| Q2 Revenue Growth | 100.0%Year-on-Year |
|---|---|
| Net Profit (Q2) | ₹29.25 CrUp 111% YoY |
| P/E TTM | 11.05Industry: 28.75 |
| Order Book | ₹1,239 CrExcluding GST |
Key highlights
- Revenue from operations grew 100% year-on-year to ₹296.71 crore in Q2 FY27
- Net profit increased by 111% to ₹29.25 crore compared to the same quarter last year
- Confirmed order book stands at ₹1,239 crore excluding GST as of October 2026
- Management guided for a full-year FY27 revenue target of approximately ₹1,400 crore
- The new Pulivalam PEB manufacturing facility expects to contribute ₹140-150 crore in annual turnover
Record Revenue and Margin Expansion Driven by Execution
Sathlokhar Synergys E&C Global (SSEGL) demonstrated significant operational scaling in Q2 FY27, with revenue hitting an all-time high of ₹296.71 crore. This 100% year-on-year growth was complemented by a 137% surge in operating EBITDA to ₹44 crore. The EBITDA margin expanded by approximately 232 basis points to 14.9%, despite initial costs associated with starting up a new manufacturing facility.
Management attributed this performance to a client-led demand for fast-track project completion, which has allowed the firm to accelerate its execution cycle. For H1 FY27, revenue reached ₹509 crore, up 85% compared to the ₹271 crore reported in H1 FY26.
Order Book Visibility and Pipeline Strength
- Total confirmed order book reached ₹1,239 crore as of October 1, 2026, providing clear revenue visibility for the upcoming quarters.
- The bid pipeline stands at a massive ₹23,505 crore, with a historical bid-to-order conversion rate of 10% to 12%.
- Repeat business remains a core pillar, with 30-40% of orders coming from existing clients such as the Reliance Group.
- October 2026 alone saw new order intakes worth approximately ₹117.61 crore excluding GST.
- Civil construction and PEB projects typically have an execution cycle of 5 to 6 months, while MEP work spans 7 to 9 months.
Pulivalam PEB Plant: A Step Toward Backward Integration
A critical milestone for SSEGL is the inauguration of its new pre-engineered metal building (PEB) manufacturing facility in Pulivalam, Chennai. Spread across 165,000 square feet, the plant is designed for a production capacity of 1,200 metric tons per month. While machinery installation was completed in August 2026, commercial production is scheduled to begin in December 2026 following pending statutory approvals.
Management expects this facility to contribute between ₹140 crore and ₹150 crore to the annual turnover. Beyond revenue, the facility is intended to improve PAT margins by 0.75% to 1.5% through better control over material procurement and production planning.
Execution Focus and Growth Drivers
It's a fast-track execution because of the client's demand. Clients are the driving factors, and we just follow them. When clients are asking us to execute fast-track projects, we have to work day and night and complete the projects.
Debt Trajectory and Working Capital Management
As the business scales toward its ₹1,400 crore FY27 revenue guidance, borrowing levels have increased by approximately ₹90 crore since March 2026 to reach ₹235 crore. The company requires ₹25 crore to ₹30 crore in working capital for every ₹100 crore of additional revenue. Management clarified that the current borrowing limit with bankers is sanctioned at ₹300 crore, of which roughly ₹100 crore is utilized for bank guarantees and ₹50-60 crore remains unused.
While operating cash flow remains negative—a factor management describes as natural in the EPC model due to billing cycles—they are evaluating additional funding through debt or NCDs for FY28 growth.
| Date | Announcement | Amount |
|---|---|---|
| 30 Oct 2026 | Q2 FY27 standalone revenue from operationsSource: NSE filing | ₹297.00 Cr |
| 30 Oct 2026 | Management FY27 full-year revenue guidance given on earnings callSource: youtube.com | ₹1,400.00 Cr |
| 28 May 2026 | Q4 FY26 standalone total incomeSource: stockscans.in | ₹278.66 Cr |
| 06 Feb 2026 | Q3 FY26 standalone total incomeSource: stockscans.in | ₹189.00 Cr |
| 06 Feb 2026 | Management revised FY26 revenue guidance given on earnings callSource: stockscans.in | ₹800.00 Cr |
What to watch next
- Receipt of statutory government approvals for the Pulivalam PEB plant expected in November 2026
- Commencement of commercial production at the new PEB manufacturing facility in December 2026
- Evaluation of migration from the SME platform to the NSE Main Board
- Receipt of further anticipated orders from the Reliance Group during H2 FY27
“We are literally aiming to achieve 50% above every year in the last year performance. That's what our dream and our aim.”
“Our revenue guidance for FY27 is approximately 70% growth over FY26 revenues. We remain confident in our growth outlook, supported by our order book.”
| Share price | ₹350.05 |
|---|---|
| Market capitalisation | ₹909.38 Cr |
| Revenue (annual) | ₹820.28 Cr |
| Net profit (annual) | ₹82.32 Cr |
| Revenue (latest quarter) | ₹296.71 Cr+44.87% vs previous quarter |
| Net profit (latest quarter) | ₹29.25 Cr+36.63% vs previous quarter |
| P/E (TTM) | 11.05×Sector 32.24× |
| Promoter holding | 58.27%0.00% QoQ |
| FII holding | 0.29%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Transcript of the Earnings Conference Call held on October 30, 2026, submitted by Sathlokhar Synergys E&C Global Limited to the National Stock Exchange. Market figures from a third-party data provider.
