Synergy Green Industries LimitedQ1 FY27 Results & Financial Update
Synergy Green Industries Limited: Q1 FY27 consolidated results and company financials – revenue ₹75.15 Cr, PAT ₹-10.11 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Synergy Green Industries Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Operating performance during the quarter showed a divergence between production volume and revenue realization: gross production expanded by 9.7% year-on-year, but revenue recognition was constrained by lower customer dispatches during the period.
Management noted that dispatch velocity was hampered by delays in customer material lifting, delayed prototype approvals, and logistics disruptions affecting exports due to conflicts in West Asia.
Profitability faced severe margin headwinds during the quarter, including raw material inflation that impacted margins by approximately 200 basis points, consumable cost inflation accounting for a 300 basis point impact, and higher electricity policy tariffs contributing a 100 basis point pressure.
Profit before depreciation, interest, and tax (PBDIT) stood at Rs 5.30 crore for the quarter, translating to a PBDIT margin of 7.0%, compared with 15.41% recorded in Q1 FY25 and 12.01% in the preceding quarter (Q4 FY26).
Depreciation and amortization expenses rose to Rs 8.81 crore, while finance costs stood at Rs 7.18 crore, reflecting capital deployment and borrowing structures associated with the company's facility scale-up.
Despite the challenging start to the fiscal year, management maintains an optimistic annual outlook, projecting ~33% revenue growth for FY27 over FY26 driven by expanding capacity, new customer additions, and recovery measures such as raw material indexation and price revisions.
01 · Business model
What does Synergy Green Industries do?
Synergy Green Industries Limited (SGIL) is part of the Shirgaokar Brothers Group, which traces its lineage to 1913 with major businesses spanning sugar, foundry, general engineering, IT, and hospitality.
The company specializes in manufacturing large-scale, heavy metal castings up to 30 metric tonnes (MT) per piece, primarily serving the global wind energy sector as well as non-wind industrial applications.
SGIL's product portfolio includes rotor hubs, main frames, gearbox housings, and generator castings for wind turbines, alongside non-wind offerings like cone crushers, coal pulverizers, turbine casings, mining parts, and plastic injection machine components.
Operating advanced foundry facilities with a 45,000 TPA capacity and an in-house machining capacity of 20,000 TPA, the company works with major global wind original equipment manufacturers (OEMs) across domestic and international markets.
02 · Historical context
What shaped the business before this quarter
The company operates under the umbrella of the Shirgaokar Brothers Group, which has a business heritage dating back to 1913.
Over prior years, the company onboarded and established supply relationships with 6 out of the top 15 leading global wind OEMs, alongside non-wind clients like Terex and Milacron.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹75.15 Cr |
| Total income | ₹75.71 Cr |
| Profit before tax | ₹-10.69 Cr |
| Profit after tax | ₹-10.11 Cr |
| EPS | ₹-6.51 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Although production grew by 9.7% YoY in Q1 FY27, actual revenue recognition was restrained by delayed customer material lifting, deferred prototype approvals, and West Asia logistics bottlenecks.
Revenue is anchored by wind domestic castings, OEM exports, direct exports, gear box components, and non-wind industrial castings.
What drove margins
Input cost increases compressed margins by approximately 200 basis points in Q1 FY27, which management expects to largely recover via customer RM indexation in Q2 FY27.
Consumable cost inflation impacted margins by approximately 300 basis points during the quarter, with partial recovery anticipated through customer price revisions in Q2 FY27.
Electricity policy and tariff revisions adversely affected margins by roughly 100 basis points, which management aims to offset through an additional 5MW wind PPA via open access and higher production volumes.
05 · Demand, customers & order book
Where demand is coming from
The company maintains active supply arrangements with leading wind OEMs including Vestas, Vayana Energy (erstwhile Siemens Gamesa), GE Renewable Energy, Nordex, Acciona, and Adani.
Request For Quotation (RFQ) activity is gaining traction across non-wind sectors including automobile dies, plastic injection machinery, mining, and power.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Wind castings comprise approximately 70% of the business and gearbox castings represent 15%, while non-wind segments span mining, plastic injection machines, pumps, crushers, and turbine casings.
Geography and market mix
Export revenues experienced temporary logistics disruptions due to West Asia conflicts, but export contributions are projected to remain stable at around 25-30% of total revenues for the full year.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Capacity utilization stood at 66% (actual) for Q1 FY27, compared with annual utilization rates of 88% in FY24-25 and 93% in FY25-26.
Current installed capacity stands at 45,000 TPA for foundry operations and 20,000 TPA for in-house machining and surface treatment.
Management outlines medium-term capacity scaling targets to 75,000 MT/annum by FY28-29 and over 100,000 MT/annum by FY29-30 through potential greenfield expansion.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company utilizes a 10 MW captive solar power installation to support its manufacturing energy requirements.
09 · Reported developments
What changed operationally
Q1 FY27 gross production increased by 9.7% year-on-year compared to Q1 FY26.
10 · Pressure points & risks
What is not going smoothly
The company reported a net loss after tax of Rs -10.11 crore for Q1 FY27 due to dispatch delays and cost pressures.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
As of June 30, 2026, total assets and equity & liabilities stood balanced at Rs 466.53 crore, with net worth at Rs 100.98 crore, long-term borrowings at Rs 162.75 crore, and short-term borrowings at Rs 79.93 crore.
12 · Management guidance & targets
What management is targeting from here
Despite the moderation in Q1, management expects full-year FY27 PBDIT margin to improve by more than 300 basis points, driven by higher volumes, increased export contribution, and growing contributions from in-house machining.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Industry Tailwinds
Global cumulative wind capacity is projected to exceed 2 TW by 2030, while India's installed wind capacity is targeted to grow from 51 GW in 2026 to 107 GW by 2030.
14 · Key Q&A
The quarter, answered directly
What does Synergy Green Industries do?
Synergy Green Industries Limited (SGIL) is part of the Shirgaokar Brothers Group, which traces its lineage to 1913 with major businesses spanning sugar, foundry, general engineering, IT, and hospitality.
What is the clearest takeaway from Q1 FY27?
Operating performance during the quarter showed a divergence between production volume and revenue realization: gross production expanded by 9.7% year-on-year, but revenue recognition was constrained by lower customer dispatches during the period.
What drove revenue or demand?
Although production grew by 9.7% YoY in Q1 FY27, actual revenue recognition was restrained by delayed customer material lifting, deferred prototype approvals, and West Asia logistics bottlenecks.
What mattered most for margins or profitability?
Input cost increases compressed margins by approximately 200 basis points in Q1 FY27, which management expects to largely recover via customer RM indexation in Q2 FY27.
What changed operationally beyond the headline numbers?
Capacity utilization stood at 66% (actual) for Q1 FY27, compared with annual utilization rates of 88% in FY24-25 and 93% in FY25-26.
What is management guiding or targeting from here?
Despite the moderation in Q1, management expects full-year FY27 PBDIT margin to improve by more than 300 basis points, driven by higher volumes, increased export contribution, and growing contributions from in-house machining.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Dispatch Recovery: Monitor whether delayed customer material lifting and prototype approvals normalize in subsequent quarters.
- 02
Margin Recovery via Price Adjustments: Track the implementation of customer price revisions and raw material indexation aimed at recovering Q1 margin compression in Q2 FY27.
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