Sugs Lloyd Ltd H1 FY26 (Sep 2025): ₹123 Cr Quarterly Sales, ₹12 Cr PAT, 54% ROE — Government EPC Ka Rocket Ya Working Capital Ka Black Hole?

1. At a Glance

₹275 crore market cap. ₹119 stock price. Listed barely a few months ago and already behaving like that overconfident fresher who topped one internal exam and now walks like a topper forever. Sugs Lloyd Limited has reported ₹123 crore sales in the latest half-year ended Sep 2025, with PAT of ₹12 crore, clocking 75.5% YoY profit growth and 94% YoY sales growth. ROE is a spicy 54%, ROCE a very respectable 34.5%, and the P/E multiple sits around 12.6, which in today’s renewable + EPC + PSU contractor mania looks suspiciously “reasonable.” Debt stands at ₹83 crore, debtor days have ballooned to 185 days, and operating cash flows are negative despite profits — classic government EPC vibes. Promoters hold 70%, zero pledge, IPO money has landed, and order wins from Punjab State Power Corporation are already dropping like hot samosas. This company is either scaling into a serious EPC contender… or auditioning for the “Working Capital Stress Olympics.” Curious already? Good. Keep reading.

2. Introduction

Sugs Lloyd Limited is what happens when renewable energy, government EPC contracts, and IPO enthusiasm all decide to sit at the same table. Incorporated in 2009, the company spent years quietly executing electrical, solar, and civil projects for state utilities, DISCOMs, railways, and other PSU-heavy clients. Then suddenly — IPO in September 2025, fresh capital, and now quarterly results that look like they’ve had three Red Bulls before reporting day.

On paper, the story is seductive. Solar EPC. Electrical infrastructure. Smart grid solutions. Civil works. Manpower services. Government clients. Renewable tailwinds. Add to that ROE north of 50% and revenue growth that would make most midcaps blush.

But seasoned Indian market veterans know this genre well. EPC companies dealing with government utilities often look like financial bodybuilders on the P&L and absolute yogis on cash flow — flexible enough to stretch receivables into the next financial year. Sugs Lloyd fits neatly into this archetype.

The real question isn’t whether the company can execute projects — it clearly can. The question is whether execution converts into cash, not just PowerPoint profits. And whether post-IPO scale improves balance sheet quality or simply inflates the working capital treadmill.

So let’s put on our funny auditor glasses, sharpen the pencil, and dissect Sugs Lloyd like a CA during scrutiny assessment.

3. Business Model – WTF Do They Even Do?

Sugs Lloyd Limited