NSE: SGMART · BSE: 512329
SG MART LIMITED
Operates a metals platform built on five pillars — manufacturing, branding, distribution, service-centre processing and an online marketplace. Distribution remains the largest revenue source, trading steel (~90% of mix) and non-steel commodities at 1-3% margins across SKUs. The service-centre vertical processes steel into cut-to-size products through 7 operational centres, each sized for 100,000 tons of throughput; the network is targeted to expand to 25 centres by 2029. Manufacturing now spans steel profiles and solar mounting structures, each backed by 200,000 tons of installed capacity, with EBITDA per ton currently at INR3,000-4,000 and targeted to rise to INR5,000-7,000 once backward integration into coated steel at Raipur commissions in roughly 18 months. The renewable-structures (solar) vertical carries an order book of INR285 crore plus a INR250 crore pipeline, and management is targeting INR550-600 crore of FY26 revenue from it. FY27 capex of INR400-500 crore sits within an INR1,500 crore envelope over 2-3 years, funded entirely from INR690 crore of net cash on the books with no equity dilution; annualised ROCE stands at about 23%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Distribution, Service-centre processing, Steel profiles manufacturing, Renewable (solar) structures. Trading-to-manufacturing transition with an asset-light distribution backbone and a service-centre-plus-solar-structure manufacturing build-out.
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 3 | 2,683 | 5,856 | 6,315 |
| EBITDA (ex other income) | 0 | 62 | 103 | 137 |
| margin % | 4.8 | 2.3 | 1.8 | 2.2 |
| Owners' profit | 0 | 61 | 103 | 0 |
| EPS, as reported (₹) | 8.94 | 8.19 | 9.23 | 8.96 |
| ROE % · ROCE % | 7.3 · (3.1) | 5.6 · 8.5 | 8.6 · 14.6 | 7.0 · 11.9 |
| Debt / equity (x) | 0.00 | 0.17 | 0.57 | 0.14 |
| Cash from operations | — | (14) | (391) | 258 |
| Capex | — | (59) | (158) | (232) |
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 | 1,816 | 1,345 | 1,595 | 1,144 | 1,704 | 1,644 | 1,823 | 1,309 |
| Profit before tax | 22 | 37 | 42 | 43 | 33 | 14 | 54 | 58 |
| Net profit | 16 | 28 | 33 | 32 | 27 | 11 | 41 | 46 |
| EPS (₹) | 1.42 | 2.50 | 2.95 | 2.74 | 2.11 | 0.85 | 3.29 | 3.62 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SG MART LIMITED ◆ | 10,105 | 81.3 | 6.33 | 47.7 | 7.0 | 8.7 | — | 5.2 |
| LLOYDS ENTERPRISES LTD | 9,442 | 30.8 | 1.74 | 18.2 | 7.7 | 7.5 | 365.3 | 23.2 |
| NUPUR RECYCLERS LIMITED | 1,091 | 63.7 | 7.42 | 40.3 | 11.2 | 12.4 | — | 16.2 |
| BMW VENTURES LIMITED | 550 | 12.9 | 1.24 | — | 8.5 | 11.1 | — | 3.6 |
| EMERGENT INDUSTRIAL SOLUTIONS | 218 | 171.3 | 7.51 | 63.9 | 4.4 | 5.8 | (3.4) | 1.8 |
| La Tim Metal & Industries Limi | 129 | 16.0 | 1.63 | 8.3 | 10.4 | 11.7 | (0.3) | 4.9 |
| BONLON INDUSTRIES LIMITED | 56 | 18.4 | 0.56 | 11.5 | 2.6 | 3.0 | 32.7 | 2.6 |
| RR METALMAKERS INDIA LIMITED | 39 | — | 6.13 | 41.4 | (4.9) | (5.7) | — | 4.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 81.3 | 30.8 | 8 of 9 | 13% |
| P/B | 6.3 | 1.7 | 8 of 10 | 22% |
| ROCE | 8.8 | 7.7 | 4 of 10 | 67% |
| ROE | 7.0 | 7.3 | 6 of 10 | 44% |
| Debt / Equity | 0.1 | 0.3 | 4 of 10 | 67% |
| EBITDA margin | 5.2 | 4.7 | 4 of 10 | 67% |
| Revenue growth | 14.4 | 20.0 | 6 of 10 | 44% |
| Profit growth | 41.1 | 61.8 | 6 of 10 | 44% |
| Market cap | 10105 | 173 | 1 of 10 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · SG Mart publishes September 2026 unaudited financial results | compliance | minimal | — | — |
| 27 Oct 2026 · Conference call audio recording shared for September 2026 quarter results | investor communications | low | — | — |
| 27 Oct 2026 · 94,000 employee stock options granted to eligible employees | management changes | medium | — | — |
| 27 Oct 2026 · Q2 and H1 FY27 profit jump despite lower quarterly sales | compliance | low | — | — |
| 27 Oct 2026 · Q2 FY27 profit rises 104% as EBITDA margin expands to 4.6% | investor communications | medium | — | — |
| 27 Oct 2026 · SG Mart approves 24.5% and 16.67% stakes plus ₹10 crore Buildkart funding | strategic transactions | medium | — | — |
| 27 Oct 2026 · September quarter revenue and profit jump sharply | results | high | — | — |
| 27 Oct 2026 · Board approves Q2 FY27 results, two acquisitions and Rs 10 crore funding | board shareholder meetings | low | — | — |
| 21 Oct 2026 · SG Mart schedules investor call for second-quarter FY27 results | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on Oct 27 to consider Q2 and H1 FY26-27 results | results | 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.