Sugs Lloyd Limited has received Letters of Intent (LOIs) worth a combined ₹214.27 crore, including GST, from TP Southern Odisha Distribution Limited (TPSODL) and TP Western Odisha Distribution Limited (TPWODL) for distribution network maintenance and allied works in Odisha.
The contracts will be executed over a three-year period from 1 October 2026 to 30 September 2029
The order win marks an important step in Sugs Lloyd’s strategy to build a larger and more predictable recurring-revenue base alongside its traditional EPC business. Unlike milestone-driven EPC projects, network maintenance contracts provide regular monthly revenue over the contract period, offering greater revenue visibility and continuity.
Following these orders, the Company’s contracted network-maintenance revenue in Odisha is expected to increase to approximately ₹60 crore annually, compared with around ₹12 crore currently.
Mr. Santosh Kumar Shah, Managing Director & Promoter, Sugs Lloyd Limited, said, “We are pleased to have secured these significant distribution network maintenance mandates from TPSODL and TPWODL. Beyond the order value, we see these contracts as strategically important for the evolution of our business mix.
The three-year nature of these contracts provides us with a meaningful base of recurring and predictable revenue, while the relatively faster payment cycle associated with such maintenance contracts can also support better working-capital management and cash-flow visibility. Sugs Lloyd has been working with the Tata Power distribution utilities in Odisha since 2021, and these orders further strengthen that relationship and demonstrate our execution capabilities in the state.
We believe the experience gained through these engagements provides a strong foundation for scaling our network-maintenance business. Importantly, we see an opportunity to replicate this business model across other states, particularly in markets where distribution utilities are increasing their focus on network maintenance, system strengthening and loss reduction. Our objective is to progressively build a meaningful recurring-revenue portfolio alongside our established EPC business.
These orders also contribute to the geographical diversification of our order book, which has been significantly weighted towards other states. Expanding our presence across additional states will remain an important part of our growth strategy.”
The latest orders further strengthen Sugs Lloyd’s presence in the operations and maintenance segment of the power distribution ecosystem. The Company believes that the growing focus of distribution utilities on network reliability, strengthening and reduction of technical and commercial losses can create sustained opportunities for specialised maintenance and allied services.
