Sugs Lloyd has received a work order valued at ₹8.9 crore from The Golden Temple, Amritsar (Office of Sachkhand Sri Harmandir Sahib, Sri Darbar Sahib, Sri Amritsar). The contract covers the design, supply, installation, testing, and commissioning of a 2 MW (AC) ground-mounted solar power project.

Order details and scope

The order was disclosed to exchanges on September 29, 2026. The scope includes an all-inclusive Comprehensive Annual Maintenance Contract for 10 years. The awarding entity is a domestic institution, and the transaction does not involve any related party or promoter interest. The order is classified as Significant under SEBI LODR regulations. Tax treatment is inclusive.

Project execution is scheduled up to December 31, 2026. Remaining miscellaneous works are to be completed within 5 months from September 28, 2026.

Order in financial context

This latest addition increases the total disclosed order book to ₹721.44 crore across 10 orders over the last three fiscal quarters. The total backlog represents 8.93 quarters of average quarterly revenue, or approximately 2.23 years of annual revenue at the current run-rate. The average quarterly revenue for the last four quarters stands at ₹80.75 crore.

Company order track record

Order inflow velocity has accelerated significantly with recent awards. After securing ₹58.37 crore in Q1FY27, the company recorded ₹663.06 crore in Q2FY27 (Jul-Sep 2026). The new Golden Temple order falls within this quarter, contributing to the diverse portfolio of domestic distribution entities and agencies.

Execution and revenue quality

Consolidated revenue for Q1FY27 stood at ₹79.20 crore with a net profit of ₹7.50 crore and an Operating Profit Margin (OPM) of 15.29%. In the preceding quarter, Q4FY26, revenue was higher at ₹115.60 crore with an OPM of 13.35%. The margins have remained stable above 13%, indicating consistent pricing power and cost management despite fluctuations in quarterly volumes.

Revenue growth: Order wins translating to revenue

As Sugs Lloyd has sustained order wins, its annual revenue has grown from ₹177.90 crore in FY25 to ₹300.73 crore in FY26, representing a YoY growth of +69.0% based on the latest annual data. This growth trajectory aligns with the substantial order inflow seen in earlier periods, demonstrating that past contract acquisitions are successfully converting into top-line expansion.

Working capital and execution capacity

The balance sheet shows a current ratio of 1.71x, providing adequate liquidity to fund working capital requirements for ongoing projects. The Total Liabilities/Equity ratio stands at 0.95x, which is well below the high-leverage threshold. However, operating cashflow was negative at -₹44.40 crore in FY25, highlighting the cash-intensive nature of the business where receivables and inventory build-up often outpace cash collections in the short term.

Sugs Lloyd has received a Letter of Award worth ₹213.48 crore for Revamped Distribution Sector Scheme (RDSS) works in Punjab. The contract is awarded on a back-to-back basis.

Order details

The following table summarises the key details of the award:

The RDSS is a government-backed scheme aimed at improving the operational and financial health of electricity distribution companies across India. The back-to-back nature of the award implies that the execution terms are likely aligned with the primary client's requirements, potentially mitigating certain execution risks for the company.

Market standing

Sugs Lloyd's market capitalisation stands at ₹600 crore. The secured order value of ₹213.48 crore represents approximately 35.6% of the company's current market capitalisation, marking a notable addition to its order book.