1. At a Glance
₹220 crore market cap. ₹95 stock price. ROE at a gym-bro level 54%. ROCE flexing at 34.5%. TTM sales ₹246 crore, TTM PAT ₹23 crore, P/E just 9.6 while the industry preaches at 25+. Sounds like a value sermon, right? Hold the applause.
Sugs Lloyd is that guy in the EPC wedding who doesn’t own a banquet hall, doesn’t cook the food, but somehow manages the entire function. Solar EPC, electrical distribution, civil EPC, manpower outsourcing, outage management, smart grids — basically, if a government tender exists, Sugs Lloyd wants to be inside it with a helmet and a spreadsheet.
Recent quarter (Q3 FY26) numbers? Revenue ₹62.6 crore, PAT ₹6.11 crore, YoY growth near 20–22%, margins holding ~15% OPM. Not bad for a company that lives and dies by government payments and DISCOM patience.
But here’s the twist — debtor days are 185. That’s not a typo. That’s almost half a year of “Sir payment next week.” So yes, returns are sexy, but the cash flow story is… complicated. Curious already? Good. Keep reading.
2. Introduction
Sugs Lloyd Limited was incorporated in 2009, which means it has survived multiple EPC cycles, policy U-turns, DISCOM meltdowns, and tender clauses written in mysterious Sanskrit-English hybrids. That survival itself is an achievement.
The company operates as a technology-driven engineering and construction contractor, with a heavy tilt toward renewable energy (read: solar), electrical transmission & distribution, and civil EPC — mostly for government and quasi-government clients. Translation: order books look fat on paper, execution looks heroic on PPTs, and cash comes whenever the finance department of a state utility feels spiritually ready.
What makes Sugs Lloyd interesting is not innovation or IP — it’s execution density. The company doesn’t own heavy plants, doesn’t manufacture panels or cables at scale, and doesn’t pretend to be a product company. It assembles, executes, installs, commissions, maintains, and then moves on to the next tender battlefield.
Post its September 2025 IPO, Sugs Lloyd suddenly became visible to the market. And the market did what it always does — first over-excited, then deeply disappointed, then confused. The stock went from ₹149
to sub-₹100 faster than a government portal crashes on deadline day.
So the real question is: is this a misunderstood execution machine, or just another working-capital guzzling EPC story with nice ratios and thin patience? Let’s dissect.
3. Business Model – WTF Do They Even Do?
Imagine a Swiss Army knife designed specifically for Indian power utilities. That’s Sugs Lloyd.
a) EPC Services
Solar EPC, electrical EPC, civil EPC — end-to-end. Design, engineering, procurement, construction, commissioning. They don’t make the equipment; they make it work together on site, on time, on budget (mostly).
b) Outage Management Solutions
For DISCOMs that don’t like angry customers calling at 2 a.m. This includes fault passage indicators, auto-reclosers, sectionalizers — basically hardware + software that tells you where the line failed and how fast you can fix it.
c) Civil Construction
Hostels, buildings, substations, infrastructure — mainly for government entities. No fancy malls, no luxury towers. This is cement-and-deadline work.
d) Manpower & Staffing
Yes, they also provide skilled manpower to power utilities. Linemen, technicians, support staff. Low margin, high dependency, but sticky relationships.
e) O&M for Solar Projects
Once installed, someone has to clean panels, monitor output, and fix stuff. That someone is often Sugs Lloyd.
f) Smart Grid & SCADA
Automation switchgear, SCADA integration, smart grid components — sounds futuristic, but mostly tender-driven, compliance-heavy work.
The common thread? Government and PSU clients. If you like predictable demand with unpredictable cash flows, welcome home.
4. Financials Overview
Quarterly Performance Table (₹
