Srigee DLM's FY27 revenue double hinges on a factory that's not built yet
CEO Suresh Kumar Singh guides for ₹100 cr revenue, but the full-year results show a flat top line and a tight construction deadline.
The numbers
- Full-year revenue was flat at ₹72.3 crore, a pause in a company guiding for 38% growth next year.
- H2 net profit more than doubled to ₹5.5 crore, a sharp rebound from a weak first half.
- EBITDA margin improved to 12.8% from 12.1%, helping profit rise despite stagnant revenue.
- Bank debt stands at ₹33 crore at 8-9% interest, a new fixed-cost burden during the facility transition.
Management's story
- The CEO is guiding for ₹100 crore in FY27 revenue, effectively doubling from the current ₹72.3 crore base.
- Management attributes the flat FY26 revenue to a 3-4 month loss from a factory move, not a demand issue.
- The company is investing ₹50 crore in a new plant with 4x the current footprint, to be commissioned by August 15.
- A Samsung relationship and a polymer compounding business are cited as key growth drivers for FY28.
“I am confident of achieving 100 crore turnover in this current financial year because even though we lost almost 3-4 months and two quarters will be affected, I still expect significant growth.”
— Suresh Kumar Singh, CEO
Where they diverge
The numbers tell a story of a company standing still, while management promises a sprint. Full-year revenue was flat at ₹72.3 crore, yet CEO Suresh Kumar Singh guides for ₹100 crore in FY27—a 38% jump. He attributes the current stagnation to a 3-4 month operational pause from a factory move, a claim the H2 rebound supports. But the entire forward thesis rests on the new Greater Noida facility being commissioned by August 15, a deadline with a Diwali backup and no room for error. The balance sheet, newly loaded with ₹33 crore in debt, undercuts the confidence.
The full read
Srigee DLM's full-year results and its CEO's earnings call talk past each other. The numbers show a company that stood still: full-year revenue was flat at ₹72.3 crore. On the call, CEO Suresh Kumar Singh promises a sprint to ₹100 crore in FY27. He blames the flat top line on a 3-4 month loss from a factory transition, and the sharp H2 revenue jump of 46% to ₹51.4 crore lends some credibility to the claim. The entire narrative rests on the new Greater Noida plant, which must be commissioned by August 15. A Diwali backup exists, but the timeline is tight. The company is funding the ₹50 crore project with ₹17 crore from its IPO and ₹33 crore in bank debt at 8-9% interest, adding a fixed-cost layer during a critical transition. Top-10 customer concentration at 91% and a tripling of polymer prices in March are real headwinds. The bull case is a new factory unlocking a Samsung relationship and a polymer business. The bear case is that the company cannot afford another delay.
What we're watching
- The commissioning of the new R11A plant by the August 15 target date, which is the single biggest operational catalyst for FY27.
- Whether the Q1 FY27 revenue run-rate shows the acceleration needed to hit the ₹100 crore guidance.
- The company's ability to pass through the tripling of polymer prices to customers without eroding margins.