Financial Performance (Q1 FY27 vs Q1 FY26)

  • Revenue from Operations: ₹78.40 crore (up 32% from ₹59.41 crore)
  • EBITDA: ₹11.99 crore (up 35% from ₹8.90 crore)
  • EBITDA Margin: 15.3% (up 32 bps from 14.98%)
  • Profit After Tax: ₹7.50 crore (up 30% from ₹5.79 crore)
  • PAT Margin: 9.57% (down 17 bps from 9.74%)
  • EPS – Diluted: ₹3.41 (down 4.21% from ₹3.56)

Vertical Performance Breakdown

| Vertical | Q1 FY27 Revenue (₹ Cr) | Q1 FY26 Revenue (₹ Cr) | Mix (Q1 FY27) |

| Power T&D and Smart Grid | 46.32 | 16.34 | ~59% |

| Solar EPC | 32.03 | 40.72 | ~41% |

| Civil and others | 0.04 | 2.35 | ~0% |

| Total | 78.40 | 59.41 | 100% |

Operational Highlights

  • Order book: ₹807 crore (approximately 2.7 times FY26 revenue)
  • Flagship Project: RDSS smart-grid project at Patna, Bihar
  • Fresh awards of approximately ₹62 crore from three distribution utilities:
  • ₹56.57 crore (excluding GST) from North Bihar Power Distribution Company Limited for 16 MW grid-connected rooftop solar under PM Surya Ghar – Muft Bijli Yojana. Commissioning period of 9 months from PPA signing with 10-year contract term from Commercial Operation Date.
  • ₹1.80 crore from TP Southern Odisha Distribution Limited for supply, installation, testing and commissioning of 11 kV and 33 kV Fault Passage Indicators and Data Communicator Units (75-day delivery).
  • Subsequent to quarter end (2 July 2026): ₹3.37 crore (including GST) from Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited for design, supply, installation, testing and commissioning of 11 kV and 33 kV FPIs integrated with SCADA-DMS/ADMS system at Indore SCADA Control Centre, including communication infrastructure and five years AMC (70-day completion).

Strategic Developments

  • NBPDCL rooftop mandate introduces 10-year annuity revenue stream from Commercial Operation Date
  • Operational network spread across 10 states including Delhi, Bihar, Odisha, Madhya Pradesh, Gujarat, Punjab, Himachal Pradesh, Maharashtra, Uttar Pradesh and Chhattisgarh
  • Bidding capacity strengthened to support mandates over ₹1,000 crore
  • Strike rate of 15–20% maintained on tenders bid
  • Fault passage indicator technology holds ~50% domestic market share
  • ~₹10 crore of product orders secured in Q1 FY27

Management Guidance and Outlook

  • Management has set revenue guidance of ₹1000 crore for FY27-28
  • Demand remains policy-led and structural with Revamped Distribution Sector Scheme committing approximately ₹3.04 lakh crore to smart metering and grid strengthening
  • India's 500 GW non-fossil capacity target by 2030 driving distribution network augmentation

Management Commentary

Mr. Santosh Shah, Managing Director and Promoter, highlighted:

  • Q1 FY27 represents conversion of order book built over last two years
  • Growth achieved without margin dilution
  • Strategic mix shift toward Power T&D and smart grid (59% of revenue vs 27% in FY26)
  • Product segment (fault passage indicators) gaining traction with adoption by two additional utilities
  • Business typically has 40% of billing concentrated in March quarter
  • Focus on execution discipline, pipeline conversion, and receivable cycle management

Company Background

Sugs Lloyd Limited is a leading EPC company engaged in Power T&D, solar and smart-grid solutions across India. Established in 2009 and listed on BSE SME platform in September 2025. Serves clients including NTPC, Tata Power group, Adani Renewables, Indian Railways, Konkan Railways, various state DISCOMs. Holds approximately 50% market share in Fault Passage Indicator technology.