SURYAROSNI Q3 FY26 Guidance vs Delivery (SURYAROSNI Management Mirror)

Steel Pipes & Strips: Volume & EBITDA Outlook

FY26 Volume Guidance (Lowered): Management lowered FY26 volume expectations to a range of 9.35–9.40 lakh tonnes in the Dec'25 Qtr. This represents a consecutive downward revision from 10 lakh tonnes guided in Sep'25 Qtr and 10.50 lakh tonnes in Jun'25 Qtr (originally 11 lakh tonnes).

Q4 FY26 Specifics: Volumes are targeted between 2.90–3.00 lakh tonnes, consistent with the 3.00 lakh tonnes projection made in the Sep'25 Qtr.

FY27 Growth (Initiated): For FY27, management initiated a target of minimum 11 lakh tonnes (17–18% growth).

FY26 EBITDA (Lowered): The steel division EBITDA target for FY26 is now 485–500 crore. This is a reduction from the 620–625 crore guided in Sep'25 Qtr (which was itself downsized from 700 crore).

Unit Economics: Q4 FY26 EBITDA/tonne is expected at 5,600–5,700 (factoring inventory gains), slightly below the Sep'25 Qtr projection of 5,800–5,900.

FY27 EBITDA: Management expects minimum 5,000/tonne, totaling 540–550 crore for the division.