Earning Conference Call Transcripts of Investor/Analyst meeting held on 18.11.2025 for un-audited financial results of half year ended on 30.09.2025.
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Sugs Lloyd reported strong H1 FY26 results with revenue from operations at INR 123 crores, up 94% year-on-year. EBITDA grew 91% to INR 18.88 crores and PAT jumped 94% to INR 11.82 crores, with diluted EPS at INR 5.10. Revenue mix for H1 stood at 58% solar EPC, 38% power T&D, and 2% niche products. The company has an order book of approximately INR 400 crores (INR 280 cr solar, INR 114-140 cr power T&D) with INR 800 crores of bids under evaluation at a 20-30% conversion ratio. Management reiterated its target of reaching INR 1,000 crores in revenue by FY28, supported by strong execution track record (99.8% on-time deliveries, just 0.016% cumulative liquidated damages). Key structural updates include the Chairman Santosh Kumar Shah transitioning to MD & Executive Chairman role, plans to double working capital limits from INR 125 cr to INR 250 cr, and geographic diversification away from Bihar (60% concentration) into Punjab, Odisha, Maharashtra, Gujarat, UP and Delhi.
Strong H1 print and reaffirmed FY28 INR 1,000 crores revenue ambition signal aggressive growth trajectory, but Bihar concentration (60%) and elevated receivables (INR 124 cr, ~140-day cycle) remain watchpoints. Decision to publish quarterly results going forward should improve disclosure frequency and investor visibility.