Ladies and gentlemen, good day and welcome to the Surya Roshni Limited Q4 FY 2026 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 guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all lines will be in listen-only mode. 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.
Thank you very much. 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 and Consumer Durable. Mr. Naresh Singhal has also joined us, Executive Director, Steel, and SGA, our investor relations and advisor. I hope everyone had an opportunity to go through the financial results. Moving on to the overall financial performance highlight. In Q4 FY 2026, our consolidated revenue stood at INR 2,163 crore, remaining broadly stable year-on-year. EBITDA for the quarter stood at INR 170 crore with margins of 7.9%, reflecting sequential improvement driven by better realization and improved product mix. PAT for the quarter stood at INR 98 crore.
For the full year FY 2026, consolidated revenue stood at INR 7,540 crore as compared to INR 7,436 crore in FY 2025, reflecting stable growth in a challenging operating environment. EBITDA for the year stood at INR 541 crore and PAT at INR 286 crore. We remain a zero-debt company with a net cash surplus of INR 340 crore as of March 31, 2026. We have declared a final dividend of INR 2.5 per share, demonstrating our ongoing commitment to delivering shareholder value. This is in addition to the interim dividend of INR 2.5 per share already distributed and dispersed. Total of INR 5 dividend for the full year of FY 2026. Coming to the Lighting Consumer Durable. The Lighting and Consumer Durable segment delivered growth during Q4 FY 2026 with a revenue of INR 501 crore.
I'm particularly pleased to highlight that March 2026 was our ever-highest monthly sale 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 INR 44 crore with margins of 8.8%, broadly stable despite some input cost pressures. For FY 2026 as a whole, segment revenue grew by 7% year-on-year to INR 1,809 crore, while EBITDA at INR 156 crore. Professional lighting business achieved double-digit revenue growth at INR 473 crore for the full year, being 26% share in the total revenue of lighting segment, and ended Q4 FY 2026 with an order book of INR 160 crore, providing healthy near-term execution visibility. In wire and cable, the business closed at INR 38 crore in FY 2026.
We are now fully end-to-end manufacturer in this category with our 180-meter reel placed in the market and our DBT-enabled electrician loyalty program fully operational. Our FY 2027 revenue target for the wire and cable business is INR 260 crore, firmly on track with the three years guidance of INR 500 crore-INR 600 crore business. Overall, we are targeting value growth of 22%-25% in lighting annually and the consumer durable segment overall over the medium term, supported by deeper distribution penetration and urbanization 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 FY 2026 despite continued geopolitical disturbances and volatility across markets.
Revenue for the quarter stood at INR 1,662 crore even as year-on-year performance was impacted by elevated steel prices volatility and the complete absence of export on account of the Middle East current crisis. Volume for the quarter stood at 2.6 lakh tonnes, the ever highest quarter volume for the business so far. EBITDA for the quarter stood at INR 126 crore with EBITDA per tonne to INR 5,121 per tonne. For the full year FY 2026, for the steel business, the business reported revenue of INR 5,731 crore, reflecting stable year-on-year performance. Overall volume stood up at 9.04 lakh tonne, a growth of 3% year-on-year on volume terms. The capacity utilization of 78%-80% was maintained throughout the year, even in a challenging operating environment. Most importantly, the value-added product contributed 43% of overall volume during the year FY 2026.
On export our business expanded its footprint into newer geographies during the year, including the U.K. market for the section pipe, while strengthening our order visibility across North America and Europe. Export stood at 1.36 lakh tonne for the FY 2026, and we are targeting to cross 2.5 lakh tonne in the coming year, FY 2026. The current order book of Steel Division is about INR 1,000 crore plus, led by export spiral and some domestic API orders, providing strong visibility for H1 FY 2027, which is expected to be the highest ever half year for value-added product sales. Looking ahead to FY 2026, we are targeting overall volume of 11 lakh tonnes, representing growth of nearly 21%-22% over to FY 2026, supported by improving utilization level, 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 being well, and we are well positioned to capture that upside. Now I will like to request Mr. B.B. Singal, our CFO, to share his few points.
Thank you, respected analysts, and a very good afternoon to all the participants on the call. For the quarter, the revenue was INR 2,163 crore as compared to INR 2,146 crore, a growth of 1% year-on-year basis. EBITDA and PAT stood at INR 170 crore and INR 98 crore respectively as compared to INR 211 crore and INR 130 crore respectively. For FY 2026, the revenue was INR 7,540 crore as compared to INR 7,436 crore, a growth of 1% year-on-year basis. EBITDA and PAT stood at INR 541 crore and INR 286 crore as compared to INR 609 crore and INR 347 crore respectively. In Lighting and Consumer Durables, for the quarter, the revenue stood at INR 501 crore as against INR 458 crore, a growth of 9% year-on-year basis.
EBITDA and PBT stood at INR 44 crore and INR 33 crore as compared to INR 47 crore and INR 37 crore respectively. For FY 2026, the revenue stood at INR 1,809 crore as against INR 1,690 crore, a growth of 7% year-over-year basis. EBITDA and PBT stood at INR 156 crore and INR 115 crore in FY 2026 as compared to INR 162 crore and INR 125 crore respectively in the same period last year. In the Steel Pipes and Strips, during Q4 FY 2026, the revenue was INR 1,662 crore as compared to INR 1,688 crore. Similarly, EBITDA per metric ton stood at INR 5,121 compared to INR 6,708 in the same period last year. EBITDA and PBT stood at INR 126 crore and INR 98 crore as against INR 164 crore and INR 158 crore respectively. For FY 2026, the revenue was INR 5,731 crore as compared to INR 5,749 crore.
Similarly, EBITDA per metric ton stood at INR 4,553 compared to INR 5,392. EBITDA and PBT stood at INR 385 crore and INR 269 crore in FY 2026 as against INR 446 crore and INR 341 crore 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 fund of INR 337 crore in FY 2026. In Q4 FY 2026, 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%. On a yearly basis, net working capital cycle was 66 days with a return on capital employed, ROCE, of 15.93% and a return on equity, ROE, of 11.21%. With this, I conclude the presentation and we can now open the floor for further questions and answers. Thank you.
Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Adityap` al from MSA Capital Partners. Please go ahead.
Hello. Am I audible?
Yes.
Yes, sir.
Fine. Thank you so much for the opportunity. Sir, what happened this quarter? We had said that our FY 2026 performance will be good. In the last quarter, we had said that Q4 will be very strong for us. We'll be doing close to 5,500 to 6,000 of EBITDA per ton in our sales business. Even when I look at volumes, volume has increased only by 1% or 2%. It cannot be the market as well because all our competitors have actually given a very strong Q4. It's not even that when we see the difference, it's not like 2%, 3%. There's a humongous difference. I've been asking this question again and again that is there something on the ground where you are seeing a difference, what the competitor is doing that they are able to grow and we are not able to?
If you can just talk about this. I have another question after this.
Yeah. Mr. Pal, thank you very much. [Non-English content] .
Sir, I agree. [Non-English content] ?
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Thank you. Participant you may press and one to asked a question. Next question is from the line of Love Gupta from Counter Cyclical Investments. Please go ahead.
Thank you for the opportunity, sir. I wanted to understand is there any update on the demerger of the Lighting and Consumer Durable business and what is the expected timeline? Any progress on that front?
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[Non-English content ] We will come to you very soon.
Okay sir, thank you.
Thank you. Participants you may press star and one to ask questions. Next question is from the line of Viraj Mehta from Enigma Investment Partners LLP. Please go ahead.
Hi sir.
Hello.
Hello sir. Sir, [Non-English content] , we are not able to achieve that also and this is third quarter in a row [Non-English content] first of all it is very disappointing little bit [Non-English content] ? Aspiration as far as growth in domestic market is concerned?
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Sir, substantial decrease in EBITDA per ton because this year also for the full year we have done higher than that. In fact Q4 [Non-English content]
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Right.
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You mean FY 2027, right?
Yeah, FY 2027.
Sir, last question. [Non-English content]
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Sir, last year [Non-English content]
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Thank you, sir.
Thank you. Next question is from the line of Pratik Singhania from SageOne Investment . Please go ahead.
Sir, [Non-English content] ?
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Sir, API [Non-English content] ?
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Overall total Steel Pipe [Non-English content] 15%-16%.
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Sir, 15-16% [Non-English content] sir.
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Thank you. Participants, please limit the question to only two question per participant. Should have a follow-up question, we request you to rejoin the queue. Next question is from the line of Kiran from Table Tree Capital. Please go ahead.
Thank you for the opportunity. Sir, [Non-English content ] in terms of seamless to ERW. It's supposed to be large opportunity. Q3 [Non-English content] There is just too much focus on oil and oil pipes and exploration because of higher oil prices. [Non-English content] seamless to ERW even without any new CapEx [Non-English content] , which is a very large opportunity and there is just tremendous value for us. [Non-English content] ? Will we be able to gain substantial volumes? Is that low pricing or high pricing? [Non-English content ].
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Got it, sir. The 11 lakh tons doesn't include any volume from this opportunity.
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[Non-English content ] Sir. Sir, the second question is from a growth perspective. If I see the EBITDA and I am sure the feedback from all the other previous participants are also well taken. In terms of EBITDA we have stagnated for 4-5 years now. INR 440 [Non-English content ] . We are now again at INR 535. INR 535 crore-INR 540 crore. [Non-English content] Hope that happens, sir. How much confidence you have that we will jump to INR 700 crore, [Non-English content] That is point, question number one. Question number two, [Non-English content] 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 so forth. We are one of the largest buyers of HR coil, [Non-English content] EBITDA stagnation to INR 700 crore, what are the risks and how confident you are? Point number two, steel buying. Is there any constraint in the market?
Multiple industrial companies are talking about this constraint that they are not getting steel as much as they require.
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Got it. Thank you so much. Join back in the queue.
Thank you. Participants, please limit your question to only two question 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 & Co. Please go ahead.
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Sir, EBITDA per ton [Non-English content]
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Thank you. Next question is from the line of Yogesh from Magnus. Please go ahead.
Hello. Thank you so much for taking my question, sir. Sir [Non-English content] .
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Okay sir. Thank you, that was my question. Thank you.
Thank you. Ladies and gentlemen, we will take that as our last question for today. I now hand the conference over to Mr. B.B. Singal for his closing comments. Thank you and good evening.
Thank you for joining us on this earnings call. We appreciate your interest in Surya Roshni Limited. I sincerely once again thank our MD sir and the CEOs for sparing their valuable time and addressing queries raised by participants who attended the call. For any further queries, if any, you can contact SGA, our investor relation advisor. Thank you, good evening once again.
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Thank you.
Thank you. On behalf of Surya Roshni Limited, that conclude this conference. Thank you for joining us and you may now disconnect your lines.