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Surya Roshni Limited: Business Overview, Financials & Competitive Analysis

Surya Roshni Limited scores 7/10 on the AskCyborg Cyborg Score (Strong). Market-leading pipes manufacturer with strong balance sheet and export positioning, but facing near-term margin pressures from raw material volatility. The company reported 3% revenue growth in Q3 FY 2026, reaching Rs. 1,927 crores, while grappling with declining EBITDA and PAT due to challenges in the Steel Pipes and Strips.

What is Surya Roshni Limited's industry? Surya Roshni Limited (surya.co.in) operates in Steel Products & Manufacturing (Metal Pipes, Lighting & Consumer Durables). AskCyborg classifies Surya Roshni Limited under Steel Products & Manufacturing (Metal Pipes, Lighting & Consumer Durables) in its company registry.

Surya Roshni Limited, incorporated in 1973, has emerged as India's largest ERW Pipes exporter, largest GI Pipes producer, and the second largest in the lighting segment. The company operates a diversified portfolio sp...

7/ 10Strong

Cyborg Score thesis

Market-leading pipes manufacturer with strong balance sheet and export positioning, but facing near-term margin pressures from...

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Industry Steel Products & Manufacturing (Metal Pipes, Lighting & Consumer Durables)
3 named competitors
3 recent developments
11 analyst dimensions
Synthesized from analyst-debate stress-testing across 11 dimensions and hundreds of data points. Methodology →
Cyborg Score recalibrated: October 19, 2026
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AskCyborg analysts argue the bull and bear cases for Surya Roshni Limited across 11 stress-tested dimensions. Listen on your commute -- faster than reading the 30-page report.

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What's in This Report
Surya Roshni Limited OverviewStrategic ProfileCompetitive LandscapeIndustry ContextKey facts
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Surya Roshni Limited Overview

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Surya Roshni Limited, incorporated in 1973, has emerged as India's largest ERW Pipes exporter, largest GI Pipes producer, and the second largest in the lighting segment. The company operates a diversified portfolio spanning steel pipes, lighting solutions, and consumer durables, with a strong focus on value-added products and export growth.

Strategic Profile

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The company's focus is on developing the value-added product mix (3LPE Coated pipes, Alkyd pipes, etc.) Its business strategy heavily relies on one of India's largest rural-centric distribution networks for its lighting and consumer durable products. The company is almost debt free, positioning it well for strategic investments and shareholder returns.

Competitive Landscape

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The company is a leader in South India and among the top 3 in North India for GI Pipes. Key competitors in the steel pipes segment include JSW Steel, Tata Steel, and SAIL. In lighting, it competes with Philips, Bajaj Electricals, and other regional players. The company's diversified product portfolio and rural-focused distribution provide competitive differentiation.

Industry Context

Surya Roshni Limited operates in Steel Products & Manufacturing (Metal Pipes, Lighting & Consumer Durables).

Key facts

Founded: 1973 · Headquarters: New Delhi, India · Employees: 3,328 · Revenue: ₹74.36B (FY2024) · Market cap: ₹4,846 Cr (~$580M)

What the AI analysts debated

AI-generated and not independently verified: selected findings from the multi-agent debate on Surya Roshni Limited.

  • The company is the leading manufacturer of ERW GI Pipes in India and the leading exporter of ERW Pipes with a 60% market share.
  • Q2 FY26 revenue grew 21% YoY to INR 1,845 crores, with EBITDA rising 69% to INR 141 crores and PAT doubling to INR 74 crores.
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Recent developments

Material events tracked by the AskCyborg corpus.

  • February 2026Board meeting on 11th Feb 2026 to review unaudited financial results for Q3 and 9M ending 31st Dec 2025
  • December 2025Q2 FY26 profit surged 117% YoY to ₹74.3 crore with revenue growing 21%
  • +1 moreTrack every material event for Surya Roshni Limited as it happens. Explore monitoring →
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Named competitors

Pulled from the analyst-debate framework. Click any competitor to see their Cyborg Score.

GI Pipes & ERW PipesMajor competitors in steel pipes segment→LED LightingCompetitors in lighting and consumer durables→PVC PipesCompetitors in water management products→

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Industry context

Surya Roshni Limited operates in Steel Products & Manufacturing (Metal Pipes, Lighting & Consumer Durables). See how the rest of the sector scores on the Cyborg framework.

Browse Steel Products & Manufacturing (Metal Pipes, Lighting & Consumer Durables) research →
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How AskCyborg research is made

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AI analyst debate, not single-author opinion

Every report is generated by a panel of AI analysts arguing across 11 dimensions, so counter-arguments sit alongside the case. The debate is a reasoning process; it does not independently verify facts.

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The Cyborg Score and recent developments reflect public sources as of the date shown and can miss or lag recent events. Check primary sources before relying on them.

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Methodology open at /methodology

The framework, dimensions, and band breakdowns are documented. The Cyborg Score is an AI-generated opinion under that framework, not a credit rating or an investment recommendation.

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Sources: public filings, regulatory data, and news flow, analysed by AI models. Read the methodology →

AI-generated research summary based on public sources; it may contain errors or omissions. Not investment advice. Not reviewed or endorsed by the companies covered. Report an error: legal@askcyborg.com · Terms of Service

Frequently asked questions

What does Surya Roshni Limited do?+
Surya Roshni Limited, incorporated in 1973, has emerged as India's largest ERW Pipes exporter, largest GI Pipes producer, and the second largest in the lighting segment. The company operates a diversified portfolio sp...
What is Surya Roshni Limited's Cyborg Score?+
Surya Roshni Limited has a Cyborg Score of 7/10 (Strong). The score synthesizes business model, financials, leadership, competitive position, technology, marketing, and ESG dimensions across hundreds of data points.
Who are Surya Roshni Limited's main competitors?+
Named competitors include GI Pipes & ERW Pipes, LED Lighting, PVC Pipes. The full competitive landscape is in the AskCyborg report.
How can I get the full Surya Roshni Limited research report?+
Get the report plus analyst-debate audio at askcyborg.com -- no credit card required for preview access. Pro adds saved-company audio playlists and monitoring.
How current is the Surya Roshni Limited research?+
The Cyborg Score is recalibrated weekly. Recent developments are tracked continuously and surfaced in every report.

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