Synergy Green Industries Ltd(SGIL)

NSE: SGILBSE: 541929

₹ 565.55+1.19%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 879 crNext results: 3 Nov 2026Website: www.synergygreenind.comUpdated: 24 Oct 2026

About

Synergy Green Industries makes large iron castings, mainly for wind turbines and gearboxes. It also makes castings for power plants, mining and other industrial uses, with in-house machining. Its foundry capacity grew from 30,000 to 45,000 TPA in FY26, and it added a 20,000 TPA machining plant. Reported revenue for FY26 was Rs 366.42 Cr.^[1][2][3]

Manufacturing capacity

In FY26 a brownfield expansion raised foundry capacity from 30,000 TPA to 45,000 TPA. Maximum casting weight went up to 30 MT from 23 MT, so the company can now supply parts for 5MW turbines.^[1]
A new 20,000 TPA machining and surface treatment plant near the foundry was commissioned in FY26.^[1]
Captive solar capacity was raised from 2 MW to 10 MW and has been running since October 2025.^[1][4]
In Q1 FY27 the company signed a 5MW wind power purchase agreement through open access. Together with its solar plant, this gives it 50-60% of its power from its own or contracted sources.^[5]
Plant infrastructure at the existing site is installed for 60,000 MT, as of Q2 FY26.^[4]

Key operating numbers

Capacity utilisation was 66% on the new 45,000 MT base in Q1 FY27, compared with 93% on the 30,000 MT base in FY26.^[5]
July 2026 production was 3,200 MT, about 85% utilisation. The in-house machining plant reached 50% utilisation that month.^[5]
Production rose 9.7% year on year in Q1 FY27, but dispatch delays and export shipping problems tied to the West Asia conflict held back sales.^[5]
Realisation was Rs 138-140 per unit in Q1 FY27. In Q4 FY26 it was Rs 135,000-140,000 per tonne.^[5][1]
The executable order book was Rs 500 Cr on an FY27 basis, as stated in Q1 FY27.^[5]
Production was about 6,400 MT in Q4 FY26.^[1]

Customers and markets

Prototypes for the Nordex NX N-series 5MW platform were cleared in Q1 FY27. Purchase orders are mainly for exports to the US, and SGIL is the only Indian supplier for this platform.^[5]
A contract with Vestas for its 4MW platform was signed in mid-May 2026. Samples are due in Q4 FY27 and full production from Q1 FY28. The 3MW platform is being phased out.^[5]
L&T and BHEL have placed orders for coal-based power plant castings. The BHEL order arrived in Q1 FY27, and the parts replace imports.^[5]
Mining orders from Terex grew in Q1 FY27. Management says Indian suppliers are now 5-10% cheaper than Chinese ones on a landed-cost basis.^[5]
Mahindra and L&T were added as customers, as stated in Q4 FY26. Prototype development for Envision's 3.3MW platform was completed in Q3 FY26.^[1][3]
In H1 FY26, gearbox revenue (Flender) and direct exports each grew about 50%.^[4]
Management expects exports to make up about 25-30% of FY27 revenue.^[5]

Expansion plans

Land for a greenfield plant of up to 100,000 MT is to be acquired by December 2026 or March 2027.^[5]
Planned greenfield capacity is 75,000 MT by FY28-29 and 100,000 MT by FY29-30. The next project is to start around Q3 FY28.^[5]
The next phase of greenfield capex is estimated at Rs 500-600 Cr, up from Rs 400-500 Cr, according to the Q4 FY26 call.^[1]
Machining product development was 50% complete as of Q1 FY27. The company targets machining 40-50% of its castings in-house.^[5]

Recent developments

An equity fundraise, a QIP or similar, is planned for Q1-Q2 FY28, depending on 2-3 good operating quarters.^[5]
A revision to the MSEDCL electricity tariff and power policy ended the benefit of banking solar units, as discussed in the Q1 FY27 call.^[5]
Moving the fettling section from Unit 1 to Unit 2 in Q3 FY26 disrupted production and pushed the company to outsource work.^[3]

Market Cap

₹879 Cr

High / Low

₹695 / 422

Stock P/E

-90.6

Price / Book

7.9

Book Value

₹71

EPS

₹3.0

No. of Shares

1.55 Cr

ROCE

8.0%

ROE

4.2%

OPM

7.7%

Debt / Equity

2.25

Sales

₹366 Cr

Net Profit

₹5 Cr

Promoter holding

69.5%

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