Surya Roshni reported mixed set of results as its top-line was ahead of our estimate; however, EBITDA margin was slightly weaker than our forecast as Lighting & Consumer Durables EBITDA margin contracted 250 bps YoY to 8.2%. Nevertheless, Surya's Steel pipes segment EBITDA/t remained firm at Rs4,060 (+23% YoY). Also, its steel pipes order backlog continued to increase and stood at Rs10 bn which provides strong...