SG Mart Limited (SGMART)
₹798.20 +5.71% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, SG Mart's revenue was ₹1,309 Cr (+14.4% year on year, -28.2% on the previous quarter), and net profit ₹45.6 Cr (+42.4% year on year); the operating margin was 4.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,309 | +14.4% | -28.2% |
| Operating profit | ₹58.8 | +63.2% | +4.9% |
| Net profit | ₹45.6 | +42.4% | +11.2% |
| EPS (₹) | 3.62 | +41.4% | +10.0% |
| Operating margin | 4.5% | — | — |
SGMART delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.7% of the SGMART shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.91%. The price rose 5.71% on that unusually high delivery, the pattern the delivery dashboard labels accumulation.
Delivery in the last 5 sessions: 63.5% · 54.1% · 54.2% · 56.0% · 63.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
SG Mart Limited has appointed Shri Jitendra Agarwal as an Additional Director (Non-Executive Independent Director) for a 5-year term effective October 10, 2026, subject to shareholder approval. Agarwal previously served as an Audit & Assurance Partner at Deloitte Haskins & Sells for 28 years until March 31, 2026, and was a member of the Deloitte South Asia Coordinating Board for seven years. The addition brings veteran financial oversight to SG Mart, which generated TTM revenue of ₹6,242 crore with a market capitalization of ₹9,767 crore.
- Appointed as Non-Executive Independent Director for a 5-year term effective October 10, 2026
- Served 28 years as Partner with Deloitte Haskins & Sells audit practice until March 31, 2026
- Served 7 years on the Coordinating Board of Deloitte South Asia
- Independent role is unrelated to existing promoters or KMPs
SG Mart Limited has submitted its confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MCS Share Transfer Agent Limited confirms that securities received for dematerialisation were processed and verified within the stipulated 15-day period. This is a mandatory periodic compliance filing with no impact on corporate fundamentals or financials.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Confirmation issued by RTA MCS Share Transfer Agent Limited dated October 5, 2026
- Dematerialisation requests processed and depositories substituted within 15 days
SG Mart Limited has submitted voting results and the Scrutinizer's Report for its 41st Annual General Meeting held on September 19, 2026. A total of 8 resolutions were placed before shareholders and passed with overwhelming approval, backed by 7.75 crore polled votes representing 61.53% of outstanding shares. Key approvals included the adoption of FY26 financials, appointment of Shri Sanjay Gupta as Chairman & MD, and Shri Rohan Gupta as Whole-time Director. Notable dissent came from institutional voters against Shri Rohan Gupta's appointment (51.59% against), but promoter backing (100% in favour) ensured passage.
- All 8 resolutions passed with overall approval ranging between 98.19% and 100.00%
- Total votes polled stood at 77,554,451, representing 61.5340% of the 126,035,200 total outstanding shares
- Promoter and Promoter Group voted 72,975,000 shares (100% of their polled voting power) in favour of all resolutions
- Public institutions cast 1,400,811 votes (51.59% of institutional votes polled) against the appointment of Shri Rohan Gupta as Whole-time Director
- Meeting concluded in 31 minutes, starting at 11:00 AM and ending at 11:31 AM on September 19, 2026
SG Mart Limited held its 41st Annual General Meeting on September 19, 2026, via video conferencing. Resolutions tabled included the adoption of FY26 financial statements and key appointments of Shri Sanjay Gupta as Chairman & Managing Director, Shri Rohan Gupta as Whole-time Director, and other board directors. Management also reiterated its business transition toward value-added building materials and solar structures. Final voting results will be submitted following the scrutinizer's report.
- 41st Annual General Meeting held on September 19, 2026, from 11:00 AM to 11:31 AM IST
- 8 total resolutions tabled, including the appointment of Shri Sanjay Gupta as Chairman & Managing Director
- Remote e-voting was conducted between September 16, 2026, and September 18, 2026
- Adoption of audited Standalone and Consolidated Financial Statements for FY ended March 31, 2026
SG Mart Limited has approved the allotment of 39,200 equity shares of face value ₹1 each upon the exercise of options under its Employees Stock Option Scheme 2023. The options were exercised at a price of ₹367.85 per share (including a premium of ₹366.85), raising ₹1.44 crore. Consequent to this, the company's total issued equity share base increased marginally from 12,60,35,200 to 12,60,74,400 shares. The dilution is negligible at approximately 0.03% of the total equity base.
- Allotment of 39,200 equity shares of face value ₹1 each under the ESOP Scheme 2023
- Exercise price fixed at ₹367.85 per share (premium of ₹366.85 per share)
- Total proceeds realized from the exercise amount to ₹1,44,19,720
- Total paid-up equity share capital increases from ₹12,60,35,200 to ₹12,60,74,400
CRISIL Ratings has upgraded SG Mart Limited's long-term bank facilities aggregating to ₹940 crore to 'CRISIL AA-/Stable' from 'CRISIL A' and short-term facilities to 'CRISIL A1+' from 'CRISIL A1', removing them from 'Rating Watch with Positive Implications'. The upgrade reflects strong operational and managerial support from the Sudesh Gupta (SG) group following the transfer of controlling shareholding to Sanjay Gupta (Chairman of APL Apollo Tubes). CRISIL notes SG Mart achieved FY26 revenue of ₹6,315 crore (up 8% YoY) and plans a ₹1,500 crore capex over three years for manufacturing and service centers, funded entirely via internal accruals and existing cash (₹984 crore as of March 31, 2026).
- Bank facilities worth ₹940 crore upgraded to 'CRISIL AA-/Stable' and 'CRISIL A1+' and removed from Rating Watch Positive
- Controlling shareholding transferred to Sanjay Gupta (APL Apollo Tubes Chairman), strengthening group operational integration
- Planned capex of ₹1,500 crore over the next 3 years for new manufacturing plants and 15–18 service stations
- Cash and equivalents stood at over ₹984 crore as of March 31, 2026, with FY26 interest coverage at 4.02 times
SG Mart Limited has issued the notice for its 41st Annual General Meeting (AGM) scheduled for September 19, 2026, via Video Conferencing. Key agenda items include adopting the audited financial statements for FY ended March 31, 2026, and ratifying the appointment of Shri Sanjay Gupta as Chairman & Managing Director for a 5-year term starting July 20, 2026. Members will also vote on the appointment of Shri Rohan Gupta as Whole-time Director for a 5-year term and the re-appointment of Director Amit Thakur.
- 41st Annual General Meeting scheduled for Saturday, September 19, 2026, at 11:00 AM IST via VC/OAVM
- Approval sought for appointment of Shri Sanjay Gupta as Chairman & Managing Director for 5 years effective July 20, 2026
- Approval sought for appointment of Shri Rohan Gupta as Whole-time Director for 5 years effective July 20, 2026
- Ratification of remuneration of Rs 40,000 for Cost Auditors M/s HMVN & Associates for FY 2026-27
SG Mart Limited has officially commenced commercial production at its new Jaipur unit, located in Mahindra World City, as of July 27, 2026. This expansion aligns with the company's stated strategy to add 4-6 service centers annually to achieve a pan-India presence. The new facility is expected to support the company's target growth rate of 15-20% by expanding its distribution reach for metal products. Given the current low operating margins of 0.6%, scaling the service center network is a key driver for volume-based profitability.
- Commercial production at the Jaipur Unit commenced on July 27, 2026.
- The facility is located in the Domestic Tariff Area (DTA) of Mahindra World City, Jaipur.
- This unit represents an expansion of the existing network of 7 operational service centers.
- The expansion supports the company's goal of adding 4-6 centers annually over the next 3-4 years.
SG Mart is transitioning from a trading-heavy model to a manufacturing-led platform, targeting a massive scale-up to Rs 25,000-35,000 Cr revenue by 2030. The company plans to invest Rs 1,500 Cr in capex over the next 2-3 years, funded through its current cash reserves of Rs 690 Cr and internal accruals, avoiding equity dilution. In Q1 FY27, the company achieved service center volumes of 160,000 tons and steel profile volumes of 18,000 tons. Management aims to expand its service center network from 7 to 25 by 2029, focusing on higher-margin renewable structures and steel profiles to drive EBITDA toward Rs 1,000 Cr.
- Planned capex of Rs 1,500 Cr over the next 2-3 years, representing ~18% of current market cap
- Vision 2030 targets revenue of Rs 25,000-35,000 Cr, a significant jump from TTM revenue of Rs 1,407 Cr
- Service center network to expand from 7 currently to 25 by 2029, adding 5 centers annually
- Q1 FY27 capex stood at Rs 90 Cr with an annualized ROCE of approximately 23%
- Targeting 4 million tons of steel volume by 2030 with an EBITDA margin goal of 3-4%
SG Mart Limited has released the audio recording of its investor conference call held on July 20, 2026, regarding the unaudited financial results for the quarter ended June 30, 2026. The company, which operates in the metal trading industry, recently reported a TTM revenue of ‡1,407 Cr but maintains extremely thin operating margins of 0.6%. Investors should use this recording to gauge management's progress on their stated strategy of adding 4-6 service centers annually and transitioning to a royalty-based franchisee model for TMT bars.
- Conference call held on July 20, 2026, at 05:00 PM IST to discuss Q1 FY27 results.
- Company is currently trading at a high P/E of 1279.0 relative to a TTM PAT of ‡7 Cr.
- Management strategy involves adding 4-6 service centers annually to its current base of 7 centers.
- Targeting a royalty-based model for TMT bars at ‡500-600 per ton to reduce capital employment.
SG Mart Limited's Nomination and Remuneration Committee has approved the grant of 4,86,000 Employee Stock Options (ESOPs) on July 20, 2026. Each option is convertible into one equity share of face value ₹1 at an exercise price of ₹367.85. The grant is part of the SG Mart Limited Employees Stock Option Scheme, 2023, aimed at incentivizing eligible employees. The options must be exercised within one year from the date of the last vesting.
- Grant of 4,86,000 Employee Stock Options to eligible employees
- Exercise price fixed at ₹367.85 per option
- Each option is convertible into 1 equity share of face value ₹1
- Exercise period is 1 year from the date of last vesting
SG Mart reported a 14% YoY revenue growth to ₹1,308.6 Cr for Q1FY27, although revenue declined 28% sequentially from Q4FY26. Profitability showed significant improvement with PAT rising 41% YoY to ₹45.6 Cr and Business EBITDA margins expanding by 135 bps to 4.5%. The company is successfully pivoting toward higher-margin value-added products like solar structures and steel profiles, which contributed ₹223.7 Cr in revenue this quarter. Net cash remains robust at ₹690 Cr, supporting the strategic expansion plan to reach 16 service centers by 2028.
- Revenue reached ₹1,308.6 Cr, representing a 14% increase compared to ₹1,143.8 Cr in Q1FY26.
- Net Profit (PAT) grew 41% YoY to ₹45.6 Cr, up from ₹32.3 Cr in the previous year's quarter.
- Business EBITDA margins expanded to 4.5% from 3.1% YoY, driven by a richer product mix.
- Registered customer base expanded to 2,505, up from 2,312 in the same period last year.
- Net cash position stood at ₹690 Cr as of June 30, 2026, providing liquidity for expansion.
SG Mart reported a strong Q1 FY27 with revenue growing 14% YoY to ₹1,308.6 Cr. Profitability saw a significant jump as PAT rose 41% YoY to ₹45.6 Cr, supported by EBITDA margin expansion from 3.1% to 4.5%. The company is executing an aggressive expansion strategy, aiming to increase its service center count from 7 to 16 by 2028. Despite a 28% sequential revenue decline compared to Q4 FY26, the company maintains a robust net cash position of ₹690 Cr.
- Revenue increased 14% YoY to ₹1,308.6 Cr, though it declined 28% sequentially from Q4 FY26.
- PAT grew 41% YoY to ₹45.6 Cr, driven by a 135 bps expansion in EBITDA margins to 4.5%.
- Registered customer base expanded to 2,505, up from 2,312 in the same quarter last year.
- Company maintains a strong liquidity position with ₹690 Cr in net cash as of June 30, 2026.
- Expansion roadmap set to reach 16 service centers by 2028 and 20+ manufacturing centers by 2030.
SG Mart Limited has announced the 100% acquisition of Tanwar Cargo Solutions Private Limited for ₹85 crore in cash, aiming for completion by December 31, 2026. The company also reported its Q1 FY27 (June 2026) results, with revenue growing 11.5% YoY to ₹1,156.08 crore and net profit increasing to ₹33.66 crore. In a significant leadership shift, Sanjay Gupta (Promoter of APL Apollo Group) has been appointed as Chairman & Managing Director for a five-year term. While the acquisition is relatively small at ~1.5% of FY26 revenue, the management change signals a stronger alignment with the APL Apollo ecosystem.
- Acquisition of 100% equity in Tanwar Cargo Solutions for an aggregate cash consideration of ₹85 crore.
- Q1 FY27 revenue stood at ₹1,156.08 crore, up from ₹1,036.94 crore in the same quarter previous year.
- Net profit for the June 2026 quarter rose 14.8% YoY to ₹33.66 crore.
- Appointment of Sanjay Gupta, a veteran with 40 years of experience in steel, as Chairman & Managing Director.
- The company maintained a healthy net worth with 'Other Equity' reported at ₹1,529.21 crore as of March 2026.
SG Mart reported a steady Q1 FY27 with revenue of ₹1,156.08 crore and a net profit of ₹33.66 crore, representing a 14.8% YoY profit growth. The company announced a major leadership transition, appointing Sanjay Gupta (Promoter of APL Apollo Group) as Chairman & Managing Director for five years. Additionally, SG Mart is acquiring 100% of Tanwar Cargo Solutions for ₹85 crore in cash to strengthen its logistics capabilities, with completion targeted by December 31, 2026.
- Q1 FY27 revenue stood at ₹1,156.08 crore compared to ₹1,036.94 crore in the year-ago period.
- Net profit for the quarter increased to ₹33.66 crore from ₹29.32 crore YoY.
- Acquisition of Tanwar Cargo Solutions for ₹85 crore cash consideration, representing approximately 1% of market cap.
- Appointment of Sanjay Gupta as CMD and Rohan Gupta as Whole-time Director for 5-year terms.
- Employee stock options (ESOPs) outstanding as of June 30, 2026, totaled 2,68,800 units.
Financial Performance
Revenue Growth by Segment
B2B Metal Trading: 30% of Q2 FY26 revenue (grew 50% QoQ); Service Center Business: 50% of Q2 FY26 revenue; International/Renewable: 17% of Q2 FY26 revenue. Total revenue for FY25 was INR 5,856.17 Cr, up 118.2% YoY from INR 2,682.90 Cr in FY24.
Geographic Revenue Split
India: ~92% of total revenue; UAE: ~8% (INR 473.84 Cr generated by Dubai-based subsidiary SG Marts FZE in FY25).
Profitability Margins
FY25 Net Profit Margin: 1.76% (INR 1,034 Mn PAT on INR 58,561 Mn revenue). PAT grew 69.8% YoY from INR 609 Mn in FY24. Q2 FY26 PAT was INR 265 Mn, up 66% YoY but down 18% QoQ due to steel price declines and upfront branding costs.
EBITDA Margin
EBITDA Margin: 1.8% in FY25, down from 2.3% in FY24. The moderation was driven by lower steel prices and increased expenses related to business expansion. H1 FY26 EBITDA increased 61% YoY despite margin pressure.
Capital Expenditure
Planned Capex: INR 170-200 Cr for the expansion of service centers and the newly started renewable structures business.
Credit Rating & Borrowing
Credit Rating: CRISIL Stable. Interest coverage ratio: 8.04x in FY24. Sanctioned bank limits of INR 600 Cr were only 26% utilized as of June 2024.
Operational Drivers
Raw Materials
Steel (HR coils, CTL HR coils, and TMT bars) represents the primary cost of goods sold, estimated at >90% of revenue for the trading segment.
Import Sources
UAE (Dubai) via SG Marts FZE; approximately 20% of products are imported to serve international and domestic demand.
Key Suppliers
Major steel companies (specific names not disclosed in available documents). Top supplier accounts for ~15% of total purchases.
Capacity Expansion
Current: 7 operational service centers (5 owned, 2 leased). Planned: Adding 1 in Jaipur in Q4 FY26 and 4-6 additional centers annually to reach dozens pan-India within 3-4 years.
Raw Material Costs
Raw material costs are highly sensitive to steel prices, which declined by ~INR 3,000 per ton in Q2 FY26, leading to inventory losses and margin compression.
Logistics & Distribution
Distribution network includes 220+ dealers and 402 vendors serving 2,328 customers pan-India.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Expansion of the service center network (adding 4-6 annually), scaling high-margin renewable and open profile structures, and transitioning TMT bars to a royalty-based franchisee model (INR 500-600 per ton) to reduce capital employment.
Products & Services
HR coils, CTL HR coils, TMT bars, renewable structures, open profile structures, and over 1,700 building products.
Brand Portfolio
SG Mart, SG.
New Products/Services
Renewable structures and open profile structures, which offer higher spreads and insulate the company from short-term steel price volatility.
Market Expansion
Targeting pan-India presence with a new service center in Jaipur (Q4 FY26) and dozens more planned over the next 3-4 years.
Strategic Alliances
TMT Franchisee partners who produce and sell under the SG brand in exchange for royalty payments.
External Factors
Industry Trends
Growing B2B construction materials marketplace; shift toward organized players providing one-stop solutions for construction needs.
Competitive Landscape
Intense competition from emerging B2B platforms challenges market share and pricing flexibility.
Competitive Moat
Durable advantage through a distribution network of 220+ dealers and 2,328 customers, providing a one-stop solution for 1,700+ products. Sustainability is driven by scale and efficient working capital (22 days).
Macro Economic Sensitivity
India's FY26 GDP growth projected at 6.3%–6.8% supports demand; GST collections up nearly 10% reflect healthy construction activity.
Consumer Behavior
Increasing demand for organized B2B marketplaces that offer product variety and reliable supply chain fulfillment.
Geopolitical Risks
Geopolitical risks and trade disruptions are cited as measured outlook factors for FY26 growth.
Regulatory & Governance
Industry Regulations
Frequent changes in construction-related regulations pose risks to operational stability and financial performance.
Taxation Policy Impact
Effective tax rate is approximately 25% based on FY25 PBT of INR 137.32 Cr and PAT of INR 103.4 Cr.
Risk Analysis
Key Uncertainties
Steel price volatility (High impact); intense competition in trading (Low margin risk); and potential IT system failures/cyber-attacks.
Geographic Concentration Risk
Revenue is primarily concentrated in India (92%), with a growing presence in the UAE (8%).
Third Party Dependencies
Moderate dependency on top suppliers (15% of purchases) and major steel companies for product sourcing.
Technology Obsolescence Risk
Over-reliance on technology for the B2B marketplace poses threats from system failures; mitigated by backup protocols and disaster recovery plans.
Credit & Counterparty Risk
Low risk; debtor days are less than 10 and top customers represent only 5.3% of revenue.
