Sugs Lloyd Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Sugs Lloyd Ltd filed with BSE on 03 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sugs Lloyd reported Q1 FY27 revenue of INR78.40 crores, up 32% year-on-year, with EBITDA of nearly INR12 crores at a 15.3% margin and profit after tax of INR7.5 crores, up 30% year-on-year. Management attributed the revenue mix shift to power transmission and distribution work, which contributed about 59% of revenue, driven largely by a large ongoing project in Patna. The order book stood at INR807 crores as of June 30, and management discussed new orders in Bihar, Odisha, and Madhya Pradesh along with plans to expand into transmission and battery energy storage systems.
Numbers mentioned
Revenue from operations: INR78.40 crores (Q1 FY27)
p. 3
“The revenue from operation was INR78.40 crores with a growth of 32% yearon-year of INR59.41 crore in Q1 2026 '25-'26.”
Satyakam Basu, page 3 of the filed PDF · View the filing
EBITDA: almost INR12 crores (Q1 FY27)
p. 3
“Our EBITDA came at almost INR12 crores with a margin of 15.3% as compared to 14.98% of INR8.9 crores last year.”
Satyakam Basu, page 3 of the filed PDF · View the filing
Profit after tax: INR7.5 crores (Q1 FY27)
p. 4
“The profit after tax was at INR7.5 crores, which was again up 30% as compared to INR5.78 crore in the same quarter last year.”
Satyakam Basu, page 4 of the filed PDF · View the filing
Finance cost: INR2.45 crores (Q1 FY27)
p. 4
“The finance cost for the quarter was INR2.45 crores, which is little higher than last year, of course, because everything is going up in terms of revenue, in terms of, business, etc.”
Satyakam Basu, page 4 of the filed PDF · View the filing
Power transmission, distribution and smart grid revenue: INR46.32 crores (Q1 FY27)
p. 4
“Coming to the revenue mix, power transmission distribution and the smart grid contributed to INR46.32 crores this quarter, approximately 59% of the total revenue, compared to 27% of Q1 FY26, which was at INR16.34 crores.”
Satyakam Basu, page 4 of the filed PDF · View the filing
Solar EPC revenue: INR32 crores (Q1 FY27)
p. 4
“Solar EPC contributed to INR32 crores, a 41% of our revenue.”
Satyakam Basu, page 4 of the filed PDF · View the filing
Order book: INR807 crores (as of 30th June)
p. 4
“As of 30th June, it stood at INR807 crores, approximately 2.7x our full year last year FY26 revenue.”
Satyakam Basu, page 4 of the filed PDF · View the filing
Qualified bid pipeline: over INR1,350 crores
p. 4
“Our qualified bid pipeline stands over INR1,350 crores, with tenders at the final stage exceeding INR1,200 crores.”
Satyakam Basu, page 4 of the filed PDF · View the filing
Fresh awards in Q1: INR58.37 crores (Q1 FY27)
p. 4
“Fresh awards in Q1 was INR58.37 crores, and we expect more order inflow so that we can deliver materially stronger second half of the year as utility tendering activity picks up following the annual budget cycles.”
Satyakam Basu, page 4 of the filed PDF · View the filing
Customer collection: INR100 crores (Q1 FY27)
p. 6
“Our customer collection during the quarter was INR100 crores against the revenue of INR78 crores, which has helped bring trade receivables down by INR10 crores.”
Santosh Kumar Shah, page 6 of the filed PDF · View the filing
Borrowings: increased from INR68 crores to INR91 crores (Q1 FY27)
p. 6
“At the same time, our borrowings have moved up from INR68 crores to INR91 crores, an increase of INR23 crores drawn to fund working capital for the Patna project.”
Santosh Kumar Shah, page 6 of the filed PDF · View the filing
Trade creditors: down from INR53 crores to INR30 crores (Q1 FY27)
p. 6
“Trade creditors came down from INR53 crores to INR30 crores as we paid to our suppliers.”
Santosh Kumar Shah, page 6 of the filed PDF · View the filing
Fixed deposit: grew from INR50 crores to INR68 crores (Q1 FY27)
p. 6
“And our fixed deposit grew from INR50 crores to INR68 crores funded from internal accruals.”
Santosh Kumar Shah, page 6 of the filed PDF · View the filing
Trade receivables: INR149 crores (post Q1 FY27)
p. 8
“It is INR149 crores.”
Santosh Kumar Shah, page 8 of the filed PDF · View the filing
Debt equity ratio: 0.63 (current)
p. 10
“So, the debt equity ratio which is 0.63 today, we will try to restrict it or we will try to go it anything beyond 1.1 or 1.2, maximum.”
Santosh Kumar Shah, page 10 of the filed PDF · View the filing
Return on equity: 30% (FY26)
p. 16
“But last year ROE was 30%.”
Santosh Kumar Shah, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR1,000 crores · FY28
stated firmly by Satyakam Basu
p. 5
“If you remember, we had given a guidance of achieving a revenue target of INR1,000 crores in FY28. We do stand by that.”
Satyakam Basu, page 5 of the filed PDF · View the filing
Revenue — INR600 crores · FY27
stated firmly by Santosh Kumar Shah
p. 9
“We are fully confident of achieving the momentum which we have given as the guidance which you understand.”
Santosh Kumar Shah, page 9 of the filed PDF · View the filing
BESS and transmission revenue contribution — second half of this year to the next year
stated as an aspiration by Satyakam Basu
p. 5
“So, BESS and transmission both are expected to be a very meaningful revenue contributor from second half this year to the next year onwards.”
Satyakam Basu, page 5 of the filed PDF · View the filing
EBITDA margin — FY27 and FY28
stated firmly by Santosh Kumar Shah
p. 9
“It will remain same, as we have said, that there will be not much deviation or not much changes in the margins.”
Santosh Kumar Shah, page 9 of the filed PDF · View the filing
Product revenue share — 10% of total revenue · FY28
stated as an aspiration by Santosh Kumar Shah
p. 9
“Product revenue, our target is that we should take it up to 10%. We are working on it, and that is the ideal milestone which we have kept in our mind that till financial year '28, the product should contribute around 10% of the total revenue.”
Santosh Kumar Shah, page 9 of the filed PDF · View the filing
Peak debt — around INR130 crores · FY27
stated firmly by Santosh Kumar Shah
p. 15
“Maximum debt around INR130 crores will be the maximum peak debt what we see in this.”
Santosh Kumar Shah, page 15 of the filed PDF · View the filing
Order book required for FY28 revenue target — between INR2,000 crores and INR2,500 crores · by this financial year end
stated firmly by Santosh Kumar Shah
p. 16
“In fact, we need to have somewhere around INR2,000 crores to -- between INR2,000 crores and INR2,500 crores of unexecuted order book in hand for achieving a revenue of INR1,000 crores.”
Santosh Kumar Shah, page 16 of the filed PDF · View the filing
Compact FPI launch — next 2-3 months
stated conditionally by Santosh Kumar Shah
p. 14
“I cannot comment on at what stage it is, but if it materializes, maybe in next 2-3 months, we will be able to launch our compact FPI.”
Santosh Kumar Shah, page 14 of the filed PDF · View the filing
VCB rollout — around a year
stated as an aspiration by Santosh Kumar Shah
p. 14
“So, it may take around a year for us to roll out the VCBs, and RMUs are at initial stage.”
Santosh Kumar Shah, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said margins are expected to be sustained, helped by growing product business, and closing order book is difficult to predict but not a constraint given ample market demand.
Answered by Santosh Kumar Shah
Asked by Vaibhav Mishra: Are Q1 margins sustainable and what closing order book is expected by year end?
p. 7
“we are very much confident that this margin will be will remain sustained.”
Santosh Kumar Shah, page 7 of the filed PDF · View the filing
INR70 crores has been awarded so far, with the rest still under evaluation.
Answered by Santosh Kumar Shah
Asked by Vaibhav Mishra: What was awarded from the INR1,200 crores of orders under evaluation?
p. 8
“Out of those INR1,200 crores, the -- How much we have received? INR70 crores is what has been awarded to us.”
Santosh Kumar Shah, page 8 of the filed PDF · View the filing
Management attributed the slower Q1 growth to teething issues at the Patna project causing revenue slippage into Q2, and reaffirmed confidence in the FY27 guidance.
Answered by Santosh Kumar Shah
Asked by Kamal: Why did revenue grow only 30% in Q1 versus the FY27 guidance of INR600 crores, and is guidance still on track?
p. 9
“So, those teething problems, because of which there was a revenue which was to be booked in the month of June, which got slipped over and it is getting it is going to appear in quarter 2.”
Santosh Kumar Shah, page 9 of the filed PDF · View the filing
Management expects power transmission and distribution and solar to each contribute 40-45%, with the remainder from other businesses including products.
Answered by Santosh Kumar Shah
Asked by Amit Mehendale: What will be the segmental revenue split when revenue reaches INR1,000 crores?
p. 9
“Power transmission and distribution will contribute around 40% -- 40% to 45%, and similar contribution we should expect from solar also.”
Santosh Kumar Shah, page 9 of the filed PDF · View the filing
Management said there is no current plan for equity raise for FY27 or FY28 given the company is fully resourced.
Answered by Santosh Kumar Shah
Asked by Amit Mehendale: Is there a plan for an equity fund raise?
p. 10
“As on date, we do not have any plan for equity fund raising in financial year '28 also.”
Santosh Kumar Shah, page 10 of the filed PDF · View the filing
Management said average debtor days of around 180 days are normal for the government-facing transmission and distribution segment and receivables are being gradually reduced.
Answered by Santosh Kumar Shah
Asked by Amit Bhagat: Is the high trade receivables level a concern given only INR10 crores was collected?
p. 12
“you will see them having a average debtor days of around 180 days.”
Santosh Kumar Shah, page 12 of the filed PDF · View the filing
Management clarified BESS is a new business line and its contribution would be incremental to the existing guidance.
Answered by Santosh Kumar Shah
Asked by Murtuza: Is the BESS opportunity already included in the FY28 INR1,000 crore guidance?
p. 14
“Whatever it will contribute, that will be over and above.”
Santosh Kumar Shah, page 14 of the filed PDF · View the filing
Management said the expenses are aligned with full-year plans and revenue growth is expected to outpace expense growth by year end.
Answered by Santosh Kumar Shah
Asked by Tejas Khandelwal: Why did employee and other expenses grow faster than revenue in Q1?
p. 15
“first we have to invest and then only we can, you know, get returns on it.”
Santosh Kumar Shah, page 15 of the filed PDF · View the filing
Risks flagged
Revenue slippage from Patna project teething issues and raw material supply delays
p. 9
“So, those teething problems, because of which there was a revenue which was to be booked in the month of June, which got slipped over and it is getting it is going to appear in quarter 2.”
Santosh Kumar Shah, page 9 of the filed PDF · View the filing
Long receivable cycles from government customers
p. 12
“you will see them having a average debtor days of around 180 days.”
Santosh Kumar Shah, page 12 of the filed PDF · View the filing
Government treasury closures delaying payments
p. 12
“Strikes are there sometimes treasury gets closed at year end in April, they lock the treasury.”
Santosh Kumar Shah, page 12 of the filed PDF · View the filing
Margin pressure from EPC business as scale grows
p. 13
“One segment is EPC, where as we grow, the margins we expect that margins will come a bit less.”
Santosh Kumar Shah, page 13 of the filed PDF · View the filing
Volatility and uncertainty in BESS pricing previously caused the company to step back
p. 14
“At that point in time, we came to understand that the prices are very volatile, and the prices which one needs to quote for 5 years down the line, that was also very uncertain.”
Santosh Kumar Shah, page 14 of the filed PDF · View the filing
Seasonality of outdoor business affecting quarterly performance
p. 6
“There will be rains, there will be cold, there will be all kind of thing.”
Satyakam Basu, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.