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
| ₹ crore · consolidated | 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) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | (999) | (565) | (456) | (1,592) |
| Capex | (0) | (1) | (1) | (1) | (0) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 6,43,552 | 31.7 | 5.50 | 11.6 | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 2,42,019 | 18.1 | 3.67 | 6.7 | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,57,446 | 27.2 | 5.17 | 6.9 | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,54,110 | 28.2 | 3.27 | 6.5 | 10.4 | — | — | 75.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Aug 2026 · SG Finserve grants 1,50,000 stock options at Rs 300 each | capital market events | low | — | — |
| 20 Jul 2026 · SG Finserve partners with BharatPe Money and Succesship for digital merchant lending | compliance | low | — | — |
| 18 Jul 2026 · Q1 FY27 earnings call transcript, record PBT of INR72 cr | investor communications | medium | — | — |
| 17 Jul 2026 · SG Finserve incorporates wholly owned subsidiary for AIF business | strategic transactions | medium | — | — |
| 15 Jul 2026 · Newspaper Publication of Q1 FY27 Unaudited Financial Results | compliance | minimal | — | — |
| 14 Jul 2026 · Audio recording link shared for analyst conference call on Q1 FY27 results | investor communications | low | — | — |
| 14 Jul 2026 · SG Finserve Q1FY27 Monitoring Agency Report shows no deviations | compliance | minimal | — | — |
| 14 Jul 2026 · SG Finserve grants 55,000 ESOP options to employees at ₹300 each | capital market events | low | — | — |
| 14 Jul 2026 · SG Finserve Q1 FY27 PAT jumps 119% YoY to record Rs 54 Cr | investor communications | medium | — | — |
| 14 Jul 2026 · Q1 FY27 investor presentation: PAT up 119% YoY at Rs 54 Cr | investor communications | medium | — | — |
| 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 |
| MUTHOOT FINANCE LIMITED |
| 1,12,094 |
| 9.9 |
| 2.82 |
| 3.9 |
| 26.7 |
| — |
| 22.0 |
| 84.0 |
| SBI CARDS & PAY SER LTD | 62,349 | 27.4 | 3.96 | — | 13.8 | — | — | 33.1 |
| HDB FINANCIAL SERVICES L | 55,706 | 20.2 | 2.70 | — | 12.3 | — | — | 58.0 |
| SUNDARAM FINANCE LTD | 52,217 | 23.3 | 3.51 | 6.7 | 13.8 | — | — | 78.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.9 | 18.2 | 127 of 212 | 40% |
| P/B | 3.0 | 1.1 | 195 of 245 | 21% |
| ROE | 8.7 | 3.0 | 69 of 266 | 74% |
| Debt / Equity | 0.0 | 0.0 | 5 of 266 | 11% |
| 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 | 4355 | 37 | 26 of 260 | 90% |
| 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 |
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.
