Investor Presentation
SGMART · price
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SG Mart Ltd (formerly Kintech Renewables), a B2B marketplace for construction materials, reported FY25 revenue of Rs. 58.6 Bn, up 118% YoY, with net profit rising 70% to Rs. 1,034 Mn. Q4FY25 revenue grew 25% YoY to Rs. 16.0 Bn, while EBITDA rose 22% to Rs. 388 Mn. However, EBITDA margin slipped from 2.3% to 1.8% as the company scaled 5 new service centres and ramped up new verticals. The company sits on Rs. 4.6 Bn net cash (Rs. 6 Bn as of May 2025) and is guiding for 50% revenue CAGR over the next 3 years, with plans to add 5-7 service centres per year and expand into Dubai. Renewable Structures (solar module mounting) began operations in April 2025 with 50,000 tons of order visibility for FY26. ROCE fell sharply from 43% to 22% due to a Rs. 1,507 Mn advance paid to steel suppliers ahead of import tariffs.
Strong revenue growth and a net cash balance sheet support the bullish expansion story, but the 50bp margin compression, heavy capex of Rs. 2.0 Bn, and negative free cash flow of Rs. 5.4 Bn raise concerns about near-term profitability. The 50% CAGR multi-year guidance and diversification into renewables could be a catalyst if execution stays on track.