Iron & Steel Products company Surya Roshni announced Q2FY26 results Consolidated revenue up 21% YoY to Rs 1,845 crore; EBITDA up 69% YoY to Rs 141 crore; PAT up 116% YoY to Rs 74 crore Steel Pipes business delivered 24% YoY revenue growth (with the highest-ever Q2 volumes); exports volume up 45% YoY; EBITDA/ton surged 73% YoY to Rs 5,013 Lighting & Consumer Durables revenue up 10% YoY with double-digit volume growth in LED lamps, battens, and streetlights Net cash surplus of Rs 246 crore as on 30th September 2025 Declared an Interim Dividend of Rs 2.50 per share (50% of face value of Rs 5 per share) Healthy capacity utilization across plants, a strong Rs 875-crore order book in Steel Pipes and Lighting & Consumer Durable segment. Company’s Managing Director, Raju Bista, said “We delivered a robust performance in Q2FY26, with strong growth across key parameters. Consolidated revenue grew 21% YoY to Rs 1,845 crore, while EBITDA rose 69% YoY to Rs 141 crore. PAT more than doubled, rising 117% YoY to Rs 74 crore, reflecting improved profitability across both business segments. The Lighting & Consumer Durables business sustained steady growth with revenues rising 10% YoY to Rs 434 crore. Margins improved sequentially, driven by better product mix, strong festive demand, and continued traction in professional lighting. The Steel Pipes business reported a robust 24% YoY revenue growth led by strong export momentum and higher share of value-added products. EBITDA more than doubled YoY to Rs 102 crore, supported by improved realizations and operational efficiencies. To reward the shareholders, Board of Directors approved an Interim Dividend of Rs. 2.50 per share (50% of the face value of Rs. 5 per share) With healthy capacity utilization across plants, a Rs 875 crore order book in Steel Pipes segment and Lighting and Consumer Durable segment, the company remains confident of maintaining its growth momentum in H2FY26.” “In Lighting and Consumer Durables, we delivered a healthy performance in Q2FY26, supported by improved demand momentum during the festive season and healthy contribution from both lighting and durables categories. EBITDA margins expanding to 9.0% from 7.7% in Q1 reflect better operating leverage and cost control. Our lighting portfolio delivered a robust performance. In Q2FY26, LED lamps recorded a strong 37% growth versus last year. Battens also grew by 36% in Q2, while the downlighter category saw a notable 22% growth. Street lighting was the standout performer, growing an impressive 104% in Q2 on a year-on-year basis. Professional Lighting business grew by 25% in Q2FY26, supported by strong demand across solar, facade, industrial, and both indoor and outdoor segment. Price erosion in the LED category continued across the industry, though its intensity has reduced over the past two quarters. The market remains competitive, but our strong backward integration, diversified product mix, and cost efficiencies have helped us maintain profitability. In our Consumer Durable portfolio, fans and appliances witnessed a relatively muted performance in the first half due to climatic factors, though we expect a strong rebound in the second half. During the quarter, we achieved an important milestone by launching our first digital water heater, reflecting our focus on innovation, modernization and enhanced customer comfort. We also began in-house manufacturing of exhaust fans and induction appliances, further strengthening our cost control, design capability and delivery timelines. The domestic wire business, which we had soft-launched in August, has received excellent feedback on product quality, pricing, and performance. We remain on track to achieve our FY26 revenue guidance of Rs 150 crore. Overall, we remain confident of achieving our full-year guidance for the Lighting and Consumer Durables business for a top line of Rs 1,850–Rs 1,900 crore and EBITDA of about Rs 180 crore.” “In the Steel Pipes and Strips, we delivered a strong performance during Q2FY26, marked by healthy rebound in volumes and significant improvement in profitability, despite a challenging operating environment. Revenue for the quarter grew 24% year-on-year to Rs 1,411 crore, driven by a 26% increase in overall volumes and an improved product mix. EBITDA rose sharply by 113% year-on-year to Rs 102 crore, while on a sequential basis too EBITDA nearly doubled, reflecting strong operational execution and price discipline. EBITDA per ton stood at approximately Rs 5,013, compared to Rs 2,901 in Q2FY25 - representing a 73% year-on-year increase & Rs 2,922 in the previous quarter - representing a 72% sequential increase This robust performance improvement was achieved despite several external headwinds, including an extended monsoon across many parts of the country, which impacted demand and delayed project execution. The GI Pipes segment, which primarily caters to agriculture, was particularly affected. Extended rainfall and limited fund releases from the central government to state agencies delayed agricultural and rural infrastructure projects, resulting in muted domestic demand for GI pipes. However, this was more than offset by encouraging traction in the API and Cold Rolled (CR) strip categories as well as by a sharp uptick in exports. Domestic volumes, too, grew by about 22% year-on-year, supported by improved performance in the API and CR segments. Within product categories, API pipe volumes grew by nearly 86% year-on-year in Q2, supported by orders from private oil and gas players. However, the pace of tendering from PSUs remained slow, as the central government temporarily redirected funding towards defence and other strategic areas. Our export business recorded an impressive 45% year-on-year growth in volume and a 29% increase in value, driven by strong demand from European and Canadian buyers who pre-poned purchases ahead of the implementation of the Carbon Border Adjustment Mechanism (CBAM) and quotas. This prebuying helped us deliver the highest-ever Q2 volumes in the company’s history. Looking ahead, we see a much-improved outlook for H2FY26. Demand is expected to recover with the pick-up in government project execution, especially as departments rush to utilize budgetary allocations before year-end. Agricultural demand should revive in the next few months as rainfall recedes. Also, the recent reduction in GST on key consumer and industrial products has started to improve overall consumption sentiment. We also expect demand for construction steel to strengthen as the liquidity of cement and steel supply chains normalizes post the GST rate cut.” Vinay Surya – Managing Director said, “In Lighting and Consumer Durables, we delivered yet another quarter of solid performance, reflecting the strength of our diversified product portfolio and strong distribution reach. The sustained margin recovery also underscores our focus on operational efficiency, disciplined cost management and the growing contribution from higher-value product categories. Our capacity utilization levels remained healthy across all product lines. Across our lighting manufacturing units, the glass, cap, and tube assembly lines operated at around 90% utilization, while LED lines ran close to full capacity. Overall, our average utilization stood close to 90%, higher than both Q1FY26 and Q2FY25, indicating strong execution momentum. Our PLI-linked investments have also been completed well ahead of schedule. We have already invested the full Rs 25 crore. The benefits of this investment are visible in terms of improved quality, enhanced design capabilities, better serviceability and increased customer trust. On the sustainability front, we have commenced installation of 3 MW of captive solar capacity across our lighting facilities at Malanpur and Kashipur, involving an investment of around Rs 10 crore. This initiative will meet around 40% of these plants’ power requirements, leading to cost savings while also reinforcing our commitment to renewable energy and green manufacturing. The monoblock pump business is progressing as planned, and we are confident of achieving our Rs 25 crore topline target for the year through channel expansion and network strengthening. Exports have also started contributing meaningfully to our growth story. In FY26, in lighting exports, we are targeting export revenues of around Rs 65 crore — a growth of nearly 30–35%. Looking ahead, our focus will remain on driving innovation, deepening distribution, enhancing exports and exploring synergistic diversification opportunities in allied domains such as renewable energy.” “In the Steel Pipes and Strips, we posted a marked improvement in operating performance during the second quarter, with both revenue and profitability registering strong growth on a year-on-year as well as sequential basis. Export performance was a standout this quarter, growing 45% year-on-year and enabling us to achieve the highest-ever Q2 volumes in the company’s history. Operationally, capacity utilization stood at around 80% during the quarter and we expect this to rise in the second half as demand momentum strengthens. Despite some pressure from falling steel prices during the quarter, we managed our inventory well. There was inventory loss of around Rs 500 per ton, primarily due to price correction in July. However, this was more than offset by improved realizations and higher operating efficiencies. During the quarter, we also made progress on several strategic cost and capacity initiatives. In-line with our strategic decision, a 1 MW rooftop solar plant is being installed at our Bahadurgarh facility, which will meet around 15% of the plant’s power requirement and contribute to reducing our fixed cost base. We are also implementing manpower optimization and productivity enhancement measures, expected to lower fixed costs by about 7–9%. Overall, this quarter reflects a strong turnaround for our Steel Pipes and Strips business, marked by record exports, sharp improvement in profitability, and continued momentum in value-added and highend product categories. With a solid order book, operational efficiencies, and new capacities coming onstream, we are well positioned for sustained performance improvement in coming months. However, we prudently recalibrate our full-year volume guidance to around 10 lakh tonnes, reflecting a balanced outlook grounded in realistic near-term demand trends and the visibility of stronger execution in the second half.” Commenting on the financial performance, Bharat Bhushan Singal – CFO said, “For the quarter, the revenue was Rs 1,845 crore as compared to Rs 1,529 crore, a growth of 21% YoY. EBITDA and PAT stood at Rs 141 crore and Rs 74 crore as compared to Rs 83 crore and Rs 34 crore, a growth of 69% and 117% YoY, respectively. For H1FY26, the revenue was Rs 3,450 crore as compared to Rs 3,422 crore. EBITDA and PAT stood at Rs 223 crore and Rs 108 crore as compared to Rs 242 crore and Rs 127 crore, respectively. In Lighting & Consumer Durables, for the quarter, the revenue stood at Rs 434 crore as against Rs 395 crore, a growth of 10% YoY. EBITDA and PBT stood at Rs 39 crore and Rs 29 crore, a growth of 10% and 11% YoY, respectively. For H1FY26, the revenue stood at Rs 832 crore as against Rs 781 crore, a growth of 7% YoY. EBITDA and PBT stood at Rs 70 crore and Rs 51 crore in H1FY26, as compared to Rs 70 crore and Rs 52 crore, respectively in the same period last year. In the Steel Pipes and Strips, during Q2FY26, the revenue was Rs 1,411 crore as compared to Rs 1,135 crore, a growth of 24% YoY. Similarly, EBITDA/MT stood at Rs 5,013 compared to Rs 2,901, a growth of 73% YoY. EBITDA and PBT stood at Rs 102 crore and Rs 70 crore as against Rs 48 crore and Rs 20 crore, a growth of 113% and 258% YoY, respectively. For H1FY26, the revenue was Rs 2,618 crore as compared to Rs 2,643 crore. Similarly, EBITDA/MT stood at Rs 4,037 compared to Rs 4,653. EBITDA and PBT stood at Rs 154 crore and Rs 95 crore in H1FY26 as against Rs 172 crore and Rs 117 crore, respectively in the same period last year. In Q2FY26, our Net Working Capital cycle was 63 days, with a Return on Capital Employed (ROCE) of 16.46% and a Return on Equity (ROE) of 11.90%. Improved capacity utilization, working capital optimization and cost rationalization enabled us to become a zero-debt company, and having cash surplus fund of Rs 246 crore in H1FY26.” Result PDF