VMPL
Noida (Uttar Pradesh) [India], November 2: Sugs Lloyd Limited (BSE SME: 544501), an engineering, procurement and construction (EPC) company engaged in Power Transmission and Distribution (T&D), solar and smart-grid solutions across India, has announced its standalone financial results for the half-year ended September 30, 2026.
Q2 FY27 revenue more than doubles year-on-year to ₹134.9 crore; company secures ₹395 crore in new orders during the quarter, with an outstanding order book of ₹1,068 crore
The company recorded its highest-ever half-yearly revenue of ₹213.31 crore and profit after tax (PAT) of ₹20.01 crore, representing year-on-year growth of 73% and 69%, respectively. The performance was supported by accelerated execution of its order book, particularly the Revamped Distribution Sector Scheme (RDSS) smart-grid project, during the second quarter.
Key Financial Highlights: H1 FY27
-         Revenue from Operations: ₹213.31 crore in H1 FY27, compared with ₹123.03 crore in H1 FY26, registering growth of 73%.
-         EBITDA: ₹31.00 crore, compared with ₹18.88 crore in H1 FY26, representing an increase of 64%.
-         EBITDA Margin: 14.54% in H1 FY27, compared with 15.34% in H1 FY26, reflecting a decline of 81 basis points.
-         Profit After Tax: ₹20.01 crore, compared with ₹11.82 crore in H1 FY26, registering growth of 69%.
-         PAT Margin: 9.38%, compared with 9.61% in the corresponding period of the previous financial year, a decline of 23 basis points.
-         Earnings Per Share (Basic and Diluted): ₹8.62, compared with ₹6.86 in H1 FY26, representing growth of 26%.
EPS is not annualised and is calculated on the weighted average number of shares. IPO shares were allotted in September 2025, so H1 FY26 EPS is based on a lower share count. EBITDA excludes other income.
Quarterly Performance: Q2 FY27
-         Revenue from Operations: ₹134.91 crore in Q2 FY27, compared with ₹63.62 crore in Q2 FY26, registering year-on-year growth of 112%. Revenue increased 72% quarter-on-quarter from ₹78.40 crore in Q1 FY27.
-         EBITDA: ₹19.01 crore, compared with ₹9.97 crore in Q2 FY26, representing year-on-year growth of 91%. EBITDA increased 59% quarter-on-quarter from ₹11.99 crore in Q1 FY27.
-         EBITDA Margin: 14.09% in Q2 FY27, compared with 15.68% in Q2 FY26, reflecting a decline of 159 basis points. The margin stood at 15.30% in Q1 FY27, indicating a quarter-on-quarter decline of 121 basis points.
-         PAT Margin: 9.27% in Q2 FY27, compared with 9.48% in Q2 FY26, a decline of 21 basis points. The margin was 9.57% in Q1 FY27, reflecting a quarter-on-quarter decline of 30 basis points.
The company reports its financial results half-yearly. Q2 figures are derived by subtracting the Q1 figures published on July 30, 2026, from the H1 figures. Q2 FY26 figures are similarly derived by subtracting Q1 FY26 from H1 FY26.
The company reported revenue growth of 73% year-on-year in H1 FY27, while second-quarter revenue increased 112% to ₹134.9 crore. The quarterly performance reflected both billing generated during Q2 and billing carried forward from June, as indicated during the company's Q1 earnings call.
Growth was primarily driven by the Power T&D and Smart Grid vertical, which contributed 80% of H1 revenue, compared with 46% in FY26. Solar EPC accounted for the remaining 20%.
EBITDA margin for H1 FY27 stood at 14.54%, compared with 15.34% in H1 FY26. Finance costs increased 51% to ₹5.89 crore, primarily due to higher working-capital borrowings.
Balance Sheet and Cash Flow
The company's standalone balance sheet reflected the following financial position:
-         Net Worth: ₹157.22 crore as of September 30, 2026, compared with ₹137.21 crore as of March 31, 2026.
-         Total Borrowings: ₹163.07 crore as of September 30, 2026, compared with ₹68.94 crore as of March 31, 2026.
-         Debt-to-Equity Ratio: 1.04x, compared with 0.50x as of March 31, 2026.
-         Trade Receivables: ₹150 crore, compared with ₹139 crore.
-         Inventories: ₹12 crore, compared with ₹11 crore.
-         Trade Payables: ₹75 crore, compared with ₹61 crore.
-         Capital Work-in-Progress: ₹37.05 crore as of September 30, 2026, compared with no reported amount as of March 31, 2026.
-         Cash Flow from Operations: ₹(12.31) crore in H1 FY27, compared with ₹(37.39) crore for the full year FY26.
Working capital increased with the scale-up of the Patna project, funded largely through working-capital facilities. Capital work-in-progress of ₹37.05 crore primarily relates to assets under development for the NBPDCL rooftop solar project under the CAPEX-plus-RESCO model.
Operational Highlights
-        Outstanding Order Book: ₹1,068 crore as of September 30, 2026.
-        Highest-Ever Half-Yearly Revenue: H1 FY27 revenue of ₹213.31 crore represents 71% of full-year FY26 revenue of ₹300.73 crore.
-        New Order Wins: Seven orders secured during Q2 FY27, valued at ₹466.43 crore including GST and ₹395.28 crore excluding GST.
-        Quarterly Order Inflow: ₹395 crore excluding GST, equivalent to 2.9 times Q2 revenue.
-        Subsidiary Acquisition: On August 21, 2026, the company acquired the shareholding of Sugs Renewables Private Limited, which is now a wholly owned subsidiary.
-        Operational Presence: The company's operational network spans 11 states: Delhi, Bihar, Odisha, Madhya Pradesh, Gujarat, Punjab, Himachal Pradesh, Maharashtra, Uttar Pradesh, Meghalaya and Chhattisgarh.
-        Qualified Bid Pipeline: ₹2,500 crore, with ₹1,207 crore under evaluation as of September 30, 2026. Management has indicated an expected strike rate of 15–20% on qualified bids.
-        Industry Recognition: The company was recognised as Best Integrated T&D and Solar EPC Company of the Year at the EPS Energy Awards 2026.
Business Outlook and Growth Guidance
Sugs Lloyd Limited continues to operate in a sector supported by government-led infrastructure development and power distribution reforms. The Revamped Distribution Sector Scheme (RDSS) involves an investment commitment of approximately ₹3.04 lakh crore towards smart metering and grid strengthening, with central support of up to 60% and a target to reduce aggregate technical and commercial (AT&C) losses to 12–15%.
The Union Budget 2026-27 allocates ₹18,000 crore to the scheme and ₹22,000 crore to PM Surya Ghar. India's target of achieving 500 GW of non-fossil fuel capacity by 2030 is expected to support continued investment in power distribution infrastructure.
The company is also exploring opportunities in battery energy storage systems and transmission projects, which are additional to its existing revenue targets. Management has outlined revenue guidance of ₹1,000 crore for FY 2027-28.
Management Commentary
Mr. Santosh Shah, Managing Director and Promoter of Sugs Lloyd Limited, said:
“H1 FY27 is the strongest half-year in our history. Revenue of ₹213.31 crore is up 73% and profit after tax of ₹20.01 crore is up 69%. On our last call we said that billing which slipped from June would come through in the second quarter, and it did: Q2 revenue of ₹134.91 crore is more than double the same quarter last year.
We won seven orders worth ₹395 crore excluding GST in the quarter, led by an RDSS award for Punjab State Power Corporation in Faridkot and Gurdashpur Circle, which takes our distribution-reform work beyond Bihar, and three-year network O&M mandates from Tata Power's Odisha discoms. As of 30 September, our total order book stood at ₹1,068 crore, comprising ₹929 crore in Power T&D and ₹139 crore in Solar. In the Projects business, we continue to explore opportunities in transmission, SCADA and Battery Energy Storage Systems (BESS) to support our future growth.
In parallel, development work is progressing in our Products business, with supplies of compact FPIs expected to commence in Q3 FY27. Development activities for VCBs and Ring Main Units (RMUs) are also underway as part of our product portfolio expansion. We are also evaluating strategies to increase the contribution of the Products business to our overall revenue.
Our business remains weighted to the March quarter. Our focus for the rest of the year is execution discipline, collections and converting our qualified pipeline. The Board and management remain committed to building this business with discipline and to creating durable, long-term value for all our stakeholders.”
About Sugs Lloyd Limited
Sugs Lloyd Limited is an EPC company engaged in Power T&D, solar and smart-grid solutions across India. Established in 2009 and listed on the BSE SME platform in September 2025, the company has developed capabilities in power infrastructure projects under national schemes such as RDSS and IPDS.
Its operations combine transmission and distribution infrastructure, solar EPC execution, loss-reduction hardware, particularly fault passage indicators, and grid-automation systems.
The company serves clients including NTPC, the Tata Power group, Adani Renewables, Indian Railways, Konkan Railways, NBPDCL, SBPDCL, PSPCL, NHAI and NPCL, along with several state distribution companies. It holds around 50% market share in Fault Passage Indicator technology.
With more than 1,000 employees, Sugs Lloyd Limited has completed over 80 projects, solarised more than 5,000 government buildings and commissioned over 50,000 solar street lights. The company operates across 10 states and holds ISO 9001, ISO 14001, ISO 27001 and ISO 45001 certifications.
Investor Relations
Nimmy Singh Chauhan
Company Secretary & Compliance Officer
Email: compliance@sugslloyds.com 
Phone: +91-0120-4558247
Address: 2nd Floor, Logix Park, Plot No. A4 & 5, Sector 16, Gautam Buddha Nagar, Noida, Uttar Pradesh 201301
Website: www.sugslloyds.com 
Disclaimer
This document contains forward-looking statements, which are not historical facts and are subject to risks and uncertainties, including government actions, local developments, execution risk, order-book conversion, receivable cycles and technological change. Actual results may differ materially from those expressed or implied. The Company is not responsible for any actions taken on the basis of these statements and does not undertake to publicly update them to reflect future events or circumstances. This release does not constitute an offer to sell or a solicitation of an offer to purchase any securities.
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