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Surya Roshni's Q1 FY'26 consolidated revenue was INR 1,605 Cr (down 15% YoY), with EBITDA at INR 83 Cr (down 48%). The decline was largely due to SAP implementation disruptions in the Steel division causing an estimated INR 180-200 Cr sales loss, commodity price volatility, and early monsoon. Steel volumes dropped 13% domestically, but exports rose 23%. Lighting revenue saw a modest 3% increase. The company is debt-free with INR 331 Cr cash. Management anticipates a strong rebound from Q2, reiterating FY'26 guidance for Steel (10.5 lakh tons volume, INR 5,500 EBITDA/ton) and Lighting (double-digit growth, INR 180-190 Cr EBITDA). A new domestic wire cable facility is launching this August. The management expressed confidence in meeting full-year targets and discussed shareholder value creation, including potential demerger.