Sugs Lloyd - Sugs Lloyd

📊 BSE: 544501 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

💰 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.