Key Metrics of Surya Roshni
About Surya Roshni
Sectors
Company details
- Website
- surya.co.in
- Registered office
- Prakash Nagar Sankhol, Bahadurgarh, In-hr, 124507
- Listed
- NSE: SURYAROSNI · ₹205.79
Operational Areas of Surya Roshni
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 20 Jul 2026 | ICRA | Reaffirmed | — | A1+ | — | ₹100 Cr | View |
| 08 Jul 2026 | CARE | Reaffirmed | AA | A1+ | Stable | ₹1,000 Cr | View |
| 08 Jul 2025 | CARE | Upgraded (from AA-) | AA | A1+ | Stable | ₹1,000 Cr | View |
| 03 Mar 2025 | CARE | Reaffirmed | AA- | A1+ | Positive | ₹1,000 Cr | View |
| 30 Sep 2024 | CARE | Reaffirmed | AA- | A1+ | Positive | ₹1,122 Cr | View |
| 17 Jul 2023 | CARE | Withdrawn | AA- | A1+ | Stable | — | View |
| 30 Sep 2022 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹2,014 Cr | View |
| 05 Oct 2021 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹200 Cr | View |
| 10 Feb 2021 | CARE | Reaffirmed (from A+) | A+ | A1+ | Stable | ₹4,741 Cr | View |
| 07 Oct 2020 | CARE | Reaffirmed | A+ | A1 | Stable | ₹4,541 Cr | View |
| 19 Nov 2019 | CARE | Other | — | — | — | — | View |
| 08 Nov 2019 | CARE | Other | — | — | — | — | View |
| 17 Oct 2019 | CARE | Reaffirmed | A+ | A1 | Stable | ₹5,437 Cr | View |
| 30 Sep 2019 | CARE | Reaffirmed | A+ | A1 | Stable | ₹5,537 Cr | View |
| 07 Aug 2019 | CARE | Reaffirmed | — | A1+ | — | ₹700 Cr | View |
| 04 Apr 2019 | CARE | Reaffirmed | — | A1+ | — | ₹700 Cr | View |
Credit strengths (ICRA, Jul 2026)
+ Experienced promoters and long track record of company
SRL has been in the steel business since 1973 and diversified into the lighting business in 1985.
+ Healthy operational profile
SRL has a healthy operational profile, characterised by its established brands (Surya and Prakash Surya), strong market position in the domestic electric resistance welded (ERW) pipes industry, geographically diversified manufacturing base and pan-India distribution network.
+ Stable financial risk profile with strong liquidity
SRL's credit profile continues to be supported by its strong financial position, characterised by a conservative capital structure, healthy cash flow generation and robust liquidity.
Credit challenges
− Working capital-intensive operations
SRL's operations remain inherently working capital intensive due to the need to maintain adequate inventory levels across its diverse product portfolio and manufacturing locations.
Could lead to a downgrade
ICRA could downgrade the rating in case of a sustained weakening of operating profitability, and/or if there are any aggressive debt-funded capital expenditure plans, or if there is a significant stretch in the working capital cycle that could weaken the company’s
Agency-reported financials (ICRA, 20 Jul 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹7,436 Cr | ₹7,540 Cr |
| PAT | ₹347 Cr | ₹286 Cr |
| OPBDIT/OI | 7.8% | 6.5% |
| PAT/OI | 4.7% | 3.8% |
| Total outside liabilities/Tangible net worth (times) | 0.30× | 0.30× |
| Total debt/OPBDIT (times) | 0.00× | 0.10× |
| Interest coverage (times) | 28.00× | 17.70× |
| Revenue growth (YoY) | — | 1.4% |
| EBITDA (margin × income) | ₹580 Cr | ₹490 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹0.00 Cr | ₹49.01 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹20.71 Cr | ₹27.69 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹349 Cr | — | AA (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹651 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | ₹149 Cr | CARE AA; Stable |
| Commercial Paper | — | Withdrawn |
| Commercial Paper (Carved out) | — | Withdrawn |
| Credit Exposure Limit | ₹20.0 Cr | CARE A1+ |
| Long Term | ₹200 Cr | CARE AA; Stable |
| LT/ST | — | Withdrawn |
| Short Term | ₹631 Cr | CARE A1+ |
| Standby Line of Credit | — | Withdrawn |
| Term Loan | — | Withdrawn |
Lenders
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | Union Bank of India |
| Non-fund-based | Long Term | Bank of Baroda |
| Non-fund-based | Long Term | HDFC Bank Ltd. |
| Non-fund-based | Long Term | IDBI Bank Ltd. |
| Non-fund-based | Long Term | State Bank of India |
| Non-fund-based | Long Term | Union Bank of India |
| Non-fund-based | Short Term | Bank of Baroda |
| Non-fund-based | Short Term | HDFC Bank Ltd. |
| Non-fund-based | Short Term | IDBI Bank Ltd. |
| Non-fund-based | Short Term | State Bank of India |
| Non-fund-based | Short Term | Union Bank of India |
| Non-fund-based - ST | Credit Exposure Limit | HDFC Bank Ltd. |
| Non-fund-based - ST | Credit Exposure Limit | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 17 Jul 2023 · Rated debt fully repaid / redeemed |
| Next action stable or better (model) | 69% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 54% chance the next rating action is stable or better
- Interest coverage 17.7×
What happened, step by step
- Nov 2019 — ₹100 cr raised through commercial paper from State Bank
- Oct 2020 — Full repayment of debt
“Credit enhancement in the form of SBLC letters issued by various banks for Commercial Paper issue The rating of CPs aggregating Rs.100 crore is based on the credit enhancement in the form of unconditional and irrevocable SBLC letters issued by State Bank of India and HDFC Bank.”
Rated limits by facility
Timeline
From the report
ICRA notes that the steps being taken by SRL to streamline its working capital cycle have contributed to its cash flow generation and enabled the company to prepay its debt obligations, leading to nil term loan as on March 31, 2026, coupled with minimal working capital debt.
From the report
The company remains term debt-free and maintained sizeable cash and liquid investments of Rs. 420–450 crore as on March 31, 2026, providing substantial financial flexibility.
From the report
Liquidity position: Strong SRL’s liquidity position remains Strong, supported by free cash and bank balances of ~Rs. 420 crore as on March 31, 2026, providing adequate financial flexibility.
From the report
For 12 trailing months ending April 2026, average utilisation for fund based facilities remained above 50% while for non-fund based limits, average utilisation for the same period stood at ~55%. 3 CARE Ratings Ltd.
From the report
As of March 31, 2026, the company holds cash and liquid investments of ~₹450 crore.
From the report
A s of March 31, 2025, the company holds cash and liquid investments of ~₹350 crore.
From the report
It has healthy cushion available in terms of un-utilised working capital limits to meet uncertain events in terms of increase in the input cost or delayed receivable from its clientele or immediate requirement of capex to meet the industry demand scenario.As of 9MFY25, the company have a surplus cash balance of ~₹190 crore and a healthy profit after tax of ₹218 crore against nil term debt obligation.
From the report
The average utilisation of fund -based limits over the past 12 months ended Aug 2024 stood at about 16%.
From the report
Better working capital management reduces the reliance on bank finance to meet the working capital requirement, which is also reflected in lower average utilisation levels of around 16% over the last 12-month period ended May 2024.
From the report
The average utilisation of fund -based limits over the past 12 months ended April 2023 stood at about 53%.
From the report
The ratings also favourably factor in SRL’s continued focus on reduction in the term debt including prepayments thereby making it a term debt-free company during the current fiscal while working capital borrowings also remained lower than envisaged despite highe r inputs costs.
From the report
Press Release Liquidity: Strong SRL’s liquidity position is strong marked by complete repayment of term debt along with healthy cushion available in terms of un-utilised working capital limits to meet any uncertain events in terms of increase in the input cost or delayed receivable from its clientele or any immediate requirement of capex to meet the industry demand scenario.
From the report
The average utilisation of fund- based limits over the past 12 months ended July 2022 stood at 62%.
From the report
Better working capital management reduces the reliance on bank finance to meet the wo rking capital requirement, which is also reflected in lower average utilisation levels of around 62% over the last 12 -month period ending July 2022.
From the report
Two Hundred Crore Instruments Only) Details of instruments/facilities in Annexure-1 *The commercial paper will continue be carved out of the existing sanctioned CC limits subject to available Drawing Power.
From the report
The company has projected gross cash accruals of Rs.332.00 crore during FY2 2 against which it has scheduled repayment obligation of Rs. 51.31 crore only.
From the report
The company has projected gross cash accruals of Rs.332.00 crore during FY2 2 against which it has scheduled repayment obligation of Rs. 51.31 crore only.
From the report
Two Hundred Crore Only) Details of instruments/facilities in Annexure -1 ^ The commercial paper will continue be carved out of the existing sanctioned CC limits subject to available Drawing Power.
From the report
The company has projected gross cash accruals of Rs. 249.00 crore during FY21 against which it has scheduled repayment obligation of Rs.84.98 crore only.
From the report
The company has projected gross cash accruals of Rs. 249.00 crore during FY21 against which it has scheduled repayment obligation of Rs.84.98 crore only.
From the report
The average fund-based working capital utilization has improved to 73% of the drawing power during the trailing 12 months ended December, 2020.
From the report
The company did not avail any moratorium from banks, in fact, it has prepaid term loans to the extent of Rs.42.36 crore during April – Dec 2020 thereby reflecting its adequate liquidity position.
From the report
The ratings also take note of the strong rebound in operating performance in FY21 year-till-date subsequent to the lockdown and the resultant improvement in cash flows, which is expected to be used to repay debts amid muted capex requirements in the short to medium term.
From the report
Nevertheless, the company has reported higher gross cash accruals (GCA) of Rs.214 crore during FY20 (PY: Rs.207 crore), its GCA remaining consistently above Rs.200 crore over the 2 CARE Ratings Limited Press Release past few years.
From the report
The improvement has also been supported by health y cash flow from operations to the tune of Rs. 280.26 crore during FY20 as compared with Rs. 120.14 crore during FY19.
From the report
The company has projected gross cash accruals of Rs.203.99 crore during FY21 against which it has scheduled repayment obligation of Rs.71.52 crore only.
From the report
The company has projected gross cash accruals of Rs.203.99 crore during FY21 against which it has scheduled repayment obligation of Rs.71.52 crore only.
From the report
The company did not avail any moratorium from banks, in fact, it has prepaid term loans to the extent of Rs.42.36 crore during April – Sept 2020 thereby reflecting its adequate liquidity position.
From the report
Credit enhancement in the form of SBLC letters issued by various banks for Commercial Paper issue The rating of CPs aggregating Rs.100 crore is based on the credit enhancement in the form of unconditional and irrevocable SBLC letters issued by State Bank of India and HDFC Bank.
From the report
Adequate Liquidity The company has adequate liquidity supported by stable cash accruals of around Rs.207 crore in FY19 and modest principal debt repayment of around Rs.60 crore in the current financial year.
From the report
For the period Q1FY20 (refers to the period from April 1 to June 30), the company reported PAT of Rs.19.39 crore on an operating income of Rs.1,413.24 crore as compared with a PAT of Rs.20.52 crore on an operating income of Rs.1,271.41 crore for the period Q1FY19. 2 CARE Ratings Limited Press Release Credit enhancement in the form of SBLC letters issued by various banks for Commercial Paper issue The rating of CPs aggregating Rs.100 crore is based on the credit enhancement in the form of unconditional and irrevocable SBLC letters issued by State Bank of India and HDFC Bank.
From the report
Adequate Liquidity The company has adequate liquidity supported by stable cash accruals of around Rs.207 crore in FY19 and modest principal debt repayment of around Rs.60 crore in the current financial year.
From the report
Credit enhancement in the form of SBLC letters issued by various banks for Commercial Paper issue The rating of CPs aggregating Rs.100 crore is based on the credit enhancement in the form of unconditional and irrevocable SBLC letters issued by State Bank of India and HDFC Bank.
From the report
Adequate Liquidity: The company has adequate liquidity supported by stable cash accruals of around Rs.207 crore in FY19 and modest principal debt repayment of around Rs.60 crore in the current financial year.
From the report
The company had a cash balance of Rs.1.63 crore as on March 31, 2019.
From the report
Credit enhancement in the form of SBLC letters issued by various banks for Commercial Paper issue The rating of CPs aggregating Rs.100 crore is based on the credit enhancement in the form of unconditional and irrevocable SBLC letters issued by State Bank of India and HDFC Bank.
From the report
Adequate Liquidity: The company has adequate liquidity supported by stable cash accruals of around Rs.207 crore in FY19 and modest principal debt repayment of around Rs.60 crore in the current financial year.
From the report
The company had a cash balance of Rs.1.63 crore as on March 31, 2019.
From the report
(ii) and (iii) is revised to provisional from final given the SBLC letter issued by PNB (Rs 15 crore) and Bank of Baroda (Rs. 40 crore) has expired.
From the report
SRL has in- house capability to manufacture lighting products including glass, Printed Circuit Boards (PCBs), ballasts, filaments, caps, etc Credit enhancement in the form of SBLC letters issued by various banks for Commercial Paper issue The rating of CPs aggregating Rs.350 crore were based on the credit enhancement in the form of unconditional and irrevocable SBLC letters issued by State Bank of India, Canara Bank, HDFC Bank, Punjab National Bank (now expired) and Bank of Baroda (now expired).
From the report
Liquidity 2 CARE Ratings Limited Press Release The company has adequate liquidity supported by stable cash accruals of around Rs.207 crore in FY19 and modest principal debt repayment of around Rs.50 crore in the current financial year.
From the report
The rating of instrument mentioned in S. no.(iii) is revised to provisional from final given th e SBLC letter issued by Canara Bank for Rs.45 crore has expired.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Surya Roshni
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Mukand Ltd |
TMT Bars & Secondary Steel · Steel, Metals & Pipes | mukand.com | 1955 | India |
| Steel Strips Wheels Limited | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Mohali, Chandigarh, India |
| Gallantt Ispat Limited | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Gorakhpur, Uttar Pradesh, India |
 Pennar Industries Limited |
TMT Bars & Secondary Steel · Steel, Metals & Pipes | pennarindia.com | 1977 | Hyderabad, Telangana, India |
| Vardhman Special Steels Limited | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Ludhiana, Punjab, India |
| Aarti Steels Limited | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Ludhiana, Punjab, India |
| Steel Exchange India Limited | · Community, personal and Social Services | — | — | Hyderabad, Telangana, India |
| TMT Bars & Secondary Steel · Manufacturing (Metals and Chemicals, and products thereof) | kamdhenulimited.com | — | Gurgaon, Haryana, India | |
 agni steels |
TMT Bars & Secondary Steel · Steel, Metals & Pipes | agnisteels.com | 1989 | Erode, India |
| Shiv Aum Steels Limited | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
GI and ERW steel pipes, lighting
Filings
No filings on record yet.