Financial Performance Overview

Q2FY27 Performance

  • Revenue: Rs 15,618 Mn (8% decrease YoY from Rs 17,042 Mn in Q2FY26)
  • EBITDA: Rs 720 Mn (157% increase YoY from Rs 280 Mn in Q2FY26)
  • EBITDA Margin: 4.6% (300 bps increase from 1.6% in Q2FY26)
  • PAT: Rs 540 Mn (104% increase YoY from Rs 265 Mn in Q2FY26)
  • Net Profit Margin: 3.5% (190 bps increase from 1.6% in Q2FY26)

H1FY27 Performance

  • Revenue: Rs 28,704 Mn (1% increase YoY from Rs 28,480 Mn in H1FY26)
  • EBITDA: Rs 1,308 Mn (105% increase YoY from Rs 639 Mn in H1FY26)
  • EBITDA Margin: 4.6% (231 bps increase from 2.2% in H1FY26)
  • PAT: Rs 996 Mn (69% increase YoY from Rs 588 Mn in H1FY26)
  • Net Profit Margin: 3.5% (140 bps increase from 2.1% in H1FY26)
  • Cash Profit: Rs 1,100 Mn (72% increase YoY)

Operational Metrics

  • Net Working Capital Days: 18 days (improved from 20 days in FY26)
  • ROCE: 25.3% (annualized, improved from 15% in FY26)
  • ROE: 12.1% (annualized, improved from 7.9% in FY26)
  • Net Cash: Rs 7,000 Mn (decreased from Rs 7,500 Mn in FY26)
  • Registered Customers: 2,550 (as of H1FY27)

Segment-wise Performance

Quarterly Segment Performance (Q2FY27)

  • Service Centers (merged): Revenue Rs 12,497 Mn, Volume 206 k Tons
  • Solar Structures: Revenue Rs 883 Mn, Volume 11 k Tons
  • Steel Profiles: Revenue Rs 2,024 Mn, Volume 26 k Tons
  • Others: Revenue Rs 214 Mn, Volume 8 k Tons

Half-yearly Segment Performance (H1FY27)

  • Service Centers (merged): Revenue Rs 22,937 Mn, Volume 383 k Tons
  • Solar Structures: Revenue Rs 1,706 Mn, Volume 22 k Tons
  • Steel Profiles: Revenue Rs 3,438 Mn, Volume 44 k Tons
  • Others: Revenue Rs 623 Mn, Volume 16 k Tons

Cost Structure Analysis

  • Raw Material Costs: Rs 26,785 Mn (H1FY27)
  • Employee Costs: Rs 190 Mn (H1FY27)
  • Other Expenses: Rs 422 Mn (H1FY27)
  • Interest Cost: Rs 134 Mn (H1FY27)
  • Depreciation: Rs 85 Mn (H1FY27)
  • Tax: Rs 277 Mn (H1FY27)

Balance Sheet Position (H1FY27)

  • Total Assets: Rs 20,716 Mn
  • Cash & Bank Balance: Rs 7,144 Mn
  • Receivables: Rs 2,311 Mn
  • Inventories: Rs 2,177 Mn
  • Fixed Assets (net): Rs 7,647 Mn
  • Trade Payables: Rs 2,800 Mn
  • Debt: Rs 160 Mn (significantly reduced from Rs 2,314 Mn in FY26)
  • Shareholders' Funds: Rs 17,037 Mn

Cash Flow Statement (H1FY27)

  • Operating Cash Flow: Rs 1,952 Mn
  • Capex: Rs (2,457) Mn
  • Free Cash Flow: Rs (639) Mn
  • Net Change in Cash Flow: Rs (543) Mn
  • Net Cash Beginning: Rs 7,527 Mn
  • Net Cash End: Rs 6,984 Mn

Business Platform and Strategy

Five Pillars of SG Mart Platform

1. Manufacturing: Scalable, efficient and quality-led manufacturing across key categories

2. Brand: Partnering with trusted brands to ensure consistent quality and reliability

3. Service Centers: Strategically located centers for warehousing and value-added processing

4. Distribution: Extensive distribution network ensuring wide reach and timely delivery

5. Online Marketplace: One-stop digital marketplace for building and infrastructure materials

Operational Network

  • 8 operational service centers (Pune, Bangalore, Dujana, Raipur, Dubai, Jaipur, Indore, Ahmedabad)
  • 16 service centers targeted across India by 2028
  • 2,500+ customers served
  • 8-10 acres average facility area
  • Target customer industries: Renewables, Infrastructure, Industrials, Residential & Commercial Construction

Vision 2030 Targets

  • Operational service centers: From 8 today to 20+
  • Target industries: From 5+ today to 20+
  • Registered customers: From 2,500+ today to 15,000+
  • Business growth visibility: 50% CAGR in next 3 years

Product Portfolio

Launched Products

  • Strut Channels (Market size: INR 2,500 Cr, 0.4 MTPA)
  • Solar Module Mounting Structures (INR 3,300 Cr, 0.5 MTPA)
  • Z/C Purlin (INR 2,800 Cr, 0.4 MTPA)
  • Racking Profiles (INR 1,750 Cr, 0.25 MTPA)
  • Self Drilling Screws (INR 2,100 Cr, 0.3 MTPA)
  • Cable Trays (INR 3,500 Cr, 0.5 MTPA)
  • Earthing Strips (INR 420 Cr, 0.06 MTPA)
  • Embossed Sheets (INR 14,000 Cr, 2 MTPA)
  • Metal Plates (INR 35,000 Cr, 5 MTPA)
  • Welding Rods (INR 4,200 Cr, 0.11 MTPA)
  • Clamps (INR 200 Cr, 0.01 MTPA)

Upcoming Products

  • Decking Sheets (INR 4,800 Cr, 0.5 MTPA)
  • Wire Mesh (INR 950 Cr, 0.075 MTPA)
  • Binding Wires (INR 3,400 Cr, 0.5 MTPA)
  • Puff Panels (INR 2,860 Cr, 0.3 MTPA)
  • Roofing Profiles (INR 48,000 Cr, 4 MTPA)
  • GP/CRCA Sheets (INR 2,00,000 Cr, 20 MTPA)
  • Barbed Wires (INR 1,400 Cr, 0.5 MTPA)
  • XLPE Insulations (INR 2,000 Cr, 0.1 MTPA)

Management Commentary

Mr. Amit Thakur, Executive Director, commented on H1FY27 results:

  • Strong performance demonstrated ability to deliver in challenging market conditions
  • Execution across portfolio and continued demand from infrastructure and industrial customers supported the quarter
  • Maintained emphasis on sourcing discipline and operating efficiency amid input cost volatility and geopolitical uncertainty
  • Building business where growth translates into stronger profitability and efficient use of capital
  • Greater contribution from value-added products supported by closer customer engagement and disciplined procurement
  • Diversified product portfolio provides wider opportunity to serve customer requirements
  • Capital allocation will remain selective and closely aligned with return potential
  • Strategic direction: deepen presence in attractive product categories and scale with financial discipline

Company Description

SG MART is an integrated building & infrastructure materials platform that provides construction-related solutions from top brands under one roof. Customer base spans top tier EPC companies, real estate developers, OEMs, Independent Power Producers, traders, dealers and retailers. The company has established a robust distribution network facilitating seamless operations and pan-India reach.