Sathlokhar H1 orders total ₹624.73 crore, book ₹1,139 crore

Sathlokhar Synergys E&C Global Limited secured 19 orders worth ₹624.73 crore in H1 FY27, the first half of financial year 2027, and reported a ₹1,139 crore order book excluding goods and services tax (GST) on September 30, 2026. The inflow included repeat-client assignments and new project awards across civil, engineering and related work categories.

How did Sathlokhar's H1 FY27 orders affect its order book?

Sathlokhar recorded ₹624.73 crore of order inflow from 19 orders in H1 FY27, including ₹352.68 crore from 12 orders in Q2 FY27, the second quarter of financial year 2027. Its order book was ₹1,139 crore on September 30, 2026, excluding GST, alongside a ₹23,505 crore bid pipeline and more than 20 ongoing projects.

Q1 FY27, the first quarter of financial year 2027, contributed seven orders worth ₹272.05 crore, while Q2 contributed 12 orders worth ₹352.68 crore. That was an increase of ₹80.63 crore between quarters. The order-inflow figures include GST, while the ₹1,139 crore order book excludes GST, meaning the two disclosed measures use different tax bases.

Management said the H1 inflow reflected repeat orders from established customers as well as new project wins. It also said 30% to 40% of revenue would be fulfilled by existing clients that are planning capacity expansions. The presentation does not quantify the expected revenue contribution by individual customer or project.

Which projects generated Sathlokhar's H1 FY27 order inflow?

Sathlokhar's largest listed Q1 FY27 awards were ₹127.90 crore of additional Phase 1B civil and pre-engineered building (PEB) work for Grand Atlantia and ₹102.71 crore of civil and PEB work for Reliance Consumer Products Ltd. The Grand Atlantia amount combines awards of ₹105.37 crore and ₹22.53 crore, taking the two customer entries to ₹230.61 crore of the ₹272.05 crore Q1 total.

Other Q1 awards included ₹19.04 crore for Ceylon Beverage Can Pvt Ltd across Pune and Sri Lanka, covering civil, PEB, mechanical, electrical and plumbing (MEP), and process-pipeline work. EDAC Engineering Limited received ₹17.79 crore of civil, PEB and MEP work, while Anabond Limited received ₹4.61 crore of civil work. Grand Atlantia, Reliance Consumer Products and Anabond appeared in both quarterly order lists.

In Q2 FY27, Carrier Airconditioning & Refrigeration Ltd received ₹94.11 crore of factory civil work. Grand Atlantia received two listed awards totalling ₹100.40 crore, including ₹25.55 crore of MEP work and ₹74.85 crore of civil, electrical and firefighting work. High Glory Footwear India Pvt Ltd received ₹40.59 crore of MEP work, while Auroma Soft Resorts and Hotels Private Limited received ₹42.50 crore of civil, MEP and electrical work.

Godrej Consumer Products Ltd had three listed Q2 awards totalling ₹44.26 crore for civil and PEB work, comprising ₹25.13 crore, ₹17.32 crore and ₹1.81 crore. Other disclosed Q2 orders were ₹19.49 crore for Anabond, ₹7.86 crore for Tractors & Farm Equipment Ltd, ₹2.26 crore for Karaikal Iyangars Foods Limited and ₹1.22 crore for Reliance Consumer Products. All listed order values are inclusive of GST.

How has Sathlokhar's work-order amount changed over time?

Sathlokhar reported a work-order amount of ₹1,239.0 crore for H1 FY27, above each annual amount disclosed for FY22 through FY26. This measure is separately labelled from the ₹624.73 crore H1 order-inflow figure, so the presentation does not establish that the two amounts are interchangeable.

The series declined by ₹38.3 crore from FY22 to FY23 before increasing by ₹402.0 crore in FY24. It then rose by ₹348.9 crore in FY25 and ₹195.3 crore in FY26. Management attributed recent order momentum to industry demand, new and repeat orders, and client additions across industrial, warehousing, solar and institutional sectors.

What evidence supports Sathlokhar's order-book execution?

Sathlokhar reported H1 FY27 revenue from operations of ₹502 crore, compared with ₹271 crore in H1 FY26. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to ₹74 crore from ₹32 crore, while profit after tax (PAT) increased to ₹51 crore from ₹23 crore. EBITDA margin rose to 14.8% from 11.8%, and PAT margin increased to 10.1% from 8.5%.

The Q2 comparison showed revenue of ₹297 crore against ₹148 crore a year earlier, while EBITDA rose to ₹44 crore from ₹19 crore. Gross margin increased to 21.1% from 19.7% in Q2 and to 21.6% from 18.8% for H1. These results cover the period in which Sathlokhar reported ₹624.73 crore of secured orders.

During Q2 FY27, Sathlokhar inaugurated its Pullivallam, Tamil Nadu PEB manufacturing facility, designed for 1,200 metric tonnes (MT) a month at optimum utilisation. Management said the site would support backward integration through greater control over fabrication, quality and delivery timelines. It also said the facility could serve internal project needs and potential external demand, without disclosing a production schedule or utilisation level.

Conclusion

Sathlokhar's disclosed awards show a mix of sizeable industrial assignments, including Grand Atlantia, Carrier Airconditioning & Refrigeration and Reliance Consumer Products, alongside smaller civil, electrical and MEP contracts. The ₹1,139 crore order book, more than 20 ongoing projects and H1 revenue of ₹502 crore provide the reported context for delivery activity beyond the quarter.

The next markers are conversion of the ₹23,505 crore bid pipeline, execution across ongoing projects and progress in scaling the Pullivallam facility towards its designed 1,200 MT monthly capacity. Management said it would focus on converting quality orders, executing efficiently and progressively expanding PEB manufacturing capability.