August 25, 2025
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Sugs Lloyd IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 29 August 2025 |
| IPO Closes on | 2 September 2025 |
| Allotment on | 3 September 2025 |
| Credit of shares on | 4 September 2025 |
| Tentative Listing on | 5 September 2025 |
Sugs Lloyd IPO Condenses Verdict
SUGS Lloyd has delivered strong growth in FY 2025 with sharp rise in revenue and profits, but the high trade receivables (Rs. 88.76 crore) and elevated working capital remain areas of concern. Sustainability of this growth is uncertain, though its renewable energy and EPC profile provides long-term opportunities.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
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About Sugs Lloyd Cast
Incorporated in 2009, SUGS Lloyd Limited is an engineering and construction company with strong focus on renewable energy and infrastructure projects. The company undertakes solar EPC works (ground-mounted and rooftop), electrical EPC projects (smart meter installation, AMC for 33/11 kV networks, construction of power substations), and civil EPC assignments such as government building construction, refurbishment, and modernization. It is also active in manpower staffing, recruiting young technical professionals under NAPS/NATS programs of the Government of India. With expertise in power transmission, distribution, and civil works, the company has positioned itself as a technology-driven player in sustainable engineering solutions. As on March 31, 2025, SUGS Lloyd had 206 employees on its payroll.
Sugs Lloyds IPO Details
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Sector: |
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| IPO opens on | 29 August 2025 |
| IPO closes on | 2 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 69,64,000 Shares / Rs 85.66 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 350,000 Shares |
| Net offer to Public | 66,14,000 Shares Rs. 81.35 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 117-123 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1000 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,50,000 (5.03%) |
| QIB Shares Offered | 6,91,000 (9.92%) |
| NII (HNI) Shares Offered | 21,85,000 (31.38%) |
| Retail Shares Offered | 37,38,000 (53.68%) |
| Total Shares Offered | 69,64,000 (100.00%) |
| Application | Lots | Shares | Amount Rs. |
| Individual investors (Retail) (Min) | 2 | 2,000 | 2,46,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | 2,46,000 |
| S-HNI (Min) | 3 | 3,000 | 3,69,000 |
| S-HNI (Max) | 8 | 8,000 | 9,84,000 |
| B-HNI (Min) | 9 | 9,000 | 11,07,000 |
Who are the Promoters of Sugs Lloyd IPO?
The promoters hold 99.99% of the pre-IPO capital
What are the Objects of Sugs Lloyd IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+To Meet Working Capital Requirement Rs. 80.65 Crore
+General Corporate purposes
Sugs Lloyd IPO Lead Managers
3 Dimension Capital Services Pvt ltd
| Registered Office of the Company |
| Sugs Lloyd Ltd. Office No-8B, CSC-I Mandawali, Fazalpur behind Narwana Apartments, New Delhi, New Delhi, 110092 |
| Who is the Registrar to the IPO? Kfin Technologies ltd |
Sugs Lloyd Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 133.5 | 48.23 | 24.65 |
| Total Income | 177.87 | 68.75 | 36.36 |
| Profit After Tax | 16.78 | 10.48 | 2.29 |
| EBITDA | 25.83 | 10.96 | 4.1 |
| Net Worth | 38.64 | 21.86 | 11.38 |
| Reserves and Surplus | 22.39 | 12.11 | 8.13 |
| Total Borrowing | 74.83 | 18.57 | 8.36 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 55.47% |
| ROCE | 21.58% |
| Debt/Equity | 1.94 |
| RoNW | 43.42% |
| PAT Margin | 9.52% |
| EBITDA Margin | 14.66% |
| Price to Book Value | 9.14 |
| ES-Pre | 10.32 |
| PER-Pre | 11.99 |
How Sugs Lloyd IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Sugs Lloyd Limited | 11.99 | 47.95 |
| Rulka Electricals Limited | 25.6 | 45.92 |
| Ganesh Green Bharat | 44.8 | 34.72 |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Sugs Lloyd IPO Review
by Paresh Gordhandas, CA & Research Analyst
SUGS Lloyd Limited, incorporated in 2009, operates as a technology-driven engineering and construction company with strong presence in renewable energy (solar EPC), electrical EPC (smart meters, substations, T&D networks), civil EPC (government buildings, refurbishment), and manpower staffing.
Financially, the company has shown a sharp rise in revenues and profitability during FY 2024–25 compared to the previous two years. Total income and PAT have surged, reflecting strong execution and demand for its services. However, whether such elevated growth can be sustained in coming years remains to be seen, as order inflows and execution timelines are often cyclical in the EPC sector.
On the balance sheet side, as on March 31, 2025, trade receivables stood at Rs. 88.76 crore, inventory at Rs. 8.07 crore, and other loans & advances at Rs. 6.03 crore. When compared to its monthly revenue of Rs. 14.68 crore, these levels appear on the higher side, raising concerns about cash flow management and working capital intensity.
While the company’s diversified EPC offerings and positioning in the renewable sector are positives, the sustainability of recent financial performance along with high receivables and working capital requirements need close monitoring.
The company provides EPC services in solar, electrical transmission & distribution, civil infrastructure, and manpower staffing.
In FY 2025, the company posted a sharp rise in revenues and net profits compared to FY 2023 and FY 2024, showing strong execution momentum.
Yes. Trade receivables of Rs. 88.76 crore, inventory of Rs. 8.07 crore, and loans/advances of Rs. 6.03 crore are high compared to monthly revenues of Rs. 14.68 crore. This indicates pressure on working capital and cash flows.
The business model is attractive with exposure to renewable and EPC projects. However, high receivables and uncertainty on sustaining FY 2025-level growth make this IPO suitable only for investors with higher risk appetite.
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