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Swing Capital

Surya Roshni Ltd

NSE: SURYAROSNI BSE: 500336

Surya Roshni Limited incorporated in 1973 has emerged as India’s largest ERW Pipes exporter, largest GI Pipes producer, and the second largest in the lighting segment. Its focus is on developing the value-added product mix (3LPE Coated pipes, Alkyd pipes, etc.) [1]

₹240
52W: ₹187 — ₹359
PE 16.4 · Book ₹115 · +109% vs book
Market Cap₹5,229 Cr
Stock P/E16.4Price to Earnings
ROCE20.7%Return on Capital
ROE14.9%Return on Equity
Div. Yield1.7%Face Value ₹5

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 27.5% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 20.7%

Weaknesses

  • −The company has delivered a poor sales growth of 6.34% over past five years.

Shareholding Pattern

Promoters63%
FIIs4.68%
DIIs2.1%
Public30.2%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters62.96%62.96%62.47%▼0.562.47%62.47%62.47%62.89%▲0.463%▲0.1
FIIs4.49%4.87%▲0.44.53%▼0.34.12%▼0.44.67%▲0.54.94%▲0.34.75%▼0.24.68%▼0.1
DIIs1%1.03%▲0.01.46%▲0.41.63%▲0.21.69%▲0.11.67%▼0.02.04%▲0.42.1%▲0.1
Public31.27%31.02%▼0.331.49%▲0.531.75%▲0.331.15%▼0.630.9%▼0.330.31%▼0.630.2%▼0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,9161,9382,0801,8931,5291,8682,1461,6041,8451,927
Expenses1,7781,7831,9151,7421,4521,7181,9431,5351,7271,782
Operating Profit1371551661517615020270118145
OPM %7%8%8%8%5%8%9%4%6%8%
Net Profit7690104923690130347480
EPS ₹3.494.144.774.251.664.135.981.543.413.66

AI Insights

Revenue Trend

TTM revenue at ₹7,522Cr, up 1.2% YoY. OPM at 7%.

Debt Position

Borrowings at ₹124Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.

Capex Cycle

CWIP at ₹16Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.1% (+1.65pp change). FIIs: 4.68% (-0.19pp change). Promoters hold 63%.

Margin & Efficiency

ROCE improving from 11% (Mar 2014) to 21% (Mar 2025). Working capital days: 63.

Valuation

PE 16.4x with 20.7% ROCE. Price is 109% above book value of ₹115. Dividend yield: 1.7%.

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