India’s pipes sector, valued at USD 14.4 billion in 2024, is projected to reach USD 41.6 billion by 2034, driven by infrastructure and housing demand. The lighting market, worth USD 7 billion in 2024, is expected to grow to USD 22 billion by 2032, fueled by urbanization and the adoption of energy-efficient solutions like LEDs. Both sectors are experiencing robust, double-digit growth.
With a market capitalization of Rs 6,438.76 crore, the shares of Surya Roshni Ltd were trading at Rs 295.85 per share, decreasing around 0.30 percent as compared to the previous closing price of Rs 296.75 apiece.
Future Outlook
According to the recent concall, the company plans to expand capacity from 1.2 million to ~2 million tons by FY27 with a Rs 500 crore capex. Key additions include Bahadurgarh, Gwalior, Bhuj, and Hindupur plants. Greenfield projects are planned in Bombay and Vizag. Current and upcoming facilities operate at around 85 percent utilization.
Furthermore, the company is entering domestic wiring cables with a Rs 25 crore capex, targeting Rs 100 crore revenue in FY26 and Rs 500 crore in three years. With 60 percent of outlets already selling wires, demand is strong. In pumps, it targets Rs 25 crore in FY26 and a 5 percent market share.
Additionally, for FY26, the company targets volumes of ≥1.1 million tons, supported by US exports. EBITDA/ton is guided at Rs 5,800– Rs 6,000, up from Rs 5,400. Long-term, it expects a 12–15 percent volume CAGR in pipes, with value-added products forming 55–60 percent of revenue.
Also read: Textile stock jumps 7% after company’s revenue increases by 3095% YoY
Financial & operational highlights
Looking forward to the company’s financial performance, revenue increased by 3 percent from Rs 2,080 crore in Q4FY24 to Rs 2,146 crore in Q4FY25. Further, during the same time frame, net profit increased by 25 percent from Rs 104 crore to Rs 130 crore.
The company’s Lighting exports grew 50 percent YoY from a low base of Rs 40–50 crore, driven by interest from global players amid China’s tariff challenges. For FY26, the company targets double-digit growth in both Lighting and Consumer Durables, leveraging export momentum and expanding international opportunities.
Surya Roshni Limited 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.).
Written by Abhishek Singh
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