Sugs Lloyd Q2 awards cut Bihar order-book share to 55.2%

SUGS LLOYD, referred to here as Sugs Lloyd, reduced Bihar’s pro forma share of its order book to 55.2% from 82.4% after seven Q2 FY27 awards worth Rs 395.28 crore excluding goods and services tax (GST). All awards were outside Bihar, with Odisha and Punjab accounting for Rs 202 crore and Rs 188 crore, respectively, of post-July 31 awards.

How did Sugs Lloyd’s Q2 awards change order-book concentration?

Sugs Lloyd cut Bihar’s pro forma order-book share by 27.2 percentage points, to 55.2% from 82.4% at July 31, 2026. The company calculated the pro forma mix using its July 31 contract register and awards announced from August 11 to September 28, before billing in August and September.

Odisha became the second-largest state exposure, rising to 18.8% of the pro forma book from 2.6% before the awards. Punjab increased to 17.3% from 2.2%, taking the two states together to 36% of the book, compared with 5% at July 31, 2026.

The shift reflected Rs 392 crore of awards after July 31, all outside Bihar. Odisha accounted for Rs 202 crore and Punjab for Rs 188 crore, while Delhi NCR’s share declined to 5.5% from 8.0% as the total order book increased.

Which Q2 contracts drove Sugs Lloyd’s geographic diversification?

Sugs Lloyd’s largest Q2 FY27 award was a Rs 180.92 crore, excluding GST, contract from PSPCL through Marshal Enterprises. The 15-month assignment covers low-tension and high-tension loss-reduction work under the Revamped Distribution Sector Scheme (RDSS) in Punjab’s Faridkot and Gurdaspur circles.

Three Tata Power Odisha distribution-company network-maintenance mandates added Rs 202.45 crore excluding GST. They comprised Rs 97.47 crore for Tata Power Southern Odisha Distribution Limited (TPSODL), Rs 84.11 crore for Tata Power Western Odisha Distribution Limited (TPWODL), and Rs 20.87 crore for Tata Power Central Odisha Distribution Limited (TPCODL).

The TPSODL mandate covers network maintenance and 33/11 kilovolt substation operations from October 2026 to September 2029. Sugs Lloyd described this renewal as being at about 2.6 times its previous annual value, while TPWODL has the same broad maintenance scope for October 2026 to September 2029 and TPCODL begins a three-year term in October 2026.

Smaller awards included a Rs 7.54 crore solar engineering, procurement and construction contract for Sri Harmandir Sahib in Amritsar, with 10 years of operations and maintenance and solar completion targeted for December 2026. Sugs Lloyd also won a Rs 2.86 crore Madhya Pradesh order for fault passage indicators with supervisory control and data acquisition integration, followed by a five-year annual maintenance contract after a 70-day delivery period.

How much did Sugs Lloyd’s order book grow in Q2 FY27?

Sugs Lloyd’s order book increased by Rs 260.4 crore in Q2 FY27 to Rs 1,067.4 crore at September 30, 2026, from Rs 807.0 crore at June 30. The movement comprised Rs 395.3 crore of orders won excluding GST, less Rs 134.9 crore executed as revenue in the quarter.

Sugs Lloyd reported a Q2 book-to-bill ratio of 2.9 times, calculated as orders won divided by revenue booked against the order book. The Rs 395.3 crore won was more than twice the Rs 134.9 crore executed, resulting in an increase in the closing book.

The September 30 order book equalled 3.5 times FY26 revenue from operations of Rs 300.7 crore. It also represented 2.7 times revenue of Rs 391 crore for the 12 months to September 2026, which uses a more recent revenue base than the completed FY26 comparison.

What activities and clients are represented in Sugs Lloyd’s order book?

Sugs Lloyd’s Rs 1,067.4 crore order book at September 30 spans power transmission and distribution, solar, network operations and maintenance, and grid products. The seven Q2 awards included RDSS loss-reduction work, Odisha network maintenance, a 2 megawatt alternating-current ground-mounted solar project, auto-reclosers and sectionalisers, and grid-monitoring products.

Government utilities, public-sector undertakings and central schemes represented 91% of Sugs Lloyd’s order book at July 31, 2026. Its disclosed client base includes north and south Bihar distribution companies, PSPCL, Tata Power distribution companies in Odisha, Noida Power Company and MP Paschim Kshetra VVCL.

Sugs Lloyd said its presence reached 10 states in Q2 FY27 from nine in FY26 after adding Madhya Pradesh. Odisha was an existing market, with first Tata Power Odisha work dating to 2023, but the three new maintenance mandates materially increased the state’s share of the book to 18.8% on a pro forma basis.

What could add to Sugs Lloyd’s order book after Q2 FY27?

Sugs Lloyd reported Rs 1,260 crore of tenders at the final stage, including more than Rs 800 crore in power transmission and distribution, more than Rs 400 crore in solar plus battery energy storage systems, and more than Rs 60 crore in niche products. These tenders are separate from the Rs 1,067.4 crore order book reported at September 30, 2026.

Management guided for a 15% to 20% win rate by value on qualified bids and a 10% to 15% rate in a state where Sugs Lloyd is new. The company listed Rs 6,600 crore of selected-for-bidding opportunities, compared with more than Rs 1,12,300 crore of opportunities across the three categories.

The tender funnel does not establish future awards, but it identifies the categories Sugs Lloyd is pursuing. Management said storage and transmission bids come on top of its FY28 target, while the current Q2 additions include a 15-month Punjab RDSS project and Odisha maintenance contracts running for three years.

Conclusion

Sugs Lloyd’s seven Q2 FY27 awards changed the size and geographic composition of its project base. Order inflow of Rs 395.28 crore excluding GST lifted the reported book to Rs 1,067.4 crore, while Bihar’s pro forma share fell to 55.2% and Odisha plus Punjab rose to 36% from 5% at July 31.

The next disclosed developments to watch are the start of the three Odisha maintenance contracts in October 2026 and the solar project target of December 2026. Management’s stated 15% to 20% qualified-bid win-rate guidance and its Rs 1,260 crore final-stage tender pipeline will indicate whether the geographic mix continues to change.