SUGS LLOYD targets ₹1,000 crore FY28 revenue on ₹1,067 crore orders

SUGS LLOYD management targets about ₹1,000 crore of revenue in FY28, against ₹300.7 crore in FY26. It reported an order book of ₹1,067 crore at 30 September 2026, including a ₹542 crore Patna underground-cabling order due by March 2028, while stating that storage and transmission opportunities are additional to the FY28 target.

What is SUGS LLOYD's FY28 revenue target?

SUGS LLOYD's stated FY28 revenue target is about ₹1,000 crore. Management set the target against FY26 revenue of ₹300.7 crore and identified five 2026-27 priorities: growth, cash flow, niche products, execution and new engines of growth.

Management also guided to sustaining earnings before interest, tax, depreciation and amortisation (EBITDA) margin at about 15%. Its growth priority is to increase revenue, EBITDA and profit after tax together while widening the business by state and client.

The cash-flow priority calls for faster collections, tighter working capital, a wider client base and a stronger current ratio. The execution priority begins with Patna and the newer Odisha and Punjab work, making delivery timing and margin protection part of management's stated plan.

How has SUGS LLOYD's revenue changed before FY28?

SUGS LLOYD's revenue rose from ₹65.1 crore in FY24 to ₹176.2 crore in FY25 and ₹300.7 crore in FY26. Revenue for the twelve months to 30 September 2026 was ₹391.0 crore, ₹90.3 crore above the FY26 full-year figure.

Revenue increased by ₹111.1 crore from FY24 to FY25, followed by a ₹124.5 crore increase from FY25 to FY26. TTM Sep-26, meaning the twelve months to 30 September 2026, is not a full FY27 result but is the latest revenue measure shown alongside the FY28 target.

Management did not disclose an FY27 revenue target in the presentation. It instead described the ₹1,000 crore FY28 goal as its single revenue target while reporting the ₹391.0 crore TTM Sep-26 level.

What work supports SUGS LLOYD's FY28 plan?

SUGS LLOYD reported a ₹1,067 crore order book at 30 September 2026, equal to 2.7 times TTM Sep-26 revenue of ₹391.0 crore. The presentation states that order values exclude goods and services tax.

The Patna underground-cabling order has a disclosed value of ₹542 crore and is due by March 2028. Its value is more than half of the ₹1,067 crore order book reported at September 2026, and its delivery deadline falls within the period of the FY28 revenue ambition.

Punjab distribution work has a stated value of ₹181 crore over 15 months from award. Tata Power Odisha network operation and maintenance, covering TPSODL and TPWODL from 1 October 2026, has a disclosed annual amount of about ₹60 crore.

Which projects are central to SUGS LLOYD's execution plan?

SUGS LLOYD identifies Patna, Odisha and Punjab as the starting points for its 2026-27 execution priority. The Patna work is due by March 2028, while Punjab work has a 15-month period from award and the Odisha assignment started on 1 October 2026.

The Odisha assignment differs from the Patna and Punjab work because management presents it as annual network operation-and-maintenance revenue of about ₹60 crore. The Patna and Punjab disclosures instead state order values of ₹542 crore and ₹181 crore, respectively, with completion timing for Patna and a delivery period for Punjab.

Management also plans to bid for re-tendered distribution work in Bihar, Punjab and Odisha, where it says SUGS LLOYD already has site teams. This is a disclosed bidding plan rather than an awarded order, and the presentation provides no project-specific margin, collection or completion-progress figures for the Patna, Punjab or Odisha assignments.

What growth initiatives sit outside SUGS LLOYD's FY28 target?

SUGS LLOYD states that battery storage and transmission opportunities are over and above the ₹1,000 crore FY28 revenue target. Its new-engine priority includes building capability for 132 kilovolt, 220 kilovolt and 400 kilovolt transmission work and bidding for battery-storage tenders in states where it already operates.

SUGS LLOYD set up its wholly owned subsidiary, Sugs Renewables Pvt Ltd, in August 2026 to bid for and hold renewable energy service company projects. The presentation places this plan alongside a national solar requirement of 365 gigawatts by 2032 and battery-storage requirement of 236 gigawatt-hours by 2032.

Its niche-products plan moves from standalone fault passage indicators to bundled automation with auto-reclosers and control-room systems. Management targets products to account for about 10% of revenue by FY28; its current products include fault passage indicators, reclosers and supervisory control and data acquisition systems.

The distribution opportunity cited by SUGS LLOYD includes 4.4 lakh distribution transformers, 1,100 substations and 4.8 lakh circuit kilometres of sanctioned high-tension lines yet to be installed. These market figures describe potential bidding activity rather than revenue included in the ₹1,067 crore order book.

Conclusion

SUGS LLOYD's FY28 plan combines management's target of about ₹1,000 crore in revenue with a ₹1,067 crore order book reported at 30 September 2026. The ₹542 crore Patna order, ₹181 crore Punjab work and about ₹60 crore annual Odisha network assignment provide disclosed execution streams, while TTM Sep-26 revenue was ₹391.0 crore.

The next disclosed milestones are Patna's March 2028 due date, Punjab's 15-month delivery period from award and the Odisha assignment that began on 1 October 2026. Management's stated plans for faster collections, tighter working capital, a sustained EBITDA margin of about 15%, transmission capability and battery-storage bids remain the principal items to watch.