Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Sugs Lloyd Ltd (BSE: 544501) Q4 2026 Earnings Call dated May. 18, 2026
Corporate Participants:
Santhosh Shah — Managing Director
Unidentified Speaker
Analysts:
Janhvi Patil — Analyst
Unidentified Participant
Disha — Analyst
Vaibhav Mishra — Analyst
Chinna Satya Narayana — Analyst
Jiganesh — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to The Suggs Lloyd Limited H2 and FY26 earnings conference call hosted by Orem Connect. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing Star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms.
Janhvi Patil from Orem Connect. Thank you. And over to you, ma’. Am.
Janhvi Patil — Analyst
Good afternoon everyone and a warm welcome to all of you. I am Janhvi Patil from Orem Connect representing the investor relations team of Sooks Layout Ltd. On behalf of the company, I would like to thank you all for joining US for the H2 and FY26 earnings con call. Before we begin, I would like to state a brief cautionary statement. Some of the statements made during today’s call may be forward looking in nature. These forward looking statements are subject to certain risks and uncertainties that will cause actual results to differ materially from those expressed or implied.
These statements are based on management’s current expectations, assumptions and information available as of now. Investors are therefore advised not to place undue reliance on this forward looking statement when making any investment decisions. The purpose of this call is to share insights into company’s business performance and financial results under review. Now I am pleased to introduce the members of the management team present with us today. Mr. Santosh Shah, Managing Director and Promoter.
Mr. Satakam Basu, Chief Executive Officer. Mr. Vicky Kumar, Chief Financial Officer. With that I now hand over to Mr. Satyakam Basu for his opening remarks. Thank you. And over to you sir.
Santhosh Shah — Managing Director
Hi, Good afternoon everybody and thank you for coming on this call. To start with, I would like to inform you that despite all the geopolitical problems happening in India all over the place, your company had a very good year this year. Primarily because of the government’s emphasis on both the transmission distribution area as well as on the renewable energy area, primarily solar which is of interest to us. As compared to the last year we have shown growth of around 70% on our revenue. Last year we concluded the year with 176 crore.
This year we approximately 300 of crore. That leads to a 70% increase. Our EBITDA has increased by 69%. I am not rattling out the figures because all of you have seen the presentation and figures of you. Pat has also gone up by 71%. More importantly, as the business has grown almost double, we have been able to retain both our EBITDA margin as well as the PAT margin over this period as compared to last year. And of course the earning per share has also increased. It has increased by almost 37, 38%.
Primarily this year has been our growth stage which will continue for next couple of years. We have been able to grow geographically as well as include some key market customer into our fold over the period. We have been able to book almost 500 crore plus order during the course of the year. And as a result we have laid the foundation for even more robust growth for the next year. Obviously we will not be talking about next year, but this is what we have been able to do and we feel very confident that the momentum will be carried on for the next year as well.
And as I said, primarily government’s emphasis is on the transmission distribution through the RDSS and other schemes. Government’s emphasis is on renewable energy and we have really capitalized on that. And moving forward also on our key product which is our niche product that we have for fault passage indicator, section, ionizer, et cetera. We have been able to grow and make penetration to the new customers in new geographical areas. This is one area where we foresee a large growth because it’s mostly not yet grown, not yet being fully utilized.
But people have started understanding the need of it. They understand that this actually leads to your transmission loss and distribution loss and as well as reduce your downtime. So that this comes as slowly one by one, you know, adapting this. We are already on the ball discussing with various other customers on the same. Our order book as of now stands around 825 crore. And we have already participated on various other tenders whereby we expect some reasonable and sizable orders to come in during the course of this year.
Okay. And this emphasis is not only on the line of business but also the emphasis is on geographical spread. As you all know, we initially had most of our revenue coming from Odisha and Bihar. But slowly we have now moved into Gujarat. We have moved into Maharashtra, we have moved into Punjab. We have moved into Chhattisgarh. We have moved into various places. And we are now really planning by the end of this year you will see us covering much, much more geographically of the country than anywhere else.
We also have map drawn on the international expansion which we are planning to do. Of course not immediately with a large amount, but definitive steps will be taken towards entering and increasing our international business. That is what we will do as far as our balance sheet is concerned, Garcia, the IPO that we are successful, IPO that we have, we have been able to increase a lot of shareholders capital into the scenario. As a result, our debt is to equity ratio has improved from almost 0.5 to 2 level and this is a very very healthy situation.
Our current ratios have improved. Everything is now going on the right way. So with this you will see a lot of things coming up in the next year. And we have already crossed an year or a month of the year and we really see those times coming in. We are actually very bullish on this product which is now getting a lot of acceptance, a lot of tenders coming up. We have also backed some sizable orders on that which will make us one of the premier players in this industry and we go forward. So just to conclude before I go any further, we had a good year.
We have increased our top line from 176 crore to 300 crore. We have increased our bottom line from 16 crore to 28 crores. We have maintained the margin despite this growth. We have maintained the margin on EBITDA and PAT. The EPS has gone up by 38%. Healthy amount of capital has been introduced in the company and thereby we are maintaining all the ratios properly, including the current ratio as well as the debt, equity, et cetera. With this I would request Mr. Shamtos Shah to add some from his side to add to this call before we open it for the questions.
Unidentified Speaker
Thank you Basu Sahib and thank you to all the listeners for joining us. I will try to keep my remarks as brief as possible. As already Bashab has informed, we have overachieved our guidance for financial year 26 delivering a turnover of rupees 300 crores against our stated guidance of rupees 270 crores. We are well on the track to deliver similar consistent performance in the years ahead. I would like to share three areas where we are placing full focus and energy as we move into financial year 27.
First, growth. Our target of rupees thousand crore revenue by financial year 28 is firmly on track. Financial year 27 will be a significant and visible step towards that milestone. Second area of focus and energy is financial strengthening. Improving receivables is our top priority and we are working hard on it. Alongside this we are building multiple levers to improve our fund flow through a balanced mix of debt and equity and through market instruments such as purchase, invoice, discounting, surety bonds and other structured financial options available.
All of this is geared towards funding our growth to rupees 1000 crores in a prudent and sustainable way. Our third focus area is product and technology leadership. Our FBI business is growing at a pace which is very exciting. The order Quantity received in Q1 financial year 27th alone is already comparable to the entire FPI order book of last year. Our other products like autoreclosures and sectionalizers are also gaining strong momentum. We have already started receiving new orders for these products which is very encouraging for us in this category.
Our next generation compact FPI is almost ready and will be launched very shortly. We are also in discussion with select companies for technology transfer to offer more advanced solutions to the industry. On the system side, building on our SCADA contract with Konkan Railways, we are now aggressively pursuing scada compatible grids, ADMs, DMS and distributed automated system projects. These are high value engagements with us and it will be having a strong and growing pipeline. All of this is fully aligned with India’s massive investment in energy infrastructure.
Suk Sloyed is at the center of that investment and we intend to stay there for long. You have placed your trust in us. We honor that trust every single day. Thank you to each of our listener. We are now open to the floor for your questions. Please. Thank you.
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the queue, you may press star and
Santhosh Shah — Managing Director
2.
Operator
Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Agastya Dave from CAO Capital. Please go ahead.
Unidentified Speaker
Hi, good afternoon. Emma Odimond. Yeah. Yeah. Okay. Thank you very much sir. Congratulations on great set of numbers. So I have one clarification on the balance sheet which is the other current assets which have jumped to 42 crores. There seems to be a reclassification. Is this retention money, sir? Yes, Mr. Gave, this is retention money which is not due, which will get due after completion of certain or discharging certain responsibilities by the company in Project Perfect. So if I include this in the receivables and the receivables have got up.
That is the only not great part of the results. Otherwise the results are pretty good. So you mentioned in the opening remarks that you are concentrating on on this part on managing receivables. If you can elaborate that point more and then I’ll also ask the second question. Sir, you received a very very large order 600 odd crores. Can you take us through what are the terms and conditions there? What kind of working capital needs will we have? Plus the margins that you see in this particular project.
So the 14.5% that you have been maintaining for the last two years, will you be able to maintain the same margins with this new project coming in or will we see some slight improvement in the margins? And you also mentioned that you are also working on some large ticket size orders. So when can we see those coming? Are there any tentative timelines that you can discuss and what would be the scope of there? Yeah. Mr. I’ll answer your questions one by one. First question is regarding receivables. Now one thing I would like to bring to your focus that majority 40% of our sales have happened in Q4 now.
Yeah and the so 40% of that always you know appears in the balance sheet as debt and rest 10% is carried from you know previous listing. So, so this is how the you know it has been the trend in past now we are working on you know making some arrangements and doing something so that we can avoid these concentration of revenues in the last month of the year. So, so we are working on it how we can further you know we can avoid these concentrations. So that is one of the strategies which is there in place.
Second is that yes we are strengthening, we are you know tightening our entire receivable collection processes and all certain tools, certain procedures. You know this teams has been formed, certain task force has been defined. You may need to address any kind of delay which is there. And third we are further looking for projects. Now the projects which we were having majority of these projects were you know like in some of the projects the payment was to be received after installation and after commissioning and again after three months of satisfactory operation.
So now going forward we are trying to concentrate more on the projects we have. Payment terms are easy where we can get majority of the payment terms once we have started billings and then it is the retention which is linked with the final installation and commissioning or after completion of defect liability period should not be more than 10%. So these are few steps which we are taking to improve our receivable figures. Now coming to your second question, it was last ticket orders
Santhosh Shah — Managing Director
Whenever
Unidentified Speaker
You speak it order that you have one sir, what is the margin working capital requirement for that particular project? And you mentioned in the opening remarks that you have some other large orders in the pipeline. So again if you can elaborate provide some additional commentary there. Yeah see the this 640 crores project which we are executing. It has got. We will. There will not be any kind of a pressure on margins because of this project. The payment terms it is. It is a normal RDS project. And the payment terms are again 60%.
Once we supply the material, we get 60% on that. 30% is linked with installation and commissioning and 10% is the retention which gets released after completion of project and against a bank guarantee. So this is a common payment terms which. Which used to be in every RDSS project. Now coming to other big ticket projects we have started bidding for. We are preparing our. We are in the process of bidding many. There was a few projects in Tripura. Somehow we missed it. But yes, there are other tenders also which are coming on the same grounds where a lot of automated distributed management systems, KEDA compatible grades.
These kind of high technology projects are there. So we are eyeing those. And it is very difficult to say when we will be able to receive those. Because these are entirely beyond our control. It is directly depends on customer to customer and government to government. But yes, in this financial year we expect similar such projects. At least one similar such project in this financial year. Excellent sir. Thank you very much for giving me the time. So one request. Kindly consider moving to quarterly results.
It’s a very uncertain period, sir. And for investors and for the company it will be better that if we have more frequent engagement and more frequent reporting. Yeah, Mr. I really appreciate. I would like to further add on that we have already opted for quarterly results the day we were listed. And every quarter we are publishing our results. Not only publishing, we are also. Okay, I. I may have missed your. That next time henceforth or in IR team should get in touch with you and should inform you.
The report which has come out right now. The earnings report. It has half yearly numbers. That’s why I said it. So if you’re doing it quarterly sir, that’s perfectly fine. So thank you very much. Thank you. All the best, sir. Thank
Unidentified Participant
You.
Questions and Answers:
Operator
Thank you. Our next question is from the line of Nishita Sankrasha with Sapphire Capital. Please go ahead.
Disha
Yes, hello. So I just wanted to understand more on our niche product. So you mentioned that the FY27 book order book till date that we received in that is comparable to the entire year of FY26. Can you quantify the order book that we have currently in the niche product segment?
Unidentified Speaker
Yes, we are having multiple orders, Nikita. For our communicable FBI. The orders are from various customers. Mostly these are Tata Power discoms. And then we are having One order from NPCL also are we having the quantities right now the total value for FPI. The orders which we are going to execute in Q1 or maybe in by month of June or next month July will be around 8 crores. We will be billing only for FPMS. So that is the order. And there are many others also which is in pipeline which is at various advanced stages of discussions and negotiations.
And we expect, as I said we expect a good jump in FBI business in this financial year.
Disha
Understood. So like is it safe to assume that in the total of FY26 we’ve executed 8 crore of FBI orders? Like the revenue from FBI was 8 crores.
Unidentified Speaker
Yeah. Sorry, couldn’t get the telecom again. Please.
Disha
So is it safe to assume that in FY26 our revenue from FPI was 8 crores? Because you mentioned that
Unidentified Speaker
That’s
Disha
The comparable amount
Unidentified Speaker
Last year.
Operator
Last year 6.6.
Unidentified Speaker
Yeah. It was around 7 crores. Against which the current order which we are having is around eight cores.
Disha
Okay. Okay. And what is the order book pipeline for our RT Indian Solar EPC business? If you can quantify that.
Unidentified Participant
Order
Unidentified Speaker
5 expected tenders in bid
Vaibhav Mishra
1225.
Unidentified Speaker
The total tenders which are at various stages of evaluation is around 1225 crores over and above. And our strike rate somewhere goes around 20 to stay between 20 to 30%. So we can say around 200 to 300 out of these we are going to book. And around 3,000 odd tenders we have already identified for which bidding bid preparation is undergoing. And we will be bidding in in a month or in next two months. So from there also we will we expect inflow of orders.
Disha
Okay. Okay, understood. And earlier you guided for 600 crores of top diamonds. Is that still achievable?
Unidentified Speaker
Yes, it is very much achievable. We are online.
Disha
Thank you so much.
Unidentified Speaker
Thank you.
Operator
Thank you. Our next question is from the line of Harshit Pandey with Blue Star Capital. Before you go ahead sir, let me remind participants that they may press star and one to ask a question. Please go ahead.
Unidentified Speaker
Am I audible?
Operator
You are audible, sir.
Unidentified Speaker
First of all congratulations sir for amazing set of numbers. So my question is on margin. So will the margin will be maintained or it will be slightly less or it can be improved which is good. Guarding on that then it will be really helpful. Would
Santhosh Shah
You like to. Okay. As I said this, as I said during my introduction call we have been growing Almost like in 1.7 1.8x over the last year. And we will maintain the momentum. I cannot Say the exact numbers and we have been able to retain both the EBITDA margin as well as the P margin. So it always comes with a various basket of products, basket of orders and basket of customers. Somewhere it goes a little low, somewhere it goes little high. But we are very confident that we will be able to maintain at least the trend over the next year and more.
Unidentified Speaker
Got it, sir. So we can expect similar margins, right, sir?
Santhosh Shah
Yeah, more or less. Yes.
Unidentified Speaker
Okay.
Santhosh Shah
Got it, got it, got it. Thank you very much. All the best. Thank you.
Operator
Thank you. Our next question is from the line of Deepak Rajpurohit with Rajpuro Hit Capital. Please go ahead.
Unidentified Participant
Hello. Am I audible, sir? Yeah. Congratulations first of all for getting excellent number. Sir, my question, yes, sir, my question is with regards to this, a change of margin pressure that can be arrived due to the changing in copper prices and this one, is there anything which, which will help it out to maintain our margins? I mean to say the orders which are in pipeline are r will be of can be achieved with the same margin.
Unidentified Speaker
Yeah. Deepak Day majority of our orders are with price variation clause. Like if there is any change in the commodity prices, the same gets, you know, passed on to the customer. So from fluctuation of commodity and all those things we are fully safe. And moreover, you know, we undertake, we ensure that whatever projects we execute or we bid in this point in time, it should have that price variation clause that whatever, whatever may be the changes not only in the LME prices or in the, you know, commodity prices, even if there is any change in the statutory taxes and all that will also get, you know, that gets replenished.
So we ensure those things. So from that point of view we are fully secure,
Unidentified Participant
Focused. Thank you, sir.
Operator
Thank you. Ladies and gentlemen, to ask a question, you may please press star and one on your touchstone telephones. Our next question is from the line of Vaibhav Mishra with finvestors. Please go ahead.
Vaibhav Mishra
Hello, sir, congratulations for the very good set of numbers and the trajectory that company is showing for the last many quarters. Sir, one concern in this, I think March quarter margins have been under pressure. For the half year it is showing around 14% kind of a number. But for the March quarter particularly it was I think 12% kind of a number. So what exactly happened while we, in the previous call we were hoping to improve our margins. So was that due to order, that kind of orders were executed in March or was that due to, I mean raw material price increase?
What exactly happened, sir,
Unidentified Speaker
What figures he is saying is that is correct. See there numbers will have to go through Mishraji. There has been one like one Mahajenko order was there which we could not execute in because of some land dispute in Q3 which got shifted to Q4. And while shifting all these things, there had been certain, you know, interference from local political, you know, fraternity and all these things. So that may have cost though. I need to check exact numbers that may have caused some kind of extra or some escalation in our costing.
Otherwise, if you say year wise the margin has been stagnant and it will remain maybe in Q1/ there may be something less. But if you see year wise it will remain the same, almost same.
Vaibhav Mishra
All right, so sir, it was like one time kind of thing that happened in March quarter. Correct, sir. Going forward we can at least maintain the margin that we have achieved in FY26. Correct? Sir,
Unidentified Speaker
We are very much confident of maintaining the same.
Vaibhav Mishra
Okay, okay. Okay. That’s it. From my side and all the best company is doing fantastically well, sir. Thank you.
Unidentified Speaker
Thank you. Thank
Operator
You. Thank you. Our next question is from the line of Nishita Sanklesha with Sapphire Capital. Please go ahead.
Disha
Yes, thank you for the follow up question. I just wanted to understand what is the margin profile like for the FBI business?
Unidentified Speaker
Nishita, we may not be able to comment exactly on the figures on the margins for FBI but it is far, far better than the EPC business. What we are doing because of our, you know, strong position, leadership position and our ability to customize the product as per various state utilities.
Disha
Okay. Is it safe to understand, assume that as we grow the revenue from FBI, our margins can get better on a consolidated basis as well.
Unidentified Speaker
Yeah, you are very right. FBI. The more is the contribution from FBI, the better will be the margins.
Disha
Right. And so like if we have any target of what revenue contribution received from SPI business in FY28, FY29, like in percentage terms, if you can give that.
Unidentified Speaker
I couldn’t get you. Can you come again, Mishita?
Disha
Yeah. If we like if we have any internal target about the revenue contribution from FPI or in percentage, in percentage terms in FY28 and FY29,
Unidentified Speaker
Where do we see? Yes, correct. We intend contribution of around 10% of the total revenue from FBI’s and we are working on it because we are yet to convince a majority of the state governments to deploy FBI’s on a mass level basis. If you’ll see only few states like Odisha or states which are, you know, where the DISCOMFS is Owned by private players. They are aggressive about this product. And whereas the discoms which are run by government, they have introduced this system on pilot basis. But going forward they are going to be, they are going to get benefit out of this and then slowly they will also start putting these products on a mass level in their system.
Disha
So can we see this 10% revenue contribution in say FY28?
Unidentified Speaker
Yes, we are. Yeah, we are very much hopeful that the contribution in FY28 may be even better than 10%.
Disha
Okay, thank you so much.
Operator
Thank you. Our next question is from the line of Hiral Desai from Ethygrity Financial Services Private Limited. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Operator
You are audible sir. You may proceed.
Unidentified Participant
Yeah, so thank you for the opportunity and congratulations on the great quarter. I had a couple of questions. One is can you sort of appraise us on the current credit lines that you have with various banks?
Unidentified Speaker
Yes. And
Unidentified Participant
What is the current utilized facility and what is the total outstanding credit limit that you have?
Unidentified Speaker
The total facility for non fund and fund base taken together as on date is 200. As on date it was not up for the quarter for the financial year. I’m talking of as on date or you want year figure?
Unidentified Participant
I want the annual numbers for the year.
Unidentified Speaker
Yeah. 125 crore was the total credit facility from banks in financial year 26. Out of that 125crore 65crores was a non fund and 60crore was fund based. And again 60 crore fund based the utilized was 49 crores.
Unidentified Participant
Okay, okay. And as we get to this target of let’s say thousand crores of revenues by FY28 what would be the peak credit utilization that you guys will be at?
Unidentified Speaker
We are for thousand crores. We are making arrangements for a credit limit of around 300 crores. 300 to 350 crores mix of both fund based and non fund based. At the same time we are in discussion for other, you know, financial. Tools which are there like purchasing wise discounting threads. And even we are convincing many of our customers for acceptance of surety bonds instead of bank guarantee. So all these things taken to, taken into this thing we are fully I say comfortable for this financial year 281000 crores turnover.
And one more thing, what I would like to add here that based on our performance and the way we are growing we are able to get confidence from creditors, from suppliers. So the earlier creditor days which used to be 18 days this year we have brought it to 61 days. So that is also Helping us in funding this growth.
Unidentified Participant
Got it. Got it. And the other question is, as we scale up, you know, our operations to let’s say about 1000 crores, will we also sort of apply to banks for an improvement on the credit rating?
Unidentified Speaker
Yes, that is there. And we are already in discussion with our rating agency ecr. Maybe very soon we are going to put up the case for some upgradation.
Unidentified Participant
And what is the current rating that we have? The current credit rating,
Unidentified Speaker
It is triple B minus from clear.
Unidentified Participant
Okay. First
Unidentified Speaker
Time we got rated, that was the first rating for the company.
Unidentified Participant
Got it. Got it. And the other question that I had was this 600 crore order that you got, how much of that will get executed in let’s say FY27 and FY28?
Unidentified Speaker
We should expect somewhere around the 250 crores. We should be 200 to 250 crores. We should be able to bill in this financial year and balance will get shifted to the next year.
Unidentified Participant
Got it. And any fundraising plan till sort of FY28 or we will be covered with the credit lines and the the current internal accruals.
Unidentified Speaker
See, as on date, we do not envisage any need of raising any funds from the market. But again now if there is some very good decent valuation and if it is in the interest of stakeholders, definitely we can explore. But as on date, we are not having any such plans.
Unidentified Participant
Okay. And the other question that I had was, you know, since you’ve already won a large like a 600 crore order, the focus is now on, you know, winning a lot of smaller orders or you will continue to win such large orders as well.
Unidentified Speaker
This large order will bring us credentials once it has been completed. So till the time we complete this project, we have to, you know, depend on both sizes. The smaller ticket projects also, as well as large ticket projects also where we are qualified. So it has to be a mix of both. But again, we will not be bidding for very small projects, something we will be raising up.
Unidentified Participant
Got it? Got it. Thank you. Thank you. And all the best.
Unidentified Speaker
Thank you.
Operator
Thank you. Participants who wish to ask questions may please press star and one. Our next question comes from the line of Chenna Satya Narayana, an individual investor. Please go ahead.
Chinna Satya Narayana
Yeah. Good afternoon, sir.
Unidentified Speaker
Good afternoon.
Chinna Satya Narayana
Yeah. Congratulations sir. As being expressed by ATAS also I’m also expert congratulations especially for having doubled the employee strength in the last three months. And also order book size, considerable order book size and major breakthrough in achieving the Concord Railway order. And also healthy operational and financial performance. And also geographic Spread of operations has been expressed by the CFO and overall very good show. As an investor I’m very much convinced with the company’s performance.
But small clarifications are required. One thing is order book position. In the previous call the order book position as on February 26th was indicated as 418 crores. And execution in Q4 was around 115 crores. That means balance must be at least 303 crores. And fresh order we got in on the 17th of March 639 crores. That means the position of order book must be at least 940crores. As per my understanding
Unidentified Speaker
It
Chinna Satya Narayana
Is given as 8.25crores. I don’t know. Something is missing. 115.117crores is missing.
Unidentified Speaker
Yeah. Satna Ransom. There is one small clarification. The order of 640 crores is inclusive of 18% GST. Now what we are giving. So what we are giving to and what will get converted into revenue and all will remain without GST. That is around 540 crores. So that is the difference.
Chinna Satya Narayana
Yeah. And if I see there is a. Don’t think otherwise. There is slowdown in the fresh order inflow last three months. Actually leaving aside this concept order there are no other orders to the company could achieve in the last three months. Actually
Unidentified Speaker
There was an order from BSES for around 86 crores or something. Then there are smaller orders which are coming regularly for FP PIs and all being smaller in nature. You know we are not uploading it on exchange. Otherwise there are order. Yes but. And now after this concept we are getting a bit more choosy and selective. Also on which orders to accept and which to let go. There are few orders which are in pipeline. And we are almost on the merge of either we have to accept or we have to let it go.
So soon you will see, you will see inflow of orders.
Chinna Satya Narayana
That’s good on part of the company. Sir, another thing. As far as the order is concerned this Konkan railway order. This is cada DMS means what it stands for. Correction.
Unidentified Speaker
Earlier the. The normal electricity grid is a normal grid where you know majority of the equipments are operated by you know manual operators.
Disha
Whereas
Unidentified Speaker
Now smart grid concept has come. All the metros like you know in South Chennai, Bangalore and invest, Bombay, Delhi and all they are all smart grids. Where smart grid. The entire. All the grid equipments, all the lines, all the transformers, everybody is. You know all the equipments are connected with each other. They communicate and it is a smart system with less manual intervention. So that is the process of scada. SCADA Fulfillment, Supervisory Control and Data Acquisition. Now the SCADA is a method and DMS is distributed management system.
ADMS is advanced Distributed management system. So these are technologies, these are tools which are being used in India. It has started with metros and capital cities. And later on it will flow to other tier 2 and tire 3 cities also.
Chinna Satya Narayana
Sir, another thing sir, this. Previously you have indicated that you will be utilizing the name of some PSU kind of thing. And in this Konkana railroad also you have utilized that BSU scheme. Sir, actually
Unidentified Speaker
Yeah. Konkan Railway is that psu.
Chinna Satya Narayana
So many award giving agency itself is the name you have used.
Unidentified Speaker
Yes.
Chinna Satya Narayana
Then this fpa. Regarding fpa you have given some clarity in the previous question. What I understand, what I am unable to understand is actually you indicated that market potential and share of the company is more than 50%. But market size is 100 course as per your PPT in 2024 itself. That means the company should have shown at least 50 crores FBA turnover.
Unidentified Speaker
See those are potential numbers. Some are getting converted, some are not getting converted. And you know if, if, if you see today majority of orders are there but it is not getting, you know converted into clear order. So that is also there. Market potential is there. Market potential is there. And we see by 2030 market potential will be somewhere around 3000 crores.
Chinna Satya Narayana
13:29 course like that you have entered in the PPT. Actually I saw that actually. Yes.
Unidentified Speaker
Yes. Yeah.
Chinna Satya Narayana
Okay. Anyhow the company is showing good progress on FBI. But by the way, when this compact FBI will see the market. Sir, actually any timelines you can give for that? Actually
Unidentified Speaker
Latest by Q2 we will be able to, you know, launch this FBI into the market. And this will be again a game changer for us. Because it will have all the, you know, options which our current FPI is giving. All the deliverables will be there. At the same time it will be a bit more economical which will further, you know, make government to go on a mass scale deployment
Chinna Satya Narayana
Will be more economical. Communication.
Unidentified Speaker
Yes.
Chinna Satya Narayana
Any other products, any timelines you can give? Sir, that switch gear and also rmu.
Unidentified Speaker
We see switch gear, we have already given that it is again at a. At a quite advanced stage. But the exact numbers, exact dates we may not be able to give. Because these products need to to be type tested by CPRI and ADA before launching into the market. So maybe next year we will be able to bring the DCB’s and RMUS may take even further more time.
Chinna Satya Narayana
Anyway, the market size, what you have indicated in the last call, it is around 43 crores for the both the products put together. Actually as an investor I will be waiting eagerly to see the commercialization of those two products. Actually.
Unidentified Speaker
Yes, definitely we are working on it, Satya Narayan sahib. And very soon you will see the results and you will see products moving. And what we are developing will be the latest technology. The RMUs on which we are working. It is dry, compressed, real insulated RMUs which are different than the conventional RMUs which are SF6 insulated which is available in the market today. So we are coming up with technology which is of the latest where India only pilot projects has been launched and the RMUs are coming from UK, Europe or maybe in some cases China also.
But we would like to bring may develop those things in India.
Chinna Satya Narayana
But the R D work is actually continuing.
Unidentified Speaker
Yes, that is continuous. That is, that is going on. Yeah,
Chinna Satya Narayana
That last time you have indicated 10 engineers are working on that. But 10 engines are continuing sir. Any increase is there in that?
Unidentified Speaker
It keeps on increasing. There is some more engineers and you know those people keep coming and going. But that R D work is on.
Chinna Satya Narayana
Right sir, Very good sir. Congratulations once again sir.
Unidentified Speaker
Thank you, thank you,
Operator
Thank you. Our next question is from the line of Jignesh from Jiva Capital. Please go ahead
Jiganesh
Sir. Wanted to understand this CADA order that we have got. What is the broadly the market potential in the coming years and whom we will be competing with in coming years for such bigger size of orders?
Unidentified Speaker
Yeah Jigneshji, very nice question. This KEDA order, you can say today the grids in India, only the metro cities and some capital cities has been converted into a SCADA compatible grid or a smart grid. Whereas all the tier 2 cities and tier 3 cities needs to be converted into smart grid to have better consumer experience for reduced AT&C losses. So better sit and side figures. So government of India is very bullish. Not only government of India but state discounts are also very bullish to go into this latest technology.
So definitely the market potential is going to be huge going forward. We can quantify it in numbers because you know these are all funded by central government. So there must be some plan. We do not have access to those but acceptability and one has to shift to these kind of projects going forward. So that potential is there. Now coming to this question, whom we will be competing with? We will be competing majorly with companies like L&T. L T was our competitor in this Project also then we will be competing with companies like Voltage and there are other major EPC players.
Santhosh Shah
And
Unidentified Speaker
Once we have completed this project, I think this will be the second largest SCADA project ever executed in India.
Jiganesh
Oh okay. And so regarding the sectoral bifurcation in FY26, 46% was from power TNT and solar was 52%. So majorly going forward, hope we are lowering our focus on solar and best kind of projects and focusing more on Power TND. So by FY28 what kind of that percentage can we look better wise?
Unidentified Speaker
See I can, I can give you the current order book out of 825 crores today an executed order book 708 crores is for from Power TND. 110 crores is from Solar and 8 crores is from niche products. So from this you can make that major contribution will come from our tnd. And given that transmission is also into into pipeline, we expect some billing coming from transmission from H2. So that will also contribute. So power TND is going to be the major contributor, the topmost contributor followed by solar and then followed by products.
Jiganesh
So out of that 3,000 bidding project that you are going to build TND Power TNT would be the biggest.
Unidentified Speaker
Yes, the power TND is biggest.
Jiganesh
Okay. And all this bits that you have already done or will be doing it will be majorly with the private entities or bigger government entities.
Unidentified Speaker
The building
Jiganesh
It will directly not be discoms.
Unidentified Speaker
The bidding is directly to the government entities. DISCOMs. The discounts are majority of the discounts in India are held by government, state governments or the PSUs and all so and 99% of our business is with government only.
Jiganesh
So because sir, from the discount side a lot of discounts are in a very precarious condition if we see their credit ratings. So was just looking at the kind of debtor days that we might see going forward.
Unidentified Speaker
I would like to add on here. We nowadays given the health of discoms, they are not in position to float any tender which is funded by their own accruals or their own money. Majority of the tenders, majority of the projects which is being floated by them is either funded by government of India or funded by multilateral agencies like World bank or Asian development and etc. And we are eyeing only those kind of projects. We are not bidding for projects which are funded by state government or discoms.
So in that case we are fully secure. We are not majority of the projects which you see, these are RDSS projects which we are executing and these are entirely funded by government of India. So there is no shortage or there is no scarcity of money in these projects.
Jiganesh
Okay. Right. Thank you sir.
Unidentified Speaker
Thank you.
Operator
Thank you. Ladies and gentlemen, you are requested to please restrict yourselves to two questions only. You may rejoin the queue if you have further questions. Our next question is from the line of Tejas Kandelwal with prudent equity. Please go ahead.
Unidentified Participant
Oh hello sir. Am I audible? Yes you are.
Unidentified Speaker
Please.
Unidentified Participant
I just wanted to know the execution timeline of current order books.
Unidentified Speaker
The normal distinct project timeline which we are having is around 18 to 20, 24 months. That is the project completion timeline. So this 825 crores order which you say, you know, you know it comprises many orders. Some may have been completed, some must have been started. So you can say by next 18 months or something will have to close majority of this order.
Unidentified Participant
Okay. So if you take 20 months on an average for, for the exemption period the revenue is coming around 480 crores. So are you saying that we are going to grow our revenue by 60% over FY26?
Unidentified Speaker
Oh we will be growing even more because this is the order under in hand as on date we have got entire year to further book more orders and then build them. So the total revenue which we will be you know achieving in this financial. It will be far more than the figure which you have said.
Unidentified Participant
Okay, okay. Great, great. Thank you.
Operator
Thank you. Our next question is from the line of Rajendra Jain. Ca. Please go ahead. Rajendra Jain, your line has been unmuted. You may proceed with your question. We’re not receiving a response from the current participant. Ladies and gentlemen, we have no further questions at this time. I would now like to hand the conference over to Ms. Janhvi Patel for closing comments. Over to you ma’.
Janhvi Patil
Am. Thank you. Thank you everyone for joining the call today. On behalf of Sooksly Limited, we appreciate your time and participation. For any further queries please reach out to us@letsconnected.in thank you.
Operator
Thank you on behalf of Orem Connect. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.