NSE: SGMART · BSE: 512329 · ISIN INE385F01024
SG Mart Limited stock analysis
SG Mart Limited ranks #1405 in the TickerSutra evidence-ranked universe with a score of 53/100 and 89% data confidence. The latest captured fundamentals show ROCE of 10.2%, quarterly sales growth of 14.4% and quarterly profit growth of 41.1%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.17×
- Strong CFO/EBITDA of 1.88×
- 1181.6% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2018 | ₹5cr | ₹3cr | ₹1cr | 70.0% |
| 2019 | ₹3cr | ₹2cr | ₹1cr | 56.0% |
| 2024 | ₹2,683cr | ₹62cr | ₹61cr | 2.3% |
| 2025 | ₹5,856cr | ₹103cr | ₹103cr | 1.8% |
| 2026 | ₹6,315cr | ₹137cr | ₹111cr | 2.2% |
| TTM | ₹6,480cr | ₹160cr | ₹124cr | 2.5% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
SG Mart Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineSG Mart Ltd - 512329 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 19 Sept 2026Voting Results and Scrutinizers Report of the 41st Annual General Meeting of the Company
RoutineShareholders meetingNSE · 19 Sept 2026SG Mart Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 19, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineSG Mart Ltd - 512329 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 19 Sept 2026Proceedings of 41st Annual General Meeting of the Company held on September 19, 2026
RoutineSG Mart Ltd - 512329 - Announcement under Regulation 30 (LODR)-AllotmentBSE · 18 Sept 2026Allotment of equity shares upon exercise of options as granted under the SG Mart Limited Employees Stock Option Scheme-2023
MANAGEMENT COMMENTARY
Signals from filed documents
7Additionally, initiatives such as the Renewable Energy Equipment Import Monitoring System (REEIMS) are enhancing transparency and strengthening domestic supply chains, supporting the country’s transition towards its long-term clean energy targets. India Ranks third globally in Renewable Energy Installed Capacity 12https://www.pib.gov.in/newsite/pmreleases.aspx?mincode=28®=3&lang=2#: 13https://www.pib.gov.in/Press
Opportunities Scale-led Industry Formalisation- Shift from fragmented markets to organised trading platforms presents significant growth potential. Service Centre Expansion - Ongoing addition of service centres across geographies is expected to improve volumes and operating leverage. Renewables & Structures Growth - Increasing adoption of solar and infrastructure solutions provides a high-growth, higher-margin opport
Digital Disruption to Traditional Trading Model Gradual shift in industry towards digital procurement platforms and organized marketplaces may reduce reliance on conventional trading models, impacting long-term growth trajectory. Gradual shift in product mix towards value-added segments such as processing, distribution and specialty products reduces dependence on pure trading. Strengthening platform-led capabilities
The product portfolio comprises primary metals such as hot-rolled coils, steel billets and zinc ingots, along with downstream and value-added offerings including TMT bars and structural solutions. In addition, the Company is expanding into application-led segments such as solar structures and steel profiles, while undertaking backward integration initiatives, including zinc coating, to enhance value realisation. 7,20
While trading remains our largest business by volume, the increasing contribution from value-added segments marks an important shift in the Company’s long- term earnings mix. Building the Next Phase Based on the current momentum across our businesses, we remain confident of moving towards this range, subject to stability in geopolitical conditions and steel supply dynamics. Over the next three years, we are targeting
First is that this quarter, we've seen a healthy jump in the realizations because of the pricing increase. So we've seen also a margin improvement, which has been strong. So could you highlight if there was any inventory gain or this is a structural sh ift in terms of how we should look at margins going forward as well?
The sector continues to benefit from policy support and structural initiatives aimed at enhancing domestic capacity, promoting specialty steel production and improving ease of doing business. Ongoing measures, including production- linked incentives and regulatory reforms, are expected to support capacity augmentation, technology upgradation and long-term demand visibility. These developments, coupled with sustained
Further, the Nomination and Remuneration Committee in its meeting held on July 25, 2025 also recommended reduction in exercise price of options granted on April 16, 2024 due to market factors, the market price of the equity shares of the Company decreased over an extended period, falling below the exercise price, thus rendering the Option granted to be unattractive. The same was approved by shareholders of the Compan
So how concentrated is the revenue today? An d do you see customer concentration reducing further as newer product categories mature? And just continuing with this part, please could you please help me understand the landscape in the organized infrastructure material distribution business, like what structural advantages allow SG Mart to defend margins against regional distributors and other national players?
Investments in logistics infrastructure and workforce capability building support scalable operations. Volatility in Steel Prices Fluctuations in steel prices can lead to inventory losses, margin pressure and earnings volatility, particularly given the working capital-intensive nature of operations. As highlighted in recent performance, sharp corrections impacted EBITDA due to inventory holding cycles.
These submissions are made through the BSE Listing Centre and NSE’s NEAPS portal, respectively and are also available on the Company’s website at https://sgmart.co.in/investor- relations/ for easy access by investors and stakeholders. 6.3 Presentations Made to Institutional Investors or Analysts The Company provides presentations to institutional investors and analysts, which are uploaded on its website at https://sg
The Company’s objective is to minimise the potential adverse impact of market and price volatility on its financial performance and cash flows while ensuring that its risk management practices remain aligned with its business requirements. The Company’s material commodity exposures are set out below: Commodity Name Exposure in INR towards the particular commodity (INR in crores) Exposure in Quantity terms towards the
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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