MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-GJ-01-0004397
Market Cap
₹346 Cr
SURAJLTD · NSE
Share Price
₹206.98
+9.74% today
Revenue
₹206 Cr
FY 2025-26 · -11.9% YoY
EBITDA
₹16.10 Cr
Margin 7.8%
Net Profit
₹6.72 Cr
FY 2025-26 · -47.4% YoY
P/E (TTM)
45.0x
P/B 2.7x
ROE
5.5%
ROCE 7.7%
Debt / Equity
0.46
Interest cover 49.7x
About Suraj Limited
Data last updated:
Suraj Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the pipe and tubes segment of the manufacturing sector. It was incorporated on 20 January 1994 and has been in existence for over 32 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L27100GJ1994PLC021088. Its GSTIN is 24AAGCS6939M1ZR (Gujarat). It is a listed company as per MCA records. Its shares are listed on BSE: 531638 and NSE: SURAJLTD.
The company has an authorised share capital of ₹23.25 Cr and a paid-up capital of ₹18.36 Cr. It was formerly known as Reliable Marketing and Finance Private Limited and Suraj Stainless Limited. It is led by directors including Kunal Tarachand Shah (Managing Director) and Gunvantkumar Tarachand Shah (Whole-Time Director).
Its last annual general meeting (AGM) was held on 26 June 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Suraj House Opp. Usmanpura Garden Usmanpura, Ahmedabad, Gujarat, India – 380014.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹205.85 Cr, a decline of 11.9% compared to the previous year. For the same year it recorded a net profit of ₹6.72 Cr (net margin 3.3%) and EBITDA of ₹16.1 Cr (EBITDA margin 7.8%). The net worth stands at ₹137.75 Cr (up 3.6% YoY). Total assets are valued at ₹198.06 Cr (up 0.5% YoY).
The company has about 218 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Suraj. As per MCA filings, the company has open charges of ₹86.74 Cr and satisfied charges of ₹172.44 Cr on record. Court records list 28 cases involving the company, including 4 filed by the company and 24 filed against it; 1 case is pending.
Suraj Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-01-0004397). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website surajgroup.com.
Company details
CIN L27100GJ1994PLC021088
Registration Number 021088
Incorporation Date 20 January 1994
ROC Ahmedabad
Listing Status Listed - Listed on NSE (SURAJLTD); Listed on BSE (531638)
Company Status Active
Date of Last AGM 26 June 2026
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-01-0004397
Name history
Suraj has undergone 2 name changes throughout its history. The company was previously known as Reliable Marketing And Finance Private Limited, and Suraj Stainless Limited. The current legal name is Suraj Limited.
| Company Name | Status |
|---|---|
| Suraj Limited | Current |
| Reliable Marketing And Finance Private Limited | Previous |
| Suraj Stainless Limited | Previous |
CIN history
Suraj has one previous CIN (Corporate Identification Number): U27100GJ1994PTC021088. The current CIN is L27100GJ1994PLC021088, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L27100GJ1994PLC021088 | Current |
| U27100GJ1994PTC021088 | Previous |
Key People
Kunal Tarachand Shah Managing Director Gunvantkumar Tarachand Shah Whole-Time Director Shilpa Mangaldas Patel Whole-Time Director Recognitions & Rankings of Suraj
Contact details
Suraj Limited's registered office is in Ahmedabad, Gujarat. Its website is surajgroup.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressSuraj House Opp. Usmanpura Garden Usmanpura, Ahmedabad, Gujarat, India – 380014
- IndustryManufacturing, Pipe & Tubes
To see the full contact details of Suraj Limited, buy the company report.
Comprehensive company report
Suraj Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Secure checkout · GST invoice included
Brands
Suraj operates one associated brand: Suraj. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of stainless steel pipe, stainless steel seamless pipes, and heat exchanger tubes | surajgroup.com |
Business activity
The main business activity of Suraj is manufacturing. In detail, this covers metal and metal products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products |
To see the full business activity and turnover split of Suraj Limited, buy the company report.
Financials of Suraj Limited
FY 2025-26 filings availableSuraj Limited reported revenue of ₹205.85 Cr (down 11.9% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹206 Cr
-11.9% YoY
EBITDA
₹16.10 Cr
-43.1% YoY
Profit After Tax
₹6.72 Cr
-47.4% YoY
Net Worth
₹138 Cr
+3.6% YoY
Total Assets
₹198 Cr
+0.5% YoY
Total Debt
₹60.30 Cr
-5.9% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | 206 | 234 | 331 | 182 | 207 |
| Revenue growth | -11.9% | -29.3% | - | -12.4% | - |
| EBITDA | 16.10 | 28.28 | 39.48 | 17.52 | 16.59 |
| EBITDA margin | +7.8% | +12.1% | +11.9% | +9.7% | +8.0% |
| Profit before tax | 10.71 | 18.48 | 30.74 | 0.96 | 0.96 |
| Net profit | 6.72 | 12.77 | 21.16 | 1.42 | 0.38 |
| Net profit margin | +3.3% | +5.5% | +6.4% | +0.8% | +0.2% |
| EPS (₹) | 4.07 | 7.24 | 11.72 | 0.73 | 0.19 |
| Balance sheet | |||||
| Total assets | 198 | 197 | 156 | 185 | 198 |
| Net worth | 138 | 133 | 123 | 86.91 | 85.49 |
| Total debt | 60.30 | 64.08 | 33.66 | 98.54 | 112 |
| Cash & bank | 0.16 | 0.16 | 0.31 | 4.85 | 4.16 |
| Net working capital | 90.02 | 84.10 | 43.56 | 130 | 139 |
| Cash flow | |||||
| Cash from operations | 17.27 | (9.01) | 40.82 | 26.78 | 13.95 |
| Cash from investing | (6.24) | (14.29) | (47.00) | (2.08) | (1.43) |
| Cash from financing | (11.07) | 23.15 | 5.82 | (23.98) | (13.76) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.03 | 43.43 | 61.88 | 50.19 | 50.34 | 58.75 | 63.61 | 56.64 |
| Revenue growth (YoY) | -22.5% | -26.1% | -2.7% | -11.4% | -8.0% | - | - | - |
| Other income | 1.23 | 2.83 | 0.65 | 1.51 | 2.57 | 1.66 | 0.73 | 3.49 |
| EBITDA | 6.43 | 1.13 | 5.18 | 3.68 | 4.84 | (4.21) | 13.10 | 8.33 |
| EBITDA margin | +16.5% | +2.6% | +8.4% | +7.3% | +9.6% | -7.2% | +20.6% | +14.7% |
| Depreciation | 1.39 | (1.16) | 2.74 | 2.88 | 2.83 | 2.88 | 2.77 | 2.55 |
| Interest | 1.14 | 1.20 | 1.13 | 0.83 | 1.21 | 2.02 | 1.18 | 0.80 |
| Profit before tax | 5.13 | 3.92 | 1.96 | 1.48 | 3.37 | (7.45) | 9.88 | 8.47 |
| Tax | 1.55 | 1.41 | 0.59 | 0.64 | 0.63 | (1.53) | 2.83 | 2.01 |
| Net profit | 3.58 | 2.51 | 1.37 | 0.84 | 2.74 | (5.92) | 7.05 | 6.46 |
| EPS (₹) | 1.95 | 1.37 | 0.75 | 0.45 | 1.49 | (3.22) | 3.84 | 3.52 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 206 | 234 | 331 | 367 | 344 | 188 | 176 |
| Revenue growth | -11.9% | -29.3% | -9.8% | +6.7% | +82.5% | +7.2% | - |
| EBITDA | 16.10 | 28.28 | 39.48 | 34.98 | 12.44 | 13.65 | 17.16 |
| EBITDA margin | +7.8% | +12.1% | +11.9% | +9.5% | +3.6% | +7.3% | +9.8% |
| Profit before tax | 10.50 | 16.89 | 29.88 | 28.63 | 4.61 | 1.92 | 1.59 |
| Net profit | 6.51 | 11.20 | 20.31 | 20.05 | 3.01 | 1.31 | 0.98 |
| Net profit margin | +3.2% | +4.8% | +6.1% | +5.5% | +0.9% | +0.7% | +0.6% |
| EPS (₹) | 3.95 | 6.37 | 11.25 | 10.96 | 1.56 | 0.71 | 0.50 |
| Balance sheet | |||||||
| Total assets | 195 | 195 | 155 | 125 | 128 | 145 | 168 |
| Net worth | 135 | 131 | 122 | 104 | 92.17 | 89.14 | 87.77 |
| Total debt | 60.30 | 64.08 | 33.66 | 21.67 | 35.48 | 55.82 | 80.71 |
| Cash & bank | 0.16 | 0.16 | 0.31 | 0.67 | 0.86 | 0.42 | 3.46 |
| Net working capital | 90.02 | 84.10 | 43.56 | 55.22 | 78.96 | 96.33 | 116 |
| Cash flow | |||||||
| Cash from operations | 17.27 | (9.01) | 40.82 | 44.62 | 33.30 | 32.51 | 30.50 |
| Cash from investing | (6.24) | (14.29) | (47.00) | (18.53) | (6.79) | (1.83) | (3.62) |
| Cash from financing | (11.07) | 23.15 | 5.82 | (26.26) | (26.05) | (33.70) | (28.26) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.03 | 43.43 | 61.88 | 50.19 | 50.34 | 58.75 | 63.61 | 56.64 |
| Revenue growth (YoY) | -22.5% | -26.1% | -2.7% | -11.4% | -8.0% | - | - | - |
| Other income | 0.89 | 2.83 | 0.64 | 1.23 | 1.37 | 1.66 | 0.52 | 1.56 |
| Total expenses | 32.60 | 41.02 | 56.70 | 46.51 | 45.50 | 60.92 | 50.51 | 48.31 |
| EBITDA | 6.43 | 2.41 | 5.18 | 3.68 | 4.84 | (2.17) | 13.10 | 8.33 |
| EBITDA margin | +16.5% | +5.5% | +8.4% | +7.3% | +9.6% | -3.7% | +20.6% | +14.7% |
| Depreciation | 1.39 | (1.16) | 2.74 | 2.88 | 2.83 | 2.88 | 2.77 | 2.55 |
| Interest | 1.14 | 1.20 | 1.13 | 0.83 | 1.21 | 2.02 | 1.18 | 0.80 |
| Profit before tax | 4.79 | 5.20 | 1.95 | 1.20 | 2.17 | (5.41) | 9.67 | 6.54 |
| Tax | 1.55 | 1.41 | 0.59 | 0.64 | 0.63 | (1.53) | 2.83 | 2.01 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.03 | 43.43 | 61.88 | 50.19 | 50.34 | 58.75 | 63.61 | 56.64 |
| Revenue growth (YoY) | -22.5% | -26.1% | -2.7% | -11.4% | -8.0% | - | - | - |
| Other income | 1.23 | 2.83 | 0.65 | 1.51 | 2.57 | 1.66 | 0.73 | 3.49 |
| EBITDA | 6.43 | 1.13 | 5.18 | 3.68 | 4.84 | (4.21) | 13.10 | 8.33 |
| EBITDA margin | +16.5% | +2.6% | +8.4% | +7.3% | +9.6% | -7.2% | +20.6% | +14.7% |
| Depreciation | 1.39 | (1.16) | 2.74 | 2.88 | 2.83 | 2.88 | 2.77 | 2.55 |
| Interest | 1.14 | 1.20 | 1.13 | 0.83 | 1.21 | 2.02 | 1.18 | 0.80 |
| Profit before tax | 5.13 | 3.92 | 1.96 | 1.48 | 3.37 | (7.45) | 9.88 | 8.47 |
| Tax | 1.55 | 1.41 | 0.59 | 0.64 | 0.63 | (1.53) | 2.83 | 2.01 |
| Net profit | 3.58 | 2.51 | 1.37 | 0.84 | 2.74 | (5.92) | 7.05 | 6.46 |
| EPS (₹) | 1.95 | 1.37 | 0.75 | 0.45 | 1.49 | (3.22) | 3.84 | 3.52 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Revenue | 206 | 234 | 331 | 182 | 207 |
| Revenue growth | -11.9% | -29.3% | - | -12.4% | - |
| Other income | 6.28 | 5.82 | 4.31 | 0.44 | 0.26 |
| Total expenses | 190 | 205 | 291 | 164 | 191 |
| Employee cost | 20.24 | 22.38 | 22.30 | 11.41 | 10.85 |
| EBITDA | 16.10 | 28.28 | 39.48 | 17.52 | 16.59 |
| EBITDA margin | +7.8% | +12.1% | +11.9% | +9.7% | +8.0% |
| Depreciation | 7.29 | 10.90 | 9.38 | 6.59 | 6.39 |
| Interest | 4.38 | 4.72 | 3.67 | 10.41 | 9.50 |
| Profit before tax | 10.71 | 18.48 | 30.74 | 0.96 | 0.96 |
| Tax | 3.26 | 5.19 | 9.21 | (0.46) | 0.59 |
| Net profit | 6.72 | 12.77 | 21.16 | 1.42 | 0.38 |
| Net profit margin | +3.3% | +5.5% | +6.4% | +0.8% | +0.2% |
| EPS (₹) | 4.07 | 7.24 | 11.72 | 0.73 | 0.19 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Equity & liabilities | |||||
| Share capital | 18.36 | 18.36 | 18.36 | 19.26 | 19.26 |
| Reserves & surplus | 119 | 115 | 104 | 67.65 | 66.23 |
| Shareholders' funds (net worth) | 138 | 133 | 123 | 86.91 | 85.49 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.02 | 0.02 |
| Secured loans | 54.93 | 64.08 | 33.66 | 93.49 | 96.45 |
| Unsecured loans | 5.37 | 0.00 | 0.00 | 5.05 | 15.67 |
| Total debt | 60.30 | 64.08 | 33.66 | 98.54 | 112 |
| Total liabilities | 198 | 197 | 156 | 185 | 198 |
| Assets | |||||
| Gross block | 238 | 238 | 224 | 159 | 157 |
| Net block | 89.04 | 89.19 | 84.91 | 56.62 | 60.74 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 15.45 | 15.24 | 13.64 | 0.00 | 0.00 |
| Inventories | 62.93 | 52.33 | 24.19 | 84.15 | 88.34 |
| Sundry debtors | 36.70 | 32.83 | 34.21 | 30.58 | 41.83 |
| Cash & bank balances | 0.16 | 0.16 | 0.31 | 4.85 | 4.16 |
| Loans & advances | 14.65 | 21.77 | 12.90 | 21.65 | 18.41 |
| Total current assets | 114 | 107 | 71.61 | 141 | 153 |
| Total current liabilities | 24.42 | 22.99 | 28.05 | 10.95 | 13.33 |
| Net working capital | 90.02 | 84.10 | 43.56 | 130 | 139 |
| Total assets | 198 | 197 | 156 | 185 | 198 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Opening cash | 0.16 | 0.31 | 0.67 | 4.08 | 5.32 |
| Net cash from operating activities | 17.27 | (9.01) | 40.82 | 26.78 | 13.95 |
| Net cash from investing activities | (6.24) | (14.29) | (47.00) | (2.08) | (1.43) |
| Net cash from financing activities | (11.07) | 23.15 | 5.82 | (23.98) | (13.76) |
| Net change in cash | (0.04) | (0.15) | (0.36) | 0.72 | (1.24) |
| Closing cash | 0.16 | 0.16 | 0.31 | 4.85 | 4.16 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Growth | |||||
| Sales growth | -11.9% | -29.3% | - | -12.4% | - |
| EBITDA growth | -43.1% | -28.4% | - | +5.6% | - |
| PBT growth | -42.1% | -39.9% | +3102.1% | 0.0% | +9997.0% |
| Net income growth | -47.4% | -39.7% | - | +273.7% | - |
| Revenue CAGR (3Y) | +4.3% | +4.1% | - | - | - |
| EBITDA CAGR (3Y) | -2.8% | +19.5% | - | - | - |
| Profitability & leverage | |||||
| Net income margin | +3.6% | +5.7% | +6.5% | +0.8% | +0.2% |
| Return on capital employed | +7.7% | +13.1% | +22.0% | +5.9% | +5.3% |
| Return on net worth | +5.5% | +10.4% | +17.6% | +1.7% | +0.4% |
| Debt / equity | 0.46 | 0.38 | 0.27 | 1.22 | 1.31 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 49.72 | 27.16 | 12.19 | 95.24 | 93.14 |
| Efficiency & per share | |||||
| Fixed asset turnover | 0.86 | 1.01 | 1.48 | 1.15 | 1.32 |
| Inventory turnover | 3.57 | 6.11 | 13.67 | 2.10 | 2.35 |
| Debtors turnover | 5.92 | 6.97 | 9.67 | 5.01 | 4.96 |
| EPS (₹) | 4.07 | 7.24 | 11.72 | 0.73 | 0.19 |
| Dividend per share (₹) | 1.50 | 1.50 | 1.50 | 0.00 | 0.00 |
| Book value per share (₹) | 75.01 | 72.44 | 66.72 | 45.12 | 44.38 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.03 | 43.43 | 61.88 | 50.19 | 50.34 | 58.75 | 63.61 | 56.64 |
| Revenue growth (YoY) | -22.5% | -26.1% | -2.7% | -11.4% | -8.0% | - | - | - |
| Other income | 0.89 | 2.83 | 0.64 | 1.23 | 1.37 | 1.66 | 0.52 | 1.56 |
| Total expenses | 32.60 | 41.02 | 56.70 | 46.51 | 45.50 | 60.92 | 50.51 | 48.31 |
| EBITDA | 6.43 | 2.41 | 5.18 | 3.68 | 4.84 | (2.17) | 13.10 | 8.33 |
| EBITDA margin | +16.5% | +5.5% | +8.4% | +7.3% | +9.6% | -3.7% | +20.6% | +14.7% |
| Depreciation | 1.39 | (1.16) | 2.74 | 2.88 | 2.83 | 2.88 | 2.77 | 2.55 |
| Interest | 1.14 | 1.20 | 1.13 | 0.83 | 1.21 | 2.02 | 1.18 | 0.80 |
| Profit before tax | 4.79 | 5.20 | 1.95 | 1.20 | 2.17 | (5.41) | 9.67 | 6.54 |
| Tax | 1.55 | 1.41 | 0.59 | 0.64 | 0.63 | (1.53) | 2.83 | 2.01 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 206 | 234 | 331 | 367 | 344 | 188 | 176 |
| Revenue growth | -11.9% | -29.3% | -9.8% | +6.7% | +82.5% | +7.2% | - |
| Other income | 6.07 | 4.23 | 3.45 | 5.67 | 5.04 | 4.00 | 1.34 |
| Total expenses | 190 | 205 | 291 | 332 | 331 | 175 | 159 |
| Employee cost | 20.24 | 22.38 | 22.30 | 17.41 | 13.55 | 12.26 | 13.96 |
| EBITDA | 16.10 | 28.28 | 39.48 | 34.98 | 12.44 | 13.65 | 17.16 |
| EBITDA margin | +7.8% | +12.1% | +11.9% | +9.5% | +3.6% | +7.3% | +9.8% |
| Depreciation | 7.29 | 10.90 | 9.38 | 7.93 | 7.26 | 6.93 | 6.65 |
| Interest | 4.38 | 4.72 | 3.67 | 4.09 | 5.61 | 8.80 | 10.26 |
| Profit before tax | 10.50 | 16.89 | 29.88 | 28.63 | 4.61 | 1.92 | 1.59 |
| Tax | 3.26 | 5.19 | 9.21 | 8.50 | 1.60 | 0.55 | 0.61 |
| Net profit | 6.51 | 11.20 | 20.31 | 20.05 | 3.01 | 1.31 | 0.98 |
| Net profit margin | +3.2% | +4.8% | +6.1% | +5.5% | +0.9% | +0.7% | +0.6% |
| EPS (₹) | 3.95 | 6.37 | 11.25 | 10.96 | 1.56 | 0.71 | 0.50 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 18.36 | 18.36 | 18.36 | 18.36 | 19.26 | 19.26 | 19.26 |
| Reserves & surplus | 117 | 112 | 103 | 85.39 | 72.91 | 69.88 | 68.51 |
| Shareholders' funds (net worth) | 135 | 131 | 122 | 104 | 92.17 | 89.14 | 87.77 |
| Secured loans | 54.93 | 64.08 | 33.66 | 20.09 | 32.28 | 52.72 | 69.71 |
| Unsecured loans | 5.37 | 0.00 | 0.00 | 1.58 | 3.20 | 3.10 | 11.00 |
| Total debt | 60.30 | 64.08 | 33.66 | 21.67 | 35.48 | 55.82 | 80.71 |
| Total liabilities | 195 | 195 | 155 | 125 | 128 | 145 | 168 |
| Assets | |||||||
| Gross block | 238 | 238 | 224 | 190 | 172 | 165 | 163 |
| Net block | 89.04 | 89.19 | 84.91 | 59.55 | 48.75 | 49.16 | 53.90 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 12.78 | 12.78 | 12.78 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 62.93 | 52.33 | 24.19 | 28.22 | 61.04 | 77.13 | 92.81 |
| Sundry debtors | 36.70 | 32.83 | 34.21 | 33.11 | 28.17 | 25.01 | 21.58 |
| Cash & bank balances | 0.16 | 0.16 | 0.31 | 0.67 | 0.86 | 0.42 | 3.46 |
| Loans & advances | 14.65 | 21.77 | 12.90 | 13.23 | 18.44 | 16.79 | 16.52 |
| Total current assets | 114 | 107 | 71.61 | 75.23 | 109 | 119 | 134 |
| Total current liabilities | 24.42 | 22.99 | 28.05 | 20.01 | 29.55 | 23.02 | 18.75 |
| Net working capital | 90.02 | 84.10 | 43.56 | 55.22 | 78.96 | 96.33 | 116 |
| Total assets | 195 | 195 | 155 | 125 | 128 | 145 | 168 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.16 | 0.31 | 0.67 | 0.85 | 0.39 | 3.41 | 4.79 |
| Net cash from operating activities | 17.27 | (9.01) | 40.82 | 44.62 | 33.30 | 32.51 | 30.50 |
| Net cash from investing activities | (6.24) | (14.29) | (47.00) | (18.53) | (6.79) | (1.83) | (3.62) |
| Net cash from financing activities | (11.07) | 23.15 | 5.82 | (26.26) | (26.05) | (33.70) | (28.26) |
| Net change in cash | (0.04) | (0.15) | (0.36) | (0.18) | 0.46 | (3.02) | (1.38) |
| Closing cash | 0.16 | 0.16 | 0.31 | 0.67 | 0.86 | 0.42 | 3.46 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -11.9% | -29.3% | -9.8% | +6.7% | +82.5% | +7.2% | - |
| EBITDA growth | -43.1% | -28.4% | +12.9% | +181.2% | -8.9% | -20.5% | - |
| PBT growth | -37.8% | -43.5% | +4.4% | +521.0% | +140.1% | +20.8% | +67.4% |
| Net income growth | -41.9% | -44.9% | +1.3% | +566.1% | +129.8% | +33.7% | - |
| Revenue CAGR (3Y) | -17.5% | -12.1% | +20.6% | +27.8% | +24.2% | -3.1% | -3.6% |
| EBITDA CAGR (3Y) | -22.8% | +31.5% | +42.5% | +26.8% | -10.9% | -6.4% | +2.4% |
| Profitability & leverage | |||||||
| Net income margin | +3.5% | +5.0% | +6.3% | +5.5% | +0.9% | +0.7% | +0.6% |
| Return on capital employed | +7.1% | +12.4% | +23.9% | +25.9% | +7.5% | +6.8% | +6.7% |
| Return on net worth | +4.9% | +9.3% | +18.3% | +20.5% | +3.3% | +1.6% | +1.1% |
| Debt / equity | 0.47 | 0.39 | 0.25 | 0.29 | 0.50 | 0.77 | 1.03 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 49.72 | 27.16 | 12.19 | 15.12 | 108.30 | 130.95 | 97.62 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.86 | 1.01 | 1.60 | 2.03 | 2.04 | 1.15 | 1.09 |
| Inventory turnover | 3.57 | 6.11 | 12.62 | 8.22 | 4.98 | 2.22 | 1.99 |
| Debtors turnover | 5.92 | 6.97 | 9.82 | 11.97 | 12.93 | 8.09 | 6.74 |
| EPS (₹) | 3.95 | 6.37 | 11.25 | 10.96 | 1.56 | 0.71 | 0.50 |
| Dividend per share (₹) | 1.50 | 1.50 | 1.50 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 73.56 | 71.10 | 66.25 | 56.50 | 47.85 | 46.28 | 45.56 |
To see the full year-wise statements and ratios of Suraj Limited, buy the company report.
Board of directors of Suraj Limited
Suraj has 10 current directors and 12 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Kunal Tarachand Shah Also directs: Suraj Impex LLP, Suraj Inox Private Limited, Suraj Metals & Alloys Private Limited and 4 more | Managing Director | 20 Jan 1994 | 32 Years 9 Months | Current |
| Ashok Tarachand Shah | Director | 20 Jan 1994 | 32 Years 9 Months | Current |
| Gunvantkumar Tarachand Shah | Whole-Time Director | 20 Jan 1994 | 32 Years 9 Months | Current |
| Jigar Jagrutkumar Mehta Also directs: Avron Global LLP, Aethixa Industries Private Limited, Innmedics Global Pharma Private Limited and 1 more | Director | 20 Oct 2023 | 3 Years 0 Months | Current |
| Altesh Jayantilal Shah | Director | 20 Oct 2023 | 3 Years 0 Months | Current |
| Rajesh Chimanlal Kharadi | Director | 18 Jan 2021 | 5 Years 9 Months | Current |
Showing 6 of 10 current directors. View all directors
Peer comparison
Suraj Limited is compared with the 6 companies closest to it by revenue in the Manufacturing industry (Pipes), with the same principal business activity (metal and metal products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Panesar Steel and Power Limited | ₹246.87 Cr (FY 2024) | 18.0% | Orissa Sundargarh, Odisha, India | |||
| Lalit Pipes & Pipes Private Limited | ₹244.37 Cr (FY 2024) | -2.0% | Mumbai, Maharashtra, India | |||
| Rawalwasia Ispat Udyog Private Limited | ₹241.11 Cr (FY 2025) | -17.0% | Haryana, India | |||
| Purva Metal Sections Private Limited | ₹238.62 Cr (FY 2025) | 20.0% | Bangalore, Karnataka, India | |||
| Hutch India Private Limited | ₹230.14 Cr (FY 2025) | -11.0% | Palsana, Gujarat, India | |||
| Hi-Tech Flow Solutions Limited | ₹229.76 Cr (FY 2024) | 41.0% | Delhi, India | |||
| Suraj Limitedthis company | ₹205.85 Cr (FY 2026) | ₹6.72 Cr | 3.3% | -11.9% | 218 | Ahmedabad, Gujarat, India |
To see the full peer comparison of Suraj Limited, buy the company report.
Auditor
Suraj Limited is audited by RINKESH SHAH & CO. for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| RINKESH SHAH & CO. | FY 2023 | 129690W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 75.00%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 25.00%.
Sep 2026
QUARTER
75.00% Promoters
25.00% Retail & Others
Promoter holding - history
Now 75.00% · Sep 2026High 75.00% · Dec 2025Low 75.00% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 75.00% | 75.00% | 75.00% | 75.00% |
| Public | 25.00% | 25.00% | 25.00% | 25.00% |
Charges & borrowings
Open charges
₹86.74 Cr
Satisfied charges
₹172.44 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 07 Jul 2026 | 101337343 | Hdfc Bank Limited | ₹11.74 Cr | Open | |
| 28 Sep 2022 | 100615061 | Hdfc Bank Limited | ₹75 Cr | Open | |
| 14 Sep 2010 | 10244055 | Punjab National Bank | ₹10 Cr | Satisfied | |
| 07 Aug 2010 | 10237260 | Punjab National Bank | ₹1.6 Cr | Satisfied | |
| 28 Jul 2007 | 10063085 | Others | ₹58.94 Cr | Satisfied |
To see the full charge records of Suraj Limited, buy the company report.
Total charge records: 10 View all charges
Legal cases
Suraj Limited has 28 court cases on record: 4 filed by Suraj, 24 filed against it. 1 case is pending and 27 are disposed.
Total cases
28
Filed by the company
4
Filed against the company
24
Pending
1
Disposed
27
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 23 | 19 | 1 |
| District courts | 4 | 4 | 0 |
| Supreme Court | 1 | 1 | 0 |
Cases on record (5 of 28)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, GUJARAT | Special civil application | Filed by the company against , Ahmedabad and 4 others | Disposed |
| High Court, GUJARAT | Court case (TAXAP) | Filed against the company by The Principal Commissioner of Income Tax (Central), Ahmedabad | Pending |
| High Court, GUJARAT | Court case (TAXAP) | Filed against the company by Principal Commissioner of Income Tax (Central), Ahmedabad | Disposed |
| High Court, GUJARAT | Court case (TAXAP) | Filed against the company by The Principal Commissioner of Income Tax Central Ahmedabad | Disposed |
| High Court, GUJARAT | Court case (TAXAP) | Filed against the company by The Principal Commisioner of Income Tax (Central) Ahmedabad | Disposed |
To see the full case history of Suraj Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Suraj Limited was last rated by Brickwork on 13 Apr 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Brickwork | 13 Apr 2020 |
To see the full credit ratings and regulatory alerts of Suraj Limited, buy the company report.
MSME payment delays
Suraj Limited has 2 MSME Form 1 returns on record for the period ending Mar 2023, listing 22 overdue payments to 11 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 11)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Drona Impex Private Limited | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Suraj Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Suraj Limited has a workforce of 218 employees on its EPFO records as of Jul 05, 2024, across 1 active EPFO establishment.
Employee count
218
Active EPFO establishments
1
Employee growth
14.14%
GST
Suraj has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAGCS6939M1ZR | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Suraj Limited, buy the company report.
Recent activity
Suraj Limited has 17 board changes on record since 1994: 10 appointments and 7 cessations. The latest: Saharsh Rajeshbhai Gandhi was appointed as Director on 24 Jan 2025.
Charges
A charge with Hdfc Bank Limited of Rs. 11.74 Cr registered on 07 Jul 2026 with Charge ID 101337343 was modified on 10 Aug 2026.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 11.74 Cr with Charge ID 101337343 was registered on 07 Jul 2026.
AGM
Suraj Limited last Annual general meeting of members was held on 26 Jun 2026 as per latest MCA records.
Filing
Suraj Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Appointed
Saharsh Rajeshbhai Gandhi was appointed as Director.
Appointed
Sanjay Dayalji Kukadia was appointed as Director.
Charges
A charge with Hdfc Bank Limited of Rs. 75.00 Cr registered on 28 Sep 2022 with Charge ID 100615061 was modified on 18 Mar 2024.
Appointed
Altesh Jayantilal Shah was appointed as Director.
Ceased
Dipakbhai Shah Himatbhai ceased to be Director.
Appointed
Jigar Jagrutkumar Mehta was appointed as Director.
Ceased
Ketan Ratilal Shah ceased to be Director.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 75.00 Cr with Charge ID 100615061 was registered on 28 Sep 2022.
31 earlier events are in the company report.
Frequently asked questions
Suraj is an active public limited company based in Ahmedabad, Gujarat, India. The company works in pipe and tubes, within the manufacturing industry. It was incorporated on 20 January 1994 (32+ years old) and is registered under CIN L27100GJ1994PLC021088. Listed on BSE: 531638 and NSE: SURAJLTD.
Suraj reported revenue of ₹205.85 Cr for FY 2025-26 (down 11.9% YoY) based on consolidated financials.
Suraj has 10 current directors:
- Kunal Tarachand Shah - Managing Director
- Gunvantkumar Tarachand Shah - Whole-Time Director
- Shilpa Mangaldas Patel - Whole-Time Director
- Ashok Tarachand Shah - Director
- Jigar Jagrutkumar Mehta - Director
- Altesh Jayantilal Shah - Director
- Rajesh Chimanlal Kharadi - Director
- Anil Kanwal Gidwani - Director
- Sanjay Dayalji Kukadia - Director
- Saharsh Rajeshbhai Gandhi - Director
The latest financial statements of Suraj on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 26 June 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Suraj is 24AAGCS6939M1ZR, registered in Gujarat.
The CIN (Corporate Identification Number) of Suraj is L27100GJ1994PLC021088. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Suraj is a listed company as per MCA records. Its shares are listed on both BSE (code: 531638) and NSE (symbol: SURAJLTD).
Suraj has 28 court cases on record: 4 filed by the company and 24 filed against it. 1 is pending. Most are in the high courts.
Suraj was incorporated on 20 January 1994, making it 32+ years old. It is registered with the Registrar of Companies, Ahmedabad.
The peers of Suraj by revenue are Panesar Steel and Power Limited, Lalit Pipes & Pipes Private Limited, Rawalwasia Ispat Udyog Private Limited, Purva Metal Sections Private Limited, Hutch India Private Limited and 1 more, all in the Manufacturing industry (Pipes), with the same principal business activity (metal and metal products).
Saharsh Rajeshbhai Gandhi was appointed as Director on 24 Jan 2025. Sanjay Dayalji Kukadia was appointed as Director on 24 Jan 2025. Altesh Jayantilal Shah was appointed as Director on 20 Oct 2023. Suraj has 17 board changes on record in total.
Yes, Suraj is registered as a medium enterprise under Udyam registration (number: UDYAM-GJ-01-0004397).