Noida, August 03 2026 — Power infrastructure EPC firm Sugs Lloyd Limited reported a 30 per cent year-on-year rise in first-quarter profit on Thursday, as the company’s transmission and distribution business displaced solar as its largest revenue contributor for the first time.
Profit after tax for the quarter ended June 30, 2026, stood at ₹7.50 crore against ₹5.79 crore a year earlier. Revenue from operations rose 32 per cent to ₹78.40 crore from ₹59.41 crore, which the Noida-headquartered company described as its strongest-ever opening quarter.
EBITDA grew 35 per cent to ₹11.99 crore, with operating margin widening 32 basis points to 15.3 per cent. Net margin slipped marginally to 9.57 per cent from 9.74 per cent. Diluted earnings per share came in at ₹3.41 against ₹3.56 a year ago, the decline reflecting the enlarged equity base following the company’s listing on the BSE SME platform in September 2025.
Mix shifts decisively to T&D
The sharpest change in the quarter was compositional. Power T&D and smart grid contributed ₹46.32 crore, or roughly 59 per cent of revenue, up from ₹16.34 crore and about 27 per cent in the corresponding quarter — a near three-fold jump driven by the ramp-up of the company’s Revamped Distribution Sector Scheme (RDSS) smart-grid mandate at Patna, Bihar.
Solar EPC, historically the larger vertical, contributed ₹32.03 crore, or about 41 per cent, down from ₹40.72 crore. The civil and others segment was negligible at ₹4 lakh.
Managing director and promoter Santosh Shah said the quarter marked the point at which the order book the company spent two years building began converting into revenue, adding that the growth had come “without diluting the margin structure.” ₹807 crore order book, fresh DISCOM wins
The company closed the quarter with an order book of ₹807 crore, approximately 2.7 times its FY26 revenue.
Fresh awards of roughly ₹62 crore were secured from three state distribution utilities across three states — ₹58.4 crore during the quarter and ₹3.4 crore immediately after it closed. The largest was a ₹56.57 crore mandate, excluding GST, from North Bihar Power Distribution Company Limited for 16 MW of grid-connected rooftop solar in the Chapra Circle, awarded under the CAPEX-plus-RESCO route of the Utility-Led Aggregation model of the PM Surya Ghar – Muft Bijli Yojana. The project carries a nine-month commissioning window from PPA signing and a 10-year contract term from the commercial operation date, introducing an annuity stream alongside the company’s EPC earnings.
Sugs Lloyd also won a ₹1.80 crore order from TP Southern Odisha Distribution Limited for 11 kV and 33 kV fault passage indicators and data communicator units, and, on July 2, a ₹3.37 crore order from Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited for FPIs integrated with the SCADA-DMS/ADMS system at the Indore control centre, bundled with communication infrastructure and five years of maintenance.
Shah pointed to the traction in the company’s own product line — fault passage indicators, where it claims close to half the domestic market — noting that roughly ₹10 crore of product orders were booked in the quarter itself and that two additional utilities adopted the technology.
Outlook
Management has guided for revenue of ₹1,000 crore for FY27–28. The company said its bidding arrangements now support tenders of over ₹1,000 crore, with a strike rate of 15–20 per cent maintained on bids submitted.
Sugs Lloyd framed demand as policy-led, citing the RDSS commitment of about ₹3.04 lak1 crore towards smart metering and grid strengthening with up to 60 per cent central support and an AT&C loss target of 12–15 per cent, alongside India’s 500 GW non-fossil capacity goal for 2030.
The company cautioned shareholders against reading the sequential comparison at face value, noting that roughly 40 per cent of its billing concentrates in the March quarter, making a softer June quarter the normal shape of the business.
Established in 2009, Sugs Lloyd operates across Delhi, Bihar, Odisha, Madhya Pradesh, Gujarat, Punjab, Himachal Pradesh, Maharashtra, Uttar Pradesh and Chhattisgarh. Its client list includes NTPC, the Tata Power group, Konkan Railways, NBPDCL, SBPDCL, PSPCL, NHAI and NPCL.
