SG Mart LimitedQ2 FY27 Results & Financial Update
SG Mart Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,561.84 Cr, PAT ₹54.02 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore SG Mart Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
SG Mart Limited delivered consolidated revenue from operations of INR 1,561.84 crore for Q2 FY27, representing a sequential increase of 19.35% compared to INR 1,308.57 crore reported in Q1 FY27. Total income for the quarter stood at INR 1,570.55 crore versus INR 1,318.32 crore in the preceding quarter.
Profitability expanded notably on a sequential basis, driven by improved operating leverage and efficiency. Profit before tax (PBT) reached INR 69.06 crore for Q2 FY27, higher by 18.60% compared to INR 58.23 crore in Q1 FY27.
Consolidated net profit after tax (PAT) for the quarter was reported at INR 54.02 crore, marking an 18.52% increase over the INR 45.58 crore recorded in Q1 FY27. Basic earnings per share (EPS) rose correspondingly to INR 4.29 from INR 3.62 in the previous quarter.
Total expenses for Q2 FY27 stood at INR 1,501.45 crore, compared to INR 1,260.09 crore in Q1 FY27. The increase in expenditures was primarily led by higher purchases of stock-in-trade, which moved to INR 1,285.67 crore from INR 1,013.65 crore.
Finance costs for the quarter were contained at INR 7.23 crore compared to INR 6.21 crore in Q1 FY27, while depreciation and amortization expenses edged up slightly to INR 4.41 crore from INR 4.07 crore.
Tax expenses for Q2 FY27 increased to INR 15.04 crore, comprising current tax of INR 13.88 crore and deferred tax charge of INR 1.16 crore, compared to a total tax expense of INR 12.65 crore in the preceding quarter.
The company's investor presentation and earnings releases noted that business EBITDA for Q2 FY27 reached INR 720 million (INR 72.0 crore), supported by an EBITDA margin of 4.6%, reflecting ongoing portfolio optimization and disciplined sourcing execution.
01 · Business model
What does SG Mart do?
SG Mart Limited operates as an integrated building and infrastructure materials platform functioning as a one-stop shop for construction-related solutions, trading, and manufacturing. The company distributes products sourced from top brands alongside its own manufactured portfolio.
The product ecosystem spans multiple categories including service center items such as metal plates and embossed sheets, specialized steel profiles like strut channels, Z and C purlins, racking profiles, and cable trays, solar module mounting structures, and associated construction accessories.
The operating footprint is supported by a growing network of strategically located service centers and processing units across locations including Pune, Bangalore, Dujana, Raipur, Dubai, Jaipur, Indore, and Ahmedabad, facilitating distribution to a broad customer base.
The customer roster comprises over 2,550 registered accounts spanning tier-1 EPC contractors, real estate developers, original equipment manufacturers, independent power producers, traders, dealers, and retailers across urban and industrial markets.
02 · Historical context
What shaped the business before this quarter
Previously known as Kintech Renewables Limited, the company transitioned its corporate identity to SG Mart Limited to reflect its broader strategic focus on building and infrastructure materials.
The company established an extensive distribution and warehousing network encompassing eight operational service centers across India by H1 FY27, complemented by leased facilities slated for transition to company-owned sites.
Over successive periods, the company expanded from basic metal trading into specialized manufacturing verticals, launching proprietary product categories including solar module mounting structures, steel profiles, and structural accessories.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹1,561.84 Cr | ₹1,308.57 Cr |
| Total income | ₹1,570.55 Cr | ₹1,318.32 Cr |
| Profit before tax | ₹69.06 Cr | ₹58.23 Cr |
| Profit after tax | ₹54.02 Cr | ₹45.58 Cr |
| EPS | ₹4.29 | ₹3.62 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Total consolidated sales volume reached 251 thousand tons in Q2 FY27, recovering from 214 thousand tons in Q1 FY27, driven by higher execution across service centers and steel profiles.
The merged Service Centres segment generated revenue of INR 1,249.7 crore (206 thousand tons) in Q2 FY27, up from INR 1,044.0 crore (177 thousand tons) in Q1 FY27.
Steel profiles contributed INR 202.4 crore (26 thousand tons) during the quarter, while solar structures added INR 88.3 crore (11 thousand tons) of revenue.
What drove margins
Management highlighted that a greater contribution from value-added products and disciplined procurement helped sustain an EBITDA margin of 4.6% in Q2 FY27.
Raw material costs and stock-in-trade purchases formed the bulk of operational outlays, with raw material consumption reported at INR 175.84 crore and stock purchases at INR 1,285.67 crore for the quarter.
05 · Demand, customers & order book
Where demand is coming from
Registered customers reached 2,550 by the end of H1 FY27, up from 2,505 at the close of Q1 FY27, spanning tier-1 EPC contractors, real estate developers, and institutional buyers.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates under a single primary business segment covering the trading and manufacturing of building material products, with resource allocation evaluated collectively by the Chief Operating Decision Maker.
Geography and market mix
Operations span multiple Indian cities through eight operational service centers and subsidiaries including SG Marts FZE, with distribution logistics covering customers nationwide.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The warehousing and processing network comprised eight operational service centers averaging 8 to 10 acres per facility, with plans to expand to 16 centers across India by 2028.
Projects, capex and execution
During Q2 FY27, the company acquired 100% equity interest in Tanwar Cargo Solutions Private Limited (TCSPL) for INR 75 crore; TCSPL owns approximately 9.956 acres of freehold land in Palwal, Haryana.
The board approved an additional investment of up to INR 10 crore in one or more tranches by way of equity subscription in wholly owned subsidiary SG Buildkart Private Limited.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The board approved the acquisition of a 24.5% stake in SG Enterprise Solutions Private Limited (SGESPL) for INR 1,22,500 to establish a centralized group shared services company, and a 16.67% stake in APL Apollo Foundation for INR 2,50,000 to support CSR initiatives.
The company recorded a share-based payment expense of INR 1.42 crore for Q2 FY27 following the grant of 4,86,000 stock options to eligible employees under the SG Mart Limited Employees Stock Option Scheme - 2023.
09 · Reported developments
What changed operationally
Consolidated revenue grew by 19.35% sequentially to INR 1,561.84 crore, while net profit after tax expanded by 18.52% QoQ to INR 54.02 crore in Q2 FY27.
The acquisition of Tanwar Cargo Solutions added ~9.956 acres of freehold land in Palwal, Haryana, to support future warehousing and processing expansion.
10 · Items worth noticing
The line items that can distort a quick read
The company recorded an employee stock option expense of INR 1.42 crore during Q2 FY27 under the employee stock option scheme.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net working capital days improved to 18 days in H1 FY27 compared to 20 days for FY26, supported by optimized inventory and trade receivable cycles.
Consolidated cash and cash equivalents stood at INR 233.77 crore as of September 30, 2026, alongside other bank balances of INR 480.66 crore.
Capital allocation & funding
Consolidated borrowings as of September 30, 2026, included non-current borrowings of INR 0.03 crore, lease liabilities of INR 36.27 crore, and current borrowings of INR 15.99 crore, reflecting a strong net-cash position.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary Addition
Tanwar Cargo Solutions Private Limited became a wholly owned subsidiary of the company effective August 3, 2026.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue advanced from INR 1,308.57 crore in Q1 FY27 to INR 1,561.84 crore in Q2 FY27, while PAT grew from INR 45.58 crore to INR 54.02 crore.
14 · Key Q&A
The quarter, answered directly
What does SG Mart do?
SG Mart Limited operates as an integrated building and infrastructure materials platform functioning as a one-stop shop for construction-related solutions, trading, and manufacturing. The company distributes products sourced from top brands alongside its own manufactured portfolio.
What is the clearest takeaway from Q2 FY27?
SG Mart Limited delivered consolidated revenue from operations of INR 1,561.84 crore for Q2 FY27, representing a sequential increase of 19.35% compared to INR 1,308.57 crore reported in Q1 FY27. Total income for the quarter stood at INR 1,570.55 crore versus INR 1,318.32 crore in the preceding quarter.
What drove revenue or demand?
Total consolidated sales volume reached 251 thousand tons in Q2 FY27, recovering from 214 thousand tons in Q1 FY27, driven by higher execution across service centers and steel profiles.
What mattered most for margins or profitability?
Management highlighted that a greater contribution from value-added products and disciplined procurement helped sustain an EBITDA margin of 4.6% in Q2 FY27.
What changed operationally beyond the headline numbers?
The warehousing and processing network comprised eight operational service centers averaging 8 to 10 acres per facility, with plans to expand to 16 centers across India by 2028.
What should the next disclosure help confirm?
Monitor the progress of expanding operational service centers toward the target of 16 facilities across India by 2028.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Service Center Rollout: Monitor the progress of expanding operational service centers toward the target of 16 facilities across India by 2028.
- 02
Subsidiary Integration: Track the completion of the acquisition of SG Enterprise Solutions Private Limited by December 31, 2026.
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