Sathlokhar Synergys E&C Global Ltd(SSEGL)

NSE: SSEGL

₹ 367+3.50%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 953 crUpdated: 24 Oct 2026

About

Sathlokhar Synergys E&C Global Ltd is an EPC contractor that handles civil, pre-engineered building (PEB), MEP and solar work on factory and industrial buildings, mostly for private-sector manufacturers. It reported revenue of Rs 820.28 Cr in FY26. In Q4 FY26 it was working with more than 100 clients, and about 60% of its FY26 revenue came from outside Tamil Nadu. Its shares are listed on the National Stock Exchange of India.^[1][2]

Order book and bids

The executable order book was ₹810.37 Cr as of 1 Aug 2026, after ₹204.81 Cr of work was executed in Q1 FY27. The total book including Q1 orders was ₹1015.18 Cr.^[3]
The carry-forward order book was ₹715 Cr in Q4 FY26. At the start of FY26 it was ₹300+ Cr.^[4]
Order inflow was ₹272.05 Cr from seven orders in Q1 FY27, against about ₹225 Cr in Q3 FY26 and about ₹830 Cr in H1 FY26.^[3]
Submitted bids totalled ₹22,106 Cr as of 1 Aug 2026, up from ₹19,831 Cr in Q4 FY26 and ₹13,637 Cr as of 10 Nov 2025.^[3]
The historical bid win ratio is 10%-15%, as stated in the Q1 FY27 call.^[3]
Unbilled revenue was ₹234 Cr in Q4 FY26. Trade receivables were ₹99 Cr on 30 Jun 2026, up from ₹72 Cr in Q3 FY26.^[4]
Debtor days were 75-90 in Q3 FY26, down from 135 days.^[5]
Analysts on the Q4 FY26 call noted that fewer than ₹100 Cr of orders had been won since November 2025. Management linked this to steel prices and to elections in several states.^[4]

Services and scope

The company carries out civil, PEB, MEP and solar works for manufacturing facilities. In its business model, PEB makes up about 35% of a project (H1 FY26).^[6]
It was executing 34 projects as of 10 Nov 2025, against 38 active projects across five states reported in the FY25 annual report.^[6][7]
It is an authorised channel partner for Tata Solar Power, according to the FY25 annual report.^[7]
In Q4 FY26 its electrical licence was upgraded from EA grade to ESA grade, which covers unlimited voltage and capacity across Tamil Nadu.^[4]
It obtained Class 1A PWD registration, the highest category. Management said this allows it to bid for large government tenders, while its focus to date has been 99% private sector (Q1 FY27).^[3]
The company is subject to cost audit. S. Chockalingam & Co. were appointed cost auditors for FY2026-27 at Rs 1.50 lakhs plus taxes.^[2]

Customers and markets

In H1 FY26 it won orders of ₹338.36 Cr from Reliance Consumer Products for a beverage plant in Andhra Pradesh and ₹174.45 Cr from High Glory Footwear in Tamil Nadu.^[6]
The FY25 annual report also listed key orders of ₹274 Cr from Muthiah Beverage and ₹109 Cr from Vinfast.^[7]
Its Reliance Kurnool project covers 13.75 lakh sq ft and uses 14,850 tons of PEB, as stated in Q3 FY26.^[5]
Q1 FY27 orders included ₹105.37 Cr from Hong Fu (Taiwan) and ₹102.71 Cr from Reliance Consumer Products.^[3]
Its first overseas order was a ₹35.59 Cr MEP contract from Ceylon Beverage International in Sri Lanka, won in October 2025.^[5]
Tamil Nadu contributed about 40% of FY26 revenue. About ₹9,000 Cr of the ₹19,831 Cr bid pipeline was from Tamil Nadu.^[4]

PEB manufacturing expansion

The foundation stone for the company's own PEB factory in Chennai was laid on 28 Jan 2026. The project cost is about ₹45 Cr, or ₹50 Cr including GST.^[5]
The factory building is due to be inaugurated on 30 Aug 2026. Commercial production is expected within 60 working days of that, subject to approvals.^[3]
The plan is for four lines with output of about 3,000 MT/month, against PEB capability of 300 MT/month in H1 FY26.^[6]
Management expects the plant to bring in ₹180-200 Cr of revenue a year once it runs for a full 12 months (Q1 FY27 call).^[3]
A second PEB factory is planned in Odisha for FY28, as part of a plan for 5-6 factories over 5 years.^[3]

Recent orders

11 Aug 2026: won a ₹94.11 Cr civil works order from Carrier Airconditioning and Refrigeration and a ₹7.86 Cr civil and PEB order from Tractors and Farm Equipment.^[8]
7 Sep 2026: won a ₹44.26 Cr civil and PEB order from Godrej Consumer Products at Chennai, due for completion before February 2027.^[9]
1 Oct 2026: won a ₹101.19 Cr civil order from Grand Atlantia Panapakkam SEZ Developers and a ₹9.34 Cr civil, PEB and MEP order from Soken India.^[10]

Funding and ratings

CRISIL assigned a long-term rating of BBB+/Positive and a short-term rating of A2 on ₹200 Cr of bank facilities (Q1 FY27).^[3]
India Ratings upgraded the company to IND BBB+ (Stable) and IND A2 in July 2025.^[6]
In September 2025 the board approved a ₹114 Cr preferential issue, made up of ₹95.53 Cr in equity and ₹18.08 Cr in warrants.^[6]
Sanctioned bank lines stood at ₹250 Cr in Q1 FY27.^[3]

Workforce and management

The company had 580+ employees in H1 FY26, up from about 150 before its IPO. About 4,000 workers were working at its sites.^[6]
The Managing Director is the husband of the Whole-time Director and a director of promoter group companies Sathlokhar Industries Pvt Ltd and Sathlokhar Buildsys Pvt Ltd (FY26 annual report).^[2]

Market Cap

₹953 Cr

High / Low

₹580 / 283

Stock P/E

11.4

Price / Book

2.6

Book Value

₹138

EPS

₹31.7

No. of Shares

2.6 Cr

ROCE

37.1%

ROE

31.0%

OPM

14.2%

Debt / Equity

0.25

Sales

₹820 Cr

Net Profit

₹82 Cr

Promoter holding

58.3%

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