# SG Finserve share price today (SG Finserve Ltd, NSE: SGFIN)

> SG Finserve share price today: ₹708.55 at the NSE close on 4 November 2026, up 81.8% in a year. SG Finserve (NSE: SGFIN) is worth ₹4,669 crore, trades at a P/BV of 2.9 and has closed between ₹332.50 and ₹708.55 over the past 52 weeks. > SG Finserve Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. SGFIN · Finance & Investments - MSME Lending · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/sg-finserve-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹708.55 (+81.8% in a year)
- P/BV: 2.9× (higher than 64% of the last 11 years)
- Revenue (Sep 2026): ₹161 Cr (+114.7% on a year ago)
- Profit (Sep 2026): ₹59.0 Cr (+110.7% on a year ago)
- Net margin: 36.6% (−0.7 points on a year ago)
- ROE: 10%, FY26
- ROA: 6.29%, latest

The main question: the share price moved +81.8% in a year while yearly earnings per share moved +35.0%. The difference came from the market paying a higher multiple. ## What is the SG Finserve share price today? SG Finserve Ltd's share price was ₹708.55 at the close on 4 November 2026. It has been rising for 30 weeks. That is 22.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹333 and ₹709, and at that close it was at the high of that range. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row. Over the last 11 years the share price moved +5,110% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at SG Finserve this quarter? Three changes stood out: revenue up on a year earlier for 6 quarters in a row, profit up on a year earlier for 6 quarters in a row and highest quarterly profit in 16 quarters. 1. Revenue up on a year earlier for 6 quarters in a row In the September 2026 quarter revenue was ₹161 crore, +114.7% on a year earlier. Why: Revenue rose because the company lent more and its loan book reached a record high. From the earnings call on 16 Oct 2026. 2. Profit up on a year earlier for 6 quarters in a row In the September 2026 quarter profit was ₹59 crore, +110.7% on a year earlier. Why: Profit rose because the company lent more and kept collections tight while holding costs down. Next results: check whether profit for the whole year stays above Rs 225 crore. From the earnings call on 16 Oct 2026. 3. Highest quarterly profit in 16 quarters Profit of ₹59 crore in the September 2026 quarter is the highest of the last 16 quarters. Why: Profit hit a record because the company made many more loans in the first half. Next results: check that collection discipline stays intact as the loan book grows. From the earnings call on 16 Oct 2026. ## What are SG Finserve's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), SG Finserve reported total income of ₹161 crore, up 114.7% from ₹75.0 crore a year earlier, and a profit of ₹59.0 crore, up 110.7% from ₹28.0 crore. ### SG Finserve results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Total income | ₹161 crore | ₹75.0 crore | +114.7% |
| Profit | ₹59.0 crore | ₹28.0 crore | +110.7% |
| Earnings per share | ₹8.92 | ₹5.08 | +75.6% |
| Net margin | 36.6% | 37.3% | −0.7 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). SG Finserve's management discussed these results on a call held on 16 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Income and profit in ₹ crore.)

## What is the SG Finserve share price history? SG Finserve closed at ₹708.55 on 4 November 2026, up 81.8% from ₹389.65 a year earlier (7 November 2025) and up 3,469.5% over five years. Its highest weekly close since March 2016 was ₹716.15 on 26 May 2023. ### SG Finserve share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹687.60 | +3.0% |
| 1 month ago · 1 Oct 2026 | ₹632.30 | +12.1% |
| 6 months ago · 8 May 2026 | ₹598.80 | +18.3% |
| 1 year ago · 7 Nov 2025 | ₹389.65 | +81.8% |
| 3 years ago · 3 Nov 2023 | ₹495.25 | +43.1% |
| 5 years ago · 4 Nov 2021 | ₹19.85 | +3,469.5% |
| 10 years ago · 5 Dec 2016 | ₹13.25 | +5,247.5% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹13.60 | +5,109.9% |
| Highest weekly close since March 2016 · 26 May 2023 | ₹716.15 | −1.1% |
| Lowest weekly close since March 2016 · 31 Jul 2020 | ₹2.11 | +33,480.6% |
| 52-week high (weekly close) · 4 Nov 2026 | ₹708.55 | 0.0% |
| 52-week low (weekly close) · 1 Feb 2026 | ₹332.50 | +113.1% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (354 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on SG Finserve? 4 Nov 2026: SG Finserve closed at ₹708.55, up 3.0% on the week and up 12.1% on the month. 16 Oct 2026: SG Finserve held its results call for July to September 2026. Management guided: AUM 30-35% yearly growth for forward 12 months and next 2-3 years to about ₹11,000 crore, near-term exit near ₹7,000 crore. ### Earlier

- Results for July to September 2026: Total income up 114.7% and profit up 110.7% on a year earlier. - Our read, 19 Jul 2026: SG Finserve fills the working capital gap in anchor-dealer supply chains (tripartite enforcement: direct-to-anchor payment, stop-supply on default), achieving zero NPA across ₹52000+ Cr cumulative disbursements. April to June 2026 delivered profit before tax of ₹72 crore (82% on a year earlier AUM growth, nil NPAs, ROA 5.1%) and management now guides ₹300 crore FY27 profit before tax to 75% on a year earlier growth. ### Our read of the business

SG Finserve fills the working capital gap in anchor-dealer supply chains (tripartite enforcement: direct-to-anchor payment, stop-supply on default), achieving zero NPA across ₹52000+ Cr cumulative disbursements. April to June 2026 delivered profit before tax of ₹72 crore (82% on a year earlier AUM growth, nil NPAs, ROA 5.1%) and management now guides ₹300 crore FY27 profit before tax to 75% on a year earlier growth. April to June 2026: Record profit before tax ₹72 crore (27% on the previous quarter), AUM ₹4552 crore (82% on a year earlier), nil NPAs, FY27 guide of ₹300 crore profit before tax confirmed, factoring AUM reaches ₹225 crore. (Our read after the April to June 2026 results, written 19 July 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What dividend does SG Finserve pay? SG Finserve has paid no dividend on the NSE since 1 April 2021, the start of the period we checked. No. SG Finserve Ltd paid out 0% of its profit as dividends in each of its last 13 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 5 November 2026.)

## What did SG Finserve management say on the latest results call? On the call for July to September 2026, held on 16 October 2026, SG Finserve's management guided: AUM 30-35% yearly growth for forward 12 months and next 2-3 years to about ₹11,000 crore, near-term exit near ₹7,000 crore. > “However, considering that growth has been front-loaded, we are revising our leverage from a debt-to-equity ratio of 3x to 4x.”
> Vinay Gupta, on the call for July to September 2026

### What management guided

- Debt to net worth ceiling lifted to 4x from 3x, asset to equity within 4x on board-approved headroom. - Overall yield around 13% from about 12.5% interest plus 0.5-0.7% fees, 11-15% band by risk, benchmark pass-through if costs rise. - Nil net non-performance, return on assets above 4.5% and cost to income below 15% to be maintained. - Supply chain around two-thirds of book for next 2-3 years with digital near 10% at scale. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/6983/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 16 October 2026.)

## What is the future of SG Finserve? What is changing in the business? What is changing at SG Finserve, from the latest results and calls: aum compounding at 80%+ on a year earlier with improving per-quarter run rate,  and factoring platform: second revenue lane within the same ecosystem. - AUM compounding at 80%+ on a year earlier with improving per-quarter run rate. AUM ₹4552 crore (Jun 2026, 82% on a year earlier); management goals ₹5500 crore by FY27 exit (25% on the previous quarter pace); 52 anchor mandates with ₹7700 crore MOU value underpin the pipeline. ⚠ estimate
- . ROE moves from 10% to 14-16% mechanically as leverage expands from 2.2x to 3x while maintaining ROA at 5%; no equity dilution needed. ⚠ estimate
- Promoter re-concentration, warrant conversion drives conviction signal. Promoter shareholding increased from 48.38% (Sep 2025) to 52.92% (Mar 2026) to 56.95% (Jun 2026), an 8.57pp increase in two quarters, representing warrant conversions at ₹450/sh creating direct alignment. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the April to June 2026 results, written 19 July 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the SG Finserve story? What are the risks? APL Apollo or a major anchor group faces a balance-sheet event, causing dealers to stop procuring, which would dry up the disbursement pipeline at the source rather than the credit end. ### Each change stops working if

- AUM compounding at 80%+ on a year earlier with improving per-quarter run rate: APL Apollo or a major anchor group faces a balance-sheet event, causing dealers to stop procuring, which would dry up the disbursement pipeline at the source rather than the credit end. - Promoter re-concentration, warrant conversion drives conviction signal: Promoter pledging emerges against the newly converted shares, converting the concentration signal from positive (alignment) to negative (collateral risk). ### The main risks

- Management communication, sixth reversal deepens credibility deficit: Jan 2026: 'Nothing material is going to happen in next 2, 3 years. You can mark our words on this.' Jul 2026: insurance broking incorporated, IRDAI license applied, AIF/ARC/GIFT City approved. ✓ fact
- APL Apollo ecosystem concentration and steel sector cyclicality: APL Apollo ecosystem originally 100% of book; now one-third of total AUM with active de-risking, but construction+steel still 30-35% of AUM. Sector downturn or APL group stress cascades. ✓ fact
- Regulatory license risk, historical precedent of business halt: RBI imposed ₹28.30 lakh penalty (Oct 2024) for operating outside CoR conditions; prior license renewal caused 6-7 month halt and AUM rundown from ₹2000 crore to ₹1200 crore. ✓ fact

(Our read after the April to June 2026 results, written 19 July 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in SG Finserve's next results? When SG Finserve reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Closing book versus guided exit path with average-to-exit gap normalizing - checks whether front-load converts to steady compounding. - What to check (from the call)
- Closing book versus guided exit path with average-to-exit gap normalizing - checks whether front-load converts to steady compounding. - Leverage prints against revised ceilings with return run-rate progression - checks disciplined use of headroom. - Digital and property-backed scale with factoring share and collection discipline intact - checks new-engine quality. ## Which stock lists is SG Finserve on? SG Finserve is on one of our India lists: Momentum stocks. [Momentum stocks Market cap cr: 4668.820029027575](https://www.sectoralpha.in/momentum-stocks-india)

## Is SG Finserve profitable? SG Finserve Ltd earned ₹59.0 Cr of net profit in the Sep 2026 quarter, +110.7% on the same quarter a year earlier. That is the 6th quarter in a row of profit growth. Full-year FY26 profit was ₹128 Cr. That is 36.6% of the quarter's revenue. The same quarter a year earlier earned ₹28.0 Cr. For the full year, FY26 profit was ₹128 Cr (+58.0% on the year before). Why profit moved: revenue changed +114.7% on a year earlier and the margin moved −0.7 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +83.8% and revenue +103.5%. Profit is growing slower than sales: rising costs are taking part of the growth. FY26-Q4. FY26 closes Rs 128 Cr PAT (58% YoY), AUM Rs 3936 Cr (75% YoY); factoring launches at Rs 175 Cr; FY27 guidance 35-40% AUM growth

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters. ## How much revenue does SG Finserve make, and is it growing? SG Finserve Ltd reported ₹161 Cr of income in the Sep 2026 quarter, +114.7% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 10 years it has grown 55.7% a year on average. The last full year, FY26, came in at ₹334 Cr. Why this happened. The March 2026 launch demonstrated rapid traction: Rs 50 Cr quarterly increment in Q1 FY27, representing a 29% QoQ growth in a newly commercialized product. At a 5% penetration rate of the total AUM, the factoring book has significant runway to grow to 15-20% without altering the portfolio risk profile. Management cited fewer than 1% of Indian banks offering factoring, structural penetration tailwind. The last four reported quarters add to ₹488 Cr. FY26 revenue was ₹334 Cr, +96.5% on the year before. Recent pace: the last four quarters grew +103.5% on average, against 55.7% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +104.2%, against +62.0% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +85.1%, against +53.9% a year (accelerating). FY26-Q4. FY26 closes Rs 128 Cr PAT (58% YoY), AUM Rs 3936 Cr (75% YoY); factoring launches at Rs 175 Cr; FY27 guidance 35-40% AUM growth

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters. ## How much does SG Finserve keep from what it earns? SG Finserve Ltd's net margin was 36.6% in the Sep 2026 quarter, 0.7 percentage points lower than the same quarter a year ago. Across 11 years it has been between 0.0% and 100.0%. The latest quarter is within that range. Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. FY26-Q4. FY26 closes Rs 128 Cr PAT (58% YoY), AUM Rs 3936 Cr (75% YoY); factoring launches at Rs 175 Cr; FY27 guidance 35-40% AUM growth

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters. ## How many of SG Finserve's loans have gone bad? SG Finserve Ltd does not report loan-quality figures this page can read, so this section says so rather than guess. No bad-loan figures are filed in a form this page can read, and none are guessed from the profit line. The income, margin and return sections carry what this business does report. Why: loan quality drives a lender, but its details (new bad loans, recoveries, money set aside) are not in our data for this company. The sections around this one carry what we can back up. ## How fast is SG Finserve's loan book growing? SG Finserve Ltd's revenue was ₹334 Cr in FY26, +96.5% on the year before, so the loan book is growing. The latest quarter was +114.7% on a year earlier. The net margin on that income is 36.6%, −0.7 percentage points on a year ago. Why this happened. From Mar 2023 (Rs 100 Cr range) to Jun 2026 Rs 4552 Cr represents a 45x book build in 12 quarters, driven by anchor mandates across construction, auto, and industrial sectors. The deepening strategy (expand dealer network under existing anchors) and widening strategy (new geographies, factoring) create two independent growth engines. The tripartite model means disbursement capacity (not underwriting risk) is the bottleneck, and Rs 3000-3500 Cr of untapped bank limits as of April 2026 provides the disbursement runway for FY27 goals. Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year. In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses. ## What is SG Finserve's P/BV ratio, and how does it compare with its own history? SG Finserve Ltd's P/BV is 2.9×, in the middle of its own history: higher than 64% of past readings. Its usual P/BV (the middle reading) is 2.6×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is low: this lender earns about 10% a year on its equity. A lender that earns less on its net worth is valued lower for each rupee of it, and that gap usually closes only if returns improve. Why the multiple is where it is: over the past year book value grew while the price moved +81.8%. Price and book value moved together, so the multiple stayed in its range. Where the price move came from: over 5 years the price moved +104.4% a year; about +70.1% a year came from book-value growth and about +34.3 percentage points from the multiple (the market paying more); over 10 years the price moved +48.9% a year; about +32.5% a year came from book-value growth and about +16.4 percentage points from the multiple (the market paying more). The split is approximate (price return minus book-value growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the book value trend underneath matters more than the multiple. ## What growth does the SG Finserve share price assume? Worked out from its price on 27 August 2026, SG Finserve Ltd's share price assumed profit growth of about 20.4% a year. Today its P/BV is 2.9×, higher than 64% of its own last 11 years. This is a one-day reading, taken on 27 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the SG Finserve business getting better or worse? SG Finserve Ltd's business is giving mixed signals. Growth has been steadily positive, but ROE at 11.7% is below the 12% level needed to call it steady growth. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the SG Finserve story, and has it been checked? SG Finserve Ltd's story is not scored yet against the checks our research set on 19 July 2026. Where it sits in its own cycle: MID EXPANSION. From the numbers. The cycle is in mid-expansion. From the price. Price stage 2, week 30, above its 200-day line, relative strength falling. From the research. Capital-efficient supply chain NBFC compounding AUM at 80%+ YoY with zero NPAs; Q1 FY27 PBT of Rs 72 Cr (27% QoQ) signals inflection toward the guided Rs 300 Cr FY27 PBT, leverage expansion from 2.2x to 3x is the ROE…

Where they disagree. The cycle is in mid-expansion. What is not proven yet. What would change our mind. The test written in advance. NPA emergence as book seasons, thesis-killer risk. Measured by: NPA emergence as book seasons, thesis-killer risk Quarterly NPA percentage: any non-zero GNPA figure in Q2 or Q3 FY27 results. by the next result. The test written in advance. Management communication, sixth reversal deepens credibility deficit. Measured by: Management communication, sixth reversal deepens credibility deficit by the next result. What the company does. SG Finserve fills the working capital gap in anchor-dealer supply chains (tripartite enforcement: direct-to-anchor payment, stop-supply on default), achieving zero NPA across Rs 52000+ Cr cumulative disbursements. Q1 FY27 delivered PBT of Rs 72 Cr (82% YoY AUM growth, nil NPAs, ROA 5.1%) and management now guides Rs 300 Cr FY27 PBT, 75% YoY growth. What the surface reading misses. What the surface reading misses. The surface reading is: ROE 9-10% in FY25-26 is below comparable NBFCs trading at 15%+ ROE, suggests subpar returns The research reads it further: ROE of 9-10% is structurally depressed by underleveraging, not by business quality weakness. With equity Rs 1539 Cr and leverage only 2.2x, the NBFC's assets are underfunded relative to its capital base. ROA of 5.1% (Q1 FY27) is exceptional for any NBFC, the only reason ROE is low is the deliberate equity-first growth phase (Rs 1100 Cr → Rs 1539 Cr equity through retained earnings and warrant conversions). As leverage moves toward 3x on this ROA, ROE mechanically reaches 15%. The weak ROE is the setup, not the problem. Lever 12 · New product launch: building. AUM Rs 4552 Cr (Jun 2026, 82% YoY); management goals Rs 5500 Cr by FY27 exit (25% QoQ pace); 52 anchor mandates with Rs 7700 Cr MOU value underpin the pipeline. What proves it keeps working: AUM compounding at 80%+ YoY with improving per-quarter run rate. It stops working if APL Apollo or a major anchor group faces a balance-sheet event, causing dealers to stop procuring, which would dry up the disbursement pipeline at the source rather than the credit end. Sources: our stock research file (19 July 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did SG Finserve management deliver what it promised? What SG Finserve Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. AUM and Profitability Guidance Raised · 16 October 2026. The July 2026 framework was 25%-30% AUM CAGR and 30%-35% profitability CAGR over three to four years. In October 2026, management moved to 30%-35% AUM CAGR and 35%-40% profitability CAGR; the explanation that Q2 was front-loaded does not reconcile this broad multi-year guidance reset with the prior guidance. Debt-to-Equity Framework Raised · 16 October 2026. In July 2026, management said a 3x leverage framework would allow the company to reach INR10,000 crores without raising equity. In October 2026, it explicitly revised the debt-to-equity ratio from 3x to 4x and approved incremental borrowing; although management cited front-loaded growth and greater confidence, it did not explain why the earlier 3x framework was no longer adequate. BharatPe Asset-Quality Confidence Shift · 16 October 2026. In July 2026, management acknowledged that lending losses could occur in the future even while aiming for nil NPA. In October 2026, it used categorical no-scenario language for the BharatPe book; although it cited commercial terms and FLDG protection, this is a materially more certain credit-risk narrative that should be reconciled with the earlier caveat. Profitability Growth Guidance Raised Without Reconciliation · 28 September 2026. In Jul 2026, management guided to profitability growth of 30% to 35% CAGR, but in Sep 2026 it raised the range to approximately 35% to 40% CAGR while keeping the AUM growth range at 25% to 30%. This 5 percentage-point upward shift at both ends could materially change an earnings model, yet the latest call does not explain the revised earnings outlook or the drivers behind it. Every quote above is taken word for word from the company’s own earnings calls. ## What is SG Finserve management's track record? Pattern preceded the mid-FY26 CEO change so transition is only partial cover; no clean down-cycle in the record to grade management through stress. ### Regulatory and governance record

Management states resolved; cache marked CAUTION (degraded, no Tijori coverage)

(Checked 30 June 2026.)

## How much does SG Finserve earn on its equity and assets? SG Finserve Ltd earned a return on equity of 10% in FY26. Its lowest yearly reading on file was −14% in FY20. On its assets, every ₹100 earned about ₹6.29, before the effect of borrowing. For a lender the balance sheet is the business, so the return on equity and on assets have to be read together. That return is below the level a bank needs to grow its net worth quickly, which helps explain why its multiple is where it is. Why: the ROE chart shows the move, but the deposit-cost and bad-loan details behind it are not in our data. ## Does SG Finserve have too much debt? For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead. Why this happened. ROE moves from 10% to 14-16% mechanically as leverage expands from 2.2x to 3x while maintaining ROA at 5%; no equity dilution needed. For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here. ## What is the SG Finserve shareholding pattern? Promoters raised their stake in SG Finserve Ltd by 8.6 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 57.0% of the company. Foreign institutions moved +0.9 points over the same period, to 1.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. The promoter increase from 48.38% to 56.95% is a material development not highlighted in the prior timeline (which used Sep 2025 data). Warrant conversions at Rs 450/sh, when the market price is Rs 631, represent 40% discount to market, this is not dilution at market, it is a pre-agreed conversion that adds equity to the balance sheet (Rs 20 Cr in April alone per concall) and simultaneously concentrates promoter ownership. DII ownership has compressed from 4.44% (Jun 2025) to 2.18% (Jun 2026) as public float tightened. FII at 0.54% remains minimal. Over the last two years: Promoters: +8.6 points over 8 quarters, to 57.0%; Foreign institutions: +0.9 points over 8 quarters, to 1.0%; Domestic institutions: +0.3 points over 8 quarters, to 2.2%. Why the owners changed: promoters drove it (+8.6 points), together with foreign institutions (+0.9 points). They raised their stake step by step. ## How far is SG Finserve from balance-sheet trouble? For SG Finserve Ltd, the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures instead. ## How does SG Finserve rank in its industry? 63.9 out of 100, rank 2 of 6 in Finance & Investments - MSME Lending, with 82% of the evidence available. SG Finserve Ltd scores 63.9 out of 100 against the 6 companies it is compared with in Finance & Investments - MSME Lending, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 26.8 + 13.6 + 5 + 18.5 = 63.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector. ## Which companies is SG Finserve compared with? SG Finserve ranks 2 of 6 Finance & Investments - MSME Lending companies on the 4-Factor Sector Score, with 63.9 out of 100. 1. [SBFC Finance Ltd](https://www.sectoralpha.in/stocks/sbfc-finance-ltd) SBFC · turning · Most evidence points up · 93% evidence 65.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.0/35 · Income 28.4% · Profit 30.1% · 100% evidence Capital efficiency 17.1/25 · ROA 3.7% · ROE 13% · GNPA n/a · 72% evidence Valuation 11.0/20 · P/BV 2.31× · P/BV÷ROE 0.18 · 100% evidence Relative strength 14.7/20 · Lead over its industry 2% · Lead over NIFTY 500 -6.6% · 1 year -26% · 100% evidence · 2 of 12 weeks ahead Exact sum: 23 + 17.1 + 11 + 14.7 = 65.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. SG Finserve Ltd this page SGFIN · turning · Evidence leans up · 82% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.8/35 · Income 100% · Profit 85.2% · 86% evidence Capital efficiency 13.6/25 · ROA 3.1% · ROE 10.3% · GNPA n/a · 72% evidence Valuation 5.0/20 · P/BV 2.84× · P/BV÷ROE 0.28 · 70% evidence Relative strength 18.5/20 · Lead over its industry 49.2% · Lead over NIFTY 500 36.6% · 1 year 77.1% · 100% evidence · 10 of 12 weeks ahead Exact sum: 26.8 + 13.6 + 5 + 18.5 = 63.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [MAS Financial Services Ltd](https://www.sectoralpha.in/stocks/mas-financial-services-ltd) MASFIN · quiet · Evidence leans up · 88% evidence 57.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.7/35 · Income 22.6% · Profit 23.8% · 86% evidence Capital efficiency 15.8/25 · ROA 2.7% · ROE 13.4% · GNPA n/a · 72% evidence Valuation 15.9/20 · P/BV 1.38× · P/BV÷ROE 0.1 · 100% evidence Relative strength 0.8/20 · Lead over its industry -8.7% · Lead over NIFTY 500 -16.6% · 1 year -19.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 24.7 + 15.8 + 15.9 + 0.8 = 57.2 · What this means: Earnings are strong; relative strength in its sector is -8.7% and the one-year return is -19.9%. 4. [Five-Star Business Finance Ltd](https://www.sectoralpha.in/stocks/five-star-business-finance-ltd) FIVESTAR · quiet · Evidence leans down · 85% evidence 46.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 5.1/35 · Income 8.3% · Profit 1% · 100% evidence Capital efficiency 20.8/25 · ROA 6.9% · ROE 16.1% · GNPA 3.5% · 100% evidence Valuation 11.6/20 · P/BV 1.48× · P/BV÷ROE 0.09 · 100% evidence Relative strength 9.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -16.1% · 1 year -39.2% · 25% evidence · 7 of 12 weeks ahead Exact sum: 5.1 + 20.8 + 11.6 + 9.1 = 46.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. Ugro Capital Ltd UGROCAP · quiet · Most evidence points down · 93% evidence 31.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.3/35 · Income 16.5% · Profit -6% · 83% evidence Capital efficiency 8.9/25 · ROA 0.8% · ROE 4.6% · GNPA 2.6% · 95% evidence Valuation 8.0/20 · P/BV 0.4× · P/BV÷ROE 0.09 · 100% evidence Relative strength 5.4/20 · Lead over its industry -26.9% · Lead over NIFTY 500 -33.3% · 1 year -60.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 9.3 + 8.9 + 8 + 5.4 = 31.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Moneyboxx Finance Ltd](https://www.sectoralpha.in/stocks/moneyboxx-finance-ltd) MONEYBOXX · Most evidence points down · 64% evidence 30.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/43.75 · Income 16.5% · Profit 8.1% · 75% evidence Capital efficiency 4.4/31.25 · ROA 0.1% · ROE 0.5% · GNPA n/a · 72% evidence Valuation 3.0/25 · P/BV 1.43× · P/BV÷ROE 2.98 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 23.4 + 4.4 + 3 = 30.8 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Finance & Investments - MSME Lending](https://www.sectoralpha.in/sectors/finance-investments-msme-lending), all 6 compared on one page. ## Which companies are close to SG Finserve in size? SG Finserve is the 3rd largest of 5 Finance & Investments - MSME Lending companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Five-Star Business Finance and SBFC Finance. Just below it: MAS Financial Services and Moneyboxx Finance. ### Finance & Investments - MSME Lending companies close in size

1. [Five-Star Business Finance Ltd](https://www.sectoralpha.in/stocks/five-star-business-finance-ltd) ₹11,715 crore
2. [SBFC Finance Ltd](https://www.sectoralpha.in/stocks/sbfc-finance-ltd) ₹9,381 crore
3. SG Finserve Ltd ₹4,540 crore
4. [MAS Financial Services Ltd](https://www.sectoralpha.in/stocks/mas-financial-services-ltd) ₹4,439 crore
5. [Moneyboxx Finance Ltd](https://www.sectoralpha.in/stocks/moneyboxx-finance-ltd) ₹424 crore

[All 5 Finance & Investments - MSME Lending companies, largest first](https://www.sectoralpha.in/sectors/finance-investments-msme-lending#all-companies)

### Companies close in size in other industries

1. [Puravankara Ltd](https://www.sectoralpha.in/stocks/puravankara-ltd) ₹4,549 crore · Realty - Construction & Contracting
2. [VRL Logistics Ltd](https://www.sectoralpha.in/stocks/vrl-logistics-ltd) ₹4,547 crore · Logistics - Warehousing/Supply Chain
3. SG Finserve Ltd ₹4,540 crore
4. [Vikram Solar Ltd](https://www.sectoralpha.in/stocks/vikram-solar-ltd) ₹4,540 crore · Capital Goods - Solar
5. [Happiest Minds Technologies Ltd](https://www.sectoralpha.in/stocks/happiest-minds-technologies-ltd) ₹4,532 crore · IT Enabled Services

## What else do people ask about SG Finserve? ### What is SG Finserve's share price today? SG Finserve Ltd's share price is ₹708.55, +81.8% over the past year. The whole company is worth ₹4,669 Cr on the market. It is at its highest price of the past 52 weeks (range ₹333 to ₹709), 22.5% above its 200-day average. The price has been rising for 30 weeks (as of 4 November 2026). ### What were SG Finserve's latest quarterly results? SG Finserve Ltd reported total income of ₹161 Cr and net profit of ₹59.0 Cr for the Sep 2026 quarter. Income rose 114.7% and profit rose 110.7% compared with a year earlier. Earnings per share were ₹8.92. The net margin was 36.6%, 0.7 percentage points lower than a year earlier (as of 4 November 2026). ### What is SG Finserve's market cap? SG Finserve Ltd's market capitalisation is ₹4,669 Cr at a share price of ₹708.55. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is SG Finserve performing? SG Finserve Ltd's share price has been rising for 30 weeks. In its latest quarter, income rose 114.7% and profit rose 110.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 2 weeks running (as of 4 November 2026). ### Will SG Finserve's share price go up? This page does not forecast SG Finserve Ltd's share price. What it shows instead: the share price is ₹708.55, and it has been rising for 30 weeks. Its P/BV of 2.9× is higher than 64% of its own last 11 years (as of 4 November 2026). ### Who owns SG Finserve? Promoters own 57.0% of SG Finserve Ltd, foreign institutions 1.0%, domestic institutions 2.2% and the public 39.9% (latest quarter). The biggest change over the last two years: Promoters raised their stake by 8.6 percentage points over 8 quarters (as of 4 November 2026). ### Where is SG Finserve in its business cycle? SG Finserve Ltd's FY26 net margin was 38.3%, against a 11-year range of 0.0% to 100.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 36.6%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the SG Finserve story? The main question: the share price moved +81.8% in a year while yearly earnings per share moved +35.0%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is SG Finserve a stock worth studying right now? What the numbers show: SG Finserve Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a SG Finserve share price forecast for 2026? What management itself guided: AUM 30-35% yearly growth for forward 12 months and next 2-3 years to about ₹11,000 crore, near-term exit near ₹7,000 crore. What is changing at SG Finserve, from the latest results and calls: aum compounding at 80%+ on a year earlier with improving per-quarter run rate, and factoring platform: second revenue lane within the same ecosystem. What would change the story: APL Apollo or a major anchor group faces a balance-sheet event, causing dealers to stop procuring, which would dry up the disbursement pipeline at the source rather than the credit end. ### Where does this page get SG Finserve's management information? From SG Finserve's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india

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