Surya posts record Q2 lighting revenue ahead of Diwali

Surya Roshni Limited recorded its highest-ever Q2 Lighting & Consumer Durables revenue of Rs 507 crore in Q2FY27, up 17% year on year before the Diwali season falls in Q3, while EBITDA rose 1% to Rs 40 crore and margin stood at 7.8%.

Why did Surya's lighting revenue reach a Q2 record?

Surya's Lighting & Consumer Durables segment reached Rs 507 crore of revenue in Q2FY27, compared with Rs 434 crore in Q2FY26 and Rs 456 crore in Q1FY27. The 17% year-on-year increase and 11% sequential increase came before Diwali, which falls in Q3 this year according to the presentation.

The segment reported Rs 964 crore of revenue in H1FY27, up 16% from Rs 832 crore in H1FY26. Q2FY27 revenue was Rs 73 crore above the prior-year quarter and Rs 51 crore above Q1FY27, showing that the first-half increase included growth in both reported quarters.

Surya's Q2FY27 earnings before interest, taxes, depreciation and amortisation, or EBITDA, increased by Rs 1 crore from Q2FY26 and by Rs 4 crore from Q1FY27. Profit before tax, or PBT, was Rs 28 crore, Rs 1 crore below Q2FY26 but Rs 4 crore above Q1FY27, so profit movement lagged the rise in revenue on a year-on-year basis.

Which products drove Surya's Q2FY27 consumer growth?

Surya said growth was broad-based across its Q2FY27 consumer categories, led by 26% volume increases in ceiling fans and water heaters. Mixer grinders recorded 20% volume growth, while table, pedestal and wall fans, collectively called TPW, rose 18% in volume.

LED bulbs grew 11% in volume in Q2FY27, while higher-wattage LED bulbs increased 24%. The higher-wattage subset therefore grew faster than total LED bulbs, although Surya did not disclose product-wise revenue, selling prices, market shares or unit volumes for the Rs 507 crore segment revenue.

The disclosed mix spans lighting and consumer durables: ceiling fans, water heaters, mixer grinders, TPW fans and LED bulbs all posted double-digit volume growth. In H1FY27, Surya reported 16% segment revenue growth to Rs 964 crore, while its consolidated results highlighted 22% volume growth in Steel Pipes & Strips over the same six-month period.

How did Surya's segment profitability change in Q2FY27?

Surya's Lighting & Consumer Durables EBITDA margin held at 7.8% from Q1FY27 but declined 120 basis points from 9.0% in Q2FY26. One basis point equals one-hundredth of a percentage point, and the margin movement accompanied 17% revenue growth but only 1% EBITDA growth in Q2FY27.

Management attributed the year-on-year comparison to extended producer responsibility, or EPR, payments and higher brand investment. It also cited higher input costs, while saying backward integration helped absorb those costs and supported the unchanged 7.8% sequential EBITDA margin.

For H1FY27, EBITDA rose 8% to Rs 76 crore from Rs 70 crore in H1FY26, but the EBITDA margin fell 60 basis points from 8.4% to 7.8%. H1FY27 PBT was Rs 51 crore, compared with Rs 51 crore a year earlier, despite the Rs 132 crore increase in segment revenue.

What do Wires & Cables and Professional Lighting add to Surya?

Surya's Wires & Cables revenue rose to about Rs 50 crore in Q2FY27 from about Rs 38 crore in Q1FY27. The business generated about Rs 88 crore in H1FY27, meaning the reported Q2 contribution was higher than in the preceding quarter; the presentation gives no year-earlier wires comparison or profitability figure.

Professional Lighting had an order book of more than Rs 200 crore at the Q2FY27 reporting point, following several projects described by Surya as prestigious. Management said the order book provides execution visibility for H2FY27, but did not disclose project-level billing schedules, margins or the portion expected to be executed in the second half.

The Wires & Cables figure is reported revenue, whereas the Professional Lighting amount is an order book and not recognised revenue. Surya's approximately Rs 88 crore of H1FY27 wires revenue was disclosed within a Lighting & Consumer Durables segment that reported Rs 964 crore of total first-half revenue.

Conclusion

Surya's Q2FY27 Lighting & Consumer Durables result combined a record Rs 507 crore of revenue with double-digit volume growth across fans, water heaters, mixer grinders and LED bulbs. However, EBITDA rose only 1% to Rs 40 crore and PBT fell 6% to Rs 28 crore as the segment's margin was 7.8%, below 9.0% a year earlier.

The next reported operating period is Q3FY27, when Diwali falls, alongside H2FY27 execution of Professional Lighting's order book of more than Rs 200 crore. Management identified EPR payments, brand investment and input costs as year-on-year margin factors, while citing backward integration as an offset; subsequent results will show the effect of those factors and project execution.