with an order book of ₹160 crores, providing healthy near-term execution visibility.

In Wire and Cable, the business closed at ₹38 crores in FY26. We are now fully end-to-end manufacturer in this category with our 180-meter reel packs in the market and our DBT-enabled electrician loyalty program fully operational. Our FY27 revenue target for the Wire and Cable business is ₹260 crores, firmly on track with the three-year guidance of ₹500 crores to ₹600 crores business.

Overall, we are targeting value growth of 22% to 25% annually in Lighting and Consumer Durables segment overall -- over the medium term, supported by deeper distribution penetration, premiumization and continued investment in brand building.

Coming to the Steel Pipe and Strip segment. The Steel Pipe and Strip segment delivered a resilient sequential performance during Q4 FY26 despite continued geopolitical disruptions and volatility across markets. Revenue for the quarter stood at ₹1,662 crores, even as year-on-year performance was impacted by elevated steel price volatility and the complete absence of exports on account of the Middle East current crisis.

Volume for the quarter stood at 2.6 lakh tons, the ever-highest quarter volume for the business so far. EBITDA for the quarter stood at ₹126 crores with EBITDA per ton to ₹5,121 per ton.

For the full year FY26 for the Steel business, the business reported revenue of ₹5,731 crores, reflecting stable year-on-year performance. Overall volume stood at 9.04 lakh tons, a growth of 3% year-on-year on volume terms. The capacity utilization of 78% to 80% was maintained throughout the year, even in a challenging operating environment. And most importantly, the value-added products contributed 43% of overall volume during the year FY26.

On exports, our business expanded its footprint into newer geographies during the year, including the UK market for the section pipe, while strengthening order visibility across North America and Europe. Exports stood at 1.36 lakh tons for FY26, and we are targeting to cross 2.5 lakh tons in the coming year.

The current order book of the Steel Division is about ₹1,000 crores plus, led by exports, spiral, and some domestic API orders, providing strong visibility for H1 FY27, which is expected to be the highest-ever half year for value-added product sales.

Looking ahead to FY27, we are targeting overall volume of 11 lakh tons, representing growth of nearly 21% to 22% over FY26, supported by improving utilization levels, phased commissioning of new capacities and strong contribution from value-added products.

We remain confident that the current global supply chain realignment presents a structural long-term opportunity for efficient Indian manufacturers with integrated capabilities. Surya Roshni is exceptionally well-positioned to capture that upside.

Now, I would like to request Mr. B.B. Singal, our CFO, to share his viewpoints.

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SURYA
Surya Roshni Limited
May 25, 2026

B.B. Singal:

Thank you, respected MD sir, and a very good afternoon to all the participants on the call. For the quarter, the revenue was ₹2,163 crores as compared to ₹2,146 crores, a growth of 1% year-on-year basis. EBITDA and PAT stood at ₹170 crores and ₹98 crores, respectively, as compared to ₹211 crores and ₹130 crores, respectively.

For FY26, the revenue was ₹7,540 crores as compared to ₹7,436 crores, a growth of 1% Y-on-Y basis. EBITDA and PAT stood at ₹541 crores and ₹286 crores as compared to ₹609 crores and ₹347 crores, respectively.

In Lighting and Consumer Durables, for the quarter, the revenue stood at ₹501 crores as against ₹458 crores, a growth of 9% Y-on-Y basis. EBITDA and PBT stood at ₹44 crores and ₹33 crores as compared to ₹47 crores and ₹37 crores, respectively. For FY26, the revenue stood at ₹1,809 crores as against ₹1,690 crores, a growth of 7% Y-on-Y basis. EBITDA and PBT stood at ₹156 crores and ₹115 crores in FY26 as compared to ₹162 crores and ₹125 crores respectively in the same period last year.

In the Steel Pipes and Strips, during Q4 FY26, the revenue was ₹1,662 crores as compared to ₹1,688 crores. Similarly, EBITDA per metric ton stood at ₹5,121 compared to ₹6,708 in the same period last year. EBITDA and PBT stood at ₹126 crores and ₹98 crores as against ₹164 crores and ₹138 crores, respectively. For FY26, the revenue was ₹5,731 crores as compared to ₹5,749 crores. Similarly, EBITDA per metric ton stood at ₹4,553 compared to ₹5,392. EBITDA and PBT stood at ₹385 crores and ₹269 crores in FY26 as against ₹446 crores and ₹341 crores respectively in the same period last year.

Improved capacity utilization, working capital optimization, and cost rationalization enabled us to become a zero-debt company and having cash surplus funds of ₹337 crores in FY26. In Q4 FY26, our net working capital cycle was 58 days with a return on capital employed, ROCE of 20.76% and a return on equity, ROE of 15.23%. And on a yearly basis, the net working capital cycle was 66 days with a return on capital employed, ROCE of 15.93% and a return on equity of 11.21%.

With this, I conclude the presentation and we can now open the floor for further questions and answers. Thank you.

Moderator:

Thank you very much. The first question is from the line of Aditya Pal from MSA Capital Partners. Please go ahead.

Aditya Pal:

Hello, am I audible?

Moderator:

Yes, sir.

Aditya Pal:

Hi, thank you so much for the opportunity. Sir, what happened this quarter? We said our FY26 performance would be good. Last quarter also we said that Q4 would be very strong for us. We will be doing close to ₹5,500 to ₹6,000 EBITDA per ton in our Steel business. And even when I look at volumes, volume has only grown by 1% to 2%. But then it cannot be the market as well, because all our competitors have actually given a very strong Q4.

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Surya Roshni Limited
May 25, 2026

It is not even that when we see the difference, it is not like 2% to 3%, there is a vast difference. And I have been asking this question again and again, is there something on the ground where you are seeing a difference in what the competitors are doing that they are able to grow and we are not able to? Sir, if you can just talk about this, I have another question I will ask after this.

Raju Bista:

Yes, Mr. Pal, thank you very much. Look, mainly whatever targets we had set, but as you all know, the Middle East crisis that occurred in late February caused our exports to immediately become almost nil. So on the export account, our supply decreased by about 12,000 tons of material that was ready. This was a major setback.

Secondly, overall, as soon as this Middle East crisis happened, there was a raw material crisis in India, which led to a bit of a shortage. Otherwise, if you look at the EBITDA for the whole year for the Steel Division. Our first quarter of FY26 had a setback because of SAP implementation. If we consider that, otherwise throughout the year, we have maintained our EBITDA, profitability and volume.

I can assure you that for FY27, whatever the situation with the Middle East crisis, considering all that, it will be the best year in history for Surya Roshni. Almost two months have already passed, and we are growing with extraordinary volume and very good profitability numbers will be visible in the coming time.

But in this, we are moving forward considering what the Middle East crisis could be and to what extent. So, you can assume that this year will see bumper growth on the volume front and an improvement on the EBITDA front as well.

Aditya Pal:

Sir, I agree. But you said the same thing two quarters ago and we assumed that what Raju ji is saying must be correct. But you said 12,000 tons were missed because of the Strait of Hormuz crisis. Will we book these 12,000 tons in Q1?

Raju Bista:

Yes, I will tell you one more thing. In the meantime, a good thing happened for us. The US market opened up for us. Already 65,000 tons of material is booked, and from this month, 10,000 tons per month is already added. So, you must have heard one thing in my commentary, last year where our exports were about 1.4 lakh tons, we will be exporting more than 2.5 lakh tons this year, almost double the growth in volume.

And this North America order book we have is about ₹1,000 crores, including some spiral. These are all value-added products. Already we are doing 43% of total volume in value-added. Otherwise, with this volume, it would be very difficult for any company to sustain. And in this, the entire segment that we are exporting, we will have an EBITDA of about ₹9,000 to ₹10,000 per ton. Because of this, your overall EBITDA per ton will also improve, and the quantity of value-added products will increase, leading to overall company growth. But this time, we are moving forward considering all these things, otherwise you will say Raju ji said it again and it didn't happen. In the whole year, we expect revenue of about ₹7,200 crores in the Steel Division.

And where we did 9 lakh tons this year (FY26), we are targeting a very reasonable volume growth of about 11 lakh tons from the Pipe segment. And where our EBITDA was ₹385 crores this year (FY26), we will do ₹470 crores to ₹480 crores this year (FY27), and it can even cross

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SURYA
Surya Roshni Limited
May 25, 2026

500 crores. So, rest assured, the numbers we have stated -- unless something sudden happens for which we cannot take a guarantee, but despite all issues and pressures, we have tried to perform well.

Aditya Pal:

Okay, Raju ji. My last question is about the new demand we are seeing. Demand is coming in India because of the city gas distribution pipeline expansion. Growth is also coming from the USA, as you highlighted. Are you seeing growth from the Middle East as well because there is talk of increasing pipelines there too? So, can you talk about the overall demand and, more importantly, how we will capture that demand?

Raju Bista:

Look, in India, you are right that whether it is the Har Ghar Jal scheme or city gas distribution, overall demand is increasing. But somehow, throughout FY26 and those numbers were visible in FY25 as well. In FY26 where the government budget for the Jal distribution program is there, Amrut, Har Ghar Jal program, Jal Jeevan Mission program is there and the government budget was about ₹55,000 crores, but the government distributed money was only ₹3,000 crores.

Because of this, there was an impact throughout the year, particularly for companies like ours. I am not in a position to say much now; demand is there, but at the same time, government spending must increase in India. As for the Middle East, we are maintaining our volume somehow so far, and because of the USA, a substantial improvement will be seen in the export business.

Aditya Pal:

Okay, sir. Wishing you all the very best. We will talk again in quee.

Raju Bista:

Yes.

Moderator:

Thank you. Next question is from the line of Love Gupta from Countercyclical Investments. Please go ahead.

Love Gupta:

Thank you for the opportunity, sir. So, I wanted to understand if there is any update on the demerger of the Lighting and Consumer Durable business and what is the expected timeline or any progress on that front?

Raju Bista:

No, I think once this crisis ends, hopefully by the next board meeting, we will be in a position to talk to the board and tell the shareholders. But overall, the external environment is not that friendly. So, our discussion on this subject happens every time. I think both businesses are doing well in their places lighting as well as steel and the company is cash surplus with no debt.

Despite fluctuations in the business, our position has been very good for the last 5 years, 7 years. We have also maintained that there should be quality business, it should be export-oriented, value-added and high margin. So, if you compare the EBITDA percentage with peers – despite being in the steel pipe business, it is very good.

I often say our relationship with the bank has ended; now our relationship is only with the shareholders. So even now, we ensure that apart from the corporate actions, one-third of the total profitability goes to the shareholders as dividends, one-third goes into business growth and the remaining one-third goes into our capex. So, one-third capex, one-third working capital &

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Surya Roshni Limited
May 25, 2026

growth, and one-third to shareholders and we have been maintaining this for the last 2 years, 3 years.

Love Gupta:
Okay. And sir, my second question is that we currently have ₹340 crores net cash surplus and our stock valuations are also quite reasonable now. So, is there any plan for a buyback? Is there any possibility of a buyback?

Raju Bista:
No, we had thought about it earlier, but the government regulations were not favourable. We have started considering it again; it has been reintroduced. So, we will come to you very soon.

Love Gupta:
Okay, sir. Thank you.

Moderator:
Thank you. Next question is from the line of Viraj Mehta from Enigma Investment Partners LLP. Please go ahead.

Viraj Mehta:
Hi, sir. Sir, the volume target you mentioned after Q3 in the February call, we were not able to achieve that also. This is the third quarter in a row where some issues crop up. So first of all, it is a little disappointing that what we say is not continuously happening. I understand it might not happen for one quarter, but it's not happening every quarter, which is a matter of concern as a shareholder. This is just feedback to you.

Sir, second, you said we will do 11 lakh tons. So, I have two questions there. One, if you are getting 1.10 lakh tons of incremental growth from exports, are we expecting only 70,000 to 80,000 tons incremental from the domestic market? Isn't this a very low aspiration as far as growth in the domestic market is concerned?

Raju Bista:
Viraj bhai, first, last time we talked about doing around 2.9 lakh tons, but it was 2.6 lakh tons in Q4. Mainly 10,000 to 12,000 tons of exports didn't happen and there was an issue with steel availability in the domestic market for that quantity. That's why we couldn't do the volume. But we are making up for it in this quarter (Q1FY27). Our Q1 will have the highest-ever volume, around 2.65 lakh tons in Q1 itself and we will grow by about 27% to 28%. Secondly, what were you asking? There was some disturbance on the line.

Viraj Mehta:
Sir, I was asking that if you are talking about going from 9.2 lakh tons to 11 lakh tons this year, while your incremental growth from exports alone is 1.1 lakh tons, are you expecting only 70,000 tons incremental from the domestic market? Isn't this a very low ambition for growth?

Raju Bista:
Viraj bhai, if I say 12 lakhs, then you will ask why I said 12 when it was 11.25. So, it's better if I say less and do more. I have learned this much in these last three quarters. The second issue, Viraj bhai, is the government spending, mainly in oil and gas. We are assuming that spending will remain a bit low this year as well, because of the pressure built up on gas and fuel and the overall environment. The government might delay or hold some projects. Considering all these things, we are keeping our volume and targets minimum, on the lower side. But rest assured, we will try as you said, if exports are increasing by 1.25 lakh tons, then according to you, the total volume for FY27 should be 13 to 13.5 lakh tons. But we will still try. 11 lakh tons is on the minimum side. We might do better than this, because we are achieving 2.60 lakh to 2.65 lakh tons in Q1 itself.

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Surya Roshni Limited
May 25, 2026

Viraj Mehta: Thank you, sir.

Moderator: Thank you. Next question is from the line of Pratik Singhania from Sage One Investments. Please go ahead.

Pratik Singhania: Sir, hi. Sir, if we look at our history of the last 5 years, our cumulative growth, I'm not talking about year-on-year, but cumulative growth, in our steel segment has been around 25% in 4 years, which means about 6% to 6.5% volume growth every year. So, India is growing so well, all other competitor companies are growing so well. What is the problem with us that something or the other happens only to us, and we are able to grow at only 6% CAGR in the last 4 years?

Raju Bista: No, what happened is, mainly during COVID and after that, for two years we didn't do any major capex. We have been doing it only for the last one and a half to two years. So that was one thing. And second, we didn't focus much on many of our non-profitable segments. Our focus was more on high-margin and more value-added products.

So, we did all that. And the capex that has already been done or the ongoing capex in the pipeline this year, considering all that, we expect to see substantial volume growth from this year. Otherwise, you are right that compared to the double-digit growth of the industry, our growth has been less. But in the meantime, our initial strategy in these 5 years was also to make the company debt-free, which we successfully did.

Pratik Singhania: Sir, but when you say we were focusing on high-value margin products, if I see the data in your presentation, and I see the division of API and Spiral pipes, and FY21 to FY26 data, we have done the weakest EBITDA per ton in FY26. We did 7,500 in FY21, then ₹9,000 per ton in FY22, ₹12,000 in FY23, ₹10,500 in FY24, ₹9,300 in FY25, and now ₹5,600 in FY26. So, our value-added segment, which ideally should grow EBITDA per ton, has been going down every year since FY23, and now it has come down a lot to ₹5,600?

Raju Bista: No, you are right. If you see the EBITDA per ton of API Spiral in this quarter, it has become even less than GI pipes.

Pratik Singhania: I am talking about yearly numbers.

Raju Bista: Yes, I agree with you. Where it used to be almost double, it has remained half. One big reason is that this is a tendering business, which is not in our control. And competition has also increased in this in recent years. And on top of that, there is pressure from government spending in volume as well. Even though it has decreased substantially, we have been able to maintain it somehow because the contribution of value-added in volume has increased. And as I just mentioned, because of the America export market, a lot of improvement will be seen in the coming year. The loss from API will be compensated from there.

Pratik Singhania: Where will the API loss be compensated from, sir?

Raju Bista: From the exports I mentioned, North America, where we already have an order book of almost 65,000 tons, and I think in a year, it will be around 1,20,000 tons. This is an altogether new

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Surya Roshni Limited
May 25, 2026

market for us that has opened from this year. And the EBITDA per ton in that is also above ₹9,000 to around ₹10,000.

Pratik Singhania:
So domestically, out of our total volume sales, how much of our volume is dependent on government spending? Or how much of our business goes to the government or the company that has taken a contract from the government and is doing construction? How much of our volume goes into government-related spending?

Raju Bista:
Overall, in the total Steel Pipe segment, it is about 15% to 16%.

Pratik Singhania:
No, sir, I am talking about your company.

Raju Bista:
Yes, I am talking about our company. In our overall product segment, the contribution of government or API or tender business is around 15% to 16%.

Pratik Singhania:
Sir, if 15% to 16% is so low, then?

Moderator:
Pratik, Sorry to interfere.

Pratik Singhania:
No, I just have to conclude a point. Sir, if 15% to 16% is so low, then the reason you are giving again and again that government spending is low, because of which volume growth is low, that reason doesn't seem justified to me. I think you should have some acceptance as to why we are not able to grow so much while others are able to grow - in FY26 as well, and our guidance. If you have acceptance, you will be able to work accordingly in the future. This is my belief, sir.

Raju Bista:
No, I understood your point. What I was saying about government API spiral pipes having high margins, contributes 15% to 16%. Otherwise, if you add water pipes and spiral, it becomes around 28% to 30%.

Pratik Singhania:
Okay, sir. I'll come back in the queue, sir.

Moderator:
Next question is from the line of Kiran from TableTree Capital. Please go ahead.

Kiran:
Thank you for the opportunity. Sir, two questions. First question, the opportunity we had with ONGC or other oil companies in terms of Seamless to ERW, right? It's supposed to be a large opportunity. We did 4,500 tons in Q3. There is just too much focus on oil and oil pipes and exploration because of higher oil prices.

So, this Seamless to ERW, which was going to happen even without any new capex, which is a very large opportunity and there is just tremendous value for us, is there any traction happening? In FY27, will we be able to gain substantial volumes? Is that low pricing or high pricing? It would be good if you could tell us about this in detail, sir.

Raju Bista:
This is a good opportunity, and regarding what you said about ONGC, basically compared to seamless, the welded pipe and in this, we have already supplied 5,000 tons. And to upgrade this, R&D is already going on for upgradeable 5CT. But its major impact will come in FY28. It's taking a little more time.

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Surya Roshni Limited
May 25, 2026

Kiran:
Got it, sir. So, the 11 lakh tons doesn't include any volumes from this opportunity?

Raju Bista:
No, it hasn't been considered in this because the capex we have done will take almost 9-10 months. So, its impact will come in FY28.

Kiran:
Okay, sir. Understood. Sir, the second question is from a growth perspective. If I see the EBITDA and I'm sure the feedback from all the other previous participants is also well taken - in terms of EBITDA, we have stagnated for 4 - 5 years now, sir, right?

So, we did 440 crore in March '22, steel prices fell, they are rising, so we are now again at ₹535 crores, ₹540 crores. So, we are saying we will jump from ₹540 crores to ₹700 crores in FY27. So, hope that happens, sir. How much confidence do you have that we will jump to ₹700 crores? What is the risk in this? That is question number one.

Question number two, we are hearing that getting steel from steel companies these days has become very difficult across the industry because there is just too much steel demand or steel prices are very high and so on and so forth. So, because we are one of the largest buyers of HR coil, is there any impact on us in Q1, Q2 in terms of steel buying?

So, these two questions, sir: one, EBITDA stagnation to ₹700 crores, what are the risks and how confident you are? Point number two, steel buying, is there any constraint in the market because multiple industrial companies are talking about this constraint that they are not getting steel as much as they require?

Raju Bista:
Look, two things. One, as far as risk is concerned, the numbers we have just told you are telling these numbers after considering all these risk factors. And this year, like FY27, the EBITDA of Steel and Lighting combined will be around ₹680 crores to ₹700 crores, which will be seen as a substantial improvement in the balance sheet. All risk factors that could be there are considered in this. If it goes beyond this, it will be a bonus, the chances of which are more likely.

Number two, as far as the issue of steel availability was concerned, it had an impact for the last 3-4 months, mainly because there was a substantial surge in steel after a long time, and because of that, demand had increased everywhere. And second, at the same time, because of this Middle East crisis, there was also an issue with gas availability. And many plants are gas based, so because of that, if some large plants face difficulty, so its impact is felt in the overall market.

So now it is almost sorted out for the last month, and I don't think any crisis will come in the future; it was temporary. And second, overall, in India, the availability of steel HR coil is increasing every year; in fact, a lot of capex and a lot of investment is already happening in this, which is also in the pipeline, and every year some quantity by millions is also increasing.

Kiran:
Got it. Thank you so much. Join back in the queue.

Moderator:
Thank you. Participants, please limit your question to only two questions per participant. Should you have a follow-up question, we request you to rejoin the queue. Next question is from the line of Saket Kapoor from Kapoor and Co. Please go ahead.

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May 25, 2026

Saket Kapoor:
Yes, Namaskar Raju ji. Is my voice reaching you?

Raju Bista:
It's reaching.

Saket Kapoor:
Yes sir, in the conversation going on now, if we want to understand in short, you have mentioned that for the current financial year, we expect a combined EBITDA of ₹680 crores to ₹700 crores, in which you are giving a volume trend of 11 lakhs for pipes, for our steel pipes. And in that too, you expect an EBITDA of ₹470 to ₹480 crores. Are these numbers correct, sir?

Raju Bista:
Right, right. Yes.

Saket Kapoor:
So, the remaining EBITDA number of ₹200 crores will come from our Lighting segment.

Raju Bista:
Let me tell you the projection for this year (FY27) once again. Overall, in Lighting and Steel, the revenue will be around ₹7,200 crores from the Steel Division and around ₹2,200 crores from the Lighting Division. So, the overall revenue will be ₹9,400 crores to ₹9,500 crores this year.

And as a company as a whole, we will grow by about 24% to 25%. Similarly, in EBITDA, it will be around ₹480 crores in the Steel Division and around ₹200 crores in Lighting. So, this will be around ₹680 crores. In this also, there will be a growth of 25-26%.

In this too, we have already considered some things because new labour law that has come, because of which there is an impact of ₹40 crores - ₹50 crores on every company. So, considering that, we are giving the numbers, otherwise, we could have done ₹750 crores as well.

Saket Kapoor:
And sir, regarding the EBITDA per ton, you gave two data points. The first data point you gave is that we have substantial orders for high-value products in which our per-ton EBITDA will be significantly higher. But overall, you are telling the per-ton EBITDA at ₹4,700 per ton. So, we are not able to understand these numbers, sir?

I mean, in value-added, you shared some number of ₹9,000 something. So, if you can explain why this is lower, sir, if we see the number of the last quarter or the number of the last financial year, the EBITDA per ton for steel pipes in comparison is on the lower side. So, if you can tell the reason for this?

Raju Bista:
In this, look, mainly what is happening is that our export business is around 20%, in that we will see a substantial improvement in EBITDA. In the rest of the business, we assume that in a tough market, there will be a negative impact.

So, considering both things, we assume ₹4,700 per ton EBITDA for the whole year. Because, I mean, FY27 will not that easy for any industry. The crisis that is there, the costs that have increased because of labor, fuel, electricity. We haven't talked about the Lighting Division yet. The impact in our input raw material imported is around 30% to 35%.

It's good that somehow it got passed on in the market, but it takes one or two months for it to be passed on, which reflects in the balance sheet. So, a lot has happened in the industry in every industry in these last three months.

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Surya Roshni Ltd. — Call Transcript 2026

61050_rns_2026-06-02_2d766484-8c33-41d4-8d84-719d47739d4f.pdf

SURYA ROSHNI LIMITED

Moderator:

Raju Bista:

B.B. Singal:

Moderator:

Aditya Pal:

Moderator:

Aditya Pal:

Aditya Pal:

Raju Bista:

Aditya Pal:

Raju Bista:

Moderator:

Love Gupta:

Raju Bista:

Viraj Mehta:

Raju Bista:

Viraj Mehta:

Raju Bista:

Viraj Mehta:

Raju Bista:

Viraj Mehta:

Raju Bista:

Viraj Mehta:

Raju Bista:

Sarket Kapoor:

Moderator:

Yogesh:

Raju Bista:

Yogesh:

Raju Bista:

Yogesh:

Raju Bista:

Yogesh:

Moderator:

B.B. Singal:

Raju Bista:

Moderator:

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Surya Roshni Ltd. Call Transcript 2026