India’s renewable energy journey has entered a decisive phase, with solar and smart grid infrastructure witnessing unprecedented investments. In this environment, Sugs Lloyd is stepping forward with its IPO on the BSE SME platform, aiming to raise growth capital and expand its footprint in the EPC (Engineering, Procurement & Construction) domain.
The company’s focus areas—solar energy, electrical transmission & distribution, and civil EPC—align perfectly with the government’s long-term push for clean energy and infrastructure modernisation.
Before investing in the IPO, having complete information is essential. Sugs Lloyd IPO review gives you insights into the company’s business model, revenues, ongoing projects, and all the key details that help you make an informed investment decision.
Company Overview
Sugs Lloyd is an EPC solutions provider that operates across multiple verticals: solar power projects, electrical distribution, and civil infrastructure. The company also delivers outage management solutions (OMS) using smart technologies such as Fault Passage Indicators, Auto Reclosers, and Sectionalizers, primarily for state DISCOMs (distribution companies).
Its clientele includes leading names such as Tata Power JVs, BSES, Indian Railways, Delhi Police Housing Corporation, and BREDA (Bihar Renewable Energy Development Agency).
Leadership is another cornerstone:
- Mrs. Priti Shah (Managing Director & Promoter) brings deep expertise in electrical transmission and large-scale project execution.
- Mr. Santosh Kumar Shah (Non-Executive Director) has decades of experience in the EPC sector and currently serves as Chairperson of Sugs Lloyds Ltd.
Sugs Lloyd Business Model Analysis
At its core, Sugs Lloyd operates on a hybrid model of supply + services, which allows the company to control both material procurement and execution services, thereby improving margins and ensuring quality consistency.
Sugs Lloyd business model is organised across four verticals:
- EPC – Solar: The solar division offers turnkey EPC solutions, covering everything from design and engineering to procurement, construction, commissioning, and long-term O&M services. Key clients such as BREDA and Indian Railways highlight its strong positioning in government-driven renewable energy initiatives.
- EPC – Electrical: This vertical caters to power distribution utilities. The company handles construction and refurbishment of distribution lines (33kV, 11kV & LT), power substations, and smart grid automation systems. Importantly, it provides Outage Management Solutions (OMS) through indigenous products like Fault Passage Indicators and Auto Reclosers, which reduce downtime and improve efficiency for DISCOMs.
- EPC – Civil: Beyond energy projects, the company undertakes civil infrastructure works, including government buildings, police housing, and control rooms for substations. This diversifies the revenue base and provides insulation from cyclicality in any single segment.
- Manpower & Staffing Services: Sugs Lloyd also offers skilled workforce deployment for government utilities, enabling efficient operation and maintenance of power infrastructure. This vertical complements its EPC business by creating long-term service relationships with clients.
What sets the Sugs Lloyd business model apart is its end-to-end control of the EPC cycle:
- Bidding & Risk Assessment → comprehensive evaluation of technical, financial, and environmental risks.
- Design & Engineering → in-house teams ensure cost and efficiency optimisation.
- Procurement → strategic supplier network across India & abroad guarantees quality components.
- Construction & Commissioning → deployment of project managers and site teams for on-time delivery.
- Operation & Maintenance (O&M) → bundled contracts add recurring revenues and ensure client stickiness.
Unlike many small EPC players that rely heavily on subcontracting, Sugs Lloyd maintains a balanced mix of in-house expertise and outsourced support, giving it scalability without compromising quality.
4. Sugs Lloyd Revenue Streams & Segment Analysis
Sugs Lloyd revenue streams reflect a strategic balance between high-growth solar projects, steady electrical contracts, and complementary verticals like civil EPC and manpower services. This diversification ensures that the company is not overexposed to a single segment while still capitalising on India’s renewable push.
Solar EPC (INR 75.65 Cr | 42.9% of FY25 Turnover)
- The solar division has witnessed the sharpest growth, expanding more than 35x between FY2023 and FY2025.
- Landmark projects such as the 1 MW rooftop solar plant at Howrah Railway Station and BREDA’s government rooftop programs in Bihar demonstrate the company’s ability to execute projects across geographies.
- With India’s ambitious target of 500 GW renewable capacity by 2030, solar EPC will continue to be the largest revenue driver for Sugs Lloyd.
Electrical EPC (INR 80.12 Cr | 45.5% of FY25 Turnover)
- This vertical includes distribution line erection, refurbishment, substation construction, and automation technologies.
- A key differentiator is Sugs Lloyd’s indigenous Fault Passage Indicators (FPIs) and Auto Reclosers, now deployed across Odisha DISCOMs. These solutions reduce outage times, improve grid reliability, and create recurring demand from utilities.
- Repeat orders from Tata Power JVs (TPSODL, TPWODL, TPNODL) provide predictable, annuity-like engineering revenues, which complement the lump-sum nature of solar projects.
Civil EPC (INR 18.59 Cr | 10.5% of FY25 Turnover)
- Civil contracts—such as Delhi Police Housing projects and TPSODL control room buildings—not only bring revenue but also strengthen relationships with government bodies.
- Though a smaller portion of the pie, this segment adds resilience, especially when renewable project flows are cyclical.
Manpower & Staffing (INR 18.25 Cr | 1% of FY25 Turnover)
- Offers skilled workforce deployment for DISCOMs, IIT Kanpur, and other public sector clients.
- While the contribution is modest, it serves as a strategic vertical by deepening long-term customer relationships and providing a steady income stream.
Sugs Lloyd IPO Analysis: Completed & Ongoing Projects
The true credibility of an EPC player lies in its execution track record, and Sugs Lloyd has built a strong one across multiple verticals.
Completed Projects (Highlights):
- BREDA (Bihar Renewable Energy Development Agency): Multiple rooftop solar installations across government buildings in Bihar, spread over 40 MW+ capacity. These projects demonstrate scale and the ability to meet government deadlines.
- Indian Railways (Eastern Zone): Installed a 1 MW rooftop solar project at Howrah Railway Station, one of the busiest stations in Asia—an execution environment that demanded high precision and minimal disruption.
- Tata Power JVs (Odisha):
- Construction & refurbishment of 33kV and 11kV distribution lines.
- Deployment of OMS solutions with FPIs & Auto Reclosers, improving grid reliability.
- Multi-phase spot billing and metering projects, ensuring recurring engineering revenue.
- Delhi Police Housing Corporation: Civil EPC projects ranging from multi-storey housing complexes to control room buildings, strengthening government presence in the capital region.
Ongoing Projects (Highlights):
- TPSODL Hostel Building (G+4) Odisha: Civil EPC project worth INR 22.08 crores.
- Tata Power AMC & Global RC Contracts (Odisha): Together worth INR 72+ crores, ensuring multi-year recurring revenues.
- Maharashtra State Power Generation Company (MSPGCL): Two large-scale solar EPC projects in Ahmednagar with a combined order value of INR 85+ crores, under execution through FY2025–26.
- Punjab State Power Corporation (PSPCL): Solar projects across Amritsar, Jalandhar, and Ludhiana, totalling INR 54+ crores, diversifying geographical footprint.
- NTPC & NHAI (Delhi): Solar projects worth INR 46.9 crores and INR 39.5 lakhs respectively, further embedding the company in national renewable initiatives.
The pipeline indicates revenue visibility for the next 2–3 years, which is critical for IPO investors evaluating stability post-listing.
6. Sugs Lloyd IPO Review: Financial Performance
The company’s financials over the last three years tell a compelling growth story:
| Particulars | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | 22.77 | 35.79 | 65.13 | 176.20 |
| Net Income | 2.20 | 2.29 | 10.48 | 16.78 |
| EBITDA Margin (%) | 13.20 | 11.47 | 16.83 | 14.66 |
| RONW (%) | 36.15 | 20.16 | 47.95 | 43.42 |
| Debt/Equity | 0.63 | 0.73 | 0.85 | 1.94 |
Key Observations:
- Revenue Surge: CAGR of over 100%+ between FY2022–FY2025, showcasing aggressive scaling.
- Profitability: Net income rose nearly 8x in just three years (INR 2.2 Cr → INR 16.78 Cr).
- Margins: EBITDA margins stabilised around 14–17%, healthy for EPC firms.
- Return Ratios: RONW consistently strong above 40% in FY2025, indicating efficient capital deployment.
- Leverage: Debt/Equity has risen to 1.94 in FY2025, which signals rising working capital needs—a key reason why IPO proceeds are being allocated to working capital infusion.
7. Client Base & Supplier Ecosystem
One of the company’s strongest assets is its deep and recurring client relationships.
- Top Clients (FY2025):
- BREDA (37.9% of revenue) – solar rooftop programs.
- South Bihar Power Distribution Co. (18%) – large EPC electrical contracts.
- Tata Power JVs (Odisha, Western & Northern) – electrical + civil + OMS solutions.
- Indian Railways & PSPCL – marquee solar projects expanding geographical footprint.
Together, the top 10 clients accounted for nearly 88% of FY2025 revenue, showcasing strong institutional trust.
- Suppliers: The company has also built a reliable vendor network for critical inputs such as solar panels, inverters, transformers, and cabling. Suppliers like Agarwal Ispat, Integrated Batteries India, and Sova Solar ensure continuity of high-quality supplies.
8. IPO Perspective & Investor Takeaway
The IPO comes at a time when the company is ready to shift gears from medium-sized to large-scale EPC player.
- Offer Details:
- Fresh Issue: 69.64 lakh shares
- Price Band: INR 117–123
- Issue Size: INR 81.5–85.7 crore
- Retail Allocation: 35%
- Listing: BSE SME
- Use of Proceeds: Funds will primarily be used to meet working capital requirements (INR 64 crore) and for general corporate purposes. This is critical since EPC businesses are working-capital intensive, and capital infusion will directly support scale-up.
- Long-Term Potential:
- Positioned at the intersection of renewable energy growth and power infrastructure modernisation.
- Strong execution credibility across solar, electrical, and civil verticals.
- Promoter-led with skin in the game (99.99% pre-issue stake).
Closing View
Sugs Lloyd IPO is not just another SME listing — it’s a play on India’s energy transition story. With its diversified EPC model, sticky client base, and proven financial growth, the company appears well-positioned to scale significantly in the coming years. While near-term risks like leverage and competition exist, the long-term trajectory looks promising for investors seeking exposure to renewable and infrastructure growth themes.
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