NSE: SBC · BSE: 542725
SBC EXPORTS LIMITED
Operates three businesses from India — exports readymade garments under its own F-Route brand and on contract for overseas buyers, supplies IT and technical/non-technical manpower to government institutions, and runs a travel services operation through its wholly-owned subsidiary Mauji Trip Limited. In FY26, the three segments contributed ₹171.23 crore from Garments Sales (42.2% of segment revenue), ₹130.19 crore from IT Support Services (32.1%) and ₹104.07 crore from Tour & Travel Services (25.7%). Garments was the most profitable segment, with EBIT of ₹32.59 crore, against ₹11.24 crore for IT Support and ₹4.71 crore for Tour & Travel. The garments arm sells to international buyers — including a ₹18 crore order from Dubai-based HUXXE Readymade Garments Trading LLC — and sells direct-to-consumer via the F-Route clothing brand website launched in June 2026. The IT Support arm places staff at government bodies, including a ~₹32 crore manpower contract extension at MPMMCC and Homi Bhabha Cancer Hospital at BHU, Varanasi, and a ₹52.19 lakh supply order from the Ministry of Electronics and IT via NICSI. Materials are the dominant cost at 59.2% of FY26 revenue, with employees at 3.1% and other operating expenses at 2.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Garments Sales (42%), IT Support Services (32%), Tour & Travel Services (26%). Diversified small-cap with three segments — garment exports, government-contract manpower, and travel services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 169 | 196 | 209 | 300 | 403 |
| EBITDA (ex other income) | 8 | 11 | 17 | 18 | 33 |
| margin % | 4.5 | 5.4 | 8.0 | 6.1 | 8.3 |
| Owners' profit | 0 | 7 | 9 | 13 | 0 |
| EPS, as reported (₹) | 0.16 | 0.33 | 0.30 | 0.28 | 0.53 |
| ROE % · ROCE % | 13.1 · 23.6 | 19.7 · 28.3 | 21.3 · 27.1 | 24.0 · 30.6 | 31.5 · 37.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.56 | 2.45 | 2.83 |
| Cash from operations | 5 | (12) | (5) | (69) | (72) |
| Capex | (2) | (4) | (17) | (6) | (14) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 66 | 72 | 96 | 72 | 85 | 104 | 142 | 121 |
| Profit before tax | 5 | 4 | 4 | 3 | 11 | 11 | 8 | 13 |
| Net profit | 5 | 4 | 4 | 3 | 11 | 11 | 8 | 10 |
| EPS (₹) | 0.17 | 0.11 | 0.08 | 0.14 | 0.24 | 0.24 | 0.17 | 0.20 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| IT Support Services | 96 | 23.6 |
| Garments Sales | 135 | 33.3 |
| Tour & Travel Services | 50 | 12.3 |
| Garments | 36 | 8.9 |
| IT & Manpower | 34 | 8.5 |
| Tour and Travel Services | 34 | 8.5 |
| Tour & Travel Services | 20 | 4.9 |
| Total, before eliminations | 405 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED ◆ | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 76.9 | 16.2 | 34 of 37 | 8% |
| P/B | 38.8 | 1.5 | 35 of 35 | 0% |
| ROCE | 28.3 | 8.4 | 3 of 44 | 95% |
| ROE | 31.5 | 5.8 | 2 of 35 | 97% |
| Debt / Equity | 2.8 | 0.3 | 34 of 35 | 3% |
| EBITDA margin | 13.9 | 10.4 | 11 of 35 | 71% |
| Revenue growth | 67.1 | 7.9 | 4 of 37 | 92% |
| Profit growth | 176.9 | 6.8 | 3 of 37 | 94% |
| Market cap | 3114 | 146 | 6 of 44 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · SBC Exports Q2 FY27 revenue doubles YoY, PAT up 41 percent | results | high | — | — |
| 15 Oct 2026 · SBC Exports Q2 FY27 results: revenue up 113%, PAT up 41% YoY standalone | results | high | — | — |
| 12 Oct 2026 · Board meeting on 15 Oct to consider Q2 and H1 FY27 results | results | low | — | — |
| 12 Oct 2026 · Routine compliance filing - shares fully in demat form (Reg 74(5)) | compliance | minimal | — | — |
| 1 Oct 2026 · SBC Exports AGM 2026: All 4 resolutions passed with full majority | compliance | minimal | — | — |
| 30 Sept 2026 · SBC Exports 15th AGM held on 30 Sep 2026; 4 resolutions voted upon | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 pending Q2/H1 FY26 results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper publication of 15th AGM Notice filed | compliance | minimal | — | — |
| 5 Sept 2026 · SBC Exports - 15th AGM Notice and Annual Report Web-Link Intimation | compliance | minimal | — | — |
| 5 Sept 2026 · FY2025-26 report shows 35% revenue and 89% profit growth | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.