512329
SG Mart share price & financials
- Price
- ₹597.2
- Market cap
- ₹9.5k Cr
- Sector
- Metals & Mining
- Calls analysed
- 7
SG Mart Q4 FY26
What went well
- SG Mart reported a strong Q4 FY26 with revenue upwards of ₹1,800 crores and EBITDA of ₹56 crores, contributing to a 35% YoY EBITDA growth for the full year, reaching ₹137 crores.
- The company significantly improved its working capital cycle to 20 days and generated ₹300 crores in operating cash flow for FY26, which funded its capex.
- The annualized ROCE for Q4 FY26 stood at 25%, reflecting the true business model, and the company closed the year with a healthy net cash position of ₹750 crores.
What to watch
- The Middle East crisis and steel supply shortages led to lower B2B volumes and impacted Dubai operations, causing a profitability hit in that region.
- A shortage of specialized coated steel due to gas issues from steel mills resulted in a slight dip in renewable structures volume during Q4.
What SG Mart does
SG Mart Limited (part of the APL Apollo Group) operates a B2B platform for construction and infrastructure materials, bulk-sourcing steel directly from top-tier producers and reselling to distributors, dealers, EPC firms, real-estate developers, OEMs and other end-users. It runs a network of service centres/warehouses that process raw steel into cut-to-length sheets, chequered sheets and slitted sheets ('Stock & Sell' plus processing-on-demand), and has expanded into solar module-mounting structures and steel profiling products (racking structures, purlins, cable trays, puff panels) sold through the group's distribution network under the APL Apollo brand. The company earns primarily through trading margins on steel volumes and processing fees at its service centres.
Segments
- B2B Metal Trading
- Network of Service Centres
- Renewable Structures
- Steel Profiling Products
- Others
- Operational service centres
- 7 (Ghaziabad, Bangalore, Pune, Raipur, Dubai plus leased centres at Indore and Ahmedabad)
- Registered customers
- 2,470
- Registered vendors/suppliers
- 452
- Installed monthly processing capacity across service centres
- 85,000 tons/month (Cut-to-Length 49,500; Chequered 9,500; Slitting 8,000; Renewable structures & profiles 18,000)
- SKUs offered
- 7,200+
- Average service-centre area
- 250,000 sq ft (metro cities); 150,000 sq ft (non-metro cities)
Guidance record · Q4 FY26
what the last two calls moved 21 tracked 3 delivered 6 missed 12 open- FY26 EBITDA delivered, diluted said Q4 FY25 Promised: INR 200 crores Q4 FY26: Achieved ₹137 crores for FY26, slightly missing the revised guidance of ~₹140 crores but very close. The original ₹200 crore target was missed significantly.
- Blended EBITDA Margin went quiet said Q1 FY25 Promised: 2.5% Q4 FY26: Management continues to emphasize segment-wise EBITDA per ton, confirming the abandonment of a blended margin target.
- FY27 EBITDA revised down said Q4 FY25 Promised: INR 400 crores Q4 FY26: Guidance range clarified to '₹300-350 crores', a downward revision from the '₹350 crores+' guided in Q3.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 14.4%, net profit up 43.8% 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 | 1,793 | 1,335 | 1,595 | 1,144 | 1,704 −5% | 1,644 +23% | 1,823 +14% | 1,309 +14% |
| EBITDA | 15 | 22 | 37 | 36 | 28 +87% | 17 −23% | 56 +51% | 59 +64% |
| Net profit | 16 | 28 | 33 | 32 | 27 +69% | 11 −61% | 41 +24% | 46 +44% |
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 +115.7% 1Y
1Y: ₹348.6 on 10 Sept 2025 → ₹752. High ₹840.05 (26 Aug 2026), low ₹319.35 (21 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.6%
- 4 May
- Q3 FY26
- +5.2%
- 23 Jan
- Q2 FY26
- −3.1%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 1493.7% a year over 3 years, FY23 to FY26. Operating margin widened to 2.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2 Cr | ₹2.7k Cr | ₹5.9k Cr | ₹6.3k Cr |
| Operating profit | ₹-0 Cr | ₹62 Cr | ₹99 Cr | ₹137 Cr |
| Operating margin | -8.3% | 2.3% | 1.7% | 2.2% |
| Interest | ₹0 Cr | ₹11 Cr | ₹45 Cr | ₹51 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹12 Cr |
| Net profit | ₹0 Cr | ₹61 Cr | ₹103 Cr | ₹111 Cr |
| Net margin | 0.0% | 2.3% | 1.8% | 1.8% |
| Cash from operations | ₹4 Cr | ₹30 Cr | ₹-391 Cr | ₹258 Cr |
| Free cash flow | ₹4 Cr | ₹-75 Cr | ₹-549 Cr | ₹27 Cr |
| ROCE | — | — | 11.0% | 10.0% |
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 | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹11 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹1.1k Cr | ₹1.5k Cr | ₹1.6k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹182 Cr | ₹86 Cr | ₹268 Cr |
| Other liabilities | ₹0 Cr | ₹2 Cr | ₹0 Cr | ₹218 Cr | ₹700 Cr | ₹385 Cr |
| Total liabilities | ₹12 Cr | ₹14 Cr | ₹12 Cr | ₹1.5k Cr | ₹2.3k Cr | ₹2.3k Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹39 Cr | ₹209 Cr | ₹385 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹17 Cr | ₹9 Cr | ₹20 Cr |
| Investments | ₹0 Cr | ₹5 Cr | ₹0 Cr | ₹0 Cr | ₹167 Cr | ₹0 Cr |
| Other assets | ₹12 Cr | ₹8 Cr | ₹12 Cr | ₹1.4k Cr | ₹1.9k Cr | ₹1.8k Cr |
| Total assets | ₹12 Cr | ₹14 Cr | ₹12 Cr | ₹1.5k Cr | ₹2.3k Cr | ₹2.3k 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 Jun 2026
Since Jun 2025, promoters added +21.63 pp while the public trimmed −21.04 pp. The shareholder count shrank 35% to 20,309.
- Promoters
- 57.9%
- FIIs
- 1.9%
- DIIs
- 4.1%
- Public
- 36.1%
Since Jun 2025
- Promoters +21.63 pp
- Public −21.04 pp
- DIIs −1.59 pp
How it drifted, 12 quarters
Over this window promoters fell from 75.0% to 57.9% — −17.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, Public 25.0%.Dec '23: Promoters 53.8%, FIIs 0.0%, DIIs 4.2%, Public 42.0%.Mar '24: Promoters 52.7%, FIIs 3.6%, DIIs 0.5%, Public 43.1%.Jun '24: Promoters 41.0%, FIIs 5.6%, DIIs 0.5%, Public 52.9%.Sep '24: Promoters 40.8%, FIIs 5.3%, DIIs 1.6%, Public 52.3%.Dec '24: Promoters 40.7%, FIIs 6.2%, DIIs 1.6%, Public 51.5%.Mar '25: Promoters 40.7%, FIIs 6.5%, DIIs 1.1%, Public 51.8%.Jun '25: Promoters 36.3%, FIIs 0.9%, DIIs 5.7%, Public 57.1%.Sep '25: Promoters 36.3%, FIIs 1.2%, DIIs 4.7%, Public 57.8%.Dec '25: Promoters 36.3%, FIIs 1.3%, DIIs 5.0%, Public 57.5%.Mar '26: Promoters 36.3%, FIIs 1.9%, DIIs 5.3%, Public 56.6%.Jun '26: Promoters 57.9%, FIIs 1.9%, DIIs 4.1%, Public 36.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sanjay Gupta newly disclosed 35.07% held
- Hr Global Manufacturing Private Limited newly disclosed 1.59% held
- Vinay Gupta newly disclosed 0.32% held
- Sameer Gupta newly disclosed 0.00% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of SG Mart above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sanjay Gupta | 35.07% | newly disclosed |
| Rohan Gupta | 8.89% | unchanged |
| Neera Gupta | 8.85% | unchanged |
| S Gupta Holding Private Limited | 3.58% | unchanged |
| Kitara Piin 1103 | 3.21% | unchanged |
| Hr Global Manufacturing Private Limited | 1.59% | newly disclosed |
| Amicorp Capital (Mauritius) Limited FPI fund | 1.51% | unchanged |
| Rajiv Kumar | 1.35% | unchanged |
| Dhruv Gupta | 1.19% | −26.03 pp |
| Cybage Software Private Limited | 1.06% | unchanged |
| Vinay Gupta | 0.32% | newly disclosed |
| Meenakshi Gupta | 0.00% | −9.05 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.
All earnings calls (7)
Read the Q4 FY26 call →Learn to analyse SG Mart
Guides on how to read this kind of business and the numbers that matter.