NSE: SGIL · BSE: 541929
SYNERGY GREEN IND. LTD
A foundry produces large iron and steel castings, primarily for wind turbine gearboxes and hubs, and also for industrial uses such as mining and plastic-injection equipment. Customers include global wind OEMs (Vestas, Nordex, GE, Envision) and Indian industrial buyers (L&T, BHEL); exports contribute 25-30% of revenue and the company supplies 6 of the 15 leading global wind OEMs. Costs are dominated by materials (39.7% of revenue) and other operating expenses (40.9%), with capex running at 37.7% of revenue during the expansion phase. FY26 total income was ₹376.37 crore and PBDIT margin was 13.10%; management guides FY27 revenue to ₹500 crore (~33% growth) as expanded capacity ramps up, with a 300+ basis points margin expansion target. A 10 MW captive solar plant was brought online from October 2025 to partly cover power costs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wind turbine castings, Industrial castings. Asset-heavy, capacity-driven foundry with high capex intensity
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 366 |
| EBITDA (ex other income) | 39 |
| margin % | 10.6 |
| Owners' profit | 5 |
| EPS, as reported (₹) | 3.00 |
| ROE % · ROCE % | 4.2 · 10.6 |
| Debt / equity (x) | 2.25 |
| Cash from operations | 19 |
| Capex | (138) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q4 FY26 | Q1 FY27 |
|---|---|---|
| Revenue | 119 | 75 |
| Profit before tax | 0 | (11) |
| Net profit | 0 | (10) |
| EPS (₹) | 0.26 | (6.51) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PTC INDUSTRIES LIMITED | 35,906 | 285.9 | 23.82 | 209.7 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED | 33,643 | 26.6 | 4.19 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED | 16,966 | 51.8 | 7.97 | 34.4 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 5,387 | 18.2 | 3.38 | 16.3 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,516 | 38.8 | 8.90 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,327 | 27.1 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,290 | 109.7 | 12.57 | 43.0 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,148 | 27.9 | 1.92 | 10.6 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 7.5 | 3.6 | 16 of 20 | 21% |
| ROCE | 2.8 | 13.7 | 23 of 24 | 4% |
| ROE | 4.2 | 11.5 | 19 of 20 | 5% |
| Debt / Equity | 2.3 | 0.1 | 19 of 20 | 5% |
| EBITDA margin | 7.0 | 18.5 | 19 of 20 | 5% |
| Market cap | 839 | 425 | 10 of 24 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Synergy Green updates Q2 FY2026-27 earnings call details | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Analyst earnings call scheduled for November 3, 2026 | investor communications | medium | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarterly results on November 3 | results | low | — | — |
| 15 Oct 2026 · Routine RTA certificate on dematerialisation for Sep 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · ESOP vesting of 7,060 options under Employee Stock Option Scheme 2025 | capital market events | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 18 Aug 2026 · Synergy Green Q1 FY27 earnings call transcript filed; guides 500Cr revenue, 300bps margin expansion | investor communications | medium | — | — |
| 14 Aug 2026 · Synergy Green Q1 FY27 results published in newspapers with major loss | compliance | minimal | — | — |
| 14 Aug 2026 · Q1 FY27 investor call audio uploaded; FY27 revenue growth of about 33% guided | investor communications | low | — | — |
| 13 Aug 2026 · CRISIL reaffirms BBB/Stable rating; bank facilities enhanced to Rs 334 Cr | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.