NSE: SGLRES · BSE: 526544
SGL RESOURCES LIMITED
Provides IT services with a focus on Geographic Information System (GIS) software, web applications, and enterprise solutions to domestic clients. The business earned Rs 48.71 crore in FY25, spread across segments including Enterprise & Cloud Solutions, Creative & Design Services, Digital Marketing & Media, Business & Financial Solutions, Geo-Spatial Technology Development & Services, and ETP Projects. Its GIS product line centres on the IGIS Suite and IGIS Desktop software, customised GIS web application development, and GIS-based field survey and integration services. Recent domestic orders include an Rs 8.43 crore web portal contract from Jamnagar Municipal Corporation, an Rs 4.35 crore GIS-based field survey order from Heliocentrix Technology, an Rs 88.50 lakh IGIS Suite and integration order from Technosys Integrated Solutions, and a Rs 14 lakh IGIS Desktop order from Ananth Technologies. FY25 cost structure was dominated by other operating expenses at 67.8% of revenue, with employee cost at 12.2% and depreciation at 17.8%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Enterprise & Cloud Solutions, Creative & Design Services, Digital Marketing & Media, Business & Financial Solutions, ETP Projects, Geo-Spatial Technology Development & Services. Small-cap domestic IT services and GIS software vendor
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 43 | 33 | 17 | 30 | 49 |
| EBITDA (ex other income) | 5 | 5 | 4 | 4 | 10 |
| margin % | 11.7 | 14.9 | 20.8 | 12.8 | 20.1 |
| Owners' profit | 2 | 2 | 1 | 2 | 1 |
| EPS, as reported (₹) | 0.41 | 0.19 | 0.08 | 0.23 | 0.08 |
| ROE % · ROCE % | 3.5 · 5.7 | 2.3 · 4.2 | 0.7 · 2.1 | 1.9 · 2.3 | 0.8 · 1.4 |
| Debt / equity (x) | 0.54 | 0.34 | 0.63 | 0.75 | 0.09 |
| Cash from operations | 2 | (2) | 0 | 6 | (25) |
| Capex | (1) | (1) | (1) | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 18 | 22 | 8 | 1 | 5 | 39 | (8) |
| Profit before tax | 1 | 1 | 1 | 1 | (1) | 0 | 1 | (1) |
| Net profit | 1 | 0 | 0 | 1 | (0) | (0) | 0 | (0) |
| EPS (₹) | 0.16 | 0.03 | 0.06 | 0.02 | 0.00 | 0.00 | 0.02 | (0.02) |
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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.3 | 2.2 | 4 of 70 | 96% |
| ROCE | 0.5 | 9.6 | 73 of 86 | 15% |
| ROE | 0.2 | 9.2 | 59 of 70 | 16% |
| Debt / Equity | 0.1 | 0.0 | 41 of 70 | 42% |
| EBITDA margin | (18.5) | 13.0 | 68 of 69 | 2% |
| Revenue growth | (203.7) | 20.8 | 67 of 67 | 0% |
| Profit growth | (165.4) | 14.6 | 61 of 64 | 5% |
| Market cap | 55 | 325 | 67 of 87 | 23% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for November 4, 2026 to approve quarterly and half-year results | results | low | — | — |
| 23 Oct 2026 · Share transfer agent confirms dematerialisation records for September 2026 quarter | compliance | minimal | — | — |
| 4 Oct 2026 · SGL Resources 34th AGM: all 8 resolutions passed with 99.99 percent or higher votes | board shareholder meetings | low | — | — |
| 30 Sept 2026 · SGL Resources 34th AGM: 8 resolutions tabled including borrowings and related party deals | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed for SGL Resources from Oct 1, 2026 | compliance | minimal | — | — |
| 9 Sept 2026 · AGM notice published in newspapers for 34th annual general meeting | compliance | minimal | — | — |
| 8 Sept 2026 · SGL Resources 34th AGM on Sep 30, 2026 via VC; Annual Report link shared | compliance | minimal | — | — |
| 8 Sept 2026 · 34th AGM on Sep 30 - Borrowing limit hike to Rs 300 Cr, new Independent Director | board shareholder meetings | low | — | — |
| 8 Sept 2026 · AGM on Sep 30; seeks nod for 300 Cr borrowing limit, director changes | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Two independent directors resign from SGL Resources board | management changes | medium | — | — |
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.