---
title: "Surani Steel Tubes Ltd (SURANI) — Share Price, Financials & Analysis"
symbol: "SURANI"
company: "Surani Steel Tubes Ltd"
canonical: "https://tapetide.com/stocks/SURANI"
isin: "INE01ZJ01015"
nse_symbol: "SURANI"
sector: "Industrials"
industry: "Industrial Products"
market_cap_cr: 149.26
generated_at: "2026-09-13T18:36:58.960Z"
---

# Surani Steel Tubes Ltd (SURANI)

Canonical page: https://tapetide.com/stocks/SURANI

## Company

- **NSE Symbol:** SURANI
- **ISIN:** INE01ZJ01015
- **Sector:** Industrials
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2019-02-06
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** suranisteel.com

## About

Surani Steel Tubes Limited, incorporated in 2012 and listed on NSE Emerge, manufactures and trades ERW mild-steel pipes/tubes from Dahegam, Gujarat, including round pipes and square/rectangular hollow sections used in infrastructure, engineering, agriculture, construction, energy, water, gas and related applications.[1]

## Latest Price

- **Price:** ₹91
- **Change:** -5 (-5.21%)
- **Open:** ₹91
- **Day High:** ₹91
- **Day Low:** ₹91
- **Previous Close:** ₹96
- **Volume:** 200
- **As Of:** 2026-09-11T09:58:55+00:00

## Key Fundamentals

Observed at 2026-09-11T04:50:29.384831Z.

- **Market Cap:** ₹149.26 Cr
- **Classification:** SME
- **P/E (reported):** 72.7
- **Book Value:** ₹79.69
- **Price to Book:** 1.2
- **Dividend Yield:** 0%
- **ROE:** 1.65%
- **ROCE:** 2.44%
- **Debt to Equity:** 0
- **Revenue (yearly):** ₹95.8 Cr
- **Net Income:** ₹2 Cr
- **EBITDA:** ₹2 Cr
- **52-Week High:** ₹143.6
- **52-Week Low:** ₹47.3
- **RSI (14):** 46.38

## Tapetide Score

- **Score:** 47 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Average · Valuation: Expensive · Momentum: Rising
- **Percentile:** 35.6 (of 4473 scored stocks)
- **Confidence:** 95%
- **Data coverage:** 90%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 56.15 | 9% |
| growth | 1.1 | 9% |
| momentum | 92.36 | 12% |
| ownership | 50 | 24% |
| quality | 50.94 | 22% |
| valuation | 33.93 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 1.14 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of -2.84% over past five years.
- Promoter holding is low: 30.8%
- Company has a low return on equity of 1.02% over last 3 years.
- Earnings include an other income of Rs.5.53 Cr.
- Promoter holding has decreased over last 3 years: -3.13%
- Working capital days have increased from 207 days to 375 days

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 42% | 122.2% | 436.6% |
| ebitda margin growth | 0.8% | 23.64% | 168.42% | — |
| net income growth | -0.1% | 300% | 20% | — |
| revenue growth | 43% | -57.87% | -9% | -3% |
| roce | 0% | — | 205% | — |
| roe | 0% | 312.5% | 0.87% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2025 | Mar 2026 |
| --- | --- | --- |
| Sales | 114.21 | 41.34 |
| Expenses | 113.66 | 42.2 |
| Operating Profit | 0.55 | -0.86 |
| OPM % | 0.48 | -2.08 |
| Other Income | -1.22 | 1.64 |
| Interest | 0.02 | -0.04 |
| Depreciation | 0.46 | 0.44 |
| Profit before tax | -1.15 | 0.38 |
| Tax % | -39.13 | 118.42 |
| Net Profit | -0.69 | -0.07 |
| EPS in Rs | -0.44 | -0.05 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 76.53 | 100.78 | 92.99 | 97.89 | 106.58 | 136.75 | 123.6 | 155.14 | 225 | 92.28 |
| Expenses | 73.03 | 96.65 | 91.89 | 99.41 | 99.38 | 131.99 | 123.25 | 154.74 | 223.62 | 93.88 |
| Operating Profit | 3.5 | 4.13 | 1.1 | -1.52 | 7.2 | 4.76 | 0.35 | 0.4 | 1.38 | -1.6 |
| OPM % | 4.57 | 4.1 | 1.18 | -1.55 | 6.76 | 3.48 | 0.28 | 0.26 | 0.61 | -1.73 |
| Other Income | 0.03 | 0.02 | 0.02 | 0.1 | 0.08 | 0.06 | 0.21 | 0.79 | -0.4 | 5.53 |
| Interest | 1.36 | 1.02 | 0.86 | 2.01 | 1.97 | 1.66 | 1.12 | 0.11 | 0.02 | 0 |
| Depreciation | 0.4 | 0.39 | 0.37 | 1.26 | 1.27 | 1.26 | 0.94 | 0.48 | 0.8 | 0.89 |
| Profit before tax | 1.77 | 2.74 | -0.11 | -4.69 | 4.04 | 1.9 | -1.5 | 0.6 | 0.16 | 3.04 |
| Tax % | 42.94 | 35.77 | 18.18 | 5.76 | 3.47 | 2.11 | 20 | 18.33 | -200 | 32.89 |
| Net Profit | 1 | 1.76 | -0.14 | -4.96 | 3.89 | 1.85 | -1.79 | 0.5 | 0.49 | 2.05 |
| EPS in Rs | 4 | 3.03 | -0.17 | -5.99 | 4.7 | 2.23 | -2.16 | 0.47 | 0.32 | 1.32 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 2.5 | 5.8 | 8.28 | 8.28 | 8.28 | 8.28 | 8.28 | 10.63 | 15.55 | 15.55 |
| Reserves | 2.19 | 5.2 | 15.5 | 10.54 | 14.44 | 16.29 | 14.5 | 77.71 | 106.29 | 108.33 |
| Borrowings | 13.38 | 15.35 | 17.32 | 19.66 | 18.2 | 14.95 | 11.33 | 42.36 | 34.57 | 0 |
| Other Liabilities | 10.29 | 9.41 | 4.13 | 9.21 | 4.53 | 11.77 | 7.28 | 3.51 | 0.77 | 126.7 |
| Total Liabilities | 28.36 | 35.76 | 45.23 | 47.69 | 45.45 | 51.29 | 41.39 | 134.21 | 157.18 | 250.58 |
| Fixed Assets | 4.76 | 4.38 | 4.01 | 14.59 | 13.4 | 12.13 | 4.6 | 10.3 | 11.83 | 11.03 |
| CWIP | 2.28 | 6.32 | 11.23 | 0 | 0 | 0 | 0 | 0.13 | 0.1 | 0.86 |
| Investments | 0.1 | 0.1 | 0.1 | 0.13 | 0.13 | 0.13 | 0.13 | 0 | 17.55 | 0.11 |
| Other Assets | 21.22 | 24.96 | 29.89 | 32.97 | 31.92 | 39.03 | 36.66 | 123.78 | 127.7 | 238.58 |
| Total Assets | 28.36 | 35.76 | 45.23 | 47.69 | 45.45 | 51.29 | 41.39 | 134.21 | 157.18 | 250.58 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 2.44 | -0.68 | -8.33 | -0.43 | 2.4 | 4.78 | -1.65 | -56.8 | 8.87 | 12.6 |
| Cash from Investing Activity | -2.26 | -4.14 | -4.91 | -0.59 | -0.1 | 0.03 | 6.57 | -5.44 | -66.51 | 37.78 |
| Cash from Financing Activity | -0.25 | 4.75 | 13.31 | 1.03 | -2.32 | -4.85 | -4.64 | 95.99 | 25.19 | -34.57 |
| Net Cash Flow | -0.07 | -0.06 | 0.06 | 0.01 | -0.02 | -0.04 | 0.28 | 33.76 | -32.45 | 15.8 |
| Free Cash Flow | 0.18 | -4.73 | -13.25 | -1.03 | 2.31 | 4.82 | 5.29 | -63.12 | 6.57 | 11.75 |
| CFO/OP | 77 | -10 | -681 | 28 | 33 | 100 | -471 | -14125 | 666 | -820 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 38.2 | 22.38 | 24.49 | 21.51 | 24.35 | 13.43 | 39.28 | 3.06 | 44.09 | 11.87 |
| Inventory Days | 59.53 | 65.89 | 82.32 | 88.27 | 82.86 | 76.53 | 52.94 | 153.59 | 52.77 | 587.89 |
| Days Payable | 43.89 | 30.28 | 13.83 | 31.13 | 11.96 | 17.47 | 16.69 | 5.53 | 0.6 | 513.02 |
| Cash Conversion Cycle | 53.84 | 57.99 | 92.99 | 78.65 | 95.26 | 72.49 | 75.53 | 151.12 | 96.26 | 86.74 |
| Working Capital Days | 14.59 | 12.78 | 47.93 | 25.88 | 40.1 | 34.11 | 52.48 | 102.53 | 142.29 | 375.44 |
| ROCE % | 18.2 | 16.93 | 2.22 | -6.74 | 15.14 | 8.8 | -1.36 | 0.86 | 1.91 | 0.77 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 53.75% | 51.72% | 44.93% | 39.02% | 38.4% | 31.02% | 30.84% | 30.84% | 30.84% | 30.84% | 30.84% | 30.84% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 43.49% | 45.01% | 47.07% | 53.23% | 53.66% | 55.4% | 55.56% | 55.78% | 55.76% | 55.56% | 55.05% | 53.88% |
| Others | 2.76% | 3.26% | 7.99% | 7.75% | 7.94% | 13.59% | 13.61% | 13.38% | 13.41% | 13.6% | 14.11% | 15.28% |
| No. of Shareholders | 258 | 321 | 587 | 684 | 1208 | 1230 | 1243 | 1239 | 1230 | 1232 | 1217 | 1152 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 5 / 3 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 97.68 | Sell |
| EMA (10) | 96.87 | Sell |
| SMA (20) | 97.33 | Sell |
| EMA (20) | 97.66 | Sell |
| SMA (50) | 99.48 | Sell |
| EMA (50) | 100.8 | Sell |
| SMA (100) | 113.09 | Sell |
| EMA (100) | 101.44 | Sell |
| SMA (200) | 90.16 | Buy |
| EMA (200) | 101.52 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 41.18 | Neutral |
| MACD (12,26,9) | -1.11 | Sell |
| Stochastic (14,3,3) | 10.05 | Buy |
| ADX (14) | 31.51 | Buy |
| Williams %R (14) | -98.18 | Buy |
| ATR (14) | 6.93 | High Volatility |
| ROC (12) | -5.8 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 48.27 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 January 2026 - RTA certificate under Reg 74(5) confirming dematerialisation for quarter ended 31-Dec-2025 for Surani Steel Tubes. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 8 January 2026 - RTA certificate under Reg 74(5) confirming dematerialisation for quarter ended 31-Dec-2025 for Surani Steel Tubes.](https://nsearchives.nseindia.com/corporate/SURANI_08012026165018_Reg74DPRegulationsSSTL31122025.pdf) |
| 7 January 2026 - Exchange has sought clarification from Surani Steel Tubes Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (LODR) Regulations, 2015. … | [Clarification - Financial Results 7 January 2026 - Exchange has sought clarification from Surani Steel Tubes Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (LODR) Regulations, 2015. …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=SURANI&tabIndex=sme) |
| 7 January 2026 - Ankit Singla resigned effective Jan 6, 2026; Sarika Kaur appointed Company Secretary effective Jan 7, 2026. | [Appointment 7 January 2026 - Ankit Singla resigned effective Jan 6, 2026; Sarika Kaur appointed Company Secretary effective Jan 7, 2026.](https://nsearchives.nseindia.com/corporate/SURANI_07012026161848_OutcomeOfBoardMeetingSSTL07012026.pdf) |
| 7 January 2026 - Ankit Singla resigned as Company Secretary effective Jan 6, 2026; Sarika Kaur appointed effective Jan 7, 2026. | [Outcome of Board Meeting 7 January 2026 - Ankit Singla resigned as Company Secretary effective Jan 6, 2026; Sarika Kaur appointed effective Jan 7, 2026.](https://nsearchives.nseindia.com/corporate/SURANI_07012026161445_OutcomeOfBoardMeetingSSTL07012026.pdf) |
| 7 Aug - Surani Steel Tubes shifts RTA connectivity to Beetal from August 6, 2026. | [Registrar & Share Transfer Agent Update 7 Aug - Surani Steel Tubes shifts RTA connectivity to Beetal from August 6, 2026.](https://nsearchives.nseindia.com/corporate/SURANI_07082026134420_Reg30IntimationOfChangeOfRTA07082026.pdf) |
| 7 April 2026 - Submitted Regulation 74(5) compliance certificate for quarter ended March 31, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 7 April 2026 - Submitted Regulation 74(5) compliance certificate for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/SURANI_07042026112830_Regulation74March312026.pdf) |
| 6 Jul - Regulation 74(5) certificate for quarter ended June 30, 2026 filed. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 Jul - Regulation 74(5) certificate for quarter ended June 30, 2026 filed.](https://nsearchives.nseindia.com/corporate/SURANI_06072026180555_Reg74DPRegulationsSSTL30062026.pdf) |
| 31 March 2026 - Trading window closed from April 1, 2026 until 48 hours after audited FY ending March 31, 2026 results. | [Trading Window 31 March 2026 - Trading window closed from April 1, 2026 until 48 hours after audited FY ending March 31, 2026 results.](https://nsearchives.nseindia.com/corporate/SURANI_31032026124909_ClosureofTradingWindow31032026.pdf) |
| 31 Aug - Newspaper publication for 14th AGM on September 24, 2026, with e-voting information. | [Copy of Newspaper Publication 31 Aug - Newspaper publication for 14th AGM on September 24, 2026, with e-voting information.](https://nsearchives.nseindia.com/corporate/SURANI_31082026153200_SSTL14AGMNewspaperPublicationSigned.pdf) |
| 29 Aug - Board reappointed Chetan Singla as Joint MD; 14th AGM on September 24, 2026. | [Outcome of Board Meeting 29 Aug - Board reappointed Chetan Singla as Joint MD; 14th AGM on September 24, 2026.](https://nsearchives.nseindia.com/corporate/SURANI_29082026182910_OutcomeOfBMSSTL29082026.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30839_SURANI_2025_2026_A_5043925_29082026190443.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28847_SURANI_2024_2025_A_5452746_06092025210226.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26041_SURANI_2023_2024_0609202419248.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23871_SURANI_2022_2023_08092023193240_09082023200023.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21475_SURANI_2021_2022_06092022153101_09062022160003.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_19456_SURANI_2020_2021_06092021125013_09062021130017.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_17656_SURANI_2019_2020_08092020191534_08092020200006.zip) |
| from nse | [Annual Report 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_15094_SURANI_2018_2019_02082019144202_02082019150006.zip) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2023 | [Concall - Nov 2023](https://nsearchives.nseindia.com/corporate/SURANI_15112023185734_InvestorpresentationH1FY24.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:36:58.960Z.