Suraj

NSE: SURAJLTD · Iron & Steel Products

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52W Range₹178 – ₹309

Snapshot

Unlock Suraj's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Suraj Limited is an Indian manufacturer specialising in stainless steel seamless pipes, tubes, flanges, and fittings. The company serves a diverse range of industrial sectors, including pharmaceuticals, oil and gas, and refineries, with a significant global export footprint.

Business Model

The company generates revenue through the manufacturing and sale of high-quality stainless steel products tailored for industrial applications. It leverages a global distribution network, exporting to approximately 70 countries to maintain its market position.

  • Founded:1960

Growth Outlook

Growth is driven by sustained demand for specialised seamless tubes and fittings across critical infrastructure and process industries. The company continues to focus on expanding its international reach and product portfolio to capture emerging industrial opportunities.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of stainless steel and nickel can significantly impact the company's operating margins.
  • Geopolitical and Trade Risks. As an exporter to 70 countries, the company is vulnerable to changes in international trade policies, tariffs, and geopolitical instability.
  • Cyclical Industrial Demand. Demand for industrial piping and fittings is highly dependent on capital expenditure cycles in the oil, gas, and pharmaceutical sectors.
  • Currency Exchange Risk. Significant exposure to international markets subjects the company to risks associated with foreign exchange rate volatility.

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Key Metrics

REVENUE

₹200 Cr

TTM · consolidated

-10.3%YoY

NET PROFIT

₹11 Cr

TTM · consolidated

-35.1%YoY

EPS

₹5.84

TTM · consolidated

-35.1%YoY

RETURN ON EQUITY

7.6%

TTM · consolidated

-4.5 ppYoY

RETURN ON CAPITAL EMPLOYED

14.5%

TTM · consolidated

-2.5 ppYoY

P/E

34.1×

Q2 FY27 · consolidated

34.1 vs 37.7x5Y avg

EV/EBITDA

15.4x

Q2 FY27 · consolidated

15.4 vs 13.6x5Y avg

EBITDA MARGIN

14.1%

TTM · consolidated

-1.6 ppYoY

NET PROFIT MARGIN

5.8%

Q2 FY27 · consolidated

+4.1 ppYoY

DEBT TO EQUITY

0.5x

Q2 FY27 · consolidated

+0.17xYoY

Peers · Iron & Steel Products

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
SurajSURAJLTD
₹366 Cr34.1×15.43-10.3%14.1%7.6%14.5%-30.2%
Panchmahal SteelPANCHMAHQ
₹564 Cr44.4×21.55—6.9%8.1%12.2%+0.4%
Modern MalleableMODMA
₹514 Cr21.1×15.25129.5%19.3%14.5%18.8%—
Azad India Mobility LimitedAZADIND
₹396 Cr725.0×981.51—1.0%0.2%0.2%-91.6%
ManaksiaMANAKSIA
₹354 Cr5.6×3.694.3%11.4%9.9%13.1%-19.8%
Shah MetacorpSHAH
₹250 Cr18.1×20.4048.8%10.1%5.6%5.4%-45.5%

As of Q2 FY27

Financials