Sugs Lloyd Ltd (544501)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Sugs Lloyd's revenue was ₹78.4 Cr (+32.0% year on year, -56.0% on the previous quarter), and net profit ₹7.5 Cr (+30.3% year on year); the operating margin was 15.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹78.4 | +32.0% | -56.0% |
| Operating profit | ₹12.0 | +34.8% | -52.0% |
| Net profit | ₹7.5 | +30.3% | -55.6% |
| EPS (₹) | 3.43 | -3.7% | -53.1% |
| Operating margin | 15.3% | — | — |
📢 Recent Corporate Announcements
Sugs Lloyd Limited has secured a ₹8.90 crore contract from the Office of Sachkhand Sri Harmandir Sahib (The Golden Temple), Amritsar, for a 2 MW (AC) ground-mounted solar power project. The order includes turnkey EPC works and a 10-year comprehensive maintenance agreement. Relative to Sugs Lloyd's TTM revenue of ₹492 crore, the order is relatively modest at ~1.8%, but offers strong institutional visibility and supports geographic diversification into Punjab. The execution timeline is tight, with the solar project scheduled for completion by 31 December 2026.
- Order value of ₹8.90 crore (inclusive of GST) awarded by the Office of Sachkhand Sri Harmandir Sahib
- Scope encompasses complete turnkey EPC for a 2 MW (AC) ground-mounted solar power plant
- Includes 10 years of comprehensive maintenance post-commissioning
- Target commissioning date is 31 December 2026, with miscellaneous works due within 5 months from 28 September 2026
Sugs Lloyd Limited has received a Letter of Award (LOA) for a 2 MW (AC) Ground Mounted Solar Power Project from Sachkhand Sri Harmandir Sahib (Golden Temple), managed by SGPC, Amritsar. The contract is valued at ₹8.90 Crore inclusive of GST and includes a 10-year Comprehensive Annual Maintenance Contract (AMC). The core project execution is slated for completion by December 31, 2026, with remaining miscellaneous works within 5 months of LOA issuance. Relative to the company's TTM revenue of ₹492 Crore, this order represents approximately 1.81% of revenue.
- Received Letter of Award valued at ₹8.90 Crore (inclusive of GST and 10-year AMC)
- Contract covers a 2 MW (AC) Ground Mounted Solar Power Project at Satlani Sahib, Amritsar
- Awarded by Sachkhand Sri Harmandir Sahib under the management of SGPC
- Main project execution scheduled up to December 31, 2026; other works within 5 months from LOA issuance
Sugs Lloyd Limited has received a Letter of Intent (LOI) dated September 23, 2026, from the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). The contract covers the supply, installation, and commissioning of 2,500 units of 18 Watt Solar Street Lighting Systems, along with a 5-year comprehensive maintenance warranty. The total order value stands at ₹4.68 crore, priced at ₹18,730.80 per system. Relative to the company's TTM revenue of ₹492 crore, this contract is modest, representing less than 1% (~0.95%) of annual turnover.
- Received Letter of Intent (LOI) from UPNEDA valued at ₹4,68,27,000
- Scope entails supply, installation, and commissioning of 2,500 units of 18 Watt Solar Street Lighting Systems
- Price realization fixed at ₹18,730.80 per system
- Includes a 5-year comprehensive maintenance warranty
Sugs Lloyd Limited has received a Letter of Award dated September 21, 2026, from Marshal Enterprises for power distribution infrastructure works in Punjab valued at approximately ₹213.48 crore (including GST). The contract entails executing balance supply and installation works under the Revamped Distribution Sector Scheme (RDSS) originally awarded by PSPCL, with Sugs Lloyd acting as an approved back-to-back subcontractor. The total order value represents approximately 43.4% of the company's TTM revenue of ₹492 crore. Execution is scheduled across Faridkot and Gurdaspur circles over a timeline of 15 months.
- Received Letter of Award valued at approximately ₹213.48 crore (including GST) on 21 September 2026
- Contract represents ~43.4% of TTM revenue (₹492 crore) with an execution period of 15 months
- Split across two circles: Faridkot Circle (Moga District) at ~₹89.88 crore and Gurdaspur Circle (Pathankot District) at ~₹123.60 crore
- Works are under the Revamped Distribution Sector Scheme (RDSS), subcontracted on a back-to-back basis with PSPCL approval
Sugs Lloyd Limited has received a Letter of Award worth Rs 213.48 crore (including GST) from M/s Marshal Enterprises. The project involves execution of LT and HT Infrastructure Loss Reduction Works under the RDSS Scheme in Punjab on a back-to-back basis, originally awarded by PSPCL. The execution timeline is 15 months from the LoA issuance. This order is highly significant, representing approximately 43.4% of the company's TTM revenue of Rs 492 crore.
- Received Letter of Award valued at Rs 213,47,86,468 (including GST)
- Contract awarded by M/s Marshal Enterprises on a back-to-back basis from PSPCL
- Scope covers LT and HT Infrastructure Loss Reduction Works under RDSS Scheme in Punjab
- Execution timeline is set at 15 months from the LoA issuance date
- Order size represents ~43.4% of TTM revenue (Rs 492 crore)
Sugs Lloyd Limited has received Letters of Intent (LOIs) from TP Southern Odisha Distribution Limited (TPSODL) and TP Western Odisha Distribution Limited (TPWODL) for aggregate orders worth ₹214.27 crore (including GST). The contracts cover network maintenance and operational assistance across 11 kV, LT, and 33 kV substations over a 3-year period from October 1, 2026, to September 30, 2029. The total contract value represents approximately 43.5% of the company's TTM revenue of ₹492 crore, translating to roughly ₹71.4 crore in annual revenue contribution over the next three years.
- Total order value of ₹214,27,36,930 (₹214.27 crore, inclusive of GST) across two Tata Power distribution utilities in Odisha.
- TPSODL contract is valued at ₹115.02 crore split across Year 1 (₹38.00 cr), Year 2 (₹38.52 cr), and Year 3 (₹38.50 cr).
- TPWODL contract is valued at ₹99.25 crore split across Year 1 (₹33.53 cr), Year 2 (₹33.11 cr), and Year 3 (₹32.61 cr).
- 3-year contract execution tenure spanning October 1, 2026, through September 30, 2029.
CRISIL Ratings has assigned an investment-grade 'CRISIL BBB/Stable' rating for Rs 106.00 crore long-term loan facilities and 'CRISIL A3+' for Rs 119.00 crore short-term loan facilities, covering total bank lines of Rs 225.00 crore. The rationale highlights strong operational scale with FY26 revenue reaching Rs 300.7 crore and a robust order book exceeding Rs 807 crore as of June 30, 2026 (representing ~1.64x TTM revenue). Key constraints cited include high working-capital intensity with gross current assets at 265 days and receivables stretched at 245 days.
- CRISIL assigned 'CRISIL BBB/Stable' to Rs 106 Cr long-term facilities and 'CRISIL A3+' to Rs 119 Cr short-term facilities.
- Total bank loan facilities rated stand at Rs 225 crore across lenders including PNB, ICICI Bank, Union Bank, HDFC Bank, and YES Bank.
- Healthy order book of over Rs 807 crore as on June 30, 2026 provides clear revenue visibility for the next 12 to 24 months.
- Capital structure improved significantly with debt-to-equity (gearing) dropping from 2.1x in FY25 to 0.5x in FY26 following the Rs 72 crore IPO.
- Working capital cycle remains high with gross current assets estimated at 265 days and receivables at 245 days as of March 31, 2026.
Sugs Lloyd Ltd disclosed an insider trading filing indicating that Promoter and Director Santosh Kumar Shah acquired 6,000 equity shares through open market purchases on BSE SME. The transactions took place on August 20, 2026 (1,000 shares for ₹2.03 lakh) and August 21, 2026 (5,000 shares for ₹9.85 lakh), totaling ₹11.89 lakh. Following these acquisitions, his direct shareholding increased from 1,63,000 shares (0.702%) to 1,69,000 shares (0.728%). Overall promoter group holding in the company remains robust at over 70.5%.
- Promoter Santosh Kumar Shah acquired a total of 6,000 equity shares across two tranches on August 20 and 21, 2026.
- Total transaction value amounted to ₹11,88,802.37 via open market purchases on the BSE SME platform.
- The buyer's individual shareholding rose from 1,63,000 shares (0.702%) to 1,69,000 shares (0.728%).
- Company filings show total promoter group stake stood at 70.54% as of the June 2026 quarter.
Sugs Lloyd Limited has incorporated a wholly owned subsidiary named 'SUGS Renewables Private Limited' on August 21, 2026. The parent company subscribed to 100% of the initial paid-up capital of ₹1,00,000 (10,000 equity shares of face value ₹10 each) via cash. The subsidiary will focus on solar EPC, renewable power generation, and operations and maintenance (O&M) services, aligning with the company's broader target to scale solar infrastructure.
- Incorporated 100% wholly owned subsidiary 'SUGS Renewables Private Limited' on August 21, 2026
- Initial paid-up share capital subscribed at ₹1,00,000 consisting of 10,000 equity shares of ₹10 each
- Entity established to undertake Solar EPC, power generation, and renewable energy systems development
Sugs Lloyd Ltd has submitted a clarification to BSE regarding recent fluctuations in its share price and trading volumes. The company stated that it has complied with all disclosure requirements under Regulation 30 and confirmed there are no undisclosed material developments, corporate actions, or price-sensitive information pending. Management noted that the observed trading activity is entirely market-driven and beyond its control.
- Clarification submitted in response to BSE email ref. no. L/SURV/ONL/PV/SJ/ 2026-2027 / 4160 dated 20th August, 2026
- Confirmed zero undisclosed material events, pending corporate actions, or price-sensitive developments
- Clarified that share price and volume movements are purely market-driven and outside management control
Sugs Lloyd Limited has informed the exchanges regarding the migration and revamp of its corporate website on a new hosting platform. The revamp aims to enhance accessibility, performance, and user experience for stakeholders. The domain name remains unchanged at www.sugslloyds.com. This is a routine administrative update with no financial or operational impact.
- Corporate website migrated and revamped on a new hosting platform as of 18th August, 2026
- Domain name remains unchanged at www.sugslloyds.com
- Update is limited to technical infrastructure and website presentation
Promoter Santosh Kumar Shah purchased 6,000 equity shares of Sugs Lloyd Ltd on August 12, 2026, through an open market transaction on the BSE SME platform. The total acquisition value was approximately ₹9.92 Lakhs, increasing the individual promoter's stake from 0.676% to 0.702%. While the transaction size is small relative to the company's TTM revenue of ₹492 Cr, it follows a trend of increasing promoter holding, which rose from 70.0% in December 2025 to 70.54% in June 2026.
- Promoter Santosh Kumar Shah purchased 6,000 shares on August 12, 2026
- Total transaction value amounted to ₹9,92,289.43
- Individual promoter holding increased from 0.676% to 0.702% of the company
- Overall promoter group holding stood at 70.54% as of the June 2026 quarter
Sugs Lloyd Ltd has secured a purchase order worth ₹1.51 Cr from Noida Power Company Limited (NPCL) for the supply, installation, testing, and commissioning of 11kV Auto reclosers and Sectionalizers. The order is part of an Annual Rate Contract and is expected to be completed within 120 days from the order issuance. While the contract value is small, representing approximately 0.32% of the company's TTM revenue of ₹477 Cr, it reinforces the company's presence in the specialized Power T&D equipment segment.
- Total order value of ₹1,51,07,419.88 inclusive of GST.
- Delivery schedule for the equipment is fixed for 30th October, 2026.
- Project completion period is 120 days from the date of issuance of the order.
- Scope includes supply and commissioning of SCADA-compatible 11kV outdoor pole-mounted sectionalizers.
Santosh Kumar Shah, a Promoter and Director of Sugs Lloyd Ltd, purchased 14,000 equity shares through the open market on August 7 and August 10, 2026. The total investment value was approximately Rs 24.27 lakhs, increasing his individual stake from 0.616% to 0.676%. While the transaction is small relative to the company's TTM revenue of Rs 477 Cr, open-market purchases by promoters are generally viewed as a sign of confidence in the company's valuation and future prospects.
- Total of 14,000 shares purchased by Promoter Santosh Kumar Shah across two transactions
- Aggregate transaction value of Rs 24,27,072.63 executed on BSE SME platform
- Individual promoter holding increased from 1,43,000 shares (0.616%) to 1,57,000 shares (0.676%)
- Transactions occurred on 07-08-2026 (6,000 shares) and 10-08-2026 (8,000 shares)
Sugs Lloyd Ltd has announced a group meeting with analysts and investors scheduled for August 12, 2026, in Mumbai. The meeting will be led by Managing Director Mr. Santosh Kumar Shah and will focus on information already in the public domain. This comes as the company maintains a TTM revenue of ₹477 Cr and an operating margin of 14.7%. The interaction is part of the company's efforts to engage with the investment community regarding its stated goal of reaching ₹1000 Cr revenue by FY28.
- Group meeting with analysts and investors scheduled for August 12, 2026
- In-person venue set for Mumbai, Maharashtra
- Led by Managing Director Mr. Santosh Kumar Shah
- Discussions restricted to publicly available information and published results
- Company currently operates with a TTM revenue of ₹477 Cr and PAT of ₹46 Cr
Financial Performance
Revenue Growth by Segment
Total revenue grew 94% YoY in H1 FY26 to INR 123.03 Cr. The order book is split into Electrical contracts (~50%), Solar EPC (~43%), and Manpower/Civil (~7%).
Geographic Revenue Split
70% of the order book is concentrated in Bihar and Maharashtra, with the remaining 30% spread across Odisha, Punjab, Delhi, and Himachal Pradesh.
Profitability Margins
Net Profit Margin was 9.49% in FY25, a decrease from 13.26% in FY24 primarily due to higher interest expenses. H1 FY26 PAT grew 94% YoY to INR 11.82 Cr.
EBITDA Margin
14.63% in FY25, up from 13.99% in FY24. H1 FY26 EBITDA margin was approximately 15.3% (INR 18.88 Cr on INR 123.03 Cr revenue).
Capital Expenditure
Raised INR 85.65 Cr through an IPO in September 2025 to fund working capital requirements; no major manufacturing capex is planned as the business is project-based.
Credit Rating & Borrowing
CARE BBB-; Stable rating with an interest coverage ratio of 5.84x in FY25. Working capital limits are being expanded from INR 125 Cr to INR 250 Cr.
Operational Drivers
Raw Materials
Solar modules, electrical cables, transformers, and steel structures for transmission towers.
Capacity Expansion
Project-based capacity; management states capacity is not a constraint for growth as they can enhance it anytime based on project orders.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but includes turnkey supply of solar modules and electrical components.
Manufacturing Efficiency
Achieved 99.984% on-time delivery with cumulative liquidated damages of only 0.016% since inception.
Strategic Growth
Expected Growth Rate
78%
Growth Strategy
Achieving INR 1000 Cr revenue by FY28 through scaling Solar EPC and Power T&D, expanding high-margin niche products (FPI), and leveraging PSU tie-ups for larger government tenders.
Products & Services
Solar EPC turnkey projects, electrical transmission and distribution (T&D) networks, and Fault Passage Indicators (FPI).
Brand Portfolio
Sugs Lloyd, VYNA (Associate brand).
New Products/Services
Fault Passage Indicators (FPI) are the key new high-margin product line; revenue contribution % not specifically disclosed.
Market Expansion
Actively diversifying into Odisha, Gujarat, and Punjab to mitigate regional concentration risks.
Strategic Alliances
Tie-ups with PSUs for high-value government tenders and a 20% stake in associate company VYNA Electric.
External Factors
Industry Trends
Growing at a high rate (97.81% historical CAGR) driven by India's energy transition and infrastructure capex; shift toward green, digital-ready infrastructure.
Competitive Landscape
Competes with global giants like Siemens and Schneider in the niche product segment and various domestic EPC players in the T&D and Solar segments.
Competitive Moat
The company's moat is derived from its 'Digital-First' execution via the SLLDM platform and a 99.984% on-time delivery record, which is sustainable because it creates high switching costs for clients.
Macro Economic Sensitivity
High sensitivity to government capex in power and solar sectors (PM-KUSUM, RDSS, National Infrastructure Pipeline).
Consumer Behavior
Increasing demand for sustainable and green energy infrastructure solutions in the B2B and B2G segments.
Geopolitical Risks
Potential supply chain disruptions for solar modules and specialized electrical components sourced externally.
Regulatory & Governance
Industry Regulations
Operations governed by Central Sector Schemes (RDSS, PM-KUSUM) funding guidelines and pollution norms for electrical equipment.
Environmental Compliance
Transitioning from SF6-based electrical models to environment-friendly models to meet sustainability mandates.
Risk Analysis
Key Uncertainties
Working capital intensity and tender-based revenue volatility are primary business risks.
Geographic Concentration Risk
70% of revenue visibility is tied to Bihar and Maharashtra.
Third Party Dependencies
Relies on a pool of trusted contractors for site mobilization, which supports its 99.984% on-time delivery rate.
Technology Obsolescence Risk
Risk associated with the transition from SF6-based electrical models to more environmentally friendly alternatives.
Credit & Counterparty Risk
Low risk as majority of projects are funded under Central Sector Schemes, ensuring timely fund flow.
