Synergy Green Industries LimitedCapital Goods & EngineeringSGIL
Q1 FY27 concall · earnings callSynergy Green Industries Limited
Synergy Green Industries posted lower Q1 revenue and margins due to shipment delays, prototype approvals, and input cost inflation, but expects normalization and growth for the full year driven by new capacity and in-house machining.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Income (Q1 FY27) | ₹75.71 Cr | — | |
| PBDIT Margin (Q1 FY27) | 7% | — | |
| Absolute PBDIT (Q1 FY27) | ₹5.3 Cr | — | |
| Production Increase (YoY) | almost 10% | — | |
| Capacity Utilization (Q1 post-expansion) | 66% | — | |
| Installed Foundry Capacity | 45,000 metric tons per annum | — | |
| In-House Machining Capacity | 20,000 metric tons per annum | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹97.12 Cr+10.1% YoY+9.2% QoQ | ₹5.95 Cr+128% YoY+43% QoQ | ₹3.84+107.6% YoY+30.6% QoQ |
| Q2 FY25 | ₹88.91 Cr+23.6% YoY+12.9% QoQ | ₹4.16 Cr+29.6% YoY+41% QoQ | ₹2.94+29.5% YoY+40.7% QoQ |
| Q1 FY25 | ₹78.76 Cr-6% YoY-4.3% QoQ | ₹2.95 Cr+18.5% YoY-9.2% QoQ | ₹2.09+18.7% YoY-9.1% QoQ |
| Q4 FY24 | ₹82.31 Cr-3.4% YoY-6.7% QoQ | ₹3.25 Cr-5.2% YoY+24.5% QoQ | ₹2.30-5.3% YoY+24.3% QoQ |
| Q3 FY24 | ₹88.22 Cr— YoY+22.6% QoQ | ₹2.61 Cr— YoY-18.7% QoQ | ₹1.85— YoY-18.5% QoQ |
TL;DR
- Q1 total income was Rs 75.71 crores, with PBDIT margin at 7%.
- Revenue was impacted by lower dispatches due to delayed customer lifting, prototype approvals, and West Asia conflict logistics disruptions.
- Raw material and consumable cost inflation, plus electricity policy revisions, negatively impacted margins.
- The company expanded capacity to 45,000 tons per annum and achieved 66% utilization in Q1, targeting 80% for full FY27.
- Full-year guidance is for 33% revenue growth to ~Rs 500 crores and a 300 bps margin improvement.
- Key developments include prototype clearance for Nordex 5MW, new Vestas contract for 4MW, and ramp-up of in-house machining.
Said on the call
“We are ramping up and expect to reach 80% utilization of the complete new capacity for the entire year of FY27.”
From the Q&A
| Topic | What management said |
|---|---|
| Q1 Margin Pressures and Future Outlook | Management cited West Asia conflict, Furan Resin price hikes (60%), commodity inflation, and energy cost increases (60-70%) as key margin headwinds, with recoveries expected in Q2 and full-year margin guidance of a 300 bps improvement maintained. |
| Capacity Ramp-up and Production | Production reached 3,200 tons in July (85% utilization), with a target of 80-90% utilization in 2-3 months; the 500-crore revenue target for FY27 is reiterated based on strong production flow, with inventory build-up in Q1 due to shipping/logistics delays. |
| Order Book and New Customer Development | The 'executable order book' for the current year is positioned at Rs 500 crores; for next FY, it could reach Rs 600 crores with the same products and customers. New contracts with Nordex (5MW) and Vestas (4MW) are progressing, with Vestas samples expected in Q4. |
| Solar Power and Energy Costs | A change in MSEDCL policy on solar banking resulted in a one-time retrospective cost recovery and ongoing unit wastage, but increased production consumption has reduced wastage; the company has signed a 5MW wind PPA to supplement its 10MW solar, aiming for 50-60% self-generated power. |
| Next Capex and Land Acquisition | Land acquisition for the 100,000-ton capacity expansion is targeted by end-FY27; the next project could start by Q3 FY28, with fundraising potentially in Q1/Q2 2028. |
| Customer Concentration and Non-Wind Strategy | Vestas has historically been the largest OEM (40-45% share), but its share is expected to reduce to ~30% as new customers like Nordex and Adani are onboarded. Non-wind segments (e.g., Terex, L&T, BHEL) are active, but wind commitments, especially for the US market, limit capacity diversion. |
Guidance
- Target 33% revenue growth for FY27, reaching the Rs 500-crore mark.
- Expect full-year PBDIT margin to improve by around 300 basis points over the previous year.
- Aim to acquire land for 100,000-ton capacity expansion by the end of FY27.
- Target 80-90% capacity utilization within the next 2-3 months.
Source
Summary written from the transcript filed by Synergy Green Industries Limited for the call held on 13 Aug 2026; published 18 Aug 2026, 21:13 IST.
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