In , SG Mart Ltd (Trading) is outperforming Nifty 500 with +64.6% relative strength. Fundamentals: Average. On a 12-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: EBITDA per ton: ₹2,000 - ₹6,000
Impact: ₹350 Cr EBITDA in FY27
“Service center business in India should be generating Rs. 2,000 per ton... profile business... should generate upward of Rs. 5,000 per ton-Rs. 6,000 per ton.”
What: Dubai EBITDA: ₹50 Crores
Impact: ₹50 Cr annual EBITDA
“Then we have Dubai service center which is generating around Rs. 10 crores-Rs. 12 crores of EBITDA on quaterly basis.”
Earnings deceleration risks from management commentary
Trigger: Softness in demand and global price volatility impacted domestic realizations.
Impact: PAT impact: ₹20 Cr EBITDA hit
Management view: Reducing inventory days to 20-25 days and shifting to a pass-through model.
Monitor: commodity
Trigger: Tensions between US, EU, and China affecting global steel flows.
Management view: Maintaining minimum inventory levels and operating on a pass-through model.
Monitor: geopolitical
Key quotes from recent conference calls
“Firstly, in the previous call, you had mentioned FY '26 EBITDA target of INR200 crores. So far, to H1, the EBITDA is INR64 crores. [Previous EBITDA guidance]”
“So, by end of FY’28, early FY’29, we shall have all 20 service centres up and running. [Initiative: Service Center Expansion]”
“Because of the softness in steel prices, there was inventory loss of around Rs. 20 crores as we carried 20-25 days of inventory. [Risk (commodity): HIGH]”
“knowing with this global dynamics being the background, I just wanted to understand how exactly will it be impacting the SG Mart’s ability to deliver. [Risk (geopolitical): LOW]”
Headline numbers from the latest earnings call
Revenue
Not Disclosed
Why: Sales volume increased by 9% quarter-on-quarter as both B2B Metal Trading and renewable structure businesses ramped up despite a tough environment.
Revenue growth was driven by volume expansion in core segments despite declining steel prices.
EBITDA
₹17 Crores
Why: Reported EBITDA was hit by a ₹20 crore inventory loss due to a sharp correction in steel prices of ₹2,500-3,000 per ton.
Underlying business EBITDA was ₹40 Crores, but reported figures were suppressed by significant inventory write-downs.
Other Highlights
• Inventory loss of ₹20 Crores due to 20-25 days of carrying inventory during a sharp price correction.
• Service Centre business processed 163,000 tons in Q3 with a monthly run rate of 50,000 tons.
• Renewable Structures segment achieved 17,000 tons of sales volume in Q3.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
EBITDA per Ton - Service Center (India)
₹1,500
Why: Spreads were lower because the market was on the declining side in terms of raw material prices.
EBITDA per Ton - B2B Metal Trading
₹500 - ₹600
Why: Declining steel prices put pressure on sales and demand, forcing discounts.
Service Center Volume (Q3)
163,000 tons
Why: Ramp-up of operational centers despite market softness.
Renewable Structures Volume (Q3)
17,000 tons
Why: Business is in a ramp-up phase with healthy order books.
Renewable Structures Order Book
₹300 Crores
Why: Increased acceptance in the market and empanelment with 20-25 large OEMs.
Inventory Days
20-25 days
Why: Maintained to manage working capital while supporting service center operations.
Working Capital Days
27 days
Why: Slightly higher due to advance payments made to steel suppliers ahead of anti-dumping duties.
EBITDA per Ton - Dubai Service Center
₹5,000+
Why: Superior spreads in the Dubai market compared to India.
Forward-looking targets from management for FY27
Capex Plan
₹200 Cr
Targeting specific EBITDA spreads per ton across business verticals.
₹200 Crores
Expansion of service centers and land acquisition for 10 more locations.
Targeting 750,000 tons from service centers in FY27.
Guidance Changes
FY26 EBITDA: INR 200 Crores → INR 140 Crores
FY27 EBITDA: Not Given → INR 350 Crores
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +14% | +53% | Stable |
| PAT (Net Profit) | +24% | +35% | Stable |
| OPM | 3.0% | +100 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
SG Mart Ltd's latest quarterly results (Mar 2026) show
SG Mart Ltd's profit is growing with an stable trend.
SG Mart Ltd's revenue growth trend is stable.
SG Mart Ltd's operating margin is stable.
SG Mart Ltd's long-term compounding rates
SG Mart Ltd's earnings growth is stable with mixed signals on a sequential basis.
SG Mart Ltd's trailing twelve month (TTM) performance
SG Mart Ltd appears significantly overvalued based on our fair value analysis.
SG Mart Ltd's current PE ratio is 68.0x.
SG Mart Ltd's current PE is 68.0x.
SG Mart Ltd's price-to-book ratio is 4.7x.
SG Mart Ltd is rated Average with a fundamental score of 50.2/100. This score is calculated from objective financial metrics
SG Mart Ltd has a debt-to-equity ratio of N/A.
SG Mart Ltd's return ratios over recent years
SG Mart Ltd's operating cash flow is positive (FY2026).
SG Mart Ltd currently does not pay a significant dividend (yield 0.00%).
SG Mart Ltd's shareholding pattern (Mar 2026)
SG Mart Ltd's promoter holding has remained stable recently.
SG Mart Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
SG Mart Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
SG Mart Ltd has 2 key growth catalysts identified from recent earnings analysis
SG Mart Ltd has 2 key risks worth monitoring
In Q3 FY26, SG Mart Ltd's management highlighted
SG Mart Ltd's management has provided the following forward guidance for FY27
SG Mart Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why SG Mart Ltd may be worth studying
SG Mart Ltd investment thesis summary:
SG Mart Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
