Susan Electricals India Limited H1 revenue rises 190% to ₹202.06 crore

Susan Electricals India Limited reported H1 FY27 revenue from operations of ₹202.06 crore, up 190% from ₹69.67 crore in H1 FY26, while total order visibility stood at ₹347 crore on 30 September 2026. Profit after tax rose 191% to ₹13.15 crore, and management said it expects H2 FY27 to be significantly stronger.

How did Susan Electricals perform in H1 FY27?

Susan Electricals increased revenue from operations to ₹202.06 crore in H1 FY27 from ₹69.67 crore in H1 FY26, a year-on-year increase of 190%. Operating profit increased 160% to ₹23.78 crore from ₹9.15 crore, while profit after tax (PAT) rose 191% to ₹13.15 crore from ₹4.53 crore.

The presentation attributes the H1 FY27 outcome to a higher scale of operations and improved profitability. Revenue increased by ₹132.39 crore across the two first-half periods, while operating profit increased by ₹14.63 crore and PAT by ₹8.62 crore.

PAT growth of 191% was 31 percentage points above the reported 160% growth in operating profit. The presentation reports the financial figures rounded to two decimal places and describes them as unaudited Q2 and H1 FY27 results.

How did Susan Electricals change its H1 FY27 revenue mix?

Susan Electricals shifted more of its H1 FY27 revenue towards High-Tension (HT) Cables and Medium Voltage Covered Conductors (MVCC), which represented 19.36% of revenue, compared with 0.75% in H1 FY26. The 18.61-percentage-point increase was the largest change among the four disclosed product categories.

LT Cables and Conductors remained the largest category, contributing 47.83% of H1 FY27 revenue, up 1.07 percentage points from 46.76% a year earlier. Winding Wire’s share declined to 29.10% from 40.37%, while the Others category declined to 3.71% from 12.12%.

Susan Electricals said Winding Wire sales nevertheless grew 109% year on year in H1 FY27 and that it is expanding capability in that product line. The company characterises the increased contribution from HT Cables and MVCC as a strategic shift towards higher-value and higher-margin products.

What does Susan Electricals’ ₹347 crore order visibility include?

Susan Electricals’ ₹347 crore order visibility at 30 September 2026 comprised a ₹147 crore unexecuted order book and a ₹200 crore active order pipeline. The presentation distinguishes between work already classified as unexecuted orders and the separate pipeline, rather than presenting the full ₹347 crore as an order book.

Management said a significant portion of the ₹147 crore unexecuted order book is expected to be executed within the next three months. The presentation does not specify the value expected to be executed in that period or identify individual projects within the unexecuted order book.

The ₹200 crore active pipeline was disclosed as providing near-term visibility, but Susan Electricals did not provide a conversion rate, conversion timetable or customer-level composition for that amount. At ₹347 crore, the combined visibility was ₹144.94 crore higher than H1 FY27 revenue of ₹202.06 crore, although the two figures measure different things: orders and pipeline at 30 September 2026 versus revenue recognised over the half year.

Management said the combined visibility gives the company a foundation for future business growth. Its investor presentation also states that forward-looking statements about revenue growth, order inflows, capacity expansion and operational performance are subject to risks and uncertainties that could cause actual outcomes to differ.

What capacity additions is Susan Electricals planning?

Susan Electricals expects cable manufacturing capacity to increase to 16,000 kilometres from 11,000 kilometres under its expansion plans. The stated increase is 5,000 kilometres, and management linked the additional capacity to larger project requirements and its HT Cables and MVCC focus.

Winding Wire capacity has increased to 4,200 from 3,307, with a further expansion to 5,500 planned. Management described the full progression from 3,307 to 5,500 as an overall 66% capacity increase, but did not disclose a target date for reaching the planned 5,500 level.

Management also said a new line was expected to become operational within 10 days of the 2 November 2026 presentation date. According to management, CCV technology is mandatory for most HT cable projects, and the line is intended to expand Susan Electricals’ ability to participate in a wider range of such projects; the presentation gives no capacity or capital-cost figure for the line.

The company said it was in an advanced stage of taking possession of newly acquired land to support future capacity expansion. Susan Electricals operates three manufacturing units, with Unit I making Winding Wires and Strips, Unit II making LT Cables, and Unit III making LT and HT Cables.

Conclusion

Susan Electricals’ H1 FY27 figures combine a 190% rise in revenue to ₹202.06 crore with a 191% increase in PAT to ₹13.15 crore. The reported shift of HT Cables and MVCC to 19.36% of revenue from 0.75% a year earlier coincided with ₹147 crore of unexecuted orders and a separate ₹200 crore active pipeline at 30 September 2026.

What to watch next is management’s expectation that a significant portion of the ₹147 crore order book will be executed within three months, the planned increase in cable capacity from 11,000 to 16,000 kilometres, and the further Winding Wire capacity target of 5,500. Management also expects H2 FY27 to be significantly stronger and is pursuing possession of newly acquired land for future expansion.