Sugs Lloyd Ltd

BSE: 544501

₹ 238.55-1.26%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 554 crWebsite: www.sugslloyds.comUpdated: 24 Oct 2026

About

Sugs Lloyd Limited is an Indian EPC contractor operating in power transmission and distribution infrastructure and solar EPC, with a niche proprietary Fault Passage Indicator (FPI) product line in which it claims over 50% market share in India. The company reported FY26 revenue of ₹300.73 Cr and PAT of ₹28.82 Cr. Its order book stood at ₹418+ Cr as of Q3 FY26, with 24 - 30 months of execution visibility.^[1][2][3]

Business segments

Power T&D Infrastructure contributed ₹92.22 Cr (49.69% of revenue) in 9MFY26, covering supply, installation and commissioning of high-tension and low-tension distribution works.^[2]
Solar EPC Solutions contributed ₹88.31 Cr (47.58% of revenue) in 9MFY26, up from 58% share in H1 FY26, reflecting near-equal diversification between the two core verticals.^[2][3]
Niche products (primarily FPI) contributed approximately 2% of H1 FY26 revenue; management expected this to reach 8 - 10% for full-year FY26.^[3]

Products and market position

The company claims 50%+ market share for Fault Passage Indicators (FPIs) in India as of Q3 FY26.^[2][3]
A pipeline of ₹150 Cr of FPI orders was in various stages as of H1 FY26.^[3]
Three niche products are under development: a Compact FPI (design verification stage), a Dry Compressed RMU (feasibility validation stage), and a Vacuum Circuit Breaker (prototype realization stage).^[2]
The medium voltage switchgear market targeted by the Dry Compressed Air Ring Main Unit under development is estimated at ₹38,000 Cr; the medium voltage switchgear (MV) market is estimated at ₹4,500 Cr.^[3]

Order book and pipeline

Order book stood at ₹418+ Cr as of Q3 FY26, providing 24 - 30 months of execution visibility.^[2]
Qualified bids under evaluation exceeded ₹1,000 Cr as of Q3 FY26, with ₹840+ Cr of tenders close to finalization.^[2]
T&D tenders at final stage totalled ₹2,200+ Cr and Solar EPC tenders at final stage totalled ₹1,200+ Cr as of Q3 FY26.^[2]
The company has made arrangements to enhance bidding capacity to ₹1,000+ Cr through strategic tie-ups and pre-bid arrangements.^[2]

Key operating numbers

9MFY26 standalone revenue grew 60.62% YoY to ₹185.60 Cr (vs ₹115.55 Cr in 9MFY25); EBITDA margin was 15.18% in 9MFY26.^[2]
Cumulative liquidated damages (LD) incurred to date stood at 0.016% as of H1 FY26, indicating strong on-time delivery record.^[3]
Trade receivables were ₹146.9 Cr as of Q3 FY26; debtor collection days were approximately 140 days as of H1 FY26.^[2][3]
Shareholders' funds rose to ₹126.4 Cr at 9MFY26 from ₹36.7 Cr at FY25 end; short-term borrowings fell from ₹74.8 Cr to ₹61.0 Cr over the same period.^[2]

Geography and customers

Bihar accounted for approximately 60% of the order book as of H1 FY26; the company is expanding into Rajasthan, Puducherry, Punjab, Himachal Pradesh, Odisha, Maharashtra and Gujarat to reduce concentration.^[3][2]
Punjab State Power Corporation Limited (PSPCL) awarded a ₹213.48 Cr contract in September 2026 for power distribution works across Faridkot and Gurdaspur circles, with a 15-month execution timeline.^[4]
The company has started bidding for Battery Energy Storage System (BESS) projects in solar, opening a new customer and project category.^[3]

Expansion and capex

The board has sought shareholder approval to borrow up to ₹600 Cr (aggregate outstanding) for working capital, capex, project execution and business expansion.^[5]
Working capital limits are targeted to increase from ₹125 Cr to ₹250 Cr; bank discussions were near conclusion as of H1 FY26.^[3]
The company is inducting an experienced team to build EHV/transmission project execution capability, targeting T&D project bidding eligibility above ₹200 Cr per project after FY26.^[2][3]
Management targets ₹1,000 Cr top-line revenue by FY28, approximately 5x FY25 revenue of ₹175 Cr, with niche products contributing ~₹100 Cr.^[3]

Recent developments

On 28 September 2026, the company received a Letter of Award from Sachkhand Sri Harmandir Sahib (SGPC), Amritsar for a 2 MW AC ground-mounted solar project worth ₹8.90 Cr, to be executed by 31 December 2026 with a 10-year maintenance contract.^[6][7]
On 22 September 2026, the company won a ₹213.48 Cr contract from PSPCL for supply, installation, testing and commissioning of LT and HT infrastructure for loss-reduction projects in Punjab.^[4]
The 17th AGM was held on 30 September 2026; Santosh Kumar Shah transitioned from Non-Executive Director to the combined role of Managing Director and Executive Chairman during FY26.^[5][3]

Market Cap

₹554 Cr

High / Low

₹297 / 83

Stock P/E

19.2

Price / Book

4.0

Book Value

₹60

EPS

₹12.4

No. of Shares

2.32 Cr

ROCE

22.2%

ROE

20.7%

OPM

15.2%

Debt / Equity

0.49

Sales

₹301 Cr

Net Profit

₹29 Cr

Promoter holding

70.7%

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