Good evening, everyone. I am Raju Bista, Managing Director, Surya Roshni Limited.

On behalf of Surya Roshni Limited, I extend a very warm welcome once again to everyone for joining us today. On this call, we are joined by Mr.

B. B.

Singal, CFO and Company Secretary; Mr. Gaurav Jain, CEO, Steel Division; Mr.

Vasumitra Pandey, CEO, Lighting and Consumer Durables; Mr. Naresh Singhal, Executive Director, Steel; and SGA, our investor relations advisor.

I hope everyone had an opportunity to go through the financial results which were published just almost one hour before. Now moving on to the overall financial performance highlights: in Q1 FY '27, our consolidated revenue stood at ₹2,046 crore, up by 28% year-on-year.

EBITDA for the quarter at ₹120 crore; PAT for the quarter stood at ₹60 crore, up by 77% year-on-year. We remain a zero-debt company with a net cash surplus of about ₹155 crore as of June 30, 2026.

Coming to the lighting and consumer durable: the lighting and consumer durable segment delivered its strongest ever first quarter with revenues of ₹456 crore at about growth of 15% year-on-year. Growth was broad-based, led by LED bulb, batten, downlighter alongside continued momentum in appliances and professional lighting.

EBITDA for the quarter stood at ₹36 crore, which is up by 17% year-on-year with margins improving to 7.9% in Q1 FY '27, even as we pass on an input cost increase of approximately about 7% during the quarter with minimal impact on profitability. Professional lighting ended the quarter with an order book of approximately ₹150 crore, providing healthy near-term execution visibility.

In wire and cables, we achieved close to our FY '26 sales volume within Q1 of FY '27 itself, supported by our Direct Benefit Transfer electrician loyalty program, where enrollments have gone up to 36,000 as of today. Our FY '27 revenue target for the wire business remained ₹250 crore, on track with our three years' guidance of ₹500 crore rupees.

We remain fully on track to deliver our FY '27 guidance of about 22% to 23% value growth and about 25% of volume growth in lighting, and with the festive season now underway, we expect the next three quarters to be more stronger, supported by deeper distribution penetration and continued investment in brand building. Now moving on to the steel pipe and strip segment: the steel pipe segment delivered a strongest start to the year.

Revenues for the quarter stood at ₹1,590 crore, which is up by 32% year-on-year, with volume growth of around 21% year-on-year to 2.28 lakh tonnes, achieving its ever highest sale in quarter one. The growth was base led by section pipe, ERW API pipe, supported by a sharp rise in export volumes following the opening of our US market, spiral cold rolling, and GP pipe, even as galvanized pipes remain soft due to continued delay in government fund releases.

EBITDA for the quarter stood at about ₹84 crore, up 63% year-on-year with EBITDA per tonne to ₹4,006 against ₹2,922 in Q1 of FY '26. The capacity utilization stood approximately 82%.

Value-added product contribute 47% of overall volume, and export accounted for 20% of segment volumes. Our order book across trade, export, API, and spiral pipe stood at ₹800 crore, including 78,000 tonne of export API orders for the US market.

Looking ahead, our strategy for the business rest on three pillars: capacity expansion, and deepening our value-added product mix, and structural cost reduction. Three new DFT mills are being commissioned across Gujarat, Malanpur, and Bahadurgarh plant between August and December 2026, and we will continue to add 2 to 3 lakh tonne of capacity every year, targeting overall capacity of about 16 lakh tonne in FY '27 and approximately 2 million tonne of capacity by FY '29.

On cost, our various automation, energy efficiency, and replacing old plants initiatives are directed at a per-tonne cost reduction of about ₹1,100, and we are fully committed that in full year of FY '27 guidance of ₹4,600 to ₹4,700 per-tonne EBITDA will be achieved. We remain confident that our current global supply chain present a structural long-term opportunity for efficient Indian manufacturers with integrated capabilities, and Surya is exceptionally well-positioned to capture that upside across both our businesses.

Now I would like to request Mr. B.

B. Singal to share his views.

Thank you, respected MD sir, and a very good afternoon to all the participants on the call. For the quarter, the revenue was ₹2,046 crore as compared to ₹1,605 crore, a growth of 28% year-on-year basis.

EBITDA and PAT stood at ₹120 crore and ₹60 crore as compared to ₹83 crore and ₹34 crore in Q1 FY '26, a growth of 46% and 77% year-on-year basis, respectively. In lighting and consumer durable, revenue for the quarter stood at ₹456 crore as against ₹397 crore, a growth of 50% year-on-year basis.

EBITDA and PBT stood at ₹36 crore and ₹24 crore as compared to ₹31 crore and ₹21 crore in Q1 FY '26, a growth of 17% and 12%, respectively. In the steel pipe and strip, during the quarter, the revenue was ₹1,590 crore as compared to ₹1,207 crore, a growth of 32% year-on-year basis.

Similarly, EBITDA per metric tonne stood at ₹4,006 compared to ₹2,922 in the same period last year, a growth of 37% Y-o-Y basis. EBITDA and PBT stood at ₹84 crore and ₹57 crore as against ₹52 crore and ₹24 crore, a growth of 63% and 134%, respectively.

In Q1 FY '27, our net working capital cycle was 72 days, with a return on capital employed of 12.69% and a return on equity of 8.95%. Improved capacity utilization, working capital optimization, and cost rationalization enabled us to become a zero-debt company and having cash surplus fund of ₹154 crore as on June 30, 2026.

With this, I conclude the presentation, and we can now open the floor for further questions and answers.

Hello, sir. Congratulations, Raju ji, for a performance.

Sir, mera pehla question tha ki you said we will do ₹4,700 to ₹4,800 of EBITDA per tonne. If I look at the first quarter, apna ₹4,000 EBITDA per tonne hua hai.

Toh ₹4,700-₹4,800 karne ke liye baaki teen quarter mein toh apne ko ₹5,000 ke upar EBITDA per tonne karne padenge. Toh matlab kaise hoyega woh?

Theek hai. Nahi, do cheez main aapko thoda detail mein explain karna chahunga, ek toh volume ko lekar ke aur thoda profitability ko lekar ke.

Jaisa maine last con-call mein baat hui thi ki hum expect kar rahe hain 2,65,000 tonne jo hai Q1 mein expected hai. Somehow 2.3 lakh tonne ke aas-paas hua hai.

Thoda usme shortfall hua hai do teen kaarano se: ek toh hamara kuch vessels ke availability ke kaaran kareeb 7,000 tonne ke aas-paas material jo hai port mein hi pada raha. Aur doosra, thoda Middle East mein jo kuch bhi extended ye chal raha hai, uski wajah se thode Middle East side ke order kam rahe, 8,000-10,000 tonne ka.

Aur thoda API aur spiral mein kareeb 8,000-10,000 tonne ka shortfall tha jo expected tha quarter one mein hoga. Uske kaaran thoda volume mein kam hai.

Otherwise bhi matlab growth jo hai theek-thaak rahi hai. Aur jo numbers humne 11 lakh tonne ka bataya tha, woh baaki ke teen quarter mein hum usko poora kar lenge, quarter two, three aur four teeno jo quarter mila karke.

Kareeb 22%-23% ke aas-paas ka jo growth number tha, woh hum usko achieve kar lenge. Jahan tak profitability EBITDA ka vishay tha, usme bhi do teen reasons main aap sab ko zaroor batana chahunga ki EBITDA jo hai ₹4,700 ke aas-paas expected tha.

Isme kareeb ₹700 per tonne ke aas-paas ka thoda impact aaya hai. Mainly do bade reasons hain aur bahut hi genuine reasons hain: ek toh ocean freight ke andar mein lagbhag ₹3,800 per tonne ka impact aaya is quarter mein, aur hamara total jo export kareeb-kareeb 20% se upar raha hai is quarter mein.

Aur total volume se agar main usko divide karu, toh kareeb ₹800 per tonne ka impact jo hai EBITDA mein only because of ocean freight uska impact aaya hai. Similarly, kuch input cost mein badhotari hui hai mainly coating material mein, gas aur ORM ke andar mein, uska bhi lagbhag kareeb-kareeb jo hai ₹200 per tonne ke aas-paas ka hai.

Saath mein main yeh bhi kehna chahunga ki yeh ocean freight ka impact is quarter mein particularly zyada tha, mainly hamare paas jo pehle puraane order booking tha uski wajah se. Ab almost jitne bhi order abhi haath mein hain ya jo aa rahe hain, toh naye badhe hue freight mein hi hum booking ko le rahe hain.

Toh uski wajah se kareeb-kareeb aap maan lijiye ki ₹1,000 ke aas-paas ka aur nahi toh bhi ₹600-₹700 ka impact EBITDA mein woh saaf dikhta hai, jisko aane waale samay mein usko poora करेंगे. Aur jo mainly aapka jo concern tha ki poore saal bhar mein hum toh saal bhar mein ₹4,600 se ₹4,700 ka humne bataya tha pehle, toh kareeb ₹4,400 ke aas-paas ₹4,400-₹4,500 ke aas-paas jo hai hum second quarter mein karenge aur third quarter, fourth quarter mila karke ₹4,600 to ₹4,700 ka EBITDA per tonne jo hai matlab poore saal ka rahega.

Aur jitna profitability humne lighting aur steel ka mila karke aapko humne last call mein kaha tha, usko hum achieve kar lenge. We are fully confident.

Sure, sir. Thank you so much, aapne bahut detail mein explain kiya.

Sir, second question regarding ki apna May aur June mein kafi April mein aur June mein steel ke kafi prices correct hue. Toh kitna inventory loss hua hoga apna is quarter roughly?

Nahi, matlab April mein particularly April '26 ke andar mein ₹3,000 se ₹4,000 ka price increase tha. May, June mein matlab price decrease hua hai.

Toh overall poore quarter mein matlab at par sa hi hai uska koi matlab impact aisa matlab Q1 ke andar mein nahi hai. More or less abhi yahan karke mujhe aisa lagta hai stable sa hai steel price, ₹1,000 up and down isi level pe chal raha hai.

Quarter two mein thoda humko benefit bhi hoga kareeb 25-1,000 tonne ka jo hai vessels already jo hai port mein aa gaye hain aur is quarter mein aur agle quarter mein uska bhi ek positive impact hamare balance sheet mein dikhega. Kyunki woh jo imported material aa raha hai, usme kafi price reasonably theek-thaak hai as compared to domestic.

Right, sir. Sure, sir.

I don't have any more questions. I'll come back in the queue.

Sir, thank you for the opportunity. Sir, couple of questions.

Sir, first thing on order book within the steel segment. We had an order book of in March as of March-ending ₹1,000 crore as given in the presentation.

Now in this quarter, we are saying in spite of all these increase in exports and everything else, our order book is ₹800 crore. There's an order book decrease of ₹200 crore.

Should I assume that this ₹800 crore has a higher proportion of exports and therefore will continue to do better margins? Because order book itna matlab 20% gir gaya sir, isliye thoda puchna tha mujhe.

Nahi, woh isko aap is tarah se dekh sakte hain thoda sa kyunki jo pehle order book tha woh toh nikal gaya. Ab jo fresh order book hai iske andar mein badhe hue freight, aap dekhiye na export ke andar mein ₹3,800 per tonne ka impact aata hai, toh ek bahut achha-khaasa jo hai increase hai product mein.

Aur similarly, thoda Middle East ke kaaran kuch Middle East mein regular basis pe hum log kareeb jo hai 15,000 se 20,000 tonne quarterly karte the, toh woh almost 1/3 material ja pa raha hai abhi. Aur API ke bhi order jis flow mein rehne chahiye the woh nahi hai, usme bhi almost jo hai 50% ki de-growth hai.

Yeh teen reason se hai, but ek numbers lighting, steel milake ₹1,000 crore ka order book hai. Aur hamare business ke andar mein ₹800, ₹1,000, ₹1,200 crore ka hi regular basis pe rehta hai.

Aur more or less hamare yeh saare jo hai businesses bade fixed se hain, matlab project ke kaaran kai baar thoda sa upar-neeche hota hai. Otherwise, more or less aap dekhenge ki hamara sirf jo domestic jo trade consumer business hai uske through kareeb 53% ke aas-paas ki hamari sale rehti hai aur 20% ke aas-paas ka jo hai export hamara contribute karta hai.

Cold rolling segment chhota hai toh usme kareeb 10% ke aas-paas rehta hai aur government aur actual user ka jo hai woh kareeb 15% ka contribution rehta hai. More or less matlab almost 75% to 80% hamara business fixed jaisa hi jaise distribution wala segment type mein hi rehta hai.

Toh ek positive hamare business cycle mein ek yeh bhi hai. Iska bahut bahut zyada iska impact aapko nahi aayega.

Matlab 20% bhale hi 1,000 ki jagah 800 dikhta ho aur yeh immediately 1,000-1,200 bhi ho jayega, uska bahut zyada aisa matlab quarter ke volume mein impact nahi aayega.

Samjha sir, samjha. Sir, mera doosra question hai ki sorry sir mera Hindi thoda kharab hai toh please excuse.

Mera doosra question yeh hai ki jo hum log US ko export kar rahe hain, US aur Middle East ko export kar rahe hain, yeh zyada tar GI pipe hai ya API and spiral pipe hai? The reason why I'm asking, sir, is because API spiral pipe jo hamara highest EBITDA per tonne tha woh kafi gir gaya FY '26 mein.

Isliye main puchna chahta tha ki hamara zyada tar export jo hum log US ko bol rahe hain 78,000 tonnes and everything, is it GI pipe or API and spiral pipe?

Nahi, yeh ERW API pipe hai. Yeh ek naya market hamare matlab usme kitty mein add hua hai aur iske andar mein bhi EBITDA per tonne achha hai.

Matlab is quarter mein kareeb ₹7,200 hi tha, mainly on account of freight vessels ki wajah se. Aur but long-term ke liye jo hai break-bulk ka jo hai matlab tie-up bhi ho gaya hai particularly for the US market jahan ek sath hi badi volume matlab jaati hai.

Aane waale quarter mein isme EBITDA mein aur improvement aayega aur jo hai break-bulk ke hone ki wajah se jo hai vessels mein jo increase ka impact hai woh bhi thoda kam rahega. Yeh mainly jo ja raha hai US market ko woh API ERW pipe hai, not spiral.

Not spiral, got it. Sir, last question mera in terms of yeh jo US opportunity hai, exports opportunity hai jo naya product ke wajah se khula hai, and previously also you used to export a little, but now to it's a completely new product like you just said, ERW and API.

Hum log FY '27 mein US-focused revenue ya just general export revenue kitna kar sakte hain sir and FY '28 kitna kaise growth dekh rahe ho aap, especially in API business, because EBITDA per tonne is much higher? It'll be very good to paint a picture for us to say exports mein itna sab growth aa raha hai and all this export growth will come at a higher EBITDA per tonne.

See, do teen cheez hai jaise maine pehle bhi bataya ki poore saal mein jaise 11 lakh tonne ka jo hamara volume hai, abhi 2.3 lakh tonne hua hai, toh quarter two mein 2.6 lakh tonne ke aas-paas karenge, Q3 mein 2.8 to 2.9 lakh tonne, aur Q4 mein 3.2 ke aas-paas karenge. Toh 11 lakh tonne volume mein hume koi as such issues nahi dikhta aur utilization bhi almost 82% plus ke aas-paas hi chal raha hai saari paancho factoryon ke andar mein.

That is one. Simultaneously, maine jab shuru ke remarks mein bataya ki hamara zyada thrust abhi bhi isme hai ki hum zyada margins waale high value addition product pe hamara focus rahe.

Gradually aap dekhenge 40%-42% se badhte-badhte ab woh 47% ke aas-paas ho gaya hai aur thoda Middle East mein correction hone ke baad aur Australia aur New Zealand ka market bhi grow kar raha hai, kuch Malaysia kuch naye country bhi pipeline mein ho rahe hain. Mujhe lagta hai US ka hamara kareeb-kareeb jo hai 8% se 10% ke aas-paas share rahega, toh overall hamara export ka contribution 20% ke bajaye badh ke 25% ho jayega.

Achha, toh 20% tha FY '26 mein, abhi 25% hoga. Is that the right understanding?

See, FY '26, it was about 15%-16% precisely 17%. Now, FY '27, it has increased to 20%.

Gradually it will go up to about 25% of total steel segment business, yeah.

Perfect, sir. Thank you so much, and great participation.

Sir, last call mein aapne bola tha ki abhi new rules ke andar aap consider karenge buyback, toh us pe koi update hai?

Nahi, us pe chal raha hai. Hopefully bahut jaldi matlab us pe kuch na kuch nirnay hum karenge.

As such mere paas aaj koi material nahi hai disclose karne ke liye, but uspe hamari team kaam kar rahi hai kyunki ab uske andar mein jo pehle double taxation wala angle tha woh bhi theek ho gaya hai sarkar ke taraf se. Toh uske andar mein jo hai hum karenge aur thoda is particularly kuch do teen quarter ke andar mein thoda yeh mehengai badhne ke kaaran ya steel mein utaar-chadhaav ke kaaran thodi working capital bhi badhi hui hai, usme paisa kafi laga hua hai.

Very soon matlab hum log kuch na kuch corporate action jo bhi karenge aapko jaldi batayenge.

Aur second sir, demerger pe bhi koi update hai?

Yeh bhi wahi corporate action ki baat ho gayi. Ab dekhte hain board kis pe sehmati banati hai, matlab buyback pe ya demerger pe.

As a Managing Director of the company, main kehta hoon ki dono business standalone achha kar rahe hain, even lighting consumer bhi aur steel segment bhi. Mujhe lagta hai yeh appropriate time hai.

Thoda matlab micro toh theek hi lagta hai, thoda yeh macro situation thoda theek ho jaye, toh mujhe lagta hai yeh right time hai. Main aapke concerns zaroor jo hai management tak aur board tak zaroor pahunchaunga.

Thank you so much.

Hi, sir. Thanks a lot for the opportunity.

Sir, in last quarter, you had said that you will come to a decision by next board meeting on demerger. Also second thing is what in macro and micro actually is because two businesses have completely different cycles, different macro, and different micro.

Why we take this reason as a reason to delay demerger or buyback, just for my clarity?

Nahi, do teen cheezein hain: ek toh dono business jaise maine bataya standalone kafi strong hai aur lighting ke andar mein bhi wire aur appliances yeh sab add kiya hai, steel pipe ke andar mein bhi kuch investment further humne kiya hai. Toh matlab woh ek usi raaste pe hum aage badh rahe hain aur globally geopolitical situation hai woh toh uncertainty hai hi.

Isme toh aaj kuch hota hai, 15 din baad kuch aur hota hai, toh yeh sab scene hai. Yeh sab ko dekhte hue aur kabhi bhi jo hai aisa lagega ki yeh right time hai aur mera phir ek hi baat kehna hai: hamare paas debt toh hai nahi.

Bankon ko jo service jitni saal tak seva karni chahiye thi woh kar li aur employee ko timely 5 taareekh tak tankhwa sabko mil jaati hai. Company mein sab shareholder ka paisa hai.

Ab jo kuch bhi company ka dhan hai woh shareholder ka hi hai aur woh unhi pe aayega.

Correct, correct, sir. That's why because whenever I study this company, I feel that regulatory-wise or bank-wise or anything, there is no theoretical thing stopping demerger unless and until

Main bhi yeh maanta hoon koi logic nahi hai demerger nahi karna. I strongly believe.

Correct. Sir, aur ek cheez tha ki jaise aapne bola ki ₹7,200 realization you also got for this quarter exports.

The most of the EBITDA increase were eaten away by tariff increase. Going forward, you think that the tariffs have normalized or the pricing will take care of this EBITDA per erosion that has happened?

Nahi, woh jaise kya hota hai ki jo order book rehta hai pehle ka, woh toh usi price mein jaata hai. Ab jo bhi naye order hain, even jo order-in-hand hai, booked hai, woh bhi ab naye freight include karke hi hum order le rahe hain aur isiliye bhi thoda slightly aap dekhenge 1,000 ki jagah 800 crore ka jo hai hamare paas order book hai.

Toh woh uska matlab yeh jaise ₹3,800 per tonne export ke total volume ke andar mein jo effect tha, khair different country has different tariff, toh uska impact jo hai aane waale quarter mein matlab woh impact nahi aayega. That we have already taken care of.

Understood, sir. Sir, last question from my side: you had guided that export versus say 1.26-1.3 lakh tonne last year would be 2.

4 or 2.5 lakh tonne this year. That will help obviously the EBITDA per tonne for our company.

Does volume outlook remain same? So, 10,000 tonne per month US market that had opened for us, does this continue?

Overall, as far as US market is concerned, we'll be doing matlab 1,20,000 to 1,25,000 tonne of business during this entire FY '27.

Total export will be upwards of 2 point something, 2.2-2.3?

Yeah. Matlab the contribution of US market probably will be around 10% to 11%.

I think we'll be doing around 3 lakh tonne of export.

Okay. Thank you, sir.

Thank you.

Hello.

Am I audible?

Yes, hi.

Sir, my first question is with regard to the Middle East situation. If you could just explain or give us some clarity with regard to how the Middle East situation is shaping up and how would we see it shaping up during the next few quarters?

That is one. The second question is when I'm looking at slide 18 of your presentation, I am seeing that the API and spiral pipe EBITDA per metric tonne dropped very significantly in FY 25-26 to ₹5,600 compared to ₹9,136 in FY '22, then of course, it went up to ₹12,000, ₹10,000.

What was the reason for this sharp drop, and how do you see it, and what is the figure in Q1 FY '27, and how do you see the figure to improve in the coming quarters? That's all, sir.

See, ek toh dekhiye jo Middle East aapne bataya $300 se $4,200 ho gaya freight, toh woh toh hamare haath mein hi nahi hai. Aur situation jo hai woh kaise aage evolve karega, bahut precisely kehna bhi bahut mushkil hai.

Aur na toh Bharat hamare desh ke haath mein hai aur wahan pe jo kuch bhi chal raha hai na kisi ke control mein hai. Aur doosra jo aapne bataya ki yeh spiral ke andar mein, isme kya hai ki matlab kai baar API spiral rehta hai toh usme achhe price milte hain, water pipe mein thoda kam milte hain.

Toh woh product mix ki wajah se jo hai uska impact isme aata hai. As such generally spiral ke andar mein jo API spiral rehta hai, usme margins higher side pe rehte hain aur water pipe ka segment rehta hai toh usme thode se competition zyada ho jaata hai.

Sir, Q1 FY '27 mein kitna tha yeh? Hello?

Ek minute haan. Q1 So, it was ₹3,420 per tonne.

₹3,420?

Ha.

Okay.

Isme thoda sa jo coating material ka impact isme achha-khaasa hai matlab is spiral mein.

Sir. Aur matlab baaki teen quarter mein kaise dekhte ho is figure ko?

Yeh matlab gradually improve karega kyunki ab naye order aa rahe hain, toh mujhe lagta hai ki pichle saal ₹5,600-₹5,700 per tonne ke aas-paas tha, mujhe lagta hai ₹5,000 tak hum isko leke jayenge.

For the full year?

Yeah.

Okay. Theek hai, sir.

Hi, sir. Good evening.

Congratulations on good set of volume growth. Sir, mere teen sawaal hain: pehla yeh hai ki generally API pipes India ka jo tenders waghera rehte hain woh kafi slow the last ek saal se.

Abhi dikh raha hai ki kafi saare naye tenders float ho rahe hain, toh uspe kuch aapka view rahega for second half?

Rest baaki do question? Aap ek saath hi pooch lijiye.

Sir, doosra yeh tha ki hamara jo capacity expansion hum jo plan kar rahe hain, already hum 16 lakh tonnes pe hain I think aur aapne bola 2-3 lakh tonne har saal add karenge. Aur woh kahan pe karenge?

South mein, east mein jahan pe aapka capacity thoda kam hai kya hum wahan pe karenge kya? Aur teesra sawaal yeh hai aapne bataya ki jo pehle guide kiya tha utna hi EBITDA hum karenge FY '27 mein, toh aapne last time ₹700 crore ka EBITDA ka guidance diya tha FY '27 ke liye.

Toh yeh teen sawaal hain, sir.

Pehla toh aapne bataya ki yeh jo API tender jo business hai, woh abhi tender aa rahe hain. You are very much correct aur usme hum participate kar bhi rahe hain, but usko materialize hone mein woh process mein thoda time lagta hai.

That is one. Doosra jo jahan tak capacity abhi hum 14 lakh tonne hamari capacity hai, is saal ke end tak jo hai hamare yeh teeno factory ke andar mein expansion poora ho jayega, mill commission pe aa jayegi, toh 16 lakh tonne ho jayega.

Aur FY '28-'29 mein ja karke 2 million hoga. Yeh capacity ka baare mein.

Aur jahan tak overall jo hai aapne EBITDA ki baat ki, poore matlab jaise quarter one mein ₹120 crore ka EBITDA hamara tha, hum expect kar rahe hain Q2 ke andar mein ₹150 crore aur numbers ke aas-paas. Followed by ₹400 crore ka hamara target hai for the rest H2, almost ₹670 to ₹680 ke aas-paas jo hai EBITDA poore saal ka rahega aur kareeb-kareeb ₹9,400-₹9,500 crore ke aas-paas ka jo hai revenue turnover rahega ji.

Okay. Sir, khali yeh samajhna tha, capacity aap kahan expand karenge incrementally?

Abhi toh matlab Gujarat mein bhi kiya hai aur Gwalior plant mein bhi aur South mein bhi. Aur next jo hamari capacity hai woh hum log South mein kar rahe hain aur already Hindupur ke andar mein 10 acre 10 acres additional land humne already liya hai aur kareeb-kareeb 15,000 tonne ka ek setup wahan pe bhi extra create kar rahe hain aur uski pehli mill ki commissioning bhi jo hai January '27 mein matlab aaj se 6 mahine baad pehla kaam mill ka matlab commissioning ho jayegi.

Total chaar mill ka yeh plant rahega aur kareeb ₹60 crore ke aas-paas ka investment kar rahe hain yeh jo additional land liya hai. Adjacent hi hai jo abhi hamari current factory Hindupur mein hai toh uske bagal mein hi hai, toh kareeb 3 lakh tonne ki jo hai hamari capacity yahan increase ho jayegi.

Okay. Thank you, sir.

All the best.

Hello, sir. Sir, just couple of clarifications.

You said ₹680 crore EBITDA for the full year. That means ₹150 crore in the second quarter.

Is that correct?

Ji.

₹150-₹160 crore in the second quarter.

Hmm.

Hello?

Yeah.

Right. Sir, yeh jo freight ka apna issue hai export mein, apne ko yeh issue has that continued even in the second quarter in terms of July toh abhi khatam ho gaya.

I'm sure you are aware ki July mein bhi margin hit hai yeh freight ke kaaran?

Nahi, Viraj bhai, matlab July mein bahut kam hai aur agle do mahine mein bilkul nahi rahega kyunki ab jo kuch bhi fresh order aa rahe hain, woh badhe hue price pe hi aa rahe hain. We are taking all impact of yeh jo freight ka vessels ka jo bhi aa raha hai.

We are finding other method also ki jaise US ke liye break-bulk easily possible tha usko kar liya toh usme uska bahut nominal sa impact hai. Woh thoda time laga, but uska impact abhi quarter two, three mein nahi aayega.

Right, sir. Aur sir, last two questions: one, sir, because first quarter se second quarter mein bhi spillover aaya hai because aapne bola port pe 8,000-10,000 tonne reh gaya tha.

Toh, sir, Q2 mein aapke hisaab se kitna volume kar lenge? July already ho chuka hai, I'm sure there is some rough sense you have.

Isiliye jo hai Q2 ka jo hai humne guidance jo hai badha karke diya hai, uska impact Q2 ke andar mein reflect karega.

Nahi, absolute amount woh kitna hoyega, sir? 2.7, 2.6, 2.7, 2.8, kitna karenge, sir?

2.6, 2.6 minimum.

2.6, 2.6.

2.6 to 2.65, yeah.

Perfect. Thank you.

Thank you so much.

Sir, pehle toh mujhe yeh cheez poochti thi ki last char saal se apna sales growth aur jo EPS growth hai, woh almost constant hai. Hamara company mein hum log ne capex bhi abhi complete kar rahe hain, but jo competitors hain, unka bhi jaise aapne face kiya tha yeh quarter mein, waise APL Apollo ne bhi same cheez face ki thi, par unhone margin badhaya bhi hai in fact aur woh market share abhi bhi gain kar hi rahe hain.

Toh aap export mein thoda zyada focus karke aap thoda market capture karne ki try kar rahe hain, toh mujhe aapka view jaanna tha ki domestically aapka yeh margin pressure jo aapko face ho raha hai, woh competition ke sath-sath aapko bhi thoda volume nahi mil raha hai toh aapko bhi thoda margin squeeze karke maal bechna pad raha hai, ki kaisa hai situation on-ground pe?

Nahi, thoda sab company ki apni-apni strength aur weakness hai aur jahan tak main agar peers ki baat karu, dekhiye hamari volume ke andar mein kareeb 32% ki growth hai aur sorry, 21% ki growth hai, value terms mein jo hai 32% ki growth hai. Aur baaki jo hai main peers ki bhi baat karu, jis company ka aapne naam liya unka 8% ka growth hai.

Agar main Jindal Saw ki baat karu, 13% hai, Ratnamani -16% hai. Alag-alag hai aur yeh quarter-to-quarter depend bhi karta hai ki matlab kis tarah ka jo hai product mix aap karte ho.

Matlab hamari apni strength hai, us strength pe hum kaam kar rahe hain aur uska impact aane waale samay mein jaise maine last con-call mein bataya tha, yeh saal growth ka saal rahega Surya Roshni ke case mein. Aur abhi tak steel ki humne baat ki aur lighting ke andar mein bhi itna tough hai overall, uske baawjood bhi humne quarter one ke andar mein 15% ki growth ki hai aur yeh growth continue rahega.

Even lighting mein bhi hum 20% 19% se 20% ka jo hai value terms mein hum log growth karenge aur steel ke andar mein bhi jo hai volume mein 20% 22% ki growth rahegi aur value terms mein 30% se plus ki growth rahegi.

Sir, yeh toh growth aapka iske wajah se aa raha hai because last year jab aapka June quarter tha, tab aapko SAP implementation ya aapka kuch accounting ki wajah se aapko thode ek aadh mahine ka problem face hua tha, uske wajah se aapka base effect bahut kam hai. Uske wajah se aapko year-on-year bahut growth dikh raha hai.

Main jab quarter-on-quarter compare karu, toh quarter-on-quarter compare mein aapka margin pressure mein hai, aapka volume jo hai aapka jo sales value terms mein hai, woh bhi pressure mein hai. Toh yeh external reasons jo aa rahe hain, woh specific exports ke liye samajh sakte hain, but domestic ke liye bhi agar aap steel division specifically agar aap soch rahe ho ki aage jaake mujhe isko demerger bhi karna hai, toh agar aap steel division mein bhi dekhoge, toh aapka quarter-on-quarter impact bhi aap dekhoge toh bahut zyada hai.

Jab aap competitor se compare karte ho, toh aapka ROE, ROCE bhi mid-teens mein bhi aa raha hai, toh hum as a value-creative kaise shareholders ko kar paayenge because last chaar saal se apna stagnant hi hua hai, sir?

Dekhiye ek toh jo aapne bataya volume ka, jo matlab pichle saal ka impact bhi uska positive note pe hua hai kyunki pichle saal Q1 ke andar mein thoda volume ke andar mein issues tha yeh ERP ke kaaran aapko bataya bhi tha humne, toh uske baawjood bhi hamara yeh abhi tak ka ever-highest Q1 ki sales volume hui hai, number one. Number two, jo hai capacity expansion ka kaam already kafi ho gaya hai pichle dedh saal ke andar mein aur is saal ke ant tak aur additional volume aa raha hai.

Aur matlab in sab reason ki wajah se jo hai aane waale samay mein volume mein aapko woh growth dikhega, woh niraasha nahi hogi.

Sir, doosra mera yeh question tha ki hum value-added products badha rahe hain hamara mix mein, toh aapne jaise bola 42%-43% se 47% pe value-added products mix aa raha hai, toh yeh jab aap 50% tak bhi pahuchoge, toh sir steel pricing ke jo impact hai jo fluctuation hai, toh woh fluctuations mein bhi abhi bhi 50% apna aapne jo bhi additionally aap jo 3%-4% hi increase kar rahe ho value-added products, toh usse hamara constantly fluctuation rahega yeh numbers based on the pricing of the steel. Toh hamara motive kya hai because agar aap competitors ko bhi dekhoge, sab log yahan se shift hoke value-added products mein zyada ja rahe hain because unko yeh jo fluctuation hai woh fluctuation mein unko inventory loss, gain ka issue nahi rakhna hai.

Toh yeh cheez mein hum additionally kya kar rahe hain ki hamara vision next 5 saal mein aisa ho ki hum yeh 40%-50% jo value-added hai usko 60%, 70%, 80% tak pahunchana hai?

Dekhiye hamara ek sabse zyada humko jahan impact aata hai na, woh aata hai hamari manpower per tonne cost ke upar mein, uspe kaam kar rahe hain aur hamari jo cost hai lagbhag jo hai 20% se hum reduce karenge agle ek saal mein, that is one. Aur number two, dekhiye jahan tak steel ka fluctuation ka hai, woh toh hamare control mein nahi hai aur aaj tak 50 saal humko bhi pipe bechte hue ho gaye, 50 saal mein isi tarah se hi yeh chala hai.

Aage steel price hamare control mein rahenge yeh toh mujhe koi lagta nahi hai, but isiliye hum kya hai hamara jaise maine aapko segment-wise bataya hamara volume, 75% plus 80% ke aas-paas hamara business fixed rehta hai, toh kabhi ghat-ta hai kabhi badhta hai, matlab overall saal bhar mein jaake uska average mein bahut zyada uska koi negative khas impact nahi aata in case of Surya Roshni. Hum yeh try karte hain kyunki hum toh 24 ghante hamara kaam hi hai pipe bechna.

Jaise as an investor jo hai aapka role rehta hai ki matlab hum zyada se zyada kahan se kamayi kar le, toh hamare liye toh kamayi karne ka saadhan hi steel hai, toh 24 ghante hum yahi sochte hain, toh matlab market jaisa rehta hai us hisaab se hum apne aap ko mold bhi kar lete hain.

Okay. Sir, doosra cheez main yeh pooch raha tha ki going forward aapka jo next jo capacity expansion hua hai abhi, say hum log jo abhi future outlook mein next 5 saal ka apna vision kya hai?

Aap jaise bol rahe the ki current year mein aap growth pe focus kar rahe ho aur volume growth aur yeh sab aapko on-ground pe dikh raha hai, toh next 5 saal ka horizon kaisa hai? Aapko 10%-15% CAGR ke hisaab se aap grow karna chah rahe ho ya aap usko accelerate karke 20%-25% CAGR mein grow karoge taaki aap market share gain kar paoge doosre competitors se?

Aur ek aur cheez usme yeh hai ki jaise APL Apollo hai, woh uska jo base commodity steel pipe ka jo hai, woh usko de-growth kar raha hai aur woh focus kar raha hai value-added products mein. Toh kya yeh apne liye bhi ek opportunity ban sakti hai ki hum udhar se bhi ek market share gain kar sake aur hamara EBITDA ka jo spread hai woh thoda bada paaye general section mein bhi?

Dekhiye focus hamara section mein bhi hai, isiliye abhi jo bhi expansion chal raha hai teeno plant mein, woh fully jo hai DFT pe hai aur section pe hai, number one. Aur number two, matlab agle 5 saal mein 15% se 18% ka CAGR humko maintain karna padega kyunki cost bhi kafi push hoga, toh usko bhi control rakhne ke liye.

Woh already us roadmap pe hum kaam kar rahe hain aur mujhe lagta hai Surya Roshni ke paas zyada opportunity hai in terms of growth karne ke liye aur usko hum encash karne ke liye. Kuch ek greenfield project mein bhi already hum aage badh chuke hain, next board meeting tak shayad matlab woh clarity aa jayegi toh aapko bhi hum batayenge.

Thoda hamara regional presence aur majboot karne ke liye bhi hum log kaam kar rahe hain.

Sir, yeh 15%-20% CAGR jo aap bol rahe ho, woh lighting

Okay.

Yes, sir. Namaskar, saab.

Sabhi vistrit jaankaari ke liye. Sir, main apne dono hi prashn aapke samaksh rakhta hoon: ek toh, sir, jo aap volume addition kar rahe hain pipe segment mein from the existing 14 to 16 ke liye, usme humein capex kitna karna hai?

Aur, sir, jo aapne EBITDA ka ek jo guideline bataayi hai, usme hamara lighting business and pipe business ka kya mix rahega? Poore vitt varsh ke hisaab se bhi bata sakte hain aur first quarter mein kitna tha?

Yeh dono jaanna tha.

Haan nahi, ab jahan tak aapne capacity ka bataya, kareeb ₹100 crore ka investment hai usme.

Ji.

Aur internal accrual se hi kar rahe hain. Aur jo aapne bataya lighting, steel ka, toh lighting ke andar mein dekhiye poore saal bhar mein hum log ₹2,200 crore ka turnover jo maine pehle bhi con-call mein bataya tha, usi pe ab humne apne numbers ko maintain karke rakha hai aur 20% se 22% ki growth rahegi.

Pichle saal ₹1,809 crore ki sale thi, is baar ₹2,200 crore ki sale hogi aur kareeb ₹200 crore ka jo hai EBITDA lighting division ke andar mein hum log karenge. Aur jahan tak steel division ka hai, woh main already bata chuka hoon aur company as a whole jo hai poore saal bhar mein jo numbers humne pehle aapko bataye the, usi number pe hum apne aap ko stick rakhe hue hain.

Kareeb ₹9,400 se ₹9,500 crore ka jo hai total jo hai revenue rahega aur ₹670 se ₹680 crore ke aas-paas ka EBITDA company as a whole Surya Roshni ka rahega.

Ji, saab. Toh saari jaankari ke dhanyavaad, sir.

Lighting business mein aap contract manufacturing

Haan, ek point bas clear kar dijiye.

Ji, bataiye na.

Sir, bas yehi poochna tha ki lighting business mein hamara kitna percentage contract manufacturing ke through hota hai aur kitna in-house ka? As a percentage

Dekhiye hamari speciality jisme hai, woh hum khud hi in-house karte hain aur kuch product aisa hai jiske andar mein in-house karke ghaata hai, yeh toh make or buy hum log internally dekh karke kareeb-kareeb 20% ke aas-paas hamara jo hai outsource rehta hai, 80% hamara in-house rehta hai.

Ji, sir. Bahut dhanyavaad, sir.

Aur jo outsource bhi hai, usko bhi hum hi control karte hain. Quality control se lekar ke production mein hamare hi line pe log rehte hain aur woh zyada tar 80% jo bhi bahar se material aata hai, woh bhi exclusive Surya Roshni ke liye hi banate hain.

Basically, they are also our extended plant only.

Okay. Theek hai, saab.

Thank you.

Thank you, everyone, for joining us today on this earning call. We appreciate your interest in Surya Roshni Limited.

I sincerely once again thank our MD sir and the CEO 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 relations advisor.

Thank you, good evening to once again. Thank you.