Sugs Lloyd544501Quarterly results

Revenue up 73% to ₹213.31 crore, PAT up 69% in H1 FY27

H1 FY27 standalone results out.

By ScoutQuest · Sat 31 Oct 2026, 5:12 PM IST · 3 min read

₹213.31 crore

Q2 FY27₹134.91 croreH1 FY27₹213.31 crore

Revenue from operations: ₹134.91 crore (Q2 FY27) and ₹213.31 crore (H1 FY27).

H1 Revenue: ₹213.31 crore, up 73% YoY
H1 Profit After Tax: ₹20.01 crore, up 69% YoY
Order Book: ₹1068 crore as on 30 September 2026

Headline numbers

Revenue from operations: ₹213.31 crore versus ₹123.03 crore, up 73% year on year.
EBITDA: ₹31.00 crore versus ₹18.88 crore, up 64%.
EBITDA margin: 14.54% versus 15.34%, a fall of 81 bps.
Profit after tax: ₹20.01 crore versus ₹11.82 crore, up 69%.
PAT margin: 9.38% versus 9.61%, down 23 bps.
EPS (basic and diluted): ₹8.62 versus ₹6.86, up 26%.

The company calls this its highest-ever half-yearly revenue. In simple terms, sales grew much faster than profit, because margins on the work done were slightly lower than a year earlier.

Second quarter was the bigger driver

Q2 FY27 revenue was ₹134.91 crore against ₹63.62 crore in Q2 FY26, up 112%. EBITDA was ₹19.01 crore, up 91%, and profit after tax ₹12.51 crore, up 107%. On a sequential basis, revenue rose 72% and profit after tax 67% over Q1 FY27.

The company said the second quarter carried both its own billing and the June billing that had moved into Q2, as indicated on the Q1 earnings call. Q2 EBITDA margin was 14.09% against 15.68% a year earlier.

Order book and order wins

Outstanding order book of ₹1068 crore as on 30 September 2026, made up of ₹929 crore in Power T&D and ₹139 crore in Solar.
Seven orders won in Q2 FY27 worth ₹466.43 crore including GST (₹395.28 crore excluding GST).
Q2 order inflow of ₹395 crore ex-GST was 2.9 times Q2 revenue.
Qualified bid pipeline of ₹1,207 crore under evaluation, with management guiding to a strike rate of 15–20% on qualified bids.

An order book is work already won but not yet executed and billed. It gives visibility on future revenue, though execution timing can shift.

Balance sheet and cash

Net worth: ₹157.22 crore as on 30 September 2026 against ₹137.21 crore as on 31 March 2026.
Total borrowings: ₹163.07 crore against ₹68.94 crore.
Debt to equity: 1.04x against 0.50x.
Trade receivables: ₹150 crore against ₹139 crore.
Inventories: ₹12 crore against ₹11 crore.
Trade payables: ₹75 crore against ₹61 crore.
Capital work-in-progress: ₹37.05 crore, mainly assets under development for the NBPCDL rooftop solar project under the CAPEX-plus-RESCO model.

Working capital increased with the scale-up of the Patna project, funded largely through working-capital facilities. Cash flow from operations was ₹(12.31) crore in H1 FY27, against ₹(37.39) crore for the full year FY26. Finance costs rose 51% to ₹5.89 crore on higher working-capital borrowings.

Borrowings more than doubled in six months, so the rise in interest cost is a point to track alongside the revenue growth.

What is driving the business

Power T&D and Smart Grid contributed 80% of H1 revenue against 46% in FY26; Solar EPC contributed 20%. The operational network spans 11 states. On 21 August 2026 the company acquired the shareholding of Sugs Renewables Private Limited, which is now a wholly owned subsidiary.

Outlook and guidance

Management has set a revenue guidance of ₹1,000 crore for FY 27-28.
Demand is described as policy-led and structural, with the Revamped Distribution Sector Scheme committing approximately ₹3.04 lakh crore to smart metering and grid strengthening.
Development work is progressing in the Products business, with supplies of compact FPIs expected to commence in Q3 FY27, and development of VCBs and Ring Main Units underway.
The company said its business remains weighted to the March quarter, and the focus for the rest of the year is execution discipline, collections and converting the qualified pipeline.

The guidance and outlook statements are the company's own forward-looking views and are not guarantees of future performance.

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