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SG Mart Targets ₹350 Cr+ FY27 EBITDA; Q3 Business EBITDA Hits ₹40 Cr Despite Inventory Loss
SG Mart reported a Q3 FY26 business EBITDA of ₹40 crores, though reported EBITDA was ₹17 crores due to a ₹20 crore inventory loss from falling steel prices. The management has provided a strong growth outlook, targeting a business EBITDA of ₹60 crores in Q4 FY26 and over ₹350 crores for FY27. Expansion is on track with 5 new service centers planned for FY27 and a long-term goal of 20 centers by FY29. The company maintains a healthy cash position of approximately ₹880-900 crores to fund its aggressive expansion in renewable structures and metal trading.
Key Highlights
Reported Q3 EBITDA of ₹17 Cr was impacted by a ₹20 Cr inventory loss; underlying business EBITDA stood at ₹40 Cr.
Management projects FY27 EBITDA to reach ₹350 Cr+, representing a potential 150% growth over FY26 estimates.
Service center network to expand from 5 to 10 in FY27, with a long-term goal of 20 centers by FY29.
Renewable structures segment saw 17,000 tons in Q3, with Q4 volume expected to rise to 25,000 tons.
Strong balance sheet with ~₹900 Cr cash and working capital maintained at 27 days.
💼 Action for Investors
Investors should monitor the execution of the 20-center expansion plan and the stabilization of steel prices, which are critical to achieving the ambitious FY27 guidance. The stock remains a high-growth play on renewable infrastructure and metal distribution sectors.
SG Mart Q3FY26 Revenue Rises 23% YoY to Rs 16.4 Bn; Net Profit Declines 62%
SG Mart reported a 23% YoY increase in revenue to Rs 16.4 Bn for Q3FY26, though performance was weak on a sequential basis with a 4% QoQ revenue dip. Profitability faced significant pressure as Net Profit plummeted 62% YoY to Rs 107 Mn, and EBITDA margins compressed to just 1.0% from 2.3% a year ago. The company is currently in an expansion phase, targeting a 50% CAGR over the next three years by scaling its service center network and renewable structures business. Despite the margin contraction, the company maintains a strong liquidity position with Rs 7.4 Bn in net cash.
Key Highlights
Revenue grew 23% YoY to Rs 16.4 Bn, but EBITDA fell 40% YoY to Rs 167 Mn.
Net Profit margin declined significantly to 0.7% compared to 2.15% in the same quarter last year.
Network of Service Centres volume reached 164k Tons in Q3FY26, becoming a major volume driver.
Maintains a strong net cash position of Rs 7.4 Bn as of December 31, 2025.
Company targets adding 5-7 new service centers annually to drive a 50% CAGR over 3 years.
💼 Action for Investors
Investors should monitor the company's ability to arrest margin dilution as it scales its B2B marketplace. While the revenue growth and expansion plans are ambitious, the sharp decline in profitability warrants a cautious approach until margins stabilize.
SG Mart Q3 FY26 Revenue Up 23% YoY to Rs 16.4 Bn; EBITDA Margins Contract to 1%
SG Mart reported a 23% YoY increase in revenue to Rs 16,444 million for Q3 FY26, though revenue dipped 4% on a sequential basis. Profitability faced significant pressure as EBITDA fell 40% YoY to Rs 167 million, with margins shrinking to 1.0% from 1.6% in the previous quarter. Net profit also saw a sharp decline of 62% YoY to Rs 107 million. Despite the margin compression, the company maintains a strong net cash position of Rs 7.4 billion and is targeting a 50% CAGR over the next three years through expansion in its service center network and renewable structures.
Key Highlights
Q3 FY26 Revenue grew 23% YoY to Rs 16,444 million, while Net Profit slumped 62% YoY to Rs 107 million.
EBITDA margins contracted significantly to 1.0% in Q3 FY26 compared to 1.6% in Q2 FY26 and 2.4% in Q4 FY25.
The company currently operates 7 service centers with a target to add 5-7 centers annually to reach a 50% CAGR over 3 years.
Net cash position remains robust at Rs 7.4 billion as of December 31, 2025, providing a buffer for expansion.
Registered customer base reached 2,340 with 438 registered vendors, indicating growing platform scale.
💼 Action for Investors
Investors should exercise caution as the sharp contraction in margins suggests pricing pressure or rising operational costs despite top-line growth. Monitor the execution of the high-growth expansion plan and whether the company can stabilize margins in the next few quarters.
SG Mart Q3 Consolidated Net Profit Drops 61% YoY to ₹10.78 Cr; Revenue at ₹1,644 Cr
SG Mart Limited reported a consolidated revenue of ₹1,644.43 crore for Q3 FY26, marking a 23% growth compared to ₹1,334.71 crore in the same quarter last year. However, the company's net profit witnessed a significant decline of 61.5% YoY, falling to ₹10.78 crore from ₹28.04 crore. On a sequential basis, revenue dipped by 3.5% while profits plummeted by 65.7% from ₹31.41 crore in Q2 FY26. The sharp drop in profitability is largely due to a substantial increase in total expenses, which rose to ₹1,651.55 crore during the quarter.
Key Highlights
Consolidated revenue for Q3 FY26 stood at ₹1,644.43 crore, up 23% YoY but down 3.5% QoQ.
Net profit for the quarter fell sharply to ₹10.78 crore from ₹28.04 crore in Q3 FY25.
Total expenses surged to ₹1,651.55 crore in Q3 FY26 compared to ₹1,280.55 crore in Q3 FY25.
Basic Earnings Per Share (EPS) declined to ₹0.85 from ₹2.11 in the year-ago period.
For the nine-month period ended Dec 31, 2025, the company recorded a total income of ₹4,549.83 crore and a net profit of ₹71.11 crore.
💼 Action for Investors
Investors should exercise caution as the significant margin contraction and profit decline suggest rising operational costs or pricing pressures. It is advisable to wait for management's explanation regarding the expense surge before making new positions.