Synergy Green targets Rs 500 crore FY27 revenue, up 33%

Synergy Green Industries Ltd projects Rs 500 crore of revenue in FY 2026-27, about 33% above Rs 376 crore in FY 2025-26, supported by added capacity and new customers. Synergy Green’s medium-term roadmap also raises annual capacity from 45,000 metric tonnes in FY26 to 100,000 metric tonnes in FY30.

What is Synergy Green's FY27 revenue outlook?

Synergy Green projects FY 2026-27 revenue of Rs 500 crore, versus Rs 376 crore in FY 2025-26, representing the approximately 33% growth stated in its presentation. Management attributes the projection to new customer additions and enhanced capacity. The estimate is based on executable order-book projections and schedules available to management when the presentation was published.

The company says the FY27 estimate may change with market conditions. Its revenue table identifies the figure as “FY 26-27 P”, distinguishing it from reported financial results. The FY26 total of Rs 376 crore followed Rs 364 crore in FY25, an increase of Rs 12 crore.

Management also projects export revenue to grow by approximately 50% over FY26 and account for around 30% of FY27 revenue. The presentation does not provide a full FY27 split across wind domestic, wind export, direct export, gearbox and non-wind revenue streams. This makes the Rs 500 crore target a consolidated projection rather than a disclosed segment forecast.

How will Synergy Green expand capacity by FY30?

Synergy Green plans to increase annual capacity to 75,000 metric tonnes in FY 2028-29 and 100,000 metric tonnes in FY 2029-30, from 45,000 metric tonnes in FY 2025-26. The FY30 level is 55,000 metric tonnes above FY26 capacity and more than double the FY26 base. The roadmap follows earlier capacity increases from 15,000 metric tonnes in FY 2017-18 to 30,000 metric tonnes in FY 2019-20.

Synergy Green reported capacity utilisation of 93% in FY 2025-26, compared with 88% in FY 2024-25 and 80% in FY 2023-24. Actual utilisation was 75% in H1 FY 2026-27, while the company projects 80% for the full year. The FY27 utilisation projection is therefore below the 93% reported for FY26 despite the revenue-growth outlook.

Management says there is an opportunity for one more greenfield expansion over the next three to four years that could lift capacity above 100,000 metric tonnes. The presentation does not specify the potential project’s cost, location, commissioning date or funding method. Its stated capacity roadmap reaches 100,000 metric tonnes in FY 2029-30 without detailing this additional opportunity.

How did Synergy Green perform in H1 FY27?

Synergy Green’s total income rose to Rs 192.02 crore in H1 FY 2026-27 from Rs 159.76 crore in H1 FY 2025-26, an increase of 20.2%. The company also said production increased 25.8% year on year during the half. Its revenue-stream table rounds the respective first-half totals to Rs 192 crore and Rs 159 crore.

Profit before depreciation, interest and tax, or PBDIT, declined to Rs 17.13 crore in H1 FY27 from Rs 24.86 crore a year earlier. PBDIT margin fell to 8.9% from 15.6%, with management attributing the first-half margin impact primarily to steep input-cost escalation. PBDIT is a measure shown by the company before depreciation, finance costs and tax.

Synergy Green recorded a loss after tax of Rs 15.19 crore in H1 FY27, compared with a profit after tax of Rs 5.74 crore in H1 FY26. Depreciation and amortisation rose to Rs 18.78 crore from Rs 7.04 crore, while finance costs increased to Rs 14.33 crore from Rs 9.35 crore. Profit before tax before exceptional items consequently moved to a loss of Rs 15.98 crore from a profit of Rs 8.47 crore.

What changed in Synergy Green's revenue mix?

Synergy Green’s FY26 revenue mix was led by direct export at Rs 103 crore and gearbox revenue at Rs 87 crore, followed by wind export at Rs 70 crore. In FY25, direct export was Rs 101 crore, gearbox was Rs 67 crore and wind export was Rs 98 crore. Total revenue increased to Rs 376 crore in FY26 from Rs 364 crore in FY25, while wind export declined and gearbox revenue increased.

The two explicitly export-labelled FY26 streams, wind export and direct export, totalled Rs 173 crore, compared with Rs 199 crore in FY25. In H1 FY27, wind export increased to Rs 34 crore from Rs 27 crore in H1 FY26, while direct export declined to Rs 36 crore from Rs 45 crore. Management’s FY27 export-growth projection would mark a change from this first-half mix.

Wind domestic revenue rose to Rs 54 crore in H1 FY27 from Rs 12 crore in H1 FY26. Over the same period, gearbox revenue declined to Rs 41 crore from Rs 45 crore and non-wind revenue fell to Rs 27 crore from Rs 30 crore. The presentation does not allocate the Rs 500 crore FY27 revenue projection among the five reported streams.

What does Synergy Green's balance sheet show?

Synergy Green reported total assets of Rs 485.76 crore at September 30, 2026, compared with Rs 473.25 crore at March 31, 2026. Long-term borrowings increased to Rs 176.21 crore from Rs 163.21 crore, while short-term borrowings declined to Rs 81.99 crore from Rs 87.19 crore. Net worth decreased to Rs 95.10 crore from Rs 111.48 crore over the same dates.

Inventories rose to Rs 97.90 crore at September 30, 2026 from Rs 62.72 crore at March 31, 2026. Trade receivables fell to Rs 47.84 crore from Rs 64.97 crore, while trade payables increased to Rs 101.91 crore from Rs 70.90 crore. These figures were reported alongside the Rs 15.19 crore H1 FY27 loss after tax and before the capacity milestones disclosed for FY29 and FY30.

Conclusion

Synergy Green’s plan combines a Rs 500 crore FY27 revenue projection with a capacity pathway from 45,000 metric tonnes in FY26 to 100,000 metric tonnes in FY30. The growth outlook follows H1 FY27 total-income growth of 20.2%, but the half-year also recorded a PBDIT-margin decline to 8.9% and a Rs 15.19 crore loss after tax.

The next disclosed measures to watch are the FY27 projection of 80% utilisation, export-revenue growth of approximately 50% and PBDIT-margin expansion of around 100 basis points year on year. Beyond FY27, management lists 75,000 metric tonnes of capacity in FY 2028-29 and 100,000 metric tonnes in FY 2029-30, while a further greenfield expansion remains an opportunity rather than a specified project.