SG Mart Limited has informed the Exchange about Transcript of the Conference Call held on October 31, 2025
SGMART · price
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Awaiting price reaction for this filing.
SG Mart reported Q2 FY26 revenue of INR1,700+ crores, up ~50% quarter-on-quarter, driven by growth across all four verticals: B2B metal trading (30% of revenue), service centers (50%), renewable structures (4%), and distribution (16-17%). Q2 was hurt by heavy monsoons, weak steel demand, and a sharp INR3,000-3,500/ton drop in steel prices that caused inventory losses of about 50 bps, alongside accelerated branding expense booking. Reported EBITDA margin came in at 1.5-1.6% versus the 2-2.5% range previously indicated. Management admitted the earlier FY26 EBITDA target of INR200 crores is now 'difficult to achieve' and pushed the recovery to Q4 FY26 as an exit run-rate, while reaffirming long-term ROCE targets of 20-25% and EBITDA-per-ton guidance for each segment.
Near-term sentiment is negative as management formally walked back its full-year EBITDA guidance and signalled Q3 will likely be similar to the weak Q2. However, the INR260 crore renewable structures order book, planned addition of 4-6 service centers annually, and INR1,000 crore cash balance support the medium-term growth story, so the stock impact hinges on whether Q4 delivers the promised clean-slate performance.