Thank you very much and 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. Singhal, CFO and Company Secretary; Mr.

Gaurav Jain, CEO Steel Division; and Tarun Baldua / Basumitra 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 the Q4 FY '26, our consolidated revenue stood at ₹2,163 crore, remaining broadly stable year-on-year.

EBITDA for the quarter stood at ₹170 crore with margins of 7.9%, reflecting sequential improvement driven by better realization and improved sub-product mix. PAT for the quarter stood at ₹98 crore.

For the full year FY '26, consolidated revenue stood at ₹7,540 crore as compared to ₹7,436 crore in FY '25, reflecting stable growth in a challenging operating environment. EBITDA for the year stood at ₹541 crore and PAT at ₹286 crore.

We remain a zero-debt company with a net cash surplus of ₹340 crore as of March 31, 2026. We have declared a final dividend of ₹2.5 per share, demonstrating our ongoing commitment to delivering shareholder value.

This is in addition to the interim dividend of ₹2.5 per share already distributed and disbursed, total of ₹5 dividend for the full year of FY '26. Coming to the lighting consumer durable, the lighting and consumer durable segment delivered growth during Q4 FY '26 with a revenue of ₹501 crore.

I'm particularly pleased to highlight that March 2026 was our ever-highest monthly sales 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 ₹44 crore with margins of 8.8%, broadly stable despite some input cost pressure.

For FY '26 as a whole, segment revenue grew by 7% year-on-year to ₹1,809 crore, while EBITDA at ₹156 crore. Professional lighting business achieved double-digit revenue growth and at ₹473 crore for the full year, being 26% share in the total revenue of lighting segment, and ended Q4 FY '26 with an order book of ₹160 crore, providing healthy near-term execution visibility.

In wire and cable, the business closed at ₹38 crore in FY '26. We are now fully end-to-end manufacturer in this category with our 180-meter real packs in the market and our DBT-enabled electrician loyalty program fully operational.

Our FY '27 revenue target for the wire and cable business is ₹260 crore, firmly on track with the 3 years guidance of ₹500 to ₹600 crore rupees business. Overall, we are targeting value growth of 22% to 25% in lighting annually and consumer durable segment overall over the medium term, supported by deeper distribution penetration and premiumization and continue 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 '26 despite continue geopolitical disturbances and volatility across market. Revenue for the quarter stood at ₹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's current crisis.

Volume for the quarter stood at 2.6 lakh tons, the ever-highest quarter volume for the business so far. EBITDA for the quarter stood at ₹126 crore with EBITDA per ton to ₹5,121 per ton.

For the full year FY '26 for the steel business, the business reported revenue of ₹5,731 crore, reflecting stable year-on-year performance. Overall volume shoot up at 9.04 lakh tons, a growth of 3% year-on-year on volume terms.

The capacity utilization of 78% to 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 '26.

On export, our business expanded its footprint into newer geographies during the year, including the UK market for the section pipe, while strengthening order visibility across North America and Europe. Export stood at 1.36 lakh tons for the FY '26, and we are targeting to cross 2.5 lakh tons in the coming year FY '27.

The current order book of steel division is about ₹1,000 crore plus, led by export, spiral, and some domestic API orders, providing strong visibility for H1 FY '27, which is expected to be the highest ever half-year for value-added product sales. Looking ahead to FY '27, we are targeting overall volume of 11 lakh tons, representing growth of nearly 21% to 22% over to FY '26, 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. The Surya Roshni is exceptionally doing well, and we are well-positioned to capture that upside.

Now, I would like to request Mr. B.

B. Singhal, our CFO, to share his few points.

Thank you, respected MD sir, and a very good afternoon to all the participants on the call. For the quarter, the revenue was ₹2,163 crore as compared to ₹2,146 crore, a growth of 1% year-on-year basis.

EBITDA and PAT stood at ₹170 crore and ₹98 crore respectively as compared to ₹211 crore and ₹130 crore respectively. For FY '26, the revenue was ₹7,540 crore as compared to ₹7,436 crore, a growth of 1% Y-o-Y basis.

EBITDA and PAT stood at ₹541 crore and ₹286 crore as compared to ₹609 crore and ₹347 crore respectively. In lighting and consumer durables, for the quarter, the revenue stood at ₹501 crore as against ₹458 crore, a growth of 9% Y-o-Y basis.

EBITDA and PBT stood at ₹44 crore and ₹33 crore as compared to ₹47 crore and ₹37 crore respectively. For FY '26, the revenue stood at ₹1,809 crore as against ₹1,690 crore, a growth of 7% Y-o-Y basis.

EBITDA and PBT stood at ₹156 crore and ₹115 crore in FY '26 as compared to ₹162 crore and ₹125 crore respectively in the same period last year. In the steel pipes and strips, during Q4 FY '26, the revenue was ₹1,662 crore as compared to ₹1,688 crore.

Similarly, EBITDA per metric ton stood at ₹5,121 compared to ₹6,708 in the same period last year. EBITDA and PBT stood at ₹126 crore and ₹98 crore as against ₹164 crore and ₹138 crore respectively.

For FY '26, the revenue was ₹5,731 crore as compared to ₹5,749 crore. Similarly, EBITDA per metric ton stood at ₹4,553 compared to ₹5,392.

EBITDA and PBT stood at ₹385 crore and ₹269 crore in FY '26 as against ₹446 crore and ₹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 ₹337 crore in FY '26.

In Q4 FY '26, 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 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.

Hello, am I audible?

Yes.

Hi. Thank you so much for the opportunity.

Sir, what happened this quarter? Humne bola tha ki hamara FY '26 ka performance accha hoyega.

Pichle quarter bhi humne bola tha 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 steel business.

Even when I look at volumes, volume bhi 1-2% hi badha hai. Then, it cannot be the market as well because all our competitors have actually given a very strong Q4.

Matlab it's not even ki 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're 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, I'll ask after this.

Mr. Paul, thank you very much.

Aur dekhiye, mainly jo humne jaisa bhi target set kiya tha, lekin hum sab jaante hain ki ye jo bhi Middle East ka crisis hua February end mein, toh uski wajah se immediately jo hai hamara export poora almost nil ho gaya. Toh export ke account mein kareeb 12,000 ton hamara supply kam hua jo material ready tha.

Aur iski wajah se jo hai ek major setback tha. Doosra, matlab overall jo hai jaise hi ye jo Middle East crisis hua, toh jo raw material ki bhi ek matlab India mein, Hindustan mein ek crisis thi, uski wajah se thoda sa jo hai raw material ki shortage thi.

Otherwise aap dekhenge throughout the year jo humne EBITDA poore saal ka steel division ka hai, wo hamara first quarter FY '26 because of ye SAP implementation wo ek setback hua tha. Toh agar usko hum consider karein, otherwise throughout the year humne matlab apne usko EBITDA ko, profitability ko, volume ko maintain kiya hai.

Aur matlab main aapko ye vishwas dila sakta hoon ki FY '26 jo bhi situation rahe Middle East crisis usko sab consider karte hue bhi abhi tak ka itihaas mein, history mein sabse best jo hai saal jo hai FY '26 ka Surya Roshni ke case mein rahega. '27 ke case mein.

Aur already almost do mahine poore ho chuke hain toh hum log bahut extraordinary volume mein bhi growth kar rahe hain aur profitability mein bhi kaafi acche numbers aane wale samay mein aapko dikhenge. Lekin isme hum sabne ye jo crisis ho sakta hai to what extent wo sab cheezein bhi consider karke hum chal rahe hain.

Toh aap aisa maaniye ki is saal jo hai matlab bumper volume ke front pe bhi aapko growth milega aur uska improvement aapko EBITDA front pe bhi dikhega.

Sir, I agree. Ye same cheez aapne do quarter pehle bhi bola tha aur humne maan ke chala ki theek hai, Raju ji bol rahe hain toh sahi bol rahe honge.

Ye jo aapne bola ki 12,000 ton miss ho gaya because of the Strait of Hormuz crisis, ye 12,000 ton hum log Q1 mein hi book kar lenge?

Haan, main aapko ek cheez aur batau ki is beech mein accha ye hua hamare saath ki America ka ek market khul gaya hamare liye aur already 65,000 ton material booked hai. Aur is mahine se hamara har mahine 10,000 ton already add ho gaya hai.

Toh aapne mere commentary mein ek cheez dekha hoga, suna hoga, pichle saal jahan hamara export kareeb 1.5 lakh ton tha 1.4 lakh ton tha, toh hum log 2.5 lakh ton se zyada jo hai is saal hum log export kar rahe hain, almost double ke aas paas ka jo hai hamara volume mein growth milega. Aur ye jo North America ka jo hamare paas kareeb ₹1,000 crore ke aas paas ka abhi order booked hai aur kuch aur usme spiral bhi hai usko mila karke, toh ye saara value-added product hai.

Already hum 43% jo hai total jo volume kar rahe hain wo value-added mein kar rahe hain, nahi toh is volume ke saath ye sustain karna kisi bhi company ke liye bahut mushkil hota. Aur jo hai iske andar mein kareeb-kareeb jo hai ₹9,000 se ₹10,000 EBITDA per ton ka jo hai ye poora jo segment jo hum export kar rahe hain.

Toh iske kaaran overall jo hai aapke EBITDA per ton bhi improve hoga aur iske kaaran jo hai value-added product ki quantity badhegi aur iske kaaran overall company ki growth bhi badhegi. Lekin humne is baar ka target thoda ye sab cheezein consider karke fir aap nahi toh bologe Raju ji ne fir bola tha fir nahi hua, toh wo sab cheezein hum consider karke hi maan ke chal rahe hain ki poore saal bhar mein jo hai hum steel division mein particularly ₹7,200 crore ke aas paas ka hamara revenue rahega.

Aur jahan is saal humne 9 lakh ton kiya tha, matlab bahut reasonable hum volume growth maan kar ke target chal rahe hain, kareeb 11 lakh ton hum log jo hai pipe segment se hum log pipe bechne ka kaam karenge. Aur jahan is saal hamara EBITDA jo hai ₹385 crore tha, jo is saal mein hum log ₹470 se ₹480 crore karenge aur ye ₹500 crore bhi cross ho sakta hai.

Rest assured jo humne bola hai wo number dekhiye matlab achanak kuch ho jata hai uski toh koi hum log guarantee nahi le sakte, but fir bhi matlab despite all issues, pressure, humne koshish ye kiya hai ki hum usme bhi acchi performance jo hai karein.

Theek hai sir. Theek hai.

Last question mera, abhi jo hum naya demand dekhte hain, India mein bhi demand aa raha hai because of city gas distribution ka pipe line badha rahe hain, US se bhi growth aa raha hai which you highlighted, aapko Middle East se bhi growth dikh raha hai because udhar bhi pipeline badhane ka baat chal raha hai. Toh overall aap thoda demand ke baare mein baat kar sakte ho and more importantly kaise hum log capture karenge wo demand?

Dekhiye, India mein aapki baat sahi hai ki Har Ghar Jal scheme ho ya city gas distribution ho, overall jo hai demand bhi badh rahi hai. Somehow matlab poore saal FY '26, wo FY '25 mein bhi wo numbers wagera dikh rahe the, FY '26 mein jahan matlab ye Jal distribution ka program hai, AMRUT ka hai, Har Ghar Jal ka hai, Jal Jeevan Mission ka hai, sarkari budget tha kareeb ₹55,000 crore ka.

Lekin paisa distribute jo sarkar ne kiya hai wo ₹3,000 crore kiya hai. Toh is wajah se iska bhi impact overall poore saal bhar mein particularly hamari jaise company ko tha.

Matlab main ab ye toh bilkul abhi is position mein nahi hoon, demand hai, but at the same time jo hai government ki spending badhni padegi matlab Hindustan ke andar mein. Aur baaki jo Middle East ko jo hamara hai volume somehow hum log jo hai abhi tak toh maintain kar rahe hain aur jo America ka hoga uski wajah se ek substantial jo improvement jo hai export business mein dikhega.

Theek hai sir. Theek hai.

Wishing you all the very best. Wapas baat hoyegi Q1 mein.

Theek.

Thank you for the opportunity, sir. I wanted to understand is there any update on the demerger of the lighting and consumer durable business?

What is the expected timeline, any progress on that front?

Nahi, mujhe lagta hai ek baar thoda sa ye jo crisis chal raha hai ye khatam ho jaye aur matlab hopefully dekhiye agle board meeting tak hum log jo hai kuch na kuch jo hai board se baat karke shareholder ko bolne ki position mein rahenge. Lekin overall external environment jo hai itna friendly nahi hai toh matlab har baar is vishay mein hamari discussion zaroor hoti hai.

Toh mujhe lagta hai abhi dono business apni jagah pe accha kar rahe hain, lighting bhi, steel bhi, aur company cash surplus hai, koi debt nahi hai. Business mein kuch bhi utaar-chadhaav aaye uske bawajood bhi jo hai matlab hamari position pichle 5-7 saal se bahut acchi hi rahi hai.

Aur humne bhi thoda ye maintain kiya hai ki thoda quality business ho, thoda export oriented ho, value-added ho, thoda high margin wale ho, wo sab bhi maintain kiya hua hai. Toh matlab overall percentage bhi aap dekhenge, peers se bhi compare karenge, steel pipe ki business hone ke bawajood bhi jo hai EBITDA percentage jo hai bahut acchi hai mujhe lagta hai.

Aur main toh aksar kehta hoon hamara bank ka saath jo sambandh tha wo toh khatam ho gaya, ab hamari relation jo hai wo sirf shareholder ke saath hi hai. Abhi bhi hum ye ensure karte hain ki jo corporate actions honge wo toh apni jagah honge, lekin aaj bhi humne ye dhyan rakha hai ki total profitability ka jo hai one-third wo shareholder ko dividend ke roop mein mile.

Aur uska one-third jo hai matlab business jo growth ke andar mein lage. Aur baaki one-third jo hai hamari jo bhi capex wagera hai usme lage.

One-third capex mein, one-third jo hai hamari working capital mein, growth mein, aur one-third shareholder ko mile ye hum pichle 2-3 saal se maintain kar hi rahe hain.

Okay. Sir, doosra question ye tha ki abhi hamare paas ₹340 crore net cash surplus hai and hamara stock ka valuation bhi quite reasonable hai abhi, toh kuch buyback ka kuch plan hai, kuch possibility hai buyback ka?

Nahi, wo peeche humne kuch usme socha tha lekin wo thoda government ki wo favorable nahi the toh is baar abhi fir shuru kiya hai. Haan, toh reintroduce kiya hai.

We will come to you so very soon.

Sir, thank you.

Hi sir.

Hello Viraj.

Hello sir. Sir, apan ne jo Q3 ke baad February ki call mein bola tha volume ka, we were not able to achieve that also.

This is sir third quarter in a row ki kuch na kuch aapatti aa jaati hai. It is very disappointing little bit ki hum jo bolte hain wo continuously, matlab samajh raha hoon ki ek aadh quarter nahi ho pata hai, but har quarter nahi ho raha hai ye thoda sa chinta ka vishay hai as a shareholder.

It's just a feedback to you. Sir, second, aapne bola ki hum 11 lakh ton karenge, toh usme sir do prashn hain.

Ek agar aap 1 lakh ton, 1.10 lakh ton incremental agar export se kar rahe hain, toh kya hum domestic se incremental khaali 70,000-80,000 ton hi expect kar rahe hain? Ye bohot kam nahi hai hamari aspiration as far as growth in domestic market is concerned?

Viraj bhai, ek toh humne last time ye baat hui thi 2.9 lakh ton ke aas paas karenge, toh 2.6 ton hua hai Q4 ke andar mein. Mainly 10,000-12,000 ton export ka nahi hua aur utni quantity jo hai domestic mein steel ki matlab availability ka issues aa gaya tha, toh mainly is wajah se volume nahi kar paye.

Uski bharpaai hum is quarter mein kar rahe hain aur jo hai hamara kareeb Q1 ke andar ab tak ka highest volume hoga. Matlab lagbhag jo hai 2,65,000 ton ka hamara jo hai quarter one mein hi volume hoga aur kareeb-kareeb 27-28% ke aas paas ki hum log growth karenge.

Doosra aap kya pooch rahe the? Thoda disturbance tha line mein.

Sir, main ye pooch raha tha ki agar aap 9.2 lakh se 11 lakh ton jaane ki baat kar rahe hain is saal, jabki aapka incremental export se hi 1.1 lakh ton aa raha hai growth volume ka, toh kya aap domestic market se khaali 70,000 ton incremental expect kar rahe hain? Ye bohot hi kam expectation nahi hai?

Ye kaafi kam mahatvakanksha nahi hai growth ki?

Viraj bhai, main 12 lakh bol dunga fir aap poochoge aapne 12 kaha tha kiya 11.25 hi. Toh accha hai na main kam bolu zyada karu, toh itna toh maine ye teen quarter mein seekh liya.

Doosra vishay ye hai Viraj bhai ki ye jo government ka spending hai na oil and gas mein mainly, toh ye hum maan karke chal rahe hain is saal bhi thoda sa jo hai matlab kam hi rahega spending. Kyunki jis tarah ka pressure build up hua hai matlab gas, fuel, ye sab overall jis tarah ka environment bana hua hai, mujhe lagta hai ho sakta hai government kuch projects wagera kuch delay daal de aur kuch hold pe daal de, toh ye sab cheezein consider karke hum maan karke chal rahe hain ki uska impact kuch aayega, isiliye hum bohot ye sab cheezon ko consider karke minimum side pe hi apni jo hai volume aur target rakh karke chal rahe hain.

Aap rest assured hum log koshish karenge jaisa aapne kaha ki agar 1-1.25 lakh ton export se hi badh raha hai, toh usse zyada toh jo hai matlab export ke comparison mein baaki toh jo hai fir toh 13-13.5 lakh hona chahiye aapke hisaab se. Toh but fir bhi hum koshish karenge 11 lakh ton matlab lesser side mein hai, hum log ho sakta hai isse bhi volume accha karein kyunki 2,60,000 ton, 65,000 ton toh hum log quarter one mein hi achieve kar rahe hain.

Sir. Aur sir aapne ek baat boli ki aap ₹500 crore, ₹475 se ₹500 crore EBITDA karenge us saal steel division mein.

Par sir agar main 11 lakh ton ginu, toh ₹500 crore pe toh apna EBITDA hota hai ₹4,600 ya ₹4,700. That is in spite of higher export jo zyada margin business hai, API jo zyada margin business hai.

Toh ye kaise ho raha hai matlab mujhe samajh hi nahi aaya. Apna toh EBITDA per ton pehle 50-

Nahi, isme bhi wahi cheez hai. Hum ye maan ke chal rahe hain oil and gas mein thoda pressure rahega.

Toh oil and gas segment ho in sab ke andar mein bohot substantially zyada margins wala jo hai business hai domestic ka. Toh ye hum maan ke chal rahe hain usme thoda pressure rahega aur isiliye matlab hum ye maan ke chalte hain ki matlab ₹4,700 ke aas paas poore saal bhar ka jo hai per ton EBITDA rahega.

Isiliye hum ₹480, ₹470 ke aas paas ka steel division mein karenge aur ₹200 crore ke aas paas ka jo hai lighting division mein EBITDA rahega. Toh hamara ye hai ki dono mila karke ₹680 se ₹700 crore ka matlab poore saal bhar ka EBITDA ho isme se.

Toh sir ye toh substantial decrease hai in EBITDA per ton because this year also for the full year we have done higher than that. In fact Q1 mein Q4 mein toh humne ₹5,100 kiya hai.

Toh aap bol rahe ho wahan se bhi kaafi gir jayega EBITDA per ton. Aur sir baaki koi steel producer ya pipe producer aisi baat nahi kar raha hai.

Matlab aapki commentary different hai us tarike se, main samajh nahi pa raha hoon wo baat. Aap Hariom, APL Apollo kisi se bhi baat kar lijiye, koi EBITDA per ton ₹400 girne ki baat toh kar hi nahi raha hai.

Nahi, aisa hai ki pehli baat toh full year ke comparison mein agar aap dekhenge toh kam nahi hai, usse kuch na kuch zyada hi hai full year ka, number one. Number two dekhiye, matlab input cost sab jagah badhi hai.

Theek hai? Aur jo gratuity aur baaki jo naya labor law hai uska bhi kareeb ₹30-₹40 crore ka impact hai har ek company ko, sirf Surya Roshni ko nahi hai.

Aur fuel aur power ki cost badhi hai, uska bhi ek impact hai har ek companiyon ko. Toh ye sab cheezein bhi consider karke matlab numbers humne jo aapko bataye hain aisa nahi hai ki humne koi thumb rule calculation mein koi cheez humko aayi aur aapko bata diya, toh ye sab cheezon consider karke on a lesser side hum minimum hamara commitment ye hai ki ₹680 se ₹700 crore ke aas paas ka EBITDA poore saal ka hum karenge.

Aur poore saal ke case mein agar aap dekhenge toh thoda kuch na kuch improvement hi hai, aap Q4 ko aur Q1 ko compare mat kariye poore year ko kyunki generally Q4 jo hota hai dono business ke andar mein sabse highest jo hai EBITDA wala jo hai quarter rehta hai because of many reasons, maybe the festival or closing year quarter hone ki wajah se. Right sir.

Main itna aapko Viraj ji kehna chahunga ki Surya Roshni ke itihaas mein FY '26 ka saal ab tak ke matlab 50 saal ki journey mein sabse best saal rahega.

You mean FY '27, right?

FY '27.

Sir last question, aapne bola ki Q1 mein apan 2.65 lakh ton toh pakka karenge, toh agar main ₹4,700-₹4,800 bhi ginta hoon, toh apan kam se kam ₹125 crore EBITDA steel se karenge is quarter?

Haan, ₹120-₹125 crore ka karenge. Aur matlab last year ke comparison mein almost jo hai 100% ki growth rahegi.

Par sir last year toh wo SAP ke kaaran apna poora ek mahina hi kharab ho gaya tha, toh wo toh fair comparison hi nahi hai mere apne hisaab se.

Chalo, is saal ke number se khush ho jao.

Haan, thank you, thank you sir.

Thank you.

Sir, hi sir. Sir, yahan pe agar hum log pichle 5 saal ka hamara history dekhein, toh poore 5 saal ka cumulative growth, main year-on-year ki baat nahi kar raha hoon, cumulative growth hamare steel segment mein kareeban 25% raha hai 4 saal mein, jo matlab kareeban har saal 6-6.5% ka volume growth ho gaya.

Toh sir, apne India itna acchi tarah grow kar raha hai, baaki ke saare competitors, companies itni acchi tarah grow kar rahi hain, hamare saath mein kya problem ho raha hai ki kuch na kuch hamare saath mein hi ho raha hai jo hum sirf 6% ke CAGR pe grow kar pa rahe hain pichle 4 saal mein?

Nahi, iska kya hai mainly dekhiye, matlab COVID ke samay aur uske baad jo hai matlab do ek saal humne koi major kuch bhi humne capex kiya nahi tha, pichle dedh saal se hi abhi hum ye kar rahe hain, 2 saal se. Toh ek toh wo tha aur doosra thoda sa humne apne kaafi segment wagera jo non-profitable wale segment the, usme hamara zyada focus nahi tha, hamara focus zyada usme tha ki high margin wale aur zyada se zyada value-added product ke upar mein hamara focus ho.

Toh wo sab kiya aur matlab is saal jo abhi jo already capex ho gaye ya is saal jo pipeline mein ongoing capex hain, us sab ko consider karke jo hai hum aisa maan ke chalte hain ki wo substantial volume growth is saal se dekhne ko milega. Baaki aapki baat theek hai ki as compared to overall jo double digit ki growth thi industry ki, toh uske mukable jo hai hamari growth kam rahi, lekin in the meantime ye 5 saal mein hamara shuru shuru mein strategy ye bhi tha ki company ko hum debt-free karein, toh wo karne mein bhi jo hai successfully hum log kar paye hain.

Sir, but aap jab bolte hain ki hum high value margins wale products mein hum focus kar rahe the, but agar main data dekhu aapke presentation mein, toh aapka FY '21 ka jo data tha, FY '21 se '26 ka data dekh raha hoon aur API and spiral pipes ka division dekhta hoon, toh ye FY '26 mein toh sabse weakest EBITDA per ton humne kiya hai. Matlab hum pehle FY '21 mein 7.5 kiye, fir FY '22 mein 9 tha, ₹9,000 per ton tha, fir FY '23 mein ₹12,000, fir FY '24 mein 10.5 hazaar, '25 mein ₹9,300, fir abhi FY '26 mein ₹5,600.

Toh sir hamara toh ye value-added jo segment hai jo ideally grow hi hona chahiye EBITDA per ton, ye toh hamara FY '23 se ekdum neeche hi aate ja raha hai har saal aur abhi toh ye bohot hi neeche aa gaya ₹5,600.

Nahi, aapka theek hai, API spiral ka per ton EBITDA dekhenge toh matlab GI pipe se bhi kam hua hai.

Main yearly bol raha hoon sir, yearly number bol raha hoon.

Haan haan, nahi main aapki baat maan raha hoon, aapki baat se main sehmat hoon, jahan pehle almost double hota tha wo aadha reh gaya hai. Dekhiye, ek reason toh bada ye hai kyunki ye tendering business hota hai, wo hamare control mein toh hota nahi hai.

Aur isme thoda competition bhi matlab pichle saalon ke andar mein competition bhi badha hai. Aur upar se jo hai thoda volume mein bhi iske andar mein government spending ka pressure hai is wajah se bhi hai.

Aap dekhiye itna substantial jo hai matlab kam hone ke bawajood bhi hum somehow maintain isiliye kar paye hain ki overall jo value-added ka contribution tha volume mein wo badha hai. Aur jaisa maine abhi bataya jo America ka export ka market hai, uski wajah se kaafi improvement jo hai aane wale saal mein uski wajah se dekhne ko milega, ye matlab API se jo nuksaan hua hai uski bharpaai wahan se hogi.

Kahan se hogi sir API ki bharpaai?

Jo export ka bataya na maine North America ka, jo already hamare paas almost jo hai we have order book of almost 65,000 tons aur mujhe lagta hai saal bhar mein jo hai matlab 1,20,000 ton ke aas paas jo hai North America ye naya market hai all together hamare liye jo is saal se khula hai. Aur usme EBITDA per ton bhi 10,000 ke 9,000 se upar 10,000 ke aas paas hi hai.

Aur sir hamara domestic mein jitna bhi hamara volume sales hai, usme se kitna hamara volume government ki spending pe dependent hai? Ya kitna business hamara government ko deke ya jo company ne government se theka liya hai, contract liya hai, wo construction kar rahi hai, government related spending mein kitna hamara volume jaata hai?

Overall jo hai matlab total steel pipe ka segment hai usme kareeb 15% to 16% hai.

Nahi nahi sir, main aapki company ka baat kar raha hoon.

Haan, hamari company ka main bol raha hoon. Overall jo hamari product segment hai uske andar mein jo government ka matlab ya API ka ya jo hai tender business ka contribution 15-16% ke aas paas rehta hai.

Sir toh 15-16% agar itna kam hai, toh aap-

Nahi nahi, I just need to conclude a point. Sir 15-16% agar itna kam hai na sir, toh aap is cheez ko baar baar ki government ki spending kam hai, uske wajah se volume growth kam aayega na, toh sir wo reason mere ko justified nahi lagta.

Mujhe lagta hai aapko thoda acceptance rakhna chahiye ki kya cheez ke wajah se hum itna grow nahi kar pa rahe hain aur baaki ke log grow kar pa rahe hain FY '26 mein bhi aur hamari guidance. Aap acceptance rakhoge toh sir aap future mein uske hisaab se kaam kar paoge.

Ye mera maanna hai sir.

Nahi nahi, aapki baat main samajh gaya. Ye jo government API jo high margin wala bol rahe the, uska contribution 15-16% hai.

Otherwise water pipe and spiral usko aap jod doge toh ye 28-30% ke aas paas ho jaata hai.

Theek hai sir, I'll come back in the queue, sir.

Thank you for the opportunity. Sir, do question hain.

Pehla question ONGC ya saare other oil companies ka jo hamara opportunity tha in terms of seamless to ERW, right, it's supposed to be large opportunity. Q3 mein humne 4,500 tons kiye hain.

There's just too much focus on oil and oil pipes and, I don't know, exploration because of higher oil prices. Toh ye jo seamless to ERW even without any new capex hone wala hai which is a very large opportunity and there's just tremendous value for us.

Kuch traction ho raha hai sir ye FY '27 mein? Will we be able to gain substantial volumes?

Is that low pricing or high pricing? Iske baare mein thoda vistaar mein batayenge toh accha rahega sir.

Nahi, ye ek acchi opportunity hai aur jo aapne ONGC ka baat kiya, basically kya hai seamless ke comparison mein jo hai jo matlab welded pipe hai aur isme already hum log bhi 5,000 ton jo hai supply kar chuke hain. Aur isme thoda sa upgrade karne ke liye upgradeable 5CT mein hum log jo hai already R&D mein kaam chal raha hai.

Lekin iska major impact jo hai FY '28 mein ja kar ke aayega. Isme thoda time aur lag raha hai.

Got it, sir, got it. The 11 lakh tons doesn't include any volumes from this opportunity?

Nahi nahi, usko consider nahi kiya hai kyunki jo humne capex kiya hai uska time almost 9-10 mahina hai, toh uska impact jo hai FY '28 mein aa kar ke aayega.

Accha, samajh gaya sir. Sir, the second question is from a growth perspective.

If I see the EBITDA and I'm 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 sir, right?

So, 440 toh humne March '22 mein kiya, steel prices gir gaye, badh rahe hain, toh we are now again at 535, 535-540 crore. Toh hum log bol rahe hain 540 crore se 700 crore jump karne wale hain FY '27 mein.

Hope that happens, sir. How much confidence you have that we'll jump to 700 crore?

Isme risk kya hain? That is question number one.

Question number two, hum log sun rahe hain ki getting steel from steel companies these days has become very difficult across the industry because there's just too much steel demand or steel price are very high and so on and so forth. Because we are one of the largest buyers of HR coil, isme hamara impact bhi hai kya Q1, Q2 mein in terms of steel buying?

Ye do question hain sir. Ek toh EBITDA stagnation to 700 crore, what are the risks and how confident you are?

Point number two, steel buying, is there any constraint in the market because multiple industrial companies are talking about this constraint that they're not getting steel as much as they require.

Dekhiye do baat. Ek toh jahan tak risk ki baat hai, jo numbers humne abhi aapko bataye hain, usme bohot ye saari cheezein jo risk factor hai usko consider karke hi ye number bata rahe hain.

Aur matlab is saal jaise FY '27 jo hai steel aur lighting division dono mila ke ₹680-₹700 crore ke aas paas ka EBITDA rahega, jo substantial improvement balance sheet ke andar mein dekhne ko milega. Isme jitne bhi risk factor ho sakte hain saare consider hain.

Isse beyond hota hai toh matlab wo ek bonus hoga aur jiske chances likely zyada hi hain. Number two, jahan tak steel ki availability ka ye issues tha, ye time being pichle 3-4 mahine mein uska impact tha, mainly because steel ke andar mein bohot lambe samay ke baad substantial jo hai usme tezi aayi thi aur uski wajah se demand jo hai overall sab taraf badh gayi thi.

Aur doosra ye jo fir at the same time ye jo Middle East ka crisis hua uski wajah se thoda gas ki availability ka bhi issues tha. Aur bohot saare plant gas-based hain toh uski wajah se jo hai koi ek bada plant bhi thoda usko difficulty aati hai toh uska impact overall market mein aata hai.

Abhi ye jo hai almost matlab pichle mahine bhar se ye sort out hai aur mujhe lagta nahi ki aane wale samay mein iska koi crisis aayegi, ye time being tha. Aur doosra overall India ke andar mein availability of steel HR coil saalana badh rahe hain, in fact iske andar mein kaafi capex aur kaafi investment already ho rahi hai jo pipeline mein bhi hai aur jo har saal kuch na kuch quantity millions ke andar mein badhotri bhi ho rahi hai.

Got it, sir. Thank you so much.

Joining back at the queue.

Yeah. Namaskar Raju ji.

Meri awaaz aap tak pahunch rahi hai?

Pahunch rahi hai. Yeah.

Ji sir. Abhi sir jo vartalaap chal raha hai usme agar hum sankshep mein ye samajhna chahein toh aapne ye ullekh kiya hai ki current vitt varsh ke liye hum ₹680 se ₹700 crore ka combined EBITDA expect karte hain, jisme aap 11 lakh ki volume ka rujhaan de rahe hain pipes ke liye, hamare steel pipes ke liye.

Aur usme bhi aap EBITDA expect karte hain ₹470 se ₹480 crore ka. Ye number sab sahi hain, sir?

Right, right. Ji.

Accha sir, toh matlab ₹200 crore ki remaining jo EBITDA ka number rahega wo hamara lighting segment se aayega.

Main ek baar matlab is saal ka projection thoda fir aapko bata deta hoon. Overall jo hai lighting aur steel ke andar mein revenue mein kareeb ₹7,200 crore ke aas paas ka revenue rahega steel division se aur lighting division se kareeb-kareeb ₹2,200 crore ki rahegi, toh ₹9,400 crore se ₹9,500 crore ka overall jo hai hamara revenue rahega is saal mein.

Aur company as a whole kareeb 24% se 25% ki growth karenge hum log. Aur isi tarah se EBITDA ke andar mein kareeb steel division mein ₹480 crore, lighting mein kareeb ₹200 crore, matlab ye ₹680 crore ke aas paas ka rahega.

Isme bhi jo hai 25% ki 26% ki growth rahegi. Toh ye hai.

Aur jinme humne kuch cheezein already jo hai wo consider kiya hai kyunki humne dekha kuch gas ki, kuch jo naya labor law aaya hai uski wajah se ₹40-₹50 crore ka impact har company ko aaya hai. Toh usko consider karke number bata rahe hain, nahi toh ye number hum log ₹750 bhi kar lete.

Aur sir EBITDA per ton ke jo vishay mein aapne do data point diye, pehla data point aapne ye bataya ki hamare paas high value product ke substantial order hain jinme hamara per ton EBITDA significantly higher rahega, but aap overall mein per ton EBITDA ko ₹4,700 per ton pe bata rahe hain. Toh ye numbers ko hum samajh nahi paa rahe hain sir.

Matlab aap exactly value-added mein higher 9,000 something ka aapne shayad koi number share kiya था, toh agar aap samjhana ki aur ye kyu lower hai sir agar hum log pichle quarter ka bhi number dekhein ya pichle vitt varsh ka bhi number dekhein, toh usse bhi EBITDA per ton steel pipes ke liye lower side pe trend kar raha hai, toh iska kaaran agar aap bata sakein toh?

Isme dekhiye mainly kya ho raha hai ki matlab hamara export jo hai business 20% ke aas paas hai, usme toh hum log substantial jo hai EBITDA mein improvement dikhega. Baaki jo business ke andar mein hum ye maan ke chalte hain ki thoda tough market ke andar mein uska negative impact rahega.

Toh dono cheezon ko consider karke hum aisa maan ke chalte hain poore saal bhar mein ₹4,700 per ton ke aas paas ka impact aayega. Kyunki matlab itna easy bhi nahi hai FY '27 sabhi industry ke liye.

Jo crisis hai wo hai jo labor ki wajah se, fuel ki wajah se, electricity ki wajah se cost badhi hai. Lighting division ke andar mein abhi tak humne baat nahi kiya kareeb-kareeb jo hamara input raw material imported aata tha usme impact 30% se 35% ka hai.

Wo toh accha hai somehow jo hai market mein pass on ho gaya, but pass on hone mein bhi ek-do mahine ka uska impact balance sheet mein aata hai, reflect hota hai. Toh is 3 mahine ke andar mein bohot kuch industry mein, har ek industry mein uska impact hua bhi hai.

Ji sir. Theek hai sir, main dobara kataar mein aata hoon.

Hello. Thank you so much for taking my question, sir.

Sir, isme aapne mention kiya tha previous participant ko ki humne bohot saari capacity addition kari hai over the last 1-1.5 years and uske pehle hamara itna focus nahi tha capacity addition mein. Hamara zyada focus tha on cash generation and being debt free.

If you can elaborate ki abhi next 1 se 2 saal mein hum kya wapas se wo capacity addition ke cycle mein enter ho rahe hain, kyunki given that hamare paas cash bhi bohot zyada abhi sahi cash flow hai aur balance sheet position kaafi strong hai, toh kya hum next 2 saal mein massive capacity addition dekh sakte hain from the business? Over the last 2 years kitna capacity addition hua hai, aap ye bhi details agar thoda share kar sakte ho toh bohot accha rahega.

Dekhiye, last dedh saal mein kareeb hamara 2 lakh ton ki capacity improve hui hai aur agle 1 saal ke andar mein kareeb-kareeb hum 1.6 million ke aas paas pahunch jayenge, 1.4 se. Aur uske baad jo hai hamari capacity kareeb 3 lakh ton se badhegi, toh matlab FY '28-'29 ke andar mein hamari capacity 1.9 million ke aas paas ho jayegi.

Toh abhi 1.2 hai hamara capacity and wo 1.9 ho jayega 2 saal ke andar andar?

1.4 million pe pahunch chuke hain. 1.2 tha, 1.2 something tha, abhi 1.4 something already hamari capacity enhance ho chuki hai.

Jo agle 1 saal ke andar mein FY '27 ke andar mein hi 1.6 million ton ke aas paas ho jayega.

Toh 1.2 se 1.6 ho jayega.

Ji.

Right. Haan, okay.

Sir, thank you. That was my question.

Thank you.

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

I sincerely once again thanks 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.

MD ko thank you mat karo, wo bol rahe hain profit badhao. Shareholder ko thank you bolo.