Surya LED mix reaches 65% as FY26 revenue hits Rs 1,809 crore

Surya Roshni Limited increased LED lighting to 65% of Lighting and Consumer Durables sales in FY26, from 59% in FY22, as segment revenue rose to Rs 1,809 crore from Rs 1,333 crore. The portfolio also added wires and cables, while total earnings before interest, tax, depreciation and amortisation (EBITDA) margin fell to 9% from 10% in FY25.

How did Surya change its Lighting and Consumer Durables sales mix?

Surya shifted its sales mix towards LED lighting, whose share rose by 6 percentage points to 65% in FY26 from 59% in FY22. Conventional lighting declined by 7 percentage points to 12% from 19% across the same period, while consumer durables accounted for 21% in FY26 compared with 22% in FY22.

The FY26 mix also included a new wires and cables category with 2% of sales. Surya launched Turbo Flex and Turbo Flex Green in August 2025, and the category did not appear in the FY22 through FY25 mix data. The presentation describes the portfolio development as a transition towards LED lighting and FMEG categories.

Surya’s consumer-durables range includes fans, water heaters, room heaters, coolers, dry irons, steam irons, juicer-mixer-grinders and induction cooktops. Its FY26 product presentations included Chill 150 Ltr, Chill 100 Ltr, Infrared-Plus and Indicook-Pri-X, as well as a digital water heater and water tank.

How fast did Surya's Lighting and Consumer Durables revenue grow?

Surya reported Lighting and Consumer Durables revenue of Rs 1,809 crore in FY26, an increase of Rs 476 crore from Rs 1,333 crore in FY22. Revenue rose in every disclosed year, reaching Rs 1,545 crore in FY23, Rs 1,572 crore in FY24 and Rs 1,690 crore in FY25 before the FY26 result.

The FY26 revenue increase was Rs 119 crore, marginally above the Rs 118 crore increase recorded in FY25. EBITDA followed a different pattern: it rose from Rs 106 crore in FY22 to Rs 162 crore in FY25, then declined by Rs 6 crore to Rs 156 crore in FY26.

The reported FY26 EBITDA margin was 9%, compared with 10% in FY24 and FY25 and 8% in FY22 and FY23. Thus, FY26 combined the highest revenue in the five-year series with lower EBITDA and a lower total margin than the preceding year.

Why did Surya's EBITDA margin fall in FY26?

Surya’s total EBITDA margin declined to 9% in FY26 from 10% in FY25 alongside lower margins in its two largest product categories. LED lighting, which represented 65% of FY26 sales, recorded a 10% EBITDA margin versus 12% in FY25, while consumer durables, representing 21% of sales, recorded 5% versus 6%.

Conventional lighting’s EBITDA margin increased to 7% in FY26 from 5% in FY25, but its sales share was only 12%. Wires and cables contributed 2% of FY26 sales and recorded a 6% EBITDA margin in their first reported year. The presentation does not identify a specific cause for the total-margin decline.

Over the five years, LED lighting margins ranged from 10% to 12%, while conventional lighting moved from 1% in FY22 to 7% in FY26. The category data show differing profitability trends during the portfolio transition rather than a uniform change across all products.

What capabilities support Surya's LED and FMEG expansion?

Surya cites a distribution base of more than 3,00,000 retail outlets, supported by more than 300 RTFs and 2,500 DSPs in its secondary network. The company says major revenue comes from semi-urban and rural markets, and it identifies leading positions in Andhra Pradesh, Telangana, Madhya Pradesh, Chhattisgarh, Uttar Pradesh and Jharkhand.

Surya also identifies integrated manufacturing units at Kashipur, Uttarakhand, and Gwalior, Madhya Pradesh, plus the Surya Technology & Innovation Centre in Delhi-NCR. Its Kashipur facility has commenced LED-component manufacturing under the production-linked incentive (PLI) scheme’s large-investment category, after cumulative incremental investment in plant and machinery of at least Rs 25 crore.

The disclosed PLI coverage includes LED drivers, mechanicals, housing, packaging, modules and wire-wound inductors. Surya says the incentive is 4% to 6% on sales over the base year for five years after that base year, and management presents the facility as a route to greater backward integration and original equipment manufacturer opportunities.

Surya is also developing professional lighting through customised products and integrated smart-lighting solutions for direct business-to-business projects. Its cited applications include infrastructure, monument lighting, airports and bridges, while FY26 consumer-lighting launches included LED downlighters, 36W and 24W backlit panels, LED battens and a 29 mm slim LED batten.

What should investors watch in Surya's next Lighting and Consumer Durables update?

Surya’s next update will indicate whether wires and cables increase from their 2% FY26 sales contribution following the August 2025 launch. The principal operating comparisons will be LED lighting’s 65% sales share, segment revenue of Rs 1,809 crore and total EBITDA margin of 9%.

Management’s disclosed priorities include automation, scale, backward integration and broader distribution through omnichannel channels, dealers, distributors, contractors, developers and architects. The presentation does not provide a future revenue or EBITDA target for the segment, so the effect of the 4% to 6% PLI incentive and new categories remains unquantified.

Conclusion

Surya’s five-year disclosures show a measurable change in its Lighting and Consumer Durables portfolio. LED lighting increased from 59% to 65% of sales between FY22 and FY26, conventional lighting fell from 19% to 12%, and wires and cables entered the mix at 2%. Revenue increased by Rs 476 crore, although FY26 EBITDA declined to Rs 156 crore and margin eased to 9%.

The next disclosed developments to watch are the expansion of wires and cables after the August 2025 launch, the mix and margins of LED and consumer-durable products, and progress in LED-component backward integration under the PLI scheme. Management’s plan includes product development, wider distribution and manufacturing capabilities, but the presentation does not state future segment revenue or margin targets.