Sector Alpha Week of 2026-09-11
Not SEBI Registered !! Not Investment advice !!
Sector Alpha — machine-written from the numbers · Data as of 2026-09-11

SG Mart Ltd

SGMART
Trading

SG Mart Ltd's price has outrun its earnings. +109.9% in a year against EPS −4.2% — the market is paying now for delivery later.

The sharpest disagreement: profits are rising, but only −37% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a confirmed uptrend (30 weeks in) while the P/E sits at the 67th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +43.8% year on year, and −37% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Mixed
fundamental trajectory, 12 quarters
Price
₹751
+109.9% 1Y
P/E
76.1×
67th pctile
of its own 10-year range
Revenue (Jun 26)
₹1,309 Cr
+14.4% YoY
Profit (Jun 26)
₹46.0 Cr
+43.8% YoY
Operating margin
4.5%
+1.4 pp YoY
ROCE
10%
FY26
ROIC
10.3%
vs WACC 12.0% → −1.7 pp
Cash conversion
−37%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

SG Mart Ltd trades at ₹751, in a confirmed uptrend and 30 weeks into that stage. That is +29.9% against its own 200-day average. It sits at 85% of a 52-week range of ₹334 to ₹826. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 10 straight weeks.

Today the stock is in a confirmed uptrend — week 30 of stage 2, confirmed. At ₹751 it trades +29.9% versus its 200-day average and sits at 85% of its 52-week range (₹334–₹826).

Sep 26: ₹751 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+29.9% versus the 200-day line, week 30 of stage 2
Price50-day avg200-day avg
S2S4S4S4S2₹886₹669₹453₹236₹19.8₹751₹578Sep 23Jun 24Mar 25Jan 26Sep 26
S2S4S4S4S2₹886₹669₹453₹236₹19.8₹751₹578Sep 23Mar 25Sep 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (353 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Sep 26

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +60,485% while the NIFTY 500 moved +255% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 10 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

SG Mart Ltd trades at 76.1× P/E, mid-range by its own standards (67th percentile). Its long-run median P/E is 46.9×, measured across 9.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 76.1× is mid-range by its own standards (67th percentile), against a long-run median of 46.9× measured over 9.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 76.1× vs a 46.9× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 9.9-year window; loss-period spikes above 141× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (67th percentile)
P/EMedianEPS (TTM) (quarterly)
151.9×₹10.9113.9×₹8.275.9×₹5.538.0×₹2.70.0×₹0.0×76.10×₹10Oct 16Jul 21Dec 22Jul 25Sep 26
151.9×₹10.9113.9×₹8.275.9×₹5.538.0×₹2.70.0×₹0.0×76.10×₹10Oct 16Dec 22Sep 26
PEG 12.74 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 6 quarters; values above 6 pinned at the top.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
6.5×4.9×3.2×1.6×0.0××6.00×Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q1 FY27
6.5×4.9×3.2×1.6×0.0××6.00×Q2 FY25Q4 FY25Q1 FY27
P/E
76.1×
67th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

🚨 Why the multiple sits where it does: over the past year annual EPS moved −4.2% against a +109.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +118.1%/yr price move, ~+116.0%/yr came from earnings growth and ~+2.1 pp from the multiple (expanding); over 10y, of the +87.0%/yr price move, ~+66.6%/yr came from earnings growth and ~+20.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

03 · What the price assumes

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, SG Mart Ltd was paying for profit growth of about 33.2% a year. Today the market pays 76.1× P/E, the 67th percentile of its own 10-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is the whole of what a buyer is backing.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

04 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

SG Mart Ltd reads as mixed on its fundamental arc. Mixed — eps growth is lifting off its trough at +4.7% while profit growth is decelerating from its peak at +14.7% — the curves disagree, so the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Growth, year by year: revenue +7.8% in FY26, profit +7.8% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
868%331%623%218%378%106%133%−6.8%−112%−119%%%7.8%7.8%FY16FY19FY26
868%331%623%218%378%106%133%−6.8%−112%−119%%%7.8%7.8%FY16FY19FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue rolling over, profit rolling over
RevenueProfitEPS
323%325%239%235%154%146%69%56%−16%−34%%%10.4%14.7%4.7%Sep 23Dec 24Jun 26
323%325%239%235%154%146%69%56%−16%−34%%%10.4%14.7%4.7%Sep 23Dec 24Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
29%23%18%12%7.0%%14.2%Sep 23Mar 24Dec 24Sep 25Jun 26
29%23%18%12%7.0%%14.2%Sep 23Dec 24Jun 26
Revenue growth
Steady high
latest +10.4% · span +7.8% to +653.9%
Profit growth
Rolling over
latest +14.7% · span −1.0% to +830.0%
EPS growth
Recovering
latest +4.7% · span −8.8% to +335.6%
ROCE
Stuck low
latest 14.2% · span 8.5%–27.4%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+7.8%+139.9%
Profit+7.8%
EPS−4.2%+64.7%
Share price+109.9%+50.0%+118.1%+87.0%
Revenue YoY (Jun 26)
+14.4%
latest quarter vs a year ago
Profit YoY (Jun 26)
+43.8%
latest quarter vs a year ago
Revenue 10y
139.9%
long-run compound pace
05 · 4-Factor Sector Score

4-Factor Sector Score

48.9/100 — rank 19 of 52 in Trading · 93% evidence confidence

SG Mart Ltd scores 48.9 out of 100 against the 52 companies it is compared with in Trading, ranking 19. Price leads the evidence: RS versus the benchmark is 51.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 13.9 + 8.6 + 8.2 + 18.2 = 48.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

06 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

SG Mart Ltd reported ₹1,309 Cr of revenue in the Jun 26 quarter, +14.4% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 139.9% a year. The last full year, FY26, came in at ₹6,315 Cr. The last four reported quarters add to ₹6,480 Cr.

FY26 revenue came in at ₹6,315 Cr (+7.8% on the year), capping 10 years at 139.9% compound. The latest quarter (Jun 26) printed ₹1,309 Cr, +14.4% year on year — the 3rd consecutive quarter of year-over-year growth.

FY26 revenue ₹6,315 Cr (+7.8% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
139.9% a year over 10 years
RevenueYoY growth
6.8k868%5.1k623%3.4k378%1.7k133%0−112%₹ Cr%₹6,3157.8%FY16FY19FY26
6.8k868%5.1k623%3.4k378%1.7k133%0−112%₹ Cr%₹6,3157.8%FY16FY19FY26
Jun 26: ₹1,309 Cr (+14.4% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Revenue (quarterly)YoY growth
2.0k703%1.5k513%984323%492133%0−57%₹ Cr%₹1,30914.4%Sep 23Dec 24Jun 26
2.0k703%1.5k513%984323%492133%0−57%₹ Cr%₹1,30914.4%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +11.7% growth against the decade's 139.9% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +10.4% over the last 4 quarters against +33.0%/yr over the last 8 — rolling over; TTM profit +14.7% vs +20.6%/yr — rolling over.

07 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

SG Mart Ltd's operating margin is 4.5% in the Jun 26 quarter, +1.4 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 1.8% to 89.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 4.5%, +1.4 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 1.8%–89.0%.

Why the margin moved: operating margin went +1.4 pp year on year while gross margin went +1.9 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 2.2% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 7-year window.
within a 1.8–89.0% band over 7 years
operating marginYoY change (pp)
96%42%71%16%45%−9.4%20%−35%−5.2%−61%%%2.2%0.4%FY16FY19FY26
96%42%71%16%45%−9.4%20%−35%−5.2%−61%%%2.2%0.4%FY16FY19FY26
Jun 26: 4.5% operating margin (+1.4 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
4.8%1.6%3.7%0.8%2.7%0.0%1.6%−0.8%0.5%−1.6%%%4.5%1.4%Sep 23Dec 24Jun 26
4.8%1.6%3.7%0.8%2.7%0.0%1.6%−0.8%0.5%−1.6%%%4.5%1.4%Sep 23Dec 24Jun 26
08 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

SG Mart Ltd earned ₹46.0 Cr of net profit in the Jun 26 quarter, +43.8% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹111 Cr. That is 3.5% of the quarter's revenue. The same quarter a year earlier earned ₹32.0 Cr.

Jun 26 profit was ₹46.0 Cr, +43.8% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹111 Cr (+7.8%).

FY26 profit ₹111 Cr (+7.8% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
Net profitYoY growth
1206,486%904,723%602,960%301,197%0−566%₹ Cr%₹1117.8%FY16FY19FY26
1206,486%904,723%602,960%301,197%0−566%₹ Cr%₹1117.8%FY16FY19FY26
Jun 26: ₹46.0 Cr (+43.8% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Net profit (quarterly)YoY growth
502,705%371,962%251,220%12477%0−266%₹ Cr%₹4643.8%Sep 23Dec 24Jun 26
502,705%371,962%251,220%12477%0−266%₹ Cr%₹4643.8%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +14.4% and the margin +1.4 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +19.0% vs revenue +11.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

09 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −37% of SG Mart Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹258 Cr of operating cash against ₹111 Cr of profit. After ₹125 Cr of capital spending, ₹133 Cr was left as free cash.

FY26: operating cash of ₹258 Cr against reported profit of ₹111 Cr, leaving free cash of ₹133 Cr after ₹125 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −37% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹258 Cr vs profit ₹111 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 7-year window, annual resolution. FY19 reflects an acquisition year — point shown clipped.
−37% of 3-year profit arrived as cash
Operating cashNet profitFree cash
32972−186−443−700₹ Cr₹258₹111₹133FY16FY19FY26
32972−186−443−700₹ Cr₹258₹111₹133FY16FY19FY26
FY26: CFO = 232% of profit (three-year rate −37%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
354%157%−40%−237%−434%%232%FY16FY19FY26
354%157%−40%−237%−434%%232%FY16FY19FY26

🚨 Why conversion sits at −37%: the cash cycle tightened 107 days between FY17 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 22.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

10 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

SG Mart Ltd's cash conversion cycle runs 10 days in FY26, down from 117 days in FY17. Capital spending ran ₹342 Cr over the last 3 years. At FY26 sales of ₹6,315 Cr each day of that cycle holds about ₹17.3 Cr, so roughly ₹173 Cr sits inside the business at any moment.

FY26: debtors at 15 days, inventory at 18 days — roughly 0.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 10 days, tighter than FY17's 117.

The full loop: cash goes out to suppliers and production on day 0; stock waits 18 days to sell; customers pay about 15 days after that; and suppliers themselves are paid at 24 days — netting out to the 10-day cycle.

In money terms: at FY26 sales of ₹6,315 Cr, each day of the cycle holds about ₹17.3 Cr — so the 10-day loop keeps roughly ₹173 Cr sitting inside the business at any moment.

FY26: a 10-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 7-year window.
−107 days vs FY17
Cash cycleInventory daysDebtor daysPayable days
22416210139−23days10d18d15d24dFY16FY17FY19FY24FY26
22416210139−23days10d18d15d24dFY16FY19FY26

On the investment side: capital spending of ₹342 Cr over the last 3 fiscal years against ₹15.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹20.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹125 Cr, work-in-progress ₹20.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
25918410933−42₹ Cr₹125₹20FY17FY18FY19FY25FY26
25918410933−42₹ Cr₹125₹20FY17FY19FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

11 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

SG Mart Ltd earns a ROCE of 10% in FY26. That is up from a trough of 8% in FY19. Return on invested capital clears the cost of that capital by −1.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 1.8% net margin on 2.81× asset turns.

FY26 ROCE is 10%, recovered from a FY19 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 1.8% net margin × 2.81× asset turns × 1.41× balance-sheet leverage ≈ 7.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 10.3% − 12.0% = a −1.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 10% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 5-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY19's 8%
ROCEROIC (annual)WACC
30%23%17%10%3.7%%10%7.2%FY17FY19FY26
30%23%17%10%3.7%%10%7.2%FY17FY19FY26
Q4 FY26: ROCE 7.7% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
379%277%176%75%−26%%7.7%5.1%Q2 FY24Q3 FY25Q1 FY27
379%277%176%75%−26%%7.7%5.1%Q2 FY24Q3 FY25Q1 FY27
12 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

SG Mart Ltd carries total debt of ₹268 Cr against shareholder equity of ₹1,597 Cr as of Jun 26, a debt-to-equity of 0.17 — effectively unlevered. On the annual view that ratio went from 0.17 in FY24 to 0.17 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹268 Cr against shareholder equity of ₹1,597 Cr — a debt-to-equity of 0.17. On the annual view, debt-to-equity went from 0.17 (FY24) to 0.17 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹268 Cr at 0.17× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 3-year window.
Total debtDebt-to-equity
7800.6×5850.5×3900.4×1950.3×00.1×₹ Cr×₹2680.17×FY24FY25FY26
7800.6×5850.5×3900.4×1950.3×00.1×₹ Cr×₹2680.17×FY24FY25FY26
Jun 26: debt ₹268 Cr, debt-to-equity 0.17 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
7800.6×5850.5×3900.3×1950.2×00.0×₹ Cr×₹2680.17×Sep 23Dec 24Jun 26
7800.6×5850.5×3900.3×1950.2×00.0×₹ Cr×₹2680.17×Sep 23Dec 24Jun 26
13 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters added 16.9 points of SG Mart Ltd over 8 quarters, the biggest move on the register. That takes promoters to 57.9% of the company. Foreign institutions moved −3.7 points over the same window, to 1.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +16.9 points over 8 quarters to 57.9%; Foreign institutions: −3.7 points over 8 quarters to 1.9%; Domestic institutions: +3.6 points over 8 quarters to 4.1%.

Why the register moved: rotation — foreign institutions −3.7 points against domestic institutions +3.6 points over 8 quarters, with promoters +16.9 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters −16.4 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
61%45%29%12%−3.9%%36.3%1.9%5.3%56.6%Mar 24Mar 25Mar 26
61%45%29%12%−3.9%%36.3%1.9%5.3%56.6%Mar 24Mar 25Mar 26
Promoters added 16.9 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
81%59%38%16%−6.0%%57.9%1.9%4.1%36.1%Jun 23Dec 24Jun 26
81%59%38%16%−6.0%%57.9%1.9%4.1%36.1%Jun 23Dec 24Jun 26
14 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

SG Mart Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

15 · Related companies · Trading
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Onix Solar Energy LtdONIXSOLAR 70.9/100Favorable setup69% evidence 28.9/35 Revenue 26.2% · PAT 100% · OPM change 23 pp 95% evidence 18.3/25 ROCE 32% · OPM 30% 76% evidence 10.3/20 P/E 24.4× · PEG — 15% evidence 13.4/20 RS sector 68.4% · RS bench -3.5% · 1Y 49.1%12 of 12 weeks ahead 70% evidence
Exact sum: 28.9 + 18.3 + 10.3 + 13.4 = 70.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Rashi Peripherals LtdRPTECH 69.0/100Favorable setup75% evidence LEADER 24.9/35 Revenue 40.4% · PAT 50.2% · OPM change -0.3 pp 95% evidence 14.7/25 ROCE 17% · OPM 3% 76% evidence 10.7/20 P/E 17.1× · PEG — 15% evidence 18.7/20 RS sector 51.6% · RS bench 69.1% · 1Y 176.9%12 of 12 weeks ahead 100% evidence
Exact sum: 24.9 + 14.7 + 10.7 + 18.7 = 69 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Nupur Recyclers LtdNRL 67.9/100Favorable setup87% evidence LEADER 22.5/35 Revenue 40.6% · PAT 29.8% · OPM change 3.6 pp 95% evidence 16.5/25 ROCE 15.1% · OPM 11.6% 95% evidence 9.2/20 P/E 53.6× · PEG — 50% evidence 19.7/20 RS sector 66.4% · RS bench 88.4% · 1Y 89.6%12 of 12 weeks ahead 100% evidence
Exact sum: 22.5 + 16.5 + 9.2 + 19.7 = 67.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Magnus Steel & Infra Ltd517320 67.5/100Thin evidence · provisional56% evidence 27.8/35 Revenue 100% · PAT 100% · OPM change 1.6 pp 83% evidence 18.5/25 ROCE 171% · OPM 21.3% 76% evidence 9.2/20 P/E 92.5× · PEG — 15% evidence 12.0/20 RS sector — · RS bench 46.1% · 1Y 1449.6%0 of 1 week ahead to 2026-06-28 25% evidence
Exact sum: 27.8 + 18.5 + 9.2 + 12 = 67.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5Vision Infra Equipment Solutions LtdVIESL 67.3/100Thin evidence · provisional56% evidence TURNING 19.0/35 Revenue — · PAT — · OPM change 0 pp 26% evidence 19.8/25 ROCE 22.6% · OPM 26% 95% evidence 10.9/20 P/E 14.9× · PEG — 15% evidence 17.6/20 RS sector 26.9% · RS bench 44.5% · 1Y 122.8%9 of 12 weeks ahead 100% evidence
Exact sum: 19 + 19.8 + 10.9 + 17.6 = 67.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6Shankara Buildpro LtdBUILDPRO 63.3/100Mixed-positive evidence63% evidence BREAKING OUT 25.6/35 Revenue 26.3% · PAT 41.9% · OPM change -0.2 pp 100% evidence 17.3/25 ROCE 39% · OPM 3.2% 100% evidence 10.4/20 P/E 22.8× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —8 of 12 weeks ahead 0% evidence
Exact sum: 25.6 + 17.3 + 10.4 + 10 = 63.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Ivalue Infosolutions LtdIVALUE 60.4/100Mixed-positive evidence60% evidence ASLEEP 20.6/35 Revenue 5.4% · PAT 22.1% · OPM change 5.6 pp 95% evidence 18.6/25 ROCE 25.4% · OPM 10% 95% evidence 11.2/20 P/E 11.4× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y -19.4%6 of 10 weeks ahead 0% evidence
Exact sum: 20.6 + 18.6 + 11.2 + 10 = 60.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Sudarshan Pharma Industries Ltd543828 60.3/100Mixed-positive evidence82% evidence LEADER 20.9/35 Revenue 32.9% · PAT 24.3% · OPM change 1.5 pp 95% evidence 13.6/25 ROCE 15.1% · OPM 9.1% 76% evidence 8.9/20 P/E 39.2× · PEG — 50% evidence 16.9/20 RS sector 17.5% · RS bench 33.4% · 1Y 25.2%12 of 12 weeks ahead 100% evidence
Exact sum: 20.9 + 13.6 + 8.9 + 16.9 = 60.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Euro Pratik Sales LtdEUROPRATIK 59.9/100Mixed-positive evidence73% evidence ASLEEP 15.1/35 Revenue 23.9% · PAT 29% · OPM change -8 pp 100% evidence 19.5/25 ROCE 38.4% · OPM 26% 100% evidence 15.3/20 P/E 29.1× · PEG 0.62 65% evidence 10.0/20 RS sector — · RS bench — · 1Y 4.7%6 of 10 weeks ahead 0% evidence
Exact sum: 15.1 + 19.5 + 15.3 + 10 = 59.9 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10Tembo Global Industries LtdTEMBO 59.0/100Mixed-positive evidence80% evidence TURNING 22.2/35 Revenue 34% · PAT 55.7% · OPM change 5 pp 95% evidence 18.4/25 ROCE 22.8% · OPM 16% 95% evidence 11.3/20 P/E 10.2× · PEG — 15% evidence 7.1/20 RS sector -17.4% · RS bench -4.5% · 1Y -10.2%2 of 12 weeks ahead 100% evidence
Exact sum: 22.2 + 18.4 + 11.3 + 7.1 = 59 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Mangalam Global Enterprise LtdMGEL 58.7/100Mixed-positive evidence80% evidence 25.7/35 Revenue 41.4% · PAT 100% · OPM change 0.5 pp 95% evidence 15.8/25 ROCE 17% · OPM 1.9% 95% evidence 11.1/20 P/E 13× · PEG — 15% evidence 6.1/20 RS sector -14.5% · RS bench -0.2% · 1Y -3.5%6 of 7 weeks ahead to 2026-08-09 100% evidence
Exact sum: 25.7 + 15.8 + 11.1 + 6.1 = 58.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.5% and the one-year return is -3.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
12Arisinfra Solutions LtdARIS 57.6/100Mixed-positive evidence65% evidence TURNING 22.0/35 Revenue 45.3% · PAT 100% · OPM change 2 pp 95% evidence 15.1/25 ROCE 15.6% · OPM 11% 95% evidence 10.8/20 P/E 15.5× · PEG — 15% evidence 9.7/20 RS sector — · RS bench -1.2% · 1Y -12.3%4 of 10 weeks ahead 25% evidence
Exact sum: 22 + 15.1 + 10.8 + 9.7 = 57.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Aayush Art and Bullion Ltd540718 56.4/100Thin evidence · provisional54% evidence BREAKING OUT 21.2/35 Revenue 100% · PAT — · OPM change 1.6 pp 35% evidence 13.2/25 ROCE 18.9% · OPM 6% 76% evidence 8.9/20 P/E 245× · PEG — 15% evidence 13.1/20 RS sector -1.1% · RS bench 13.5% · 1Y 29.2%3 of 12 weeks ahead 100% evidence
Exact sum: 21.2 + 13.2 + 8.9 + 13.1 = 56.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14Patel Retail LtdPATELRMART 53.8/100Mixed-positive evidence65% evidence ASLEEP 18.1/35 Revenue 42.3% · PAT 59.7% · OPM change -2.2 pp 95% evidence 14.3/25 ROCE 15.3% · OPM 6.1% 95% evidence 10.8/20 P/E 16.9× · PEG — 15% evidence 10.6/20 RS sector — · RS bench 2.8% · 1Y -18.4%5 of 10 weeks ahead 25% evidence
Exact sum: 18.1 + 14.3 + 10.8 + 10.6 = 53.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15Prostarm Info Systems LtdPROSTARM 52.0/100Mixed-positive evidence65% evidence BASING 17.1/35 Revenue 30.5% · PAT 19.1% · OPM change 1.4 pp 95% evidence 16.1/25 ROCE 18% · OPM 8.5% 95% evidence 10.5/20 P/E 22× · PEG — 15% evidence 8.3/20 RS sector — · RS bench -12.2% · 1Y -35.5%0 of 10 weeks ahead 25% evidence
Exact sum: 17.1 + 16.1 + 10.5 + 8.3 = 52 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16Fabtech Technologies LtdFABTECH 50.8/100Thin evidence · provisional52% evidence TURNING 17.5/35 Revenue 14.2% · PAT 41% · OPM change 14.8 pp 71% evidence 12.3/25 ROCE 13.6% · OPM 5.7% 95% evidence 11.0/20 P/E 13.4× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —0 of 10 weeks ahead 0% evidence
Exact sum: 17.5 + 12.3 + 11 + 10 = 50.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17Lloyds Enterprises LtdLLOYDSENT 50.3/100Mixed-positive evidence75% evidence TURNING 18.1/35 Revenue 33% · PAT -21.4% · OPM change 9 pp 95% evidence 11.3/25 ROCE 3.7% · OPM 16% 76% evidence 9.1/20 P/E 93.3× · PEG — 15% evidence 11.8/20 RS sector -5% · RS bench 8.7% · 1Y -6%10 of 12 weeks ahead 100% evidence
Exact sum: 18.1 + 11.3 + 9.1 + 11.8 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18BMW Ventures LtdBMW 50.0/100Thin evidence · provisional55% evidence 16.9/35 Revenue 18.5% · PAT 24.2% · OPM change -0.6 pp 95% evidence 11.9/25 ROCE 12% · OPM 3.4% 76% evidence 11.2/20 P/E 12.2× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y -18.7%0 of 10 weeks ahead 0% evidence
Exact sum: 16.9 + 11.9 + 11.2 + 10 = 50 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19SG Mart Ltdthis pageSGMART 48.9/100Mixed-negative evidence93% evidence LEADER 13.9/35 Revenue 10.4% · PAT 14.7% · OPM change 1.4 pp 100% evidence 8.6/25 ROCE 10.2% · OPM 4.5% 100% evidence 8.2/20 P/E 76.1× · PEG 1.92 65% evidence 18.2/20 RS sector 34.9% · RS bench 51.7% · 1Y 106.8%12 of 12 weeks ahead 100% evidence
Exact sum: 13.9 + 8.6 + 8.2 + 18.2 = 48.9 · Decision use: Price leads the evidence: RS versus the benchmark is 51.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
20Bizotic Commercial Ltd543926 48.7/100Thin evidence · provisional58% evidence BASING 19.8/35 Revenue — · PAT — · OPM change 0 pp 26% evidence 18.6/25 ROCE 26.8% · OPM 8% 76% evidence 9.7/20 P/E 34.1× · PEG — 50% evidence 0.6/20 RS sector -86.7% · RS bench -18.3% · 1Y -72.4%0 of 12 weeks ahead 100% evidence
Exact sum: 19.8 + 18.6 + 9.7 + 0.6 = 48.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21Yogi LtdYOGI 47.9/100Thin evidence · provisional58% evidence 20.3/35 Revenue 97.5% · PAT 68.1% · OPM change -5.9 pp 62% evidence 9.9/25 ROCE 12.8% · OPM 2.6% 76% evidence 9.5/20 P/E 54.1× · PEG — 15% evidence 8.2/20 RS sector -6.5% · RS bench -2.1% · 1Y -11.1%2 of 12 weeks ahead 70% evidence
Exact sum: 20.3 + 9.9 + 9.5 + 8.2 = 47.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22Shiv Aum Steels LtdSHIVAUM 47.4/100Thin evidence · provisional55% evidence BREAKING OUT 16.9/35 Revenue — · PAT — · OPM change 1.3 pp 45% evidence 11.4/25 ROCE 8% · OPM 4.7% 95% evidence 7.2/20 P/E 66.8× · PEG — 50% evidence 11.9/20 RS sector — · RS bench 38.3% · 1Y —6 of 6 weeks ahead 25% evidence
Exact sum: 16.9 + 11.4 + 7.2 + 11.9 = 47.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
23Dhunseri Ventures LtdDVL 46.8/100Mixed-negative evidence87% evidence BREAKING OUT 12.6/35 Revenue -20% · PAT 31.7% · OPM change -12 pp 95% evidence 9.7/25 ROCE 6.7% · OPM 39% 95% evidence 11.9/20 P/E 5.3× · PEG — 50% evidence 12.6/20 RS sector -7.1% · RS bench 8% · 1Y -14.9%7 of 12 weeks ahead 100% evidence
Exact sum: 12.6 + 9.7 + 11.9 + 12.6 = 46.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24Adani Enterprises LtdADANIENT 45.5/100Mixed-negative evidence93% evidence TURNING 14.3/35 Revenue 18.1% · PAT 4.2% · OPM change 0 pp 100% evidence 8.5/25 ROCE 5.8% · OPM 15% 100% evidence 7.7/20 P/E 174× · PEG 1.96 65% evidence 15.0/20 RS sector 8.6% · RS bench 23.9% · 1Y 38.4%10 of 12 weeks ahead 100% evidence
Exact sum: 14.3 + 8.5 + 7.7 + 15 = 45.5 · Decision use: Price leads the evidence: RS versus the benchmark is 23.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
25MMTC LtdMMTC 44.8/100Mixed-negative evidence96% evidence ASLEEP 15.1/35 Revenue 0% · PAT 100% · OPM change -1270 pp 100% evidence 8.0/25 ROCE 8.7% · OPM — 84% evidence 15.3/20 P/E 46.1× · PEG 0.92 100% evidence 6.4/20 RS sector -14.9% · RS bench -1.9% · 1Y -4.1%3 of 12 weeks ahead 100% evidence
Exact sum: 15.1 + 8 + 15.3 + 6.4 = 44.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
26State Trading Corporation of India LtdSTCINDIA 42.5/100Mixed-negative evidence67% evidence ASLEEP 19.6/35 Revenue — · PAT 100% · OPM change -14.6 pp 67% evidence 5.6/25 ROCE -0.9% · OPM — 80% evidence 11.9/20 P/E 14× · PEG — 50% evidence 5.4/20 RS sector -28.7% · RS bench -5.6% · 1Y -5.6%2 of 11 weeks ahead 70% evidence
Exact sum: 19.6 + 5.6 + 11.9 + 5.4 = 42.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27RRP Semiconductor LtdRRP 41.1/100Thin evidence · provisional54% evidence 11.4/35 Revenue -80% · PAT -80% · OPM change 3.3 pp 71% evidence 5.4/25 ROCE -32.7% · OPM — 61% evidence 10.0/20 P/E — · PEG — 0% evidence 14.3/20 RS sector 65.3% · RS bench 0.8% · 1Y 66.5%0 of 1 week ahead 70% evidence
Exact sum: 11.4 + 5.4 + 10 + 14.3 = 41.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28Cropster Agro Ltd523105 40.7/100Mixed-negative evidence65% evidence 16.0/35 Revenue 28.4% · PAT 6.5% · OPM change 2.1 pp 83% evidence 11.3/25 ROCE 12.4% · OPM 8.7% 76% evidence 10.1/20 P/E 31× · PEG — 15% evidence 3.3/20 RS sector -72.7% · RS bench -62.7% · 1Y -83.2%0 of 1 week ahead to 2026-08-09 70% evidence
Exact sum: 16 + 11.3 + 10.1 + 3.3 = 40.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
29Hexa Tradex LtdHEXATRADEX 40.3/100Mixed-negative evidence65% evidence BASING 17.2/35 Revenue 0.4% · PAT 70.3% · OPM change 13.6 pp 71% evidence 6.1/25 ROCE -0.1% · OPM — 80% evidence 10.0/20 P/E — · PEG — 0% evidence 7.0/20 RS sector -16.8% · RS bench -3.7% · 1Y -12.7%0 of 12 weeks ahead 100% evidence
Exact sum: 17.2 + 6.1 + 10 + 7 = 40.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
30Hardwyn India LtdHARDWYN 40.2/100Mixed-negative evidence87% evidence ASLEEP 13.8/35 Revenue 2.6% · PAT -8.5% · OPM change -0.2 pp 95% evidence 12.5/25 ROCE 4.8% · OPM 13% 95% evidence 12.1/20 P/E 50.6× · PEG — 50% evidence 1.8/20 RS sector -38.3% · RS bench -29.5% · 1Y -3.4%3 of 12 weeks ahead 100% evidence
Exact sum: 13.8 + 12.5 + 12.1 + 1.8 = 40.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
31Blue Pearl Agriventures LtdBPAGRI 39.8/100Mixed-negative evidence69% evidence 20.5/35 Revenue 19.3% · PAT 59.1% · OPM change 0.3 pp 95% evidence 6.3/25 ROCE 2.2% · OPM 3.3% 76% evidence 8.7/20 P/E 514× · PEG — 15% evidence 4.3/20 RS sector -33.5% · RS bench -82.5% · 1Y -91.2%1 of 12 weeks ahead 70% evidence
Exact sum: 20.5 + 6.3 + 8.7 + 4.3 = 39.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
32Pervasive Commodities Ltd517172 38.3/100Thin evidence · provisional52% evidence 12.7/35 Revenue 25.6% · PAT -8.3% · OPM change -6.1 pp 95% evidence 5.6/25 ROCE 0% · OPM -10.2% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 10.0/20 RS sector — · RS bench — · 1Y — 0% evidence
Exact sum: 12.7 + 5.6 + 10 + 10 = 38.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
33Riddhi Siddhi Gluco Biols Ltd524480 38.0/100Mixed-negative evidence82% evidence FADING 12.4/35 Revenue -38% · PAT 38.4% · OPM change -2.8 pp 95% evidence 6.6/25 ROCE 2.7% · OPM -3% 76% evidence 6.5/20 P/E 37.3× · PEG — 50% evidence 12.5/20 RS sector 10.5% · RS bench 25.4% · 1Y 33.5%9 of 12 weeks ahead 100% evidence
Exact sum: 12.4 + 6.6 + 6.5 + 12.5 = 38 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
34PTC India LtdPTC 36.6/100Mixed-negative evidence82% evidence BASING 11.2/35 Revenue 13.3% · PAT -43.1% · OPM change -3.9 pp 95% evidence 12.6/25 ROCE 13.4% · OPM 3.1% 76% evidence 9.7/20 P/E 8.8× · PEG — 50% evidence 3.1/20 RS sector -21.6% · RS bench -9.8% · 1Y -13%0 of 12 weeks ahead 100% evidence
Exact sum: 11.2 + 12.6 + 9.7 + 3.1 = 36.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
35Neueon Corporation LtdNEUEON 35.6/100Thin evidence · provisional59% evidence ASLEEP 9.1/35 Revenue 17.8% · PAT -80% · OPM change -1039 pp 71% evidence 3.7/25 ROCE -40.4% · OPM — 80% evidence 10.0/20 P/E — · PEG — 0% evidence 12.8/20 RS sector 12.7% · RS bench -1.5% · 1Y —1 of 12 weeks ahead 70% evidence
Exact sum: 9.1 + 3.7 + 10 + 12.8 = 35.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
36Kothari Industrial Corporation LtdKOTIC 34.2/100Adverse evidence63% evidence BASING 18.8/35 Revenue 75.9% · PAT -80% · OPM change -41.8 pp 71% evidence 1.6/25 ROCE -28.9% · OPM -43% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 3.8/20 RS sector -58.6% · RS bench -43.5% · 1Y -77.5%0 of 9 weeks ahead 70% evidence
Exact sum: 18.8 + 1.6 + 10 + 3.8 = 34.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
37Shanti Overseas (India) LtdSHANTI 32.3/100Thin evidence · provisional56% evidence 11.2/35 Revenue -63.4% · PAT 100% · OPM change -200.5 pp 40% evidence 4.5/25 ROCE -25.2% · OPM -216.5% 71% evidence 13.1/20 P/E 3× · PEG — 50% evidence 3.5/20 RS sector -60.4% · RS bench -49.7% · 1Y -47.1%0 of 12 weeks ahead to 2026-03-29 70% evidence
Exact sum: 11.2 + 4.5 + 13.1 + 3.5 = 32.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
38BN Agrochem LtdBNAGROCHEM 32.2/100Adverse evidence77% evidence ASLEEP 12.9/35 Revenue 84.5% · PAT -61% · OPM change -9.4 pp 100% evidence 4.4/25 ROCE 4.4% · OPM 2.3% 100% evidence 9.0/20 P/E 117× · PEG — 15% evidence 5.9/20 RS sector -16.7% · RS bench -35.6% · 1Y -46.5%4 of 10 weeks ahead 70% evidence
Exact sum: 12.9 + 4.4 + 9 + 5.9 = 32.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
39Uniphos Enterprises LtdUNIENTER 30.4/100Adverse evidence69% evidence BASING 12.6/35 Revenue -77.1% · PAT 100% · OPM change -0.9 pp 71% evidence 4.6/25 ROCE 0.8% · OPM — 80% evidence 8.8/20 P/E 31.4× · PEG — 50% evidence 4.4/20 RS sector -43.6% · RS bench -22% · 1Y -41%1 of 10 weeks ahead 70% evidence
Exact sum: 12.6 + 4.6 + 8.8 + 4.4 = 30.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
40Oswal Agro Mills LtdOSWALAGRO 24.7/100Adverse evidence67% evidence 2.8/35 Revenue -80% · PAT -80% · OPM change -21782.3 pp 95% evidence 7.8/25 ROCE 2% · OPM — 80% evidence 10.0/20 P/E — · PEG — 0% evidence 4.1/20 RS sector -50.3% · RS bench -32% · 1Y -49.6%0 of 6 weeks ahead to 2026-08-16 70% evidence
Exact sum: 2.8 + 7.8 + 10 + 4.1 = 24.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
41Mardia Samyoung Capillary Tubes Company LtdMSCTC 56.9/100Thin evidence · provisional32% evidence 20.8/35 Revenue 100% · PAT 100% · OPM change — 29% evidence 15.2/25 ROCE 22.6% · OPM 15.3% 57% evidence 8.6/20 P/E 687× · PEG — 15% evidence 12.3/20 RS sector — · RS bench 74.6% · 1Y 93.7%6 of 12 weeks ahead to 2026-03-08 25% evidence
Exact sum: 20.8 + 15.2 + 8.6 + 12.3 = 56.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
42Proventus Agrocom LtdPROV 56.7/100Thin evidence · provisional48% evidence BREAKING OUT 19.6/35 Revenue — · PAT — · OPM change 0.2 pp 26% evidence 12.4/25 ROCE 11.5% · OPM 1.8% 95% evidence 13.1/20 P/E 42.8× · PEG — 50% evidence 11.6/20 RS sector — · RS bench 26.9% · 1Y —12 of 12 weeks ahead 25% evidence
Exact sum: 19.6 + 12.4 + 13.1 + 11.6 = 56.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
43DC Infotech & Communication LtdDCI 56.3/100Thin evidence · provisional35% evidence 18.6/35 Revenue — · PAT — · OPM change 0.3 pp 24% evidence 17.6/25 ROCE 22.9% · OPM 4.7% 76% evidence 10.6/20 P/E 20.4× · PEG — 15% evidence 9.5/20 RS sector — · RS bench -1.6% · 1Y — 25% evidence
Exact sum: 18.6 + 17.6 + 10.6 + 9.5 = 56.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
44SK Minerals & Additives Ltd544584 55.8/100Thin evidence · provisional36% evidence TURNING 16.6/35 Revenue — · PAT — · OPM change 1.3 pp 39% evidence 19.0/25 ROCE 26.2% · OPM 10.7% 76% evidence 10.2/20 P/E 29.5× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —3 of 4 weeks ahead 0% evidence
Exact sum: 16.6 + 19 + 10.2 + 10 = 55.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
45Monika Alcobev LtdMONIKA 54.0/100Thin evidence · provisional22% evidence 16.4/35 Revenue — · PAT — · OPM change -2 pp 15% evidence 17.0/25 ROCE 21% · OPM 15% 57% evidence 10.6/20 P/E 20.4× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y -10.9%0 of 12 weeks ahead to 2026-03-08 0% evidence
Exact sum: 16.4 + 17 + 10.6 + 10 = 54 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
46Shah Foods Ltd519031 53.6/100Thin evidence · provisional18% evidence TURNING 17.1/35 Revenue — · PAT — · OPM change -10.7 pp 7% evidence 15.3/25 ROCE — · OPM 18% 30% evidence 8.8/20 P/E 276× · PEG — 15% evidence 12.4/20 RS sector — · RS bench 103.9% · 1Y —4 of 4 weeks ahead 25% evidence
Exact sum: 17.1 + 15.3 + 8.8 + 12.4 = 53.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
47Pramara Promotions LtdPRAMARA 51.7/100Thin evidence · provisional47% evidence 16.6/35 Revenue — · PAT — · OPM change -1 pp 15% evidence 13.9/25 ROCE 15.2% · OPM 15% 71% evidence 6.9/20 P/E 51.3× · PEG — 50% evidence 14.3/20 RS sector 7.9% · RS bench 29% · 1Y 34.5%10 of 12 weeks ahead to 2026-04-19 70% evidence
Exact sum: 16.6 + 13.9 + 6.9 + 14.3 = 51.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
48Manbro Industries Ltd512595 50.9/100Thin evidence · provisional22% evidence 18.3/35 Revenue — · PAT — · OPM change 32.8 pp 5% evidence 13.1/25 ROCE — · OPM 6.6% 23% evidence 10.0/20 P/E — · PEG — 0% evidence 9.5/20 RS sector -17.3% · RS bench 37.2% · 1Y 62.6%12 of 12 weeks ahead to 2026-05-03 70% evidence
Exact sum: 18.3 + 13.1 + 10 + 9.5 = 50.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
49Le Merite Exports LtdLEMERITE 47.2/100Thin evidence · provisional40% evidence 18.9/35 Revenue — · PAT — · OPM change 0.9 pp 15% evidence 9.1/25 ROCE 8.6% · OPM 2.8% 71% evidence 9.3/20 P/E 87× · PEG — 15% evidence 9.9/20 RS sector -9% · RS bench 15% · 1Y 28.1%2 of 12 weeks ahead to 2026-05-17 70% evidence
Exact sum: 18.9 + 9.1 + 9.3 + 9.9 = 47.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
50Satani Bearings Ltd505703 45.2/100Thin evidence · provisional38% evidence TURNING 20.5/35 Revenue — · PAT 100% · OPM change — 33% evidence 4.7/25 ROCE 1% · OPM -3.7% 76% evidence 8.6/20 P/E 5197× · PEG — 15% evidence 11.4/20 RS sector — · RS bench 24.9% · 1Y 176.6%1 of 11 weeks ahead 25% evidence
Exact sum: 20.5 + 4.7 + 8.6 + 11.4 = 45.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
51Keto Motors Ltd537392 43.3/100Thin evidence · provisional38% evidence TURNING 16.3/35 Revenue — · PAT 100% · OPM change — 33% evidence 6.0/25 ROCE -0.3% · OPM 10.7% 76% evidence 8.5/20 P/E 7503× · PEG — 15% evidence 12.5/20 RS sector — · RS bench 272.8% · 1Y —4 of 4 weeks ahead 25% evidence
Exact sum: 16.3 + 6 + 8.5 + 12.5 = 43.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
52A-1 LtdA1L 41.0/100Thin evidence · provisional50% evidence 16.2/35 Revenue 8.3% · PAT -30.6% · OPM change -0.9 pp 53% evidence 10.7/25 ROCE 10.6% · OPM 2.9% 57% evidence 8.8/20 P/E 383× · PEG — 15% evidence 5.3/20 RS sector -24.5% · RS bench -16% · 1Y -8.6%6 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 16.2 + 10.7 + 8.8 + 5.3 = 41 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. 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 curve the sector itself 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 widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

16 · Frequently asked questions

Frequently asked questions

What is SG Mart Ltd's share price today?

SG Mart Ltd trades at ₹751, +109.9% over the past year. The company is valued at ₹9,465 Cr. The stock sits at 85% of its 52-week range of ₹334–₹826, +29.9% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 30 weeks in. — as of 11 September 2026.

What were SG Mart Ltd's latest quarterly results?

SG Mart Ltd reported revenue of ₹1,309 Cr and net profit of ₹46.0 Cr for the Jun 26 quarter. Revenue rose 14.4% and profit rose 43.8% year on year. Earnings per share were ₹3.62. The operating margin was 4.5%, 1.4 pp higher than a year earlier. — as of 11 September 2026.

What is SG Mart Ltd's revenue?

SG Mart Ltd reported revenue of ₹1,309 Cr in the Jun 26 quarter, +14.4% year on year. For the full FY26 fiscal year, revenue was ₹6,315 Cr (+7.8%). Over the last 10 years revenue compounded at 139.9% a year. — as of 11 September 2026.

What is SG Mart Ltd's profit?

SG Mart Ltd earned ₹46.0 Cr of net profit in the Jun 26 quarter, +43.8% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹111 Cr. The operating margin ran 4.5% in the latest quarter. — as of 11 September 2026.

What is SG Mart Ltd's market cap?

SG Mart Ltd's market capitalisation is ₹9,465 Cr at a share price of ₹751. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.

What is SG Mart Ltd's P/E ratio?

SG Mart Ltd trades at a P/E of 76.1×, at the 67th percentile of its own 10-year range, against a long-run median of 46.9×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.

Does SG Mart Ltd pay a dividend?

Not in its latest year — SG Mart Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 4 of its last 7 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.

Is SG Mart Ltd overvalued?

On its own history, SG Mart Ltd looks expensive: its P/E of 76.1× sits at the 67th percentile of its 10-year range (long-run median 46.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.

Is SG Mart Ltd growing?

Yes — SG Mart Ltd is growing: latest-quarter revenue +14.4% year on year, profit +43.8%, and the margin +1.4 pp at 4.5%. The earnings engine currently reads: improving — as of 11 September 2026.

How is SG Mart Ltd performing?

SG Mart Ltd is in a confirmed uptrend, 30 weeks in. Its latest quarter's revenue rose 14.4% and profit rose 43.8% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 10 weeks. This describes what the data did, not a rating. — as of 11 September 2026.

What stage is SG Mart Ltd in?

Mixed — eps growth is lifting off its trough at +4.7% while profit growth is decelerating from its peak at +14.7% — the curves disagree, so the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +10.4% latest, profit growth +14.7% latest, eps growth +4.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.

Is SG Mart Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 30 of stage 2), trading +29.9% versus its 200-day average and at 85% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.

Is SG Mart Ltd beating the market?

On recent form, yes — SG Mart Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 10 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +60,485% against the NIFTY 500's +255% — ahead of the index over the full window. — as of 11 September 2026.

Will SG Mart Ltd's share price go up?

This page publishes no price forecast for SG Mart Ltd. What it measures instead: the share price is ₹751, the price is in a confirmed uptrend 30 weeks in. Its P/E of 76.1× sits at the 67th percentile of its own 10-year range. — as of 11 September 2026.

Who owns SG Mart Ltd?

Promoters hold 57.9% of SG Mart Ltd, foreign institutions 1.9%, domestic institutions 4.1% and the public 36.1% (latest quarter). The biggest move on the register over the last two years: Promoters added 16.9 points over 8 quarters. — as of 11 September 2026.

Does SG Mart Ltd have too much debt?

No — SG Mart Ltd's debt-to-equity is 0.17, and operating profit covers the interest bill 3×. FY26 borrowings were ₹268 Cr against equity of ₹1,597 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.

What is SG Mart Ltd's capex?

SG Mart Ltd spent ₹342 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹125 Cr, with ₹20.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.

What is SG Mart Ltd's cash flow?

SG Mart Ltd generated ₹258 Cr of operating cash flow in FY26 and ₹133 Cr of free cash flow after ₹125 Cr of capital spending. Reported profit that year was ₹111 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.

Is SG Mart Ltd's profit real cash?

No — operating cash was negative over the last 3 fiscal years: SG Mart Ltd consumed cash while reporting profit. In FY26, operating cash was ₹258 Cr against reported profit of ₹111 Cr. Cash-flow resolution is annual — as of 11 September 2026.

Where is SG Mart Ltd in its business cycle?

SG Mart Ltd's FY26 operating margin was 2.2%, against a 7-year band of 1.8%–89.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 4.5%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.

What growth does SG Mart Ltd's price assume?

At its price on 13 June 2026, SG Mart Ltd was priced for profit growth of about 33.2% a year. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.

What could break the SG Mart Ltd story?

The sharpest disagreement: profits are rising, but only −37% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.

Is SG Mart Ltd a stock worth studying right now?

This is not investment advice. The machine read: SG Mart Ltd's price has outrun its earnings. +109.9% in a year against EPS −4.2% — the market is paying now for delivery later. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.

Sector Alpha — machine-written from the numbers · Data as of 2026-09-11. Every chart on this page is drawn by deterministic code from the raw series — no forecasts, no price opinions, and nothing here is investment advice.

Not SEBI Registered !! Not Investment advice !!

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