As of 6 Nov 2026, Suraj trades at 33.8× trailing earnings, above the industry P/E of 19.9×, and the shares are 36% below their 52-week high. Sales and net profit fell 18% and 28% a year over 3 years, with ROCE of 11% and ROE of 7.6%. Debt is 0.49× equity, and its dividend yield is 1.5%. It is a small-cap company with a market cap of ₹363 Cr, ranked 80th of 150 Steel companies by market cap; the shares fell 30% over the past year.
- ₹200.00
- ₹201.01
- ₹197.15
- ₹200.00
- 76
Health check
- ReturnsBehind
−29.8% over a year, better than 0 of 7 peers.
- Price tagPricier
P/E 33.8 vs industry 19.9.
- GrowthShrinking
Sales −17.7%, profit −28.1% a year over 3 years.
- ProfitabilityWeak
ROCE 10.5% vs peer median 18.7%.
- Balance sheetFair
Debt 0.49× equity, interest covered 3.6×.
- Red flags3 to check
Return on equity is low at 7.6%.
Small cap
Defensive
Key metrics
- Market cap
- ₹363 Cr
- Small cap
- P/E
- 33.8
- Industry 19.9
- Price to book
- 2.51
- Peers 2.28
- Dividend yield
- 1.50%
- ROE
- 7.6%
- Peers 23.4%
- ROCE
- 10.5%
- Peers 18.7%
- Debt to equity
- 0.49
- Debt ₹70 Cr
- EPS (TTM)
- ₹5.85
- Face value ₹10
- OPM (TTM)
- 10.5%
- Net margin 5.4%
- Sales growth
- +10.8%
- Latest quarter vs a year ago
- Profit growth
- +291.6%
- Latest quarter vs a year ago
- Price to sales
- 1.82
- EV/EBITDA 20.8
Strengths and risks
Strengths
- Quarterly profit up 291.6% on a year ago.
Risks to check
- Return on equity is low at 7.6%.
- P/E of 33.8 against an industry P/E of 19.9.
- 36% below its 52-week high.
About Suraj
Suraj Limited manufactures and sells stainless steel seamless pipes, tubes, U tubes, flanges, and fittings in India. It offers seamless instrumentation tubes, seamless heat exchanger tubes, seamless heat exchanger U tubes, and seamless buttweld fittings, as well as tubes, electro polished tubes, flanges and stub ends, carbon steel tubes, and forged rings. The company serves pharmaceuticals, dyes and pigments, oil, gas, refinery, etc. industries. It…
- Headquarters
- Ahmedabad
- Employees
- 121
- Sector
- Basic Materials
- ISIN
- INE713C01016
- Website
- surajgroup.com
Price range
- Avg volume (3M)
- 2.5K
- 1-year return
- minus 29.8%
- From 52-week high
- minus 36.0%
Peers · Steel
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEELJSW Steel | 1,357.10 | plus 0.11% | 3,31,265 | 11.7 | 12.2 | 18.7% | 17.7% | 0.62 | 3.6% | plus 14.7% |
| TATASTEELTata Steel | 186.30 | plus 2.36% | 2,32,397 | 21.1 | 9.1 | 11.3% | 15.2% | 0.89 | −1.6% | plus 1.5% |
| JINDALSTELJindal Steel | 1,165.00 | plus 1.31% | 1,18,594 | 41.5 | 14.9 | 7.5% | 15.9% | 0.42 | −13.1% | plus 6.4% |
| LLOYDSMELloyds Metals And Energy | 1,785.50 | minus 1.38% | 1,00,482 | 19.1 | 18.8 | 19.4% | 37.4% | 1.23 | 71.3% | plus 37.4% |
| SAILSteel Authority of India | 171.60 | minus 0.41% | 70,880 | 12.6 | 8.1 | 7.2% | 12.9% | 0.50 | 2.0% | plus 24.7% |
| NMDCNMDC | 70.40 | minus 0.01% | 61,894 | 8.3 | 6.2 | 28.4% | 30.0% | 0.19 | 22.0% | minus 5.2% |
| APLAPOLLOAPL Apollo Tubes | 2,185.30 | minus 0.41% | 60,677 | 46.3 | 32.7 | 28.0% | 8.2% | 0.17 | 12.6% | plus 23.3% |
| SURAJLTDSuraj | 197.70 | minus 1.15% | 363 | 33.8 | 27.1 | – | 9.1% | 0.49 | −17.7% | minus 29.8% |
| Median of 7 peers | – | −0.01% | 1,00,482 | 19.1 | 12.2 | 18.7% | 15.9% | 0.50 | 3.6% | 14.7% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 50.2 | 61.9 | 43.4 | 39 | 55.6 | |
| 46.5 | 56.7 | 41 | 32.6 | 48.7 | |
| 3.7 | 5.2 | 2.4 | 6.4 | 6.9 | |
| 7.3% | 8.4% | 5.6% | 16.5% | 12.5% | |
| 1.5 | 0.7 | 1.6 | 1.2 | 0.9 | |
| 0.8 | 1.1 | 1.2 | 1.1 | 1.2 | |
| 2.9 | 2.7 | −1.2 | 1.4 | 2.1 | |
| 1.5 | 2 | 3.9 | 5.1 | 4.5 | |
| 43.5% | 30.0% | 35.9% | 30.1% | 27.6% | |
| 0.8 | 1.4 | 2.5 | 3.6 | 3.3 | |
| 0.45 | 0.75 | 1.37 | 1.95 | 1.77 |
Profit & loss
- Sales CAGR 3Y
- −17.7%
- Profit CAGR 3Y
- −28.1%
- EPS CAGR 3Y
- −27.5%
- ROE
- 7.6%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 364 | 330 | 231 | 203 | |
| – | minus 9.5% | minus 29.9% | minus 12.2% | |
| 329 | 290 | 203 | 187 | |
| 35.1 | 39.6 | 28.5 | 16.1 | |
| 9.6% | 12.0% | 12.3% | 7.9% | |
| 5 | 3.5 | 4.9 | 5 | |
| 3.6 | 3.3 | 4.6 | 4.1 | |
| 7.9 | 9.4 | 10.9 | 7.3 | |
| 0 | 0.3 | 0.6 | 1.1 | |
| 28.6 | 30.7 | 18.5 | 10.7 | |
| 29.7% | 30.0% | 28.0% | 30.4% | |
| 20.1 | 21.5 | 13.3 | 7.5 | |
| – | +7.0% | minus 38.2% | minus 43.9% | |
| 10.69 | 11.72 | 7.24 | 4.07 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 18.4 | 18.4 | 18.4 | 18.4 | |
| 85.4 | 104 | 115 | 119 | |
| 21.7 | 33.7 | 64.1 | 60.3 | |
| 20.3 | 29.4 | 25.4 | 28 | |
| 146 | 186 | 222 | 226 | |
| 59.5 | 84.7 | 88.8 | 88.7 | |
| 0.6 | 14.5 | 16.2 | 16.6 | |
| 0.7 | 0.3 | 0.2 | 0.1 | |
| 85 | 86.1 | 117 | 121 | |
| 146 | 186 | 222 | 226 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 44.6 | 40.8 | −9 | 17.3 | |
| −18.5 | −47 | −14.3 | −6.2 | |
| −26.3 | 5.8 | 23.2 | −11.1 | |
| −0.2 | −0.4 | −0.2 | −0 | |
| −18.8 | −35 | −15.5 | −9.5 | |
| 25.8 | 5.8 | −24.5 | 7.8 | |
| – | −2.8 | −2.8 | −2.8 |
Shareholding pattern
- Promoters75.00%
- Public25.00%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 75.00% | 25.00% | 0.00 | |
| 30 Jun 2026 | 75.00% | 25.00% | 0.00 | |
| 31 Mar 2026 | 75.00% | 25.00% | 0.00 | |
| 31 Dec 2025 | 75.00% | 25.00% | 0.00 | |
| 30 Sep 2025 | 75.00% | 25.00% | – |
Major shareholders
Filings & events
News
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