| Q1 Revenue | ₹78.4 Cr32% YoY Growth |
|---|---|
| Market Cap | ₹315.71 CrMicro Cap |
| PE TTM | 10.95Sector PE: 27.7 |
| Order Book | ₹807 Cr2.7x Revenue |
Key highlights
- Operating revenue grew 32% YoY to ₹78.4 crore in Q1 FY27.
- EBITDA margins expanded to 15.3%, a 32 basis point improvement from the previous year.
- The total order book stands at ₹807 crore, representing approximately 2.7 times the FY26 revenue.
- New project wins were secured across Bihar, Odisha, and Madhya Pradesh, diversifying the geographic footprint.
- Management reiterated aggressive revenue guidance of ₹600 crore for FY27 and ₹1,000 crore for FY28.
- Debt levels rose to ₹91 crore to mobilize working capital for the Patna Smart Grid project.
Financial Performance and Margin Trends
Sugs Lloyd delivered a robust financial performance in Q1 FY27, with revenue reaching ₹78.4 crore compared to ₹59.41 crore in the corresponding quarter last year. EBITDA stood at approximately ₹12 crore, reflecting a 35% growth. This growth was achieved without compromising on the bottom line, as Profit After Tax (PAT) rose 30% to ₹7.5 crore.
Margin expansion was driven by a favorable product mix, particularly the Fault Passage Indicator (FPI) segment, where the company holds over 50% domestic market share. High-margin product sales helped offset the typical lower-margin nature of large EPC execution.
Strategic Expansion and New Verticals
The company is pivoting toward higher-value engineering products and new energy segments. Management announced an entry into Battery Energy Storage Systems (BESS) and the transmission sector, identifying specific tenders in Rajasthan and Bihar. The solar portfolio is also evolving from pure EPC to RESCO and Capex-RESCO models, which offer longer contract terms and recurring revenue streams.
Upcoming product launches, including compact FPIs and Vacuum Circuit Breakers (VCBs), are expected to further improve the margin profile as they move toward commercialization later this fiscal year.
Order Book and Execution Roadmap
- Power Transmission & Distribution (T&D) and Smart Grid segments contributed 59% of Q1 revenue.
- Solar EPC contributed 41% of revenue, with a shift toward hybrid funding models.
- A major smart grid project in Patna under the RDSS scheme is currently in an active billing phase.
- The qualified bid pipeline stands at over ₹1,350 crore, with a historical strike rate of 15-20%.
- Recent orders include a ₹56 crore project in Bihar and specialized FPI orders in Odisha and Madhya Pradesh.
Liquidity and Working Capital Management
Despite the revenue beat, the company faces rising working capital requirements. Debt increased to ₹91 crore from ₹68 crore, primarily utilized to fund the mobilization phase of the Patna project. Trade receivables remain high at ₹149 crore, though this is a slight improvement from ₹159 crore at the end of FY26.
Management indicated that as projects move into bulk billing phases, the working capital cycle is expected to normalize. The company currently maintains a debt-to-equity ratio of 0.63, with an internal ceiling set at 1.1 to 1.2 to support future scaling.
Management Outlook
Sugs Lloyd is going to be a long-term growth story. The ₹1,000 crore target for financial year 2028 is a plan we are executing. We will keep you informed every quarter, completely and on time.
What to Watch
- Progress on the Patna Smart Grid project execution and subsequent revenue recognition.
- Success rate in newly entered segments like BESS and Power Transmission.
- Consistency in reducing trade receivables from government utilities.
- Impact of upcoming high-margin product launches on overall EBITDA margins.
“This has been our strongest ever first quarter in our life. We have delivered this growth without compromising on the bottom line.”
“Our customer collection during the quarter was ₹100 crores against the revenue of ₹78 crores, which has helped bring trade receivables down by ₹10 crores.”
| Share price | ₹136 |
|---|---|
| Market capitalisation | ₹315.71 Cr |
| Revenue (annual) | ₹300.73 Cr |
| Net profit (annual) | ₹28.82 Cr |
| Revenue (latest quarter) | ₹78.40 Cr-31.90% vs previous quarter |
| Net profit (latest quarter) | ₹7.54 Cr-30.66% vs previous quarter |
| P/E (TTM) | 10.95×Sector 27.73× |
| Promoter holding | 70.54%+0.26% QoQ |
| FII holding | 1.02%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Sugs Lloyd Ltd announcing its first quarter financial results and investor presentation for FY27. Market figures from a third-party data provider.
