512014
Sobhagya Mercant financials
- Market cap
- ₹1.4k Cr
- Sector
- Services
What Sobhagya Mercant does
Sobhagya Mercantile Ltd (SML), founded in 1983, is a diversified infrastructure conglomerate built around six business lines. Its largest business is infrastructure construction, executing roads and highways contracts under EPC and Hybrid Annuity Model (HAM) structures, complemented by an infrastructure engineering arm offering detailed project reports (DPRs), construction supervision and project management consultancy (PMC). The company also runs coal (via the allotted Marki Mangli-IV coal block) and aggregate mining operations, leases construction and mining machinery to contractors and developers, and is setting up an integrated steel plant at Gadchiroli, Maharashtra to produce construction-grade steel for its own value chain.
Segments
- Infrastructure Construction
- Infrastructure Engineering
- Mining
- Equipment Leasing
- Material Production & Supply
- Steel Manufacturing
- Business segments
- 6 (Construction, Engineering, Mining, Equipment Leasing, Material Production & Supply, Steel Manufacturing)
- Coal block allocated
- Marki Mangli-IV
- Mining operations
- Coal + aggregate mining
- Steel plant (under construction)
- 1, at Gadchiroli, Maharashtra
- Contract models (construction)
- EPC and Hybrid Annuity Model (HAM)
- Equipment leasing fleet
- Construction & mining machinery leased to contractors/developers
Quarterly results
Q1 FY27: revenue down 20.9%, net profit down 27.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28 | 45 | 57 | 52 | 51 +86% | 47 +5% | 82 +44% | 41 −21% |
| EBITDA | 3 | 6 | 8 | 8 | 7 +155% | 9 +44% | 9 +8% | 6 −24% |
| Net profit | 2 | 4 | 8 | 6 | 5 +123% | 6 +66% | 6 −25% | 4 −27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +53.0% 1Y
1Y: ₹920.6 on 10 Sept 2025 → ₹1,408.4. High ₹1,530 (7 Sept 2026), low ₹700.3 (9 Mar 2026).
Financials, as filed
Revenue grew 27.6% a year over 3 years, FY23 to FY26. Operating margin held at 14.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹112 Cr | ₹120 Cr | ₹156 Cr | ₹233 Cr |
| Operating profit | ₹16 Cr | ₹18 Cr | ₹21 Cr | ₹33 Cr |
| Operating margin | 14.1% | 15.0% | 13.2% | 14.1% |
| Interest | ₹1 Cr | ₹2 Cr | ₹1 Cr | ₹2 Cr |
| Depreciation | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr |
| Net profit | ₹11 Cr | ₹12 Cr | ₹16 Cr | ₹22 Cr |
| Net margin | 9.6% | 9.6% | 10.0% | 9.5% |
| Cash from operations | ₹-2 Cr | ₹4 Cr | ₹-17 Cr | ₹2 Cr |
| Free cash flow | ₹-4 Cr | ₹4 Cr | ₹-17 Cr | ₹1 Cr |
| ROCE | 44.0% | 34.0% | 34.0% | 23.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹10 Cr |
| Reserves | ₹14 Cr | ₹25 Cr | ₹35 Cr | ₹47 Cr | ₹82 Cr | ₹183 Cr |
| Borrowings | ₹7 Cr | ₹2 Cr | ₹7 Cr | ₹14 Cr | ₹7 Cr | ₹22 Cr |
| Other liabilities | ₹14 Cr | ₹25 Cr | ₹45 Cr | ₹26 Cr | ₹111 Cr | ₹135 Cr |
| Total liabilities | ₹35 Cr | ₹52 Cr | ₹88 Cr | ₹87 Cr | ₹208 Cr | ₹350 Cr |
| Fixed assets | ₹2 Cr | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹13 Cr | ₹5 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹79 Cr |
| Other assets | ₹21 Cr | ₹46 Cr | ₹85 Cr | ₹84 Cr | ₹206 Cr | ₹269 Cr |
| Total assets | ₹35 Cr | ₹52 Cr | ₹88 Cr | ₹87 Cr | ₹208 Cr | ₹350 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, FIIs added +19.22 pp while promoters trimmed −14.42 pp. The shareholder count grew 3% to 1,342.
- Promoters
- 60.6%
- FIIs
- 19.2%
- Public
- 20.2%
Since Jun 2025
- FIIs +19.22 pp
- Promoters −14.42 pp
- Public −4.81 pp
How it drifted, 12 quarters
Over this window the public fell from 65.5% to 20.2% — −45.3 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 34.5%, Public 65.5%.Mar '24: Promoters 34.5%, Public 65.5%.Jun '24: Promoters 75.0%, Public 25.0%.Sep '24: Promoters 75.0%, Public 25.0%.Dec '24: Promoters 75.0%, Public 25.0%.Mar '25: Promoters 75.0%, Public 25.0%.Jun '25: Promoters 75.0%, Public 25.0%.Sep '25: Promoters 75.0%, Public 25.0%.Dec '25: Promoters 75.0%, Public 25.0%.Mar '26: Promoters 64.6%, FIIs 13.8%, Public 21.5%.Jun '26: Promoters 64.6%, FIIs 13.8%, Public 21.6%.Jul '26: Promoters 60.6%, FIIs 19.2%, Public 20.2%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nova Global Opportunities Fund Pcc - Touchstone FPI fund newly disclosed 6.26% held
The same filing shows 12 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Sobhagya Mercant above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Shrikant Bhangdiya | 18.29% | −1.22 pp |
| Sonal Kirtikumar Bhangdiya | 10.57% | −0.71 pp |
| Aarti Shrikant Bhangdiya | 10.57% | −0.71 pp |
| Megha Mitesh Bhangdiya | 10.57% | −0.71 pp |
| Manisha Omprakash Maniyar | 10.57% | −0.71 pp |
| Legends Global Opportunities (Singapore) Pte. Ltd. FPI fund | 6.26% | −0.41 pp |
| Nova Global Opportunities Fund Pcc - Touchstone FPI fund | 6.26% | newly disclosed |
| Venus Investments Vcc - Venus Stellar Fund FPI fund | 3.83% | −0.25 pp |
| Dovetail India Fund - Class 22 FPI fund | 2.88% | −0.20 pp |
| Saboo Rajesh Anandram | 1.67% | −0.11 pp |
| Sushil Shankarlal Kothari | 1.67% | −0.11 pp |
| Jaya Saboo | 1.60% | −0.11 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
ExpensiveTo justify its price of ₹1408, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~26%. At that growth it is worth ₹776 — downside of 45%.
- Growth the price implies
- 37.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 27.2% a year
- net profit, FY23–FY26 · EPS 25.6%
- The gap
- 0.1 pp
- -45% downside if it only repeats history
Learn to analyse Sobhagya Mercant
Guides on how to read this kind of business and the numbers that matter.