NSE: SGFIN · BSE: 539199
SG FINSERVE LIMITED
RBI-registered non-banking financial company focused on supply chain financing, with a loan book of INR4,552 crore as of Q1 FY27 (+82% YoY) that generates interest income as the primary revenue source. The bulk of the book is channel finance — lending to dealers and distributors against corporate anchors — with an anchor base of 52 mandates, and the APL Apollo Group ecosystem accounts for about one-third of AUM. In March–April 2026, factoring and TReDS (Trade Receivables Discounting System) products were commercialised, taking the factoring book to INR225 crore (~5% of total AUM); management notes the NBFC is among roughly 1% of Indian financial institutions offering these solutions. Portfolio yield is sustained at around 12.5%. Operating costs are minimal — opex runs about 1% of the average loan book and cost-to-income was 7% in Q1 FY27 against a sub-15% target — while finance costs (cost of borrowings) absorb the majority of gross interest income, with the spread between yield and cost of funds driving earnings. The book carries nil NPAs. The company is diversifying into adjacent areas — insurance broking, a Category III AIF, digital merchant lending via a BharatPe Money partnership, and a proposed GIFT City finance subsidiary — though these remain pre-revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Channel/supply chain finance lending, Factoring and TReDS (5%), Insurance broking (SG Insurance Brokers), Alternate Investment Fund (Category III AIF). Asset-light, digital-first NBFC focused on supply chain finance, factoring and TReDS
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 41 | 190 | 171 | 333 |
| EBITDA (ex other income) | 1 | 33 | 166 | 139 | 306 |
| margin % | 44.5 | 79.5 | 87.7 | 81.3 | 91.9 |
| Owners' profit | 1 | 18 | 79 | 82 | 128 |
| EPS, as reported (₹) | 1.57 | 8.50 | 15.72 | 14.54 | 22.75 |
| ROE % · ROCE % | 8.8 · — | 3.2 · — | 9.7 · — | 8.1 · — | 8.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | (999) | (565) | (456) | (1,592) |
| Capex | (0) | (1) | (1) | (1) | (0) |
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 | 31 | 42 | 54 | 68 | 75 | 86 | 105 | 136 |
| Profit before tax | 21 | 32 | 31 | 34 | 38 | 43 | 56 | 72 |
| Net profit | 14 | 24 | 24 | 25 | 28 | 32 | 42 | 54 |
| EPS (₹) | 2.56 | 4.24 | 4.26 | 4.39 | 5.08 | 5.81 | 7.45 | 8.21 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.6 | 18.1 | 121 of 200 | 40% |
| P/B | 2.9 | 1.1 | 207 of 253 | 18% |
| ROE | 8.7 | 3.1 | 66 of 257 | 75% |
| EBITDA margin | 92.5 | 48.6 | 33 of 249 | 87% |
| Revenue growth | 101.4 | 12.6 | 37 of 231 | 84% |
| Profit growth | 119.0 | 7.8 | 58 of 251 | 77% |
| Market cap | 4295 | 34 | 23 of 268 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · SG Finserve Q2 FY27 earnings call: record PAT, loan book at all-time high | investor communications | medium | — | — |
| 17 Oct 2026 · Newspaper publication of Q2 FY26 unaudited financial results | compliance | minimal | — | — |
| 16 Oct 2026 · Audio recording link of Q2 FY27 conference call with investors | investor communications | low | — | — |
| 16 Oct 2026 · SG Finserve Q2 FY27: PAT up 106% YoY at Rs 59 Cr, Loan Book doubles | investor communications | medium | — | — |
| 16 Oct 2026 · SG Finserve Q2 FY27: PAT nearly doubles YoY to Rs 58.5 Cr, loan book up 98% | compliance | low | — | — |
| 16 Oct 2026 · Board approves Q2 results, acquisitions, new Internal Auditor, GIFT City plan | management changes | low | — | — |
| 16 Oct 2026 · SG Finserve board clears acquisitions and GIFT City finance unit | strategic transactions | high | — | — |
| 16 Oct 2026 · SG Finserve Q2 results, acquisitions and GIFT City subsidiary plan | results | high | — | — |
| 15 Oct 2026 · Half yearly ISIN statement for privately placed debt securities | compliance | minimal | — | — |
| 9 Oct 2026 · SG Finserve schedules Q2FY27 earnings call on Oct 16 | board shareholder meetings | low | — | — |
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.