Suraj Limited

What Suraj Limited does

Suraj Limited (BSE: 531638) is a publicly listed Indian manufacturer of stainless steel seamless pipes, tubes, U-tubes, flanges, buttweld fittings, forged rings, carbon steel tubes, and precision steel tubes, headquartered in Ahmedabad, Gujarat with manufacturing plants at Thol and Chandarda. The company is vertically integrated from in-house mother hollow production (hot piercing) through cold pilger mill, cold drawing, controlled atmosphere bright annealing, and electropolishing, supported by 30 Pilger machines. It also operates a copper and aluminum recycling stockist business. The group traces its origins to 1960 and was constituted as the listed entity (originally Reliable Marketing and Finance Private Limited) in 1994, with commercial production from 1996 and BSE listing the same year.

Suraj Limited serves enterprise B2B customers across oil & gas (ADNOC, Saudi Aramco, Qatar Petroleum, KNPC, Shell, Repsol), petrochemicals (SABIC), power generation (NTPC, BHEL), engineering and construction (EIL, L&T), fertilisers (IFFCO, GNFC), automotive and hydraulics (IATF 16949 certified), marine (ABS, Bureau Veritas, DNV, Lloyd's Register, ClassNK approvals), and pharma/food processing. Products are sold quote-based on project specifications across stainless (austenitic, ferritic, martensitic, duplex, super duplex) and carbon grades, with the company holding 13+ certifications including ISO 9001/14001/45001, IATF 16949, PED 2014/68/EU, AD 2000-Merkblatt W0, and IBR. Pricing is custom per order; go-to-market is direct enterprise field sales through the Ahmedabad headquarters, Mumbai branch, and Govt. of India recognized Export House status covering 70+ countries.

Commercially, the company reported Q3 FY26 (December 2025 quarter) standalone sales of Rs 61.88 crore, down 2.72% YoY, with standalone net profit of Rs 1.36 crore, down 80.12% YoY. The supplied multi-year financial series indicates revenue has contracted roughly 40% from its FY22 peak through FY25, with EBITDA and net income compressing sharply in parallel. Suraj Limited is promoter/family-controlled (Shah family: Ashok Shah as Chairman & CFO, Gunvant Shah as Vice Chairman, Kunal Shah as Managing Director) with dispersed public shareholders on BSE.

Name

Suraj Limited

Legal name

Suraj Limited

Website

https://surajgroup.com

Company type

Public

Founded year

1960

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Suraj Limited is a publicly listed Indian manufacturer of stainless steel seamless pipes, tubes, U-tubes, flanges, fittings, and carbon/precision steel tubes, serving enterprise B2B customers in oil & gas, petrochemicals, power, marine, automotive, and pharma across 70+ countries from its Ahmedabad headquarters and Gujarat plants.

Ownership category

akta.pro rank

Product category

Steel Pipes and Tubes Manufacturing

NAICS

Iron and Steel Pipe and Tube Manufacturing from Purchased Steel (331210)

SIC

Steel Pipe & Tubes (3317)

akta.pro primary industry

Pipes & Tubing (Metal, Plastic & Composite) (IMADALAC)

Keywords

• Stainless steel pipes
• Seamless tubes
• Pipe fittings
• Heat exchanger tubes
• Steel flanges

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Stainless Steel Seamless Pipes, Tubes & Fittings: Primary revenue stream from manufacturing and selling stainless steel seamless pipes, tubes, U-tubes, flanges, buttweld fittings, and forged rings. Products sold based on project specifications and volume orders to industrial customers.
2. Carbon Steel Tubes: Cold drawn seamless carbon steel tubes for heat exchangers, boilers, and process industries, complementing the stainless steel product portfolio.
3. Copper & Aluminum Recycling: Stockist and recycler of copper armature, copper kaliya, mill barry, copper candy, copper cathode, and aluminum scrap products.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Suraj Limited manufactures stainless steel seamless pipes, tubes, U-tubes, flanges, and pipe fittings used in process and heat-transfer applications. The company's portfolio spans heat exchanger tubes, instrumentation tubes, buttweld fittings, forged rings, carbon steel tubes, and precision steel tubes, supported by copper recycling operations. Products are engineered for demanding service conditions in oil and gas, petrochemical, power generation, automotive, and marine industries.

Product overview

Suraj Limited is a manufacturer and exporter of stainless steel and carbon steel industrial products, organized as a portfolio of complementary product lines. The core offerings include Seamless Heat Exchanger Tubes, Heat Exchanger 'U'-Tubes, Instrumentation Tubes, and Seamless Pipes, which form the foundation of the product range. These are complemented by value-added products including Buttweld Fittings, Flanges & Stub Ends, and Forged Rings that enable complete piping system solutions for customers. Carbon Steel Tubes address separate market needs in power and boiler applications. The company also offers Precision Steel Tubes for automotive and hydraulic applications (IATF 16949 certified) and maintains a Copper Recycling division. All stainless steel products are manufactured at company facilities in Chandarda and Thol, Gujarat, with in-house production of mother pipes via hot piercing process.

Differentiator

Problem solved

Functional benefit

Products and services

• Stainless Steel Seamless Pipes
• Stainless Steel Seamless Tubes Stainless steel seamless tubes produced for general industrial and process applications requiring corrosion resistance. Sold to industrial buyers across oil and gas, petrochemical, power, and marine sectors.
• Stainless Steel Heat Exchanger Tubes Stainless steel seamless tubes specifically produced for heat exchanger service in refineries, petrochemical plants, and power stations. Targeted at industrial process plant operators and heat exchanger fabricators.
• Stainless Steel U-Tubes U-bend stainless steel tubes used in shell-and-tube heat exchangers, condensers, and boilers. Sold to heat exchanger fabricators and process plant operators.
• Instrumentation Tubes Precision stainless steel tubes used for instrumentation and control lines in process plants. Sold to industrial buyers in oil and gas, petrochemical, and power sectors.
• Stainless Steel Buttweld Fittings Stainless steel buttweld pipe fittings (elbows, tees, reducers, caps) used to join piping in process plants. Sold to industrial piping contractors and plant operators.
• Stainless Steel Flanges Stainless steel flanges used to connect pipes, valves, and equipment in process piping systems. Sold to industrial buyers in oil and gas, petrochemical, power, and marine sectors.
• Forged Rings Stainless steel forged rings produced for use as raw material/blank for flanges, pipe fittings, and other machined components. Sold to forging-based component manufacturers.
• Carbon Steel Tubes Carbon steel tubes produced for industrial applications where stainless steel is not required. Sold to industrial buyers in power, automotive, and general engineering sectors.
• Precision Steel Tubes Precision-manufactured steel tubes produced to tighter dimensional and surface-finish tolerances. Sold to OEMs and fabricators in automotive, instrumentation, and engineering sectors.
• Copper Recycling Copper recycling operations recover copper from scrap as a secondary material stream supporting the company's metals business. Sold to copper consumers and smelters.

Quantifiable outcome

• Successfully executed prestigious order for Saudi Aramco in 2017
• +2 more outcomes

Named customers20 records

Segments6 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered minor.

• TBS Metal Private LimitedminorOthersRelated party transaction approved at 33rd AGM on June 26, 2026. TBS Metal Private Limited is a related party for material related party transactions as approved by shareholders.
• Suraj Enterprise Private LimitedminorOthersRelated party transaction approved at 33rd AGM on June 26, 2026. Suraj Enterprise Private Limited is a related party for material related party transactions as approved by shareholders.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Man Industries (India) Limited: Indian producer of large-diameter seamless and welded pipes for oil & gas, water, and infrastructure projects, with global exports and similar B2B EPC and oil-major customer base as Suraj.
• Maharashtra Seamless Limited: Indian manufacturer of seamless pipes and tubes (stainless and carbon steel) serving oil & gas, power, and process industries with comparable export-driven, B2B project sales model to EPC contractors and end users.
• Tubacex S.A. Spanish global leader in seamless stainless steel tubes for oil & gas, power, and petrochemical applications; competes head-to-head with Suraj for heat exchanger, U-tube, and instrumentation tube orders from international EPC contractors.
• Ratnamani Metals & Tubes Limited: Indian listed manufacturer of stainless steel seamless and welded tubes/pipes and carbon steel pipes, directly competing with Suraj in heat exchanger tubes, instrumentation tubes, and process piping for oil & gas, petrochemical, and power customers in India and abroad.

Broad incumbents

• Vallourec S.A. French global leader in premium seamless pipe solutions for energy and industrial markets; overlaps with Suraj in stainless and corrosion-resistant alloy tubes sold to oil & gas majors and power generators worldwide.
• Welspun Corp Limited: Largest Indian welded pipe manufacturer with growing presence in stainless and line pipe; competes with Suraj for oil & gas and water infrastructure pipe projects globally, though primarily in welded rather than seamless category.
• Jindal Stainless Limited: India's largest stainless steel manufacturer with a much broader product portfolio (flat products, long products, pipes, tubes); its pipe/tube division overlaps with Suraj in austenitic and duplex grades but at much greater scale and vertical integration.
• Tata Steel (Precision Tubes division): Diversified steel major with a precision and seamless tube business serving automotive, hydraulic, and industrial customers; competes with Suraj in IATF-certified precision tubes and carbon steel seamless tubes for heat exchangers and boilers.
• Sandvik AB (Tube division): Global Swedish engineering group with a leading seamless stainless steel tube business serving oil & gas, petrochemical, power, and instrumentation customers; directly comparable product lines to Suraj at much larger scale and with broader geographic footprint.
• Sumitomo Metal (now part of Nippon Steel) Tubes: Japanese integrated steelmaker with a significant seamless stainless and high-alloy tube business serving petrochemical, power, and oil & gas customers globally; competes with Suraj for high-grade duplex and specialty tube orders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SurajLimited
• YouTubeyoutube.com/channel/UCWhUXZixvJ4EMu4qhFixQVw
• Facebookfacebook.com/surajlimited
• LinkedInlinkedin.com/company/surajltd

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Suraj Limited