Suraj Products

BSE: SURAJ · Iron & Steel Products

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52W Range₹156 – ₹445

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Snapshot

Unlock Suraj Products's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Suraj Products Limited is an Indian manufacturer specialising in sponge iron, pig iron, and steel ingots. Based in Odisha, the company operates a coal-based direct reduction facility and integrates waste heat recovery for power generation.

Business Model

The company generates revenue by converting iron ore into metallurgical products for steel melting shops and foundries. It enhances margins through a vertically integrated production cycle and captive power generation using waste heat.

Growth Outlook

Growth is driven by the company's focus on operational efficiency through waste heat recovery and maintaining a vertically integrated production cycle to mitigate raw material price volatility.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the cost of iron ore and coal can significantly impact the company's profit margins.
  • Cyclicality of Steel Industry. The demand for sponge and pig iron is highly sensitive to the cyclical nature of the domestic and global steel markets.
  • Regulatory and Environmental Compliance. As a steel manufacturer, the company faces stringent environmental regulations regarding emissions and waste management.
  • Energy Cost Sensitivity. Reliance on coal-based production processes makes the company vulnerable to changes in energy prices and supply chain disruptions.

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Key Metrics

REVENUE

₹304 Cr

TTM · standalone

-6.9%YoY

NET PROFIT

₹19 Cr

TTM · standalone

-12.1%YoY

EPS

₹16.53

TTM · standalone

+8.0%YoY

RETURN ON EQUITY

12.3%

TTM · standalone

-3.6 ppYoY

P/E

15.0x

Q4 FY26 · standalone

15.0 vs 13.7x5Y avg

EV/EBITDA

8.7x

Q4 FY26 · standalone

8.7 vs 7.4x5Y avg

EBITDA MARGIN

10.7%

TTM · standalone

-0.9 ppYoY

Peers · Iron & Steel Products

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Suraj ProductsSURAJ
₹281 Cr15.008.67-6.9%10.7%12.3%15.5%-35.1%
Azad India Mobility LimitedAZADIND
₹441 Cr4297.501102.62—1.0%0.2%0.2%-43.2%
ManaksiaMANAKSIA
₹438 Cr6.214.574.3%11.4%9.9%13.1%-12.0%
Modern MalleableMODMA
₹397 Cr16.2711.84129.5%19.3%14.5%18.8%—
SurajSURAJLTD
₹362 Cr42.8118.12-15.2%12.0%6.1%12.6%-39.7%
Shah MetacorpSHAH
₹321 Cr21.6423.4048.8%10.1%5.6%5.4%-19.2%

As of Q4 FY26

Financials