Suratwwala Business Group has secured a confirmed ₹69.0 crore EPC (Engineering, Procurement, Construction) work order through its co-subsidiary from Shree Tatyasaheb Kore Warana SSK Ltd. The contract covers the design, supply, construction, installation, testing, commissioning, and operation and maintenance of a 20MW AC / 28.1 MW DC solar power plant in Kohlapur, Sangli district, Maharashtra. The execution timeline is set at four months.

ORDER IN FINANCIAL CONTEXT

The ₹69.0 crore order value is substantial relative to the company's recent performance, representing approximately 162% of the pre-computed average quarterly revenue of ₹42.45 crore. As this is the first disclosed order win in the last three fiscal quarters, the total disclosed order book sums to exactly one order across the last 3 fiscal quarters shown in the table below, resulting in a book-to-bill ratio that cannot be meaningfully calculated against trailing twelve-month revenue without broader backlog data. Consequently, the order book coverage stands at 0.00 quarters of average quarterly revenue, indicating that the company has not accumulated a significant visible pipeline in recent disclosures beyond this single contract.

COMPANY ORDER TRACK RECORD

There are no previous order disclosures found for this company in the last 3 fiscal quarters. Therefore, no quarterly trend analysis can be performed. The current order value of ₹69.0 crore is consistent with the scale of a mid-sized renewable energy project but represents a new data point for the company's order inflow velocity, which was previously unrecorded in the disclosed history.

Note: No quarterly order inflow data is available for the last 3 fiscal quarters.

EXECUTION AND REVENUE QUALITY

The company has demonstrated strong profitability in recent quarters, with operating profit margins (OPM) ranging between 31.89% and 37.20%. Net profit has been positive across all three reported quarters, indicating stable execution quality on existing projects. There are no signs of margin stress or net losses in the recent quarterly data.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Suratwwala Business Group has accelerated its operational scale, its annual revenue has grown from ₹37.30 crore in FY25 to ₹143.60 crore in FY26, representing a YoY growth of +285.0% based on the latest annual data. This significant expansion suggests that past business development efforts are successfully converting into top-line growth, although the specific contribution of new order wins like this solar project to future revenue will depend on execution timelines.

WORKING CAPITAL AND EXECUTION CAPACITY

The balance sheet provides ample liquidity for executing the new order. The current ratio stands at a healthy 2.84x, while Total Liabilities/Equity is 1.38x, indicating moderate leverage that includes trade payables and other non-debt liabilities. However, cash conversion remains a key watchpoint: operating cashflow was negative at -₹6.20 crore in FY26, suggesting that working capital requirements may be stretching cash reserves despite strong accrual-based profits. Monitoring whether the high-margin nature of this EPC contract helps improve free cashflow generation is advised.

WHAT TO WATCH

• Execution timeline: The four-month completion window is aggressive for a 20MW solar plant; delays could impact revenue recognition timing.
• Revenue recognition: Watch for the commencement of construction activities to trigger initial revenue booking under the EPC model.
• Cash conversion: Monitor if operating cashflow improves in upcoming quarters as the company executes this high-value contract.
• Client concentration: With only one disclosed order recently, Shree Tatyasaheb Kore Warana SSK Ltd represents 100% of the visible recent order book, highlighting concentration risk until further wins are announced.

KEY OBSERVATIONS

• First disclosed win: This is the first order disclosure in the last three fiscal quarters, marking a new phase in transparent order tracking for the company.
• High margin profile: The company maintains robust OPMs above 30%, suggesting strong pricing power or efficient cost management in its current project mix.
• Cash flow mismatch: Despite positive net profits, negative operating cashflow in FY26 indicates potential working capital intensity that needs monitoring during execution.

Suratwwala Business Group has scheduled its 19th Annual General Meeting for Wednesday, September 23, 2026 at 4:00 pm IST via Video Conferencing/Other Audio Visual Means, with FY26 consolidated revenue from operations surging ~298% year-on-year to ₹14,299.34 lakhs.

AGM and Voting Schedule

The AGM notice, issued under Regulation 30 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, was filed on August 31, 2026. Members holding shares as on the cut-off date of September 16, 2026 are eligible to vote. Remote e-voting opens on September 20, 2026 at 9:00 am IST and closes on September 22, 2026 at 5:00 pm IST. The record date for the proposed final dividend is September 11, 2026.

The Board has recommended a final dividend of ₹0.12 (12%) per equity share of face value ₹1 each for FY 2025-26, subject to shareholder approval at the AGM. The company's paid-up share capital as on March 31, 2026 stands at ₹17,34,16,440.

FY26 Financial Performance

FY26 marked the strongest results in the company's history, driven by project completions at Suratwwala Mark Plazzo and the scaling of its solar EPC vertical. The following table summarises consolidated and standalone performance.

On a consolidated basis, Profit Before Tax grew 234.82% to ₹5,119.30 lakhs and PAT rose 243.43% to ₹3,790.14 lakhs. Net worth strengthened to ₹110.41 crore, a rise of nearly 58%, funded by earnings rather than dilution. The debt-to-equity ratio stood at 0.79 times as at March 31, 2026.

Segment Performance

The company operates two business verticals — real estate development and solar EPC — which together drove the FY26 revenue surge.

The real estate segment contributed ₹8,928.71 lakhs at a ~46% PBT margin, driven by completion and monetisation of Suratwwala Mark Plazzo Buildings A and B. The solar EPC vertical, operated through subsidiary Suratwwala Natural Energy Resource Private Limited (formerly Suratwwala Natural Energy Resource LLP), contributed ₹5,448.52 lakhs, representing approximately 38% of consolidated revenue. SNER's standalone revenue grew 1,988.39% to ₹5,449.02 lakhs, with PBT of ₹1,088.44 lakhs and PAT of ₹814.36 lakhs.

Key Performance Indicators (Three-Year Trend)

Projects and Order Pipeline

Buildings C, D and E of Suratwwala Mark Plazzo at Hinjewadi, Pune remain under construction. The company also holds a strategic land bank of approximately 180 acres across Pune's growth corridors, carried at historical cost. Upcoming projects include a luxury residential development at Prabhat Road (approved by Pune Municipal Corporation) and the Kasar Amboli villa project, which has received environmental clearance.

The solar EPC vertical enters FY27 with approximately ₹93 crore of EPC and PPA-linked projects under execution, including a 15 MW AC EPC order awarded to SNER. During FY26, SNER also bagged a 30 MW AC EPC contract from M/S Bondada Engineering Limited under the MSKVY 2.0 scheme in Maharashtra.

AGM Business Items

The following items are proposed at the 19th AGM:

• Adoption of audited standalone and consolidated financial statements for FY 2025-26
• Re-appointment of Mr. Manoj Dhansukhlal Suratwala (DIN: 01980434), who retires by rotation
• Declaration of final dividend of ₹0.12 per equity share for FY 2025-26
• Approval of material related party transactions with Suratwwala Properties LLP (up to ₹125 crore)
• Approval of material related party transactions with Suratwwala Natural Energy Resource Private Limited (up to ₹50 crore)

The AGM notice and Annual Report for FY 2025-26 are available on the company's website. MUFG Intime India Private Limited serves as the Registrar and Share Transfer Agent. Mr. Shridhar Phadke of M/s SVP & Associates has been appointed as Scrutinizer for the e-voting process. The statutory audit for FY26 was conducted by M/s Parag Patwa & Associates (FRN: 107387W), whose report carries an unmodified opinion.