Suraj Products Ltd

SURAJ

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Market Cap

₹ 264 Cr

P/E

16.47

Turned 1 L into 10.57 L in last 5 Years

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Suraj Products Ltd specializes in the production of Sponge Iron, Pig Iron, Ingots/Billets, and TMT Bars, with power generation as a side operation.

Originally a cement producer, the company transformed its focus and ceased cement production in 2002 to specialize in iron and coke processes.

Suraj Products Ltd has expanded its manufacturing capacity, setting up facilities for Pig Iron and MS Ingot production, with a current installed capacity of 36,000 TPA.

The incorporation of pollution control measures such as Electrostatic Precipitator reflects a focus on environmental compliance.

Expansion into Captive Power Plant shows strategic intent to manage energy costs and improve operational efficiency.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

264 Cr

Volatility

Low Risk

P/E Ratio

16.5

Industry P/E

24.2

PEG Ratio

—

P/B Ratio

1.7

52W High

515.00

52W Low

216.00

Sales CAGR

-5.31%

11.28%

22.57%

10Y

20.16%

Profit CAGR

-25.92%

-3.13%

31.73%

10Y

54.41%

ROE

TTM

10.35%

19.94%

21.14%

10Y

18.09%

ROCE

TTM

13.22%

25.66%

26.27%

10Y

20.66%

Technicals

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SUPERSHAKT	291.00	335 Cr	26.01	1.24	0.17	6.50	8.80	5.77
JAYBEE	123.35	280 Cr	11.01	1.89	0.00	9.69	13.81	6.53
SHAH	4.77	276 Cr	27.44	0.97	0.00	3.29	2.23	2.11
VMSTMT	53.00	267 Cr	18.09	1.20	0.00	0.00	0.00	—
SURAJ	243.10	264 Cr	16.47	1.70	0.91	10.35	13.22	8.74
RATHIST	28.00	246 Cr	31.24	1.89	0.00	5.58	8.47	2.62
KATARIA	90.00	194 Cr	18.44	1.78	0.00	8.82	13.08	7.62

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2025
Sales	59
Expenses	53
Operating Profit	5.85
OPM %	9.97
Other Income	0.26
Interest	0.28
Depreciation	1.76
Profit Before Tax	4.08
Tax %	21.57
Net Profit	3.20
EPS in Rs	2.81

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	67	71	116	118	218	237	285	345	326	314
Expenses	55	58	102	101	187	193	237	294	289	281
Operating Profit	12	13	14	17	31	44	48	51	37	34
OPM %	18.52	17.98	12.33	14.04	14.15	18.42	16.97	14.75	11.39	10.68
Other Income	0.18	0.16	0.47	0.25	0.21	0.29	0.33	0.77	0.53	0.57
Interest	2.72	4.69	4.43	6.27	7.06	4.48	4.02	3.48	2.26	2.04
Depreciation	1.81	3.62	4.01	6.74	9.43	8.58	8.94	8.95	7.83	7.64
Profit Before Tax	0.89	3.36	6.37	3.82	15	31	36	39	28	24
Tax %	-7.09	-6.70	1.18	-41.59	36.82	23.58	27.18	26.20	22.40	21.01
Net Profit	0.96	3.58	6.30	5.40	9.17	24	26	29	21	19
EPS in Rs	0.85	3.14	5.53	4.74	8.04	20.70	22.83	25.39	18.80	14.07
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	5.32	6.58	7.88	11.17	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11	11	11	11	11	11	11
Reserves	18	19	22	29	34	43	67	92	119	138
Borrowings	24	45	48	59	82	66	61	54	41	21
Other Liabilities	4.83	4.07	6.76	12	22	9.14	5.29	15	14	12
Total Liabilities	59	79	89	111	149	130	145	172	186	183
Fixed Assets	20	39	41	57	82	75	74	84	75	69
CWIP	0.00	0.00	6.42	13	0.00	0.00	0.00	0.00	1.11	3.06
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.35
Other Assets	39	40	41	40	67	54	71	88	110	111
Total Assets	59	79	89	111	149	130	145	172	186	183

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-3.54	6.55	8.48	20	-0.26	33	13	33	32	—
Cash from Investing Activity	-1.33	-21	-12	-28	-16	-2.29	-7.07	-19	-1.19	0.00
Cash from Financing Activity	3.83	17	1.48	8.26	16	-28	-8.76	-13	-18	—
Net Cash Flow	-1.04	2.25	-2.14	0.07	-0.27	2.41	-3.09	0.62	13	0.00

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	73.70%	73.70%	73.70%	73.70%	73.70%	73.70%	73.70%	73.70%	73.70%	73.70%	73.70%	73.70%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Public	26.28%	26.28%	26.28%	26.28%	26.28%	26.28%	26.28%	26.28%	26.28%	26.28%	26.28%	26.28%
Total Shareholders	9,578	9,531	9,517	10,325	10,684	11,328	12,045	12,038	11,930	11,831	11,846	11,715

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 11, 2023	Nand lal bhartiya huf	Bulk	Sell	264.64	2.65 Cr	1,00,000	0.87

Projection

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Last 7 days

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Overview

Detailed Summary

Suraj Products Ltd specializes in the production of Sponge Iron, Pig Iron, Ingots/Billets, and TMT Bars, with power generation as a side operation.

Originally a cement producer, the company transformed its focus and ceased cement production in 2002 to specialize in iron and coke processes.

Suraj Products Ltd has expanded its manufacturing capacity, setting up facilities for Pig Iron and MS Ingot production, with a current installed capacity of 36,000 TPA.

The incorporation of pollution control measures such as Electrostatic Precipitator reflects a focus on environmental compliance.

Expansion into Captive Power Plant shows strategic intent to manage energy costs and improve operational efficiency.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

264 Cr

Volatility

Low Risk

P/E Ratio

16.5

Industry P/E

24.2

PEG Ratio

—

P/B Ratio

1.7

52W High

515.00

52W Low

216.00

Sales CAGR

-5.31%

11.28%

22.57%

10Y

20.16%

Profit CAGR

-25.92%

-3.13%

31.73%

10Y

54.41%

ROE

TTM

10.35%

19.94%

21.14%

10Y

18.09%

ROCE

TTM

13.22%

25.66%

26.27%

10Y

20.66%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SUPERSHAKT	291.00	335 Cr	26.01	1.24	0.17	6.50	8.80	5.77
JAYBEE	123.35	280 Cr	11.01	1.89	0.00	9.69	13.81	6.53
SHAH	4.77	276 Cr	27.44	0.97	0.00	3.29	2.23	2.11
VMSTMT	53.00	267 Cr	18.09	1.20	0.00	0.00	0.00	—
SURAJ	243.10	264 Cr	16.47	1.70	0.91	10.35	13.22	8.74
RATHIST	28.00	246 Cr	31.24	1.89	0.00	5.58	8.47	2.62
KATARIA	90.00	194 Cr	18.44	1.78	0.00	8.82	13.08	7.62