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Surya Roshni Q2 Review: IDBI Capital Maintains 'Hold' On Muted Earnings — Check Target Price
IDBI Capital cuts its FY26E/FY27E Ebitda estimates by 14%/1% and maintains 'Hold' rating on Surya Roshni.
12 Nov 2025, 03:34 PM IST 
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Operational Surya Roshni achieved the highest ever Q2 volume in its history for the steel segment. (Photo source: Company website)
Surya Roshni's revenue grew 7% YoY to Rs 4 billion, driven by 10% volume growth despite continued pricing pressure. Growth was led by strong performance in LED Lamps (+37%), Battens (+36%), and streetlights (+104%), supported by festive demand despite an extended monsoon.
