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SGIL - Synergy Green

📊 NSE: SGIL 🏢 Castings & Forgings 📅 Last Updated: 12/14/2025 14:03

📢 Recent Corporate Announcements

SGIL Proposes CMD Reappointment with ₹6.90 Lakh Monthly Salary and New Independent Directors

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 19 Feb 2026, 12:46 PM

Synergy Green Industries Limited (SGIL) has issued a postal ballot notice to seek shareholder approval for the reappointment of Mr. Sachin R. Shirgaokar as Chairman & Managing Director for a three-year term starting April 1, 2026. The proposed remuneration package for the CMD includes a monthly basic salary of ₹6.90 lakh and a commission of up to 4% of net profits. Furthermore, the company is seeking to appoint Mr. Deepak Vidyadhar Dhadoti and Mrs. Meghana Ashok Mulye as Independent Directors for five-year terms. Shareholders can participate in the decision through an e-voting process open from February 20 to March 21, 2026.

Reappointment of Mr. Sachin R. Shirgaokar as CMD for a 3-year term effective April 1, 2026.
Proposed CMD remuneration includes ₹6.90 lakh monthly basic salary plus commission up to 4% of net profits.
Appointment of two new Independent Directors for 5-year terms ending March 31, 2031.
E-voting period scheduled from February 20, 2026, to March 21, 2026, with results by March 23, 2026.
CMD perquisites include 40% HRA, 30% LTA, and 27% contribution to PF and Superannuation funds.

💡 Investors should evaluate the proposed executive compensation against the company's recent financial performance and ensure they participate in the e-voting process. Leadership continuity is generally a positive sign for operational stability.

SGIL Q3 FY26: Revenue Growth Guidance Slashed to 5% Amid Operational Disruptions

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 06:32 PM

Synergy Green Industries (SGIL) reported a 4.8% YoY decline in 9M FY26 revenue to ₹252.92 crores, prompting a sharp cut in full-year growth guidance from 20% to 5%. The company cited operational disruptions from shifting equipment to its new unit and a ₹30 crore order delay from Envision as primary reasons for the muted performance. PBDIT margins for the 9-month period contracted to 13.63% due to higher outsourcing and finance costs. Despite short-term hurdles, the company is nearing completion of its capacity expansion to 45,000 MT and has operationalized a 10 MW solar plant.

9M FY26 revenue stood at ₹252.92 crores, a 4.8% YoY decline, with full-year revenue target revised to ₹380 crores.
Q3 PBDIT fell 34% YoY to ₹9.62 crores, impacted by relocation costs and lower export realizations.
Capacity expansion from 30,000 MT to 45,000 MT is in the final commissioning stage, expected to complete in the current quarter.
A major ₹30 crore order from Envision has been postponed to Q1 FY27 following commercial and warranty-related clarifications.
Phase 1 of the in-house machining facility is operational, with Phase 2 expected to be commissioned by Q1 FY27.

💡 The downward revision in guidance and margin pressure are negative short-term signals, though the nearing completion of the 45,000 MT expansion offers long-term scale potential. Investors should watch for the stabilization of margins once the new unit is fully integrated and the Envision order commences in FY27.

SGIL Q3 FY26: Revenue Down 4.8%, Full-Year Growth Guidance Slashed to 5%

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 11:42 AM

Synergy Green Industries (SGIL) reported a 4.8% YoY decline in Q3 FY26 total income, with PBDIT falling sharply by 34% to ₹9.62 crores. The company significantly lowered its full-year revenue growth guidance to 5% (₹380 crores) from an earlier 20% projection, citing expansion-related disruptions and delayed product ramp-ups. Profitability was weighed down by higher outsourcing costs during plant relocation and increased finance charges from ongoing Capex. Despite short-term hurdles, SGIL is nearing completion of its capacity expansion to 45,000 MT and has secured new approvals from BHEL and L&T.

Q3 FY26 total income decreased by 4.8% YoY, while PBDIT dropped 34% to ₹9.62 crores with margins at 10.32%.
Full-year revenue guidance revised downwards to ₹380 crores (5% growth) from previous 20% estimates due to execution delays.
Foundry capacity expansion from 30,000 MT to 45,000 MT is in final stages; Phase 2 machining expected in Q1 FY27.
A ₹30 crore serial supply order from Envision has been postponed to FY27 due to commercial and warranty discussions.
9-month PBDIT margins contracted to 13.63% from 14.44% due to relocation costs, higher depreciation, and interest.

💡 Investors should monitor the successful commissioning of the 45,000 MT expansion and the commencement of the Envision serial supply in FY27. While the margin pressure appears transitory due to Capex, the significant guidance cut suggests near-term execution risks.

Synergy Green Q3 FY26: Net Loss of ₹1.49 Cr as Expansion Costs and Relocation Weigh on Margins

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 02:54 PM

Synergy Green Industries reported a weak Q3 FY26 performance, swinging to a net loss of ₹1.49 crore from a profit of ₹5.95 crore in the same quarter last year. Total income declined 4.8% YoY to ₹93.16 crore, while EBITDA margins contracted significantly by 466 bps to 10.32%. The profitability was hit by higher outsourcing costs during equipment relocation, increased finance costs from expansion, and a statutory provision for the new labor code. Despite short-term pain, the company is operating at 89% capacity utilization and is expanding its foundry capacity to 45,000 TPA.

Net loss of ₹1.49 crore in Q3 FY26 vs a profit of ₹5.95 crore in Q3 FY25.
EBITDA margin dropped to 10.32% from 14.98% YoY due to relocation and establishment overheads.
Long-term borrowings increased to ₹143.24 crore to fund capacity expansion from 30,000 to 45,000 TPA.
Capacity utilization remains high at 89%, with 50% of the world's top 10 wind OEMs as clients.
Finance costs rose to ₹4.74 crore in Q3 FY26 compared to ₹4.04 crore in the previous year.

💡 Investors should exercise caution in the short term as the company navigates high expansion-related costs and margin pressure. The long-term recovery depends on the successful stabilization of the new 45,000 TPA capacity and the operationalization of in-house machining to reduce outsourcing costs.

SGIL 9M FY26 Revenue Down 4.8% to ₹252.92 Cr; PAT Declines Sharply Amid Expansion

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 02:45 PM

Synergy Green Industries reported a 4.8% YoY decline in 9M FY26 revenue to ₹252.92 crore, primarily due to delayed product ramp-ups in the wind segment and expansion-related disruptions. Profitability was significantly impacted, with PAT falling to ₹4.25 crore from ₹13.05 crore YoY, and the company reporting a net loss of ₹1.49 crore in Q3 FY26. Management attributes the margin pressure to higher finance costs, increased depreciation, and one-time provisions for the new labor code. Despite short-term pain, the foundry expansion to 45,000 TPA is on track for March 2026 completion.

9M FY26 Total Income fell 4.8% YoY to ₹252.92 Cr, while PBDIT margins contracted to 13.63% from 14.44%.
Q3 FY26 recorded a Net Loss of ₹1.49 Cr compared to a Profit of ₹5.95 Cr in the same quarter last year.
Finance costs rose to ₹14.10 Cr and Depreciation increased to ₹12.50 Cr due to ongoing capital expenditure.
Foundry capacity expansion from 30,000 TPA to 45,000 TPA is targeted for completion by March 2026.
Management projects a modest 5% revenue growth for the full FY 2025-26 with PBDIT margins around 14%.

💡 Investors should exercise caution as the company faces significant margin pressure and high interest costs during its heavy CAPEX phase. The key monitorable is the successful commissioning and ramp-up of the 45,000 TPA foundry expansion in March 2026 to drive future growth.

Synergy Green Industries Q3 FY26: Revenue Dips to ₹91.8 Cr, Swings to Net Loss of ₹1.49 Cr

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 02:42 PM

Synergy Green Industries Limited (SGIL) reported a disappointing set of numbers for Q3 FY26, with revenue from operations declining to ₹9,182.13 lakhs from ₹9,712.01 lakhs in the year-ago period. The company recorded a net loss of ₹148.88 lakhs for the quarter, a sharp reversal from the ₹594.52 lakhs profit reported in Q3 FY25. Profitability was severely impacted by rising finance costs of ₹474.71 lakhs and depreciation of ₹546.08 lakhs, alongside an exceptional charge of ₹64.18 lakhs for new Labour Code compliance. For the nine-month period ending December 2025, net profit has fallen by approximately 67% year-on-year to ₹424.91 lakhs.

Revenue from operations decreased by 5.4% YoY to ₹9,182.13 lakhs in Q3 FY26.
Reported a net loss of ₹148.88 lakhs compared to a profit of ₹594.52 lakhs in Q3 FY25.
Finance costs and depreciation expenses rose significantly to ₹474.71 lakhs and ₹546.08 lakhs respectively.
Exceptional item of ₹64.18 lakhs recognized due to the statutory impact of new Labour Codes.
9M FY26 net profit plummeted to ₹424.91 lakhs from ₹1,305.31 lakhs in the previous year.

💡 Investors should exercise caution as the company has transitioned to a loss-making quarter despite relatively stable revenue, indicating significant margin pressure and rising overheads. Close monitoring of the company's ability to manage its debt and operational costs is advised before making new commitments.

SGIL Reports Q3 FY26 Net Loss of ₹1.49 Crore; Re-appoints Sachin Shirgaokar as CMD

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 02:35 PM

Synergy Green Industries Limited (SGIL) reported a weak performance for Q3 FY26, swinging to a net loss of ₹148.88 lakhs compared to a profit of ₹594.52 lakhs in the same quarter last year. Revenue from operations declined by approximately 5.5% YoY to ₹9,182.13 lakhs. The bottom line was further pressured by an exceptional item of ₹64.18 lakhs related to the impact of new Labour Codes. Despite the financial downturn, the board approved several leadership changes, including the re-appointment of Sachin Rajendra Shirgaokar as Chairman & Managing Director for three years.

Net Loss of ₹148.88 lakhs in Q3 FY26 vs a Net Profit of ₹594.52 lakhs in Q3 FY25.
Revenue from operations decreased to ₹9,182.13 lakhs from ₹9,712.01 lakhs YoY.
Nine-month PAT stands at ₹424.91 lakhs, a significant drop from ₹1,305.31 lakhs in the previous year.
Exceptional charge of ₹64.18 lakhs recognized due to statutory impact of New Labour Codes.
Board approved re-appointment of Sachin Rajendra Shirgaokar as CMD and Vendavagali Srinivasa Reddy as ED for 3 years.

💡 Investors should exercise caution as the company has turned loss-making on a quarterly basis with declining year-on-year revenue. It is important to monitor if the management can stabilize margins and offset rising finance and depreciation costs in upcoming quarters.

Synergy Green Industries Schedules Q3FY26 Earnings Conference Call for February 11, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Feb 2026, 05:56 PM

Synergy Green Industries Limited (SGIL) has announced its Q3FY26 earnings conference call scheduled for February 11, 2026, at 4:00 PM IST. The management will discuss the financial and operational performance for the quarter ended December 31, 2025. Key participants include Executive Director Mr. V.S. Reddy and AVP-Commercials Ms. Shreya Shirgaokar. This meeting provides a platform for investors to gain clarity on the company's recent performance and future outlook.

Conference call scheduled for February 11, 2026, to discuss Q3FY26 results.
Focus on operational and financial performance for the quarter ended December 31, 2025.
Management representation includes Executive Director and AVP-Commercials.
Investor presentation to be released post-board meeting on the company website.

💡 Investors should attend or review the transcript of the call to understand management's commentary on margin trends and order book execution. Pay close attention to the investor presentation for detailed segmental performance.

SGIL Submits SEBI Reg 74(5) Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Jan 2026, 10:55 AM

Synergy Green Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that for the quarter ended December 31, 2025, all dematerialization requests were processed according to regulatory timelines. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, verified that physical share certificates were mutilated and cancelled. This filing is a standard administrative requirement for listed companies to ensure the integrity of shareholding records.

Quarterly compliance certificate submitted for the period ending December 31, 2025.
Confirms dematerialization requests were processed and listed on stock exchanges.
Physical certificates were mutilated and cancelled as per SEBI guidelines.
RTA MUFG Intime India Private Limited confirms the substitution of depository names in the register.

💡 This is a routine administrative update with no impact on stock valuation; investors should focus on upcoming financial results for fundamental analysis.

Synergy Green Industries to Close Trading Window from Jan 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Dec 2025, 11:03 AM

Synergy Green Industries Limited (SGIL) has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the declaration of the company's unaudited financial results for the quarter ending December 31, 2025. The restriction applies to directors, promoters, and designated employees to prevent any potential insider trading. The window will remain closed until 48 hours after the financial results are officially announced.

Trading window for dealing in SGIL securities to close from January 01, 2026.
Closure is related to the upcoming declaration of unaudited financial results for the quarter ended December 31, 2025.
Restriction applies to Directors, Promoters, Designated Employees, and their immediate relatives.
The window will reopen 48 hours after the financial results are made public.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should await the announcement of the Q3 results to assess the company's financial performance.

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💰 Financial Performance

Revenue Growth by Segment

Direct exports, gearbox, and non-wind segments are the primary growth drivers, while domestic wind and OEM exports saw muted growth due to customer scheduling. Total income for H1 FY26 was INR 159.75 Cr, representing a 4.87% decline from INR 167.93 Cr in H1 FY25, though the company maintains a 20% full-year growth guidance.

Geographic Revenue Split

Exports are a significant contributor, showing approximately 50% growth in H1 FY26. The company benefits from a favorable exchange rate with dollar realizations at INR 88 versus an estimated INR 84, which significantly enhances export profitability.

Profitability Margins

Gross margins typically stabilize around 61-62%, though they reached 69% in Q2 FY26 due to inventory accounting (WIP adjustments). Profit After Tax (PAT) for H1 FY26 stood at INR 5.74 Cr, down 19.27% from INR 7.11 Cr in H1 FY25 due to higher finance and depreciation costs.

EBITDA Margin

PBDIT margin improved to 15.56% in H1 FY26 from 14.13% in H1 FY25, a 143 basis point increase. The company has provided guidance to expand operating margins to 18-20% over the next 2 years, driven by machining value-addition and logistics optimization.

Capital Expenditure

The company is undergoing a large capex cycle to increase capacity from 30,000 tons to 45,000 tons. Future plans include a Phase 2 expansion to reach 100,000 tons. Networth increased to INR 104 Cr as of March 31, 2025, from INR 46 Cr, supported by a rights issue to fund these expansions.

Credit Rating & Borrowing

The financial risk profile is moderate to comfortable with an interest coverage ratio of 3.08 times in fiscal 2024. Total outside liabilities to adjusted networth (TOLANW) improved to 2.25 times as of March 31, 2025, from 3.25 times the previous year.

⚙️ Operational Drivers

Raw Materials

Specific raw material names are not explicitly listed, but they are described as 'stable' and represent the primary component of the 61-62% gross margin cost structure.

Capacity Expansion

Current capacity is being increased to 45,000 tons (45K). Long-term plans involve reaching 100,000 tons by adding 30,000 tons in Phase 2. The company secures customer orders before committing to these capex expansions to mitigate utilization risks.

Raw Material Costs

Raw material costs are currently stable. The company manages these costs by calculating 'total output' (revenue plus change in inventory) to determine appropriate contribution margins, avoiding distortions from power and manpower costs included in WIP.

Manufacturing Efficiency

Efficiency is being improved through the integration of machining and the transition to high-capacity wind energy generator parts (more than 4 MW), which offer better margins.

Logistics & Distribution

The company expects significant savings in distribution costs by moving machining closer to the foundry in Kolhapur, contributing to a planned 5-6% margin expansion.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be achieved by expanding capacity to 45,000 tons, increasing the share of high-value machined components, and onboarding new large-scale OEMs like Envision, Nordex, and Adani. The company is also diversifying into solar and non-wind segments to reduce sector-specific cyclicality.

Products & Services

High-capacity wind energy generators (over 4 MW), gearbox components, solar energy components, and machined castings.

Brand Portfolio

Synergy Green Industries Ltd (SGIL).

New Products/Services

New products for high-capacity wind generators (>4 MW) and solar components are expected to drive the target margin expansion to 18%+. Machining services are also being scaled as a value-added offering.

Market Expansion

Expansion is focused on direct exports and increasing the share of business with top global OEMs. New customer additions like Envision and Nordex are expected to contribute INR 25-30 Cr each in the final months of the current fiscal.

🌍 External Factors

Industry Trends

The industry is shifting toward larger wind turbines (4 MW+). SGIL is positioning itself by augmenting infrastructure specifically for these high-capacity generators to boost revenue and profitability over the medium term.

Competitive Landscape

The company competes in the Indian and global wind casting market; competitors are not specifically named but the company monitors 'synergy share of business' among top OEMs.

Competitive Moat

The company's moat is built on its ability to secure long-term commitments (up to 2028-2029) from global OEMs like Vestas and Nordex before initiating capex, ensuring high utilization and specialized technical alignment with customer needs.

Macro Economic Sensitivity

The business is highly sensitive to global wind energy demand and renewable energy fiscal policies.

Consumer Behavior

Shift toward renewable energy sources (wind and solar) is driving the order book, which currently stands at INR 435 Cr.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to standard manufacturing and pollution norms; the company must comply with SEBI Listing Obligations and Disclosure Requirements (LODR) for financial reporting.

Taxation Policy Impact

Tax expenses for H1 FY26 were INR 2.73 Cr, representing an effective tax rate of approximately 32.2% of Profit Before Tax.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 45% growth required in H2 FY26 to meet the 20% annual guidance, which depends heavily on customer scheduling and order execution.