SGFIN
SG Finserve share price & financials
- Price
- ₹631.15
- Market cap
- ₹4.2k Cr
- Sector
- Financial Services
- Calls analysed
- 3
SG Finserve Limited Q1 FY27
What went well
- Highest ever quarterly PBT of INR72 crores, up 27% QoQ.
- Loan book grew 16% QoQ to INR4,552 crores, and 82% YoY.
- Strong net worth of INR1,539 crores and capital adequacy ratio of 32%.
What to watch
- Management noted geopolitical uncertainty as a reality and a challenge to business due to reduced working capital requirements for traders and end-users, though it has not yet translated into credit pressure.
What SG Finserve Limited does
SG Finserve is a non-deposit-taking NBFC that provides supply chain financing (SCF) to MSMEs by lending against real, anchor-verified transaction flows rather than to dispersed individual borrowers. Its tripartite model links a large anchor corporate, its downstream/upstream MSME counterparties (vendors, dealers, distributors, sub-dealers) and the company as financer, monitoring transactions in real time through ERP integrations and a digital loan management system. It primarily serves industries suited to structured SCF such as construction, automotive, steel, white goods and IT peripherals, and during FY26 commercialised a factoring/TReDS business alongside its core vendor, dealer and deep-tier financing programs. Operations are entirely domestic, with no direct import-export financing exposure.
Segments
- Vendor Finance
- Dealer/Distributor Finance
- Deep Tier Financing
- Factoring & TReDS
- Invoice Financing
- Purchase Order Financing
- Locations/hubs covered
- 30 hub locations across India (~100km radius each)
- Employees
- 76 (up from 58 a year earlier)
- Invoices financed since inception
- 5.15 lakh+
- Corporate structure
- Part of APL Apollo Group (flagship: APL Apollo Tubes, India's largest structured steel manufacturer)
- Credit rating
- AA (CE) / A1+ by ICRA
- TReDS platforms onboarded
- 2 (RXIL and M1xchange)
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 4 delivered 1 missed 13 open- Loan Book (AUM) delivered said Q3 FY26 Promised: Close FY26 with an AUM of INR 3,500 crores Q1 FY27: Promise remains achieved. No new updates.
- Fee Income went quiet said Q4 FY26 Promised: 6 crores fee in Q4 is not an exception. I believe, it will become a norm. Q1 FY27: No specific fee income figure was disclosed for Q1 FY27, making it impossible to verify if the INR 6 cr quarterly run-rate is being maintained.
- New Subsidiary Investment diluted said Q3 FY26 Promised: Nothing material is going to happen in next 2, 3 years. Q1 FY27: Management announced plans to establish an insurance broking subsidiary. While framed as a small, ecosystem-focused cross-sell opportunity, this represents a new venture, diluting the original promise.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 100.0%, net profit up 116.0% 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 | 31 | 42 | 54 | 68 | 75 +142% | 86 +105% | 105 +94% | 136 +100% |
| Net profit | 14 | 24 | 24 | 25 | 28 +100% | 32 +33% | 42 +75% | 54 +116% |
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 +76.5% 1Y
1Y: ₹374.3 on 10 Sept 2025 → ₹660.75. High ₹709.85 (6 Aug 2026), low ₹332.25 (1 Feb 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.2%
- 14 Jul
- Q4 FY26
- +11.5%
- 16 Apr
- Q3 FY26
- −0.9%
- 23 Jan
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 32.6% a year over 2 years, FY24 to FY26.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹190 Cr | ₹171 Cr | ₹334 Cr |
| Interest | ₹65 Cr | ₹32 Cr | ₹134 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹79 Cr | ₹81 Cr | ₹127 Cr |
| Net margin | 41.6% | 47.4% | 38.0% |
| Cash from operations | ₹-629 Cr | ₹-492 Cr | ₹-1.6k Cr |
| Free cash flow | ₹-630 Cr | ₹-492 Cr | ₹-1.6k Cr |
| ROE | 11.0% | 9.0% | 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 | ₹5 Cr | ₹5 Cr | ₹41 Cr | ₹55 Cr | ₹56 Cr | ₹65 Cr |
| Reserves | ₹3 Cr | ₹4 Cr | ₹532 Cr | ₹751 Cr | ₹1.0k Cr | ₹1.4k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹493 Cr | ₹957 Cr | — | ₹2.7k Cr |
| Other liabilities | ₹0 Cr | ₹0 Cr | ₹13 Cr | ₹16 Cr | ₹72 Cr | ₹9 Cr |
| Total liabilities | ₹8 Cr | ₹9 Cr | ₹1.1k Cr | ₹1.8k Cr | ₹3.0k Cr | ₹4.2k Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹1 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹6 Cr | ₹6 Cr | ₹1.1k Cr | ₹1.8k Cr | ₹3.0k Cr | ₹4.2k Cr |
| Total assets | ₹8 Cr | ₹9 Cr | ₹1.1k Cr | ₹1.8k Cr | ₹3.0k Cr | ₹4.2k 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.
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse SG Finserve Limited
Guides on how to read this kind of business and the numbers that matter.