Synergy Green forecasts 33% FY27 growth and 100,000 MT capacity

Synergy Green Industries Ltd projects FY27 revenue of Rs 500 crore, about 33% above FY26 revenue of Rs 376 crore, supported by new customers and added capacity. Synergy Green also plans to lift annual casting capacity from 45,000 metric tonnes (MT) in FY26 to 100,000 MT in FY30, with 75,000 MT planned for FY29.

What revenue is Synergy Green forecasting for FY27?

Synergy Green forecasts Rs 500 crore of revenue in FY27, compared with Rs 376 crore reported in FY26. Management says the approximately 33% growth outlook is backed by additional capacity and new customer orders, and is based on its executable order-book projection.

The projected Rs 124 crore increase would be larger than the Rs 12 crore increase recorded between FY25 and FY26. Total revenue rose from Rs 328 crore in FY24 to Rs 364 crore in FY25 and Rs 376 crore in FY26, according to the presentation.

H1 FY27 revenue was Rs 192 crore, up 20.2% from Rs 159 crore in H1 FY26. Q2 FY27 total income was Rs 116.31 crore, compared with Rs 75.71 crore in Q1 FY27 and Rs 74.37 crore in Q2 FY26; the quarterly results are unaudited.

How important are exports to Synergy Green’s FY27 plan?

Synergy Green projects export revenue growth of about 50% over FY26, with exports contributing around 30% of FY27 revenue. The presentation does not provide a separate FY27 export-revenue amount or a split between wind export and direct export for the projected year.

The two reported export categories moved differently in FY26. Wind export revenue declined to Rs 70 crore from Rs 98 crore in FY25, while direct export revenue increased to Rs 103 crore from Rs 101 crore; together, they declined by Rs 26 crore to Rs 173 crore despite the Rs 12 crore rise in total revenue.

The H1 FY27 revenue mix also differed from H1 FY26. Wind domestic revenue increased to Rs 54 crore from Rs 12 crore and wind export rose to Rs 34 crore from Rs 27 crore, while direct export fell to Rs 36 crore from Rs 45 crore. Gear-box revenue declined to Rs 41 crore from Rs 45 crore and non-wind revenue decreased to Rs 27 crore from Rs 30 crore.

What capacity expansion is Synergy Green planning through FY30?

Synergy Green plans annual capacity of 75,000 MT in FY29 and 100,000 MT in FY30, from 45,000 MT in FY26. The FY30 level is 55,000 MT above FY26 capacity and more than double the FY26 base.

The roadmap follows earlier capacity additions from 15,000 MT in FY18 to 30,000 MT in FY20 and 45,000 MT in FY26. The planned FY29 step adds 30,000 MT over FY26, followed by a further 25,000 MT in FY30.

Management also identifies an opportunity for one more greenfield expansion during the next three to four years that could increase capacity beyond 100,000 MT. This is described as an opportunity rather than a committed capacity target, while the stated medium-term roadmap ends at 100,000 MT in FY30.

What do utilization and H1 FY27 results show?

Synergy Green reported annual capacity utilization of 93% in FY26, compared with 88% in FY25 and 80% in FY24. The presentation records actual utilization of 75% in H1 FY26-27 and projects 80% for FY26-27, below the 93% annual rate reported for FY26.

Production increased 25.8% year on year in H1 FY27, exceeding the 20.2% increase in H1 revenue to Rs 192 crore. The presentation does not disclose H1 production tonnage, so it does not support calculations of revenue or output per tonne.

Profit before depreciation, interest and tax, or PBDIT, was Rs 17.13 crore in H1 FY27, compared with Rs 24.86 crore in H1 FY26. The corresponding PBDIT margin fell to 8.9% from 15.6%, while Q2 FY27 margin was 10.2%, compared with 15.7% in Q2 FY26.

What could affect Synergy Green’s FY27 margin target?

Management expects FY27 PBDIT margin to expand by around 100 basis points year on year, despite the current input-price scenario. A basis point is one-hundredth of a percentage point, and management says FY27 margins have been affected primarily by steep input-cost escalation.

H1 FY27 depreciation and amortization rose to Rs 18.78 crore from Rs 7.04 crore in H1 FY26, while finance costs increased to Rs 14.33 crore from Rs 9.35 crore. Synergy Green reported a loss after tax of Rs 15.19 crore for H1 FY27, compared with a profit after tax of Rs 5.74 crore in H1 FY26.

Balance-sheet movements at 30 September 2026 included long-term borrowings of Rs 176.21 crore, up from Rs 163.21 crore at 31 March 2026. Inventories rose to Rs 97.90 crore from Rs 62.72 crore, trade receivables fell to Rs 47.84 crore from Rs 64.97 crore, and trade payables increased to Rs 101.91 crore from Rs 70.90 crore.

Conclusion

Synergy Green’s plan combines a Rs 500 crore FY27 revenue projection with capacity expansion from 45,000 MT in FY26 to 100,000 MT in FY30. The outlook relies on new customers, added capacity and projected export growth, while H1 FY27 showed 20.2% revenue growth but a lower 8.9% PBDIT margin and a Rs 15.19 crore loss after tax.

The next disclosed milestones are projected FY26-27 utilization of 80%, management’s expected FY27 PBDIT-margin expansion of around 100 basis points, and the planned move to 75,000 MT in FY29. Management’s possible greenfield project over the next three to four years remains an unresolved route to capacity above 100,000 MT.