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Surya Roshni Limited (SURYAROSNI) Fair Value & Analysis

Basic Materials · IN · Market cap ₹56.1B

SR Surya Roshni Limited SURYAROSNI · NSE
Price₹221.27
Fair Value₹216.98
Upside-1.9%
Quality57/100
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Healthy Growth
Thin margins · 3.8% net margin
Low debt · generates free cash flow
1.95% dividend yield
Ranks above peers (10/14)
Narrow moat 37/100
Evidence: High Range ₹146.87 – ₹279.10 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 4 days ago

Share price −10.3% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (₹146.87 to ₹279.10) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹402.98 ₹82.32 Fair Value ₹216.98 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹82.32 – ₹402.98 · fair‑value band ₹146.87 – ₹279.10 · the ₹221.27 price screens above the ₹216.98 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Surya Roshni Limited (SURYAROSNI) currently trades at ₹221.27, while our model-based Fair Value estimate is ₹216.98, implying the stock looks roughly 1.9% fairly valued today. The Quality Score stands at 57/100 (solid quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Surya Roshni Limited generated revenue of ₹75.4B at a net margin of 3.8%. Revenue grew 0.8% year over year. It earns a return on equity of 11.2%. The balance sheet holds a net cash position of ₹3.7B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹146.87 (bear case) to ₹279.10 (bull case); at ₹221.27, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 36% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -22% fair-value upside, at -2%, SURYAROSNI screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹155.33 ₹223.12 ₹321.32 80
Residual Income ₹108.99 ₹123.56 ₹207.99 76
Rev-Margin DCF ₹160.27 ₹249.07 ₹352.42 74
All 26 models by family
DCF Models
FCF DCF ₹153.40 ₹230.74 ₹350.54 38
Owner Earnings ₹156.28 ₹235.30 ₹357.70 31
5Y Revenue Exit ₹160.27 ₹249.60 ₹364.57 39
5Y EBITDA Exit ₹164.86 ₹258.27 ₹367.86 41
5Y P/E Exit ₹164.55 ₹257.68 ₹356.21 38
10Y Revenue Exit ₹151.94 ₹233.31 ₹344.53 36
10Y EBITDA Exit ₹159.49 ₹239.37 ₹347.07 37
10Y P/E Exit ₹159.29 ₹238.96 ₹338.08 35
Earnings-Based
Graham-Dodd ₹89.31 ₹293.06 ₹391.75 54
Lynch FV ₹65.83 ₹94.04 ₹122.25 50
PEG = 1.0 ₹65.83 ₹94.04 ₹122.25 46
EPV ₹134.40 ₹153.33 ₹169.90 59
Dividend Discount
Gordon GGM ₹50.51 ₹105.01 ₹166.59 70
DDM Multi-Stage ₹50.51 ₹85.56 ₹110.21 61
Multiples
P/E Multiple ₹167.46 ₹223.28 ₹279.10 63
P/S Multiple ₹167.46 ₹223.28 ₹279.10 58
P/B Multiple ₹167.46 ₹223.28 ₹279.10 55
EV/EBIT ₹193.29 ₹250.78 ₹308.27 53
EV/EBITDA ₹188.80 ₹244.80 ₹300.80 54
EV/Revenue ₹170.29 ₹234.35 ₹298.41 43
Asset-Based
NCAV (Graham) ₹60.51 ₹81.08 ₹121.02 50
Growth DCF
Growth DCF ₹155.33 ₹223.12 ₹321.32 80
Rev-Margin DCF ₹160.27 ₹249.07 ₹352.42 74
Economic Profit
Residual Income ₹108.99 ₹123.56 ₹207.99 76
ROIC Compounder ₹138.10 ₹170.83 ₹212.67 72
Growth Earnings
Growth-Adj P/E ₹144.82 ₹206.89 ₹268.95 68

Widest divergence: DCF Models (₹238.96) versus Asset-Based (₹81.08). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹75.4B
Revenue growth (YoY) +0.8%
Net margin 3.8%
Return on equity 11.2%
Free cash flow ₹2.5B FY2026
P/E ratio 16.9
More key figures
Operating margin 5.6%
EPS (TTM) ₹13.13
Dividend yield 2.0%
EPS growth (YoY) -24.6%
Net cash ₹3.7B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 59 · Market factors (momentum, volatility) 35

Profitability 57
Margins and returns on capital today
Quality Growth 17
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Surya Roshni Limited manufactures and sells steel pipes and strips, and lighting and consumer durables in India. The company offers GI pipes for agriculture and irrigation, casing and tubing, water transportation/plumbing and pipelines, green houses, firefighting, street light poles, and solar panels; API/3LPE coated spiral pipes; CR strips; hollow section …

Full company description

Surya Roshni Limited manufactures and sells steel pipes and strips, and lighting and consumer durables in India. The company offers GI pipes for agriculture and irrigation, casing and tubing, water transportation/plumbing and pipelines, green houses, firefighting, street light poles, and solar panels; API/3LPE coated spiral pipes; CR strips; hollow section pipes; spiral welded pipes; cold rolled strips and sheets; and black pipes for construction, fabrication, fencing, railway platforms and metros, airports, powder coating, sign boards, industrial application, and scaffoldings. It also provides various LED lamps, downlighters, street lights, and battens and luminaires; LED lighting; value-added offerings, such as colour changers, lighting, auto-dimming, app-based lights, COB downlights, track spot lights, power tracks, LED strips, radar LED lamps, and wall washer LEDs; and indoor commercial, industrial, roadway, flood, landscape, façade, and solar lightening products, as well as accessories, HID lamps, and light sources. In addition, the company offers celling, table, pedestal, wall, and domestic and industrial exhaust fans; and home appliances, including juicers, mixers, grinders, vegetable choppers, infrared induction and other cooktops, sandwich makers, electric kettles, dry and steam irons, gas cook tops, storage and instant water heaters, immersion water heaters, air coolers, and halogen and quartz heaters. Further, it provides PVC pipes and fitting for water pipelines, housing sectors, domestic and industrial drainage systems, industrial process lines, swimming pools, salt-water lines, and agriculture/irrigation systems. The company also exports its products to the United States, Australia, Canada, Mexico, the Middle East, Europe, Africa, and internationally. Surya Roshni Limited was incorporated in 1973 and is headquartered in New Delhi, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Surya Roshni Limited reported revenue of ₹75.4B in FY2026 versus ₹77.1B in FY2022, a compound −0.6%/yr. Reported net income was ₹2.9B in FY2026, compounding +8.7%/yr from FY2022.

Growth Quality 67/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹75.4B
Latest YoY
+2.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.3%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.1%
Revenue −0.6%/yr
FY22 ₹77.1B
FY23 ₹79.7B
FY24 ₹78.1B
FY25 ₹73.9B
FY26 ₹75.4B
Net income +8.7%/yr
FY22 ₹2.0B
FY23 ₹3.4B
FY24 ₹3.3B
FY25 ₹3.5B
FY26 ₹2.9B
Character of growth · EPS growth decomposed (2015-2026) +7.6 % p.a.
Revenue per share +0.7 pp

of which total revenue +10.9 pp · buybacks/dilution −10.2 pp

EBIT margin +14.6 pp
Tax rate −0.4 pp
Residual (interest, one-offs) −7.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Surya Roshni Limited Fair Value". https://www.fairvalue-calculator.com/stock/SURYAROSNI

Peer Group

Steel · 380 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 57 · Top 25%
Fair Value upside −2% · Above median
Return on equity (TTM) 11% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth 1% · Above median
Dividend yield (TTM) 2.0% · Below median

Valuation Multiples vs Steel median · lower = cheaper

P/E (TTM) 16.9× · Cheaper than median
P/B 2.13× · Pricier than 75% of peers
P/S (TTM) 0.74× · Pricier than median
P/FCF 0.2× · Cheaper than median
EV/EBITDA 10.6× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 31 · sector 16
FUTURE 4 · sector 4
PAST 45 · sector 16
HEALTH 100 · sector 95
DIVIDEND 39 · sector 55

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Steel stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
JSW Steel Limited JSWSTEEL ₹1,269 ₹1,140 -10%
Tata Steel Limited TATASTEEL ₹186.20 ₹145.39 -22%
China Steel Corporation 2002A 37.25 TWD 8.74 TWD -77%
POSCO Holdings 005490 325,000 KRW 155,270 KRW -52%
Companhia Siderúrgica Nacional, SID 13,670 ARS 15,838 ARS +16%
Jindal Steel Limited JINDALSTEL ₹1,112 ₹516.27 -54%
Lloyds Metals and Energy Limited LLOYDSME ₹1,894 ₹771.10 -59%
Gerdau S.A GGBN 83.50 MXN 39.22 MXN -53%
Ternium S.A TXR 17,780 ARS 27,472 ARS +55%
NMDC Limited NMDC ₹85.00 ₹112.98 +33%

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Frequently asked questions

Is Surya Roshni Limited (SURYAROSNI) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹216.98 versus a price of ₹221.27, about −2% (fairly valued).
What is the fair value of SURYAROSNI?
Our model-based fair value for Surya Roshni Limited is ₹216.98 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹221.27.
What is the quality score of SURYAROSNI?
Surya Roshni Limited has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Surya Roshni Limited (SURYAROSNI)?
Surya Roshni Limited reported trailing-twelve-month revenue of about ₹75.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SURYAROSNI?
The net profit margin of Surya Roshni Limited is about 3.8%, meaning it keeps roughly 3.8% of revenue as net income. Based on the latest reported figures.
Does Surya Roshni Limited pay a dividend?
Surya Roshni Limited currently shows a dividend yield of about 1.95% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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