SG Mart Limited Holds 4QFY26 Earnings Call, Reports Strong Performance
SG Mart reported strong 4QFY26 results with revenue over ₹1,800 cr and EBITDA of ₹56 cr. Full-year FY26 EBITDA grew 35% to ₹137 cr. The company reduced working capital to 20 days and holds ₹750 cr net cash. Capex of ₹600 cr is planned over two years for service centers and new land parcels. Management projects 50% CAGR growth over three years.
The announcement details strong financial performance, strategic investments in growth areas, and positive future outlook, which are material factors for investors and stakeholders.
The company reported strong financial results for Q4FY26 and the full year FY26, with significant EBITDA growth, improved ROCE, reduced working capital, and a healthy net cash position. The management expressed confidence in future growth and profitability from its diversified verticals.
SG Mart Limited (formerly Kintech Renewables Limited) held its 4QFY26 earnings conference call on May 4, 2026, hosted by Ambit Capital. The company reported a strong Q4 performance, with revenues exceeding ₹1,800 crores and EBITDA of ₹56 crores, despite challenges from the Middle East crisis. For the full year FY26, EBITDA grew by 35% to ₹137 crores, with a reported ROCE of 15% which, when annualizing Q4 performance, rises to approximately 25%.
The company has streamlined four running verticals, which are being ramped up effectively. Working capital days were reduced to 20, leading to operating cash flow generation of ₹300 crores for the full year, which funded capex of over ₹250 crores, resulting in a net cash position of ₹750 crores.
The B2B sales volume in Q4 was lower than Q3 due to steel supply shortages exacerbated by the Middle East crisis, but its impact on overall performance was minimal as it contributes less to earnings. Service centers saw a volume increase of over 10% due to the addition of new centers, with continued investment planned. Renewable structures volume dipped slightly due to specialized coated steel shortages, but the company began selling new profiles, achieving 7,000 tons in Q4 with good margins.
The reported EBITDA of ₹56 crores for Q4 comprised ₹50 crores from business operations and ₹6 crores from inventory gains due to steel price increases. The management expressed confidence that this ₹50 crore quarterly EBITDA from business operations will continue to rise in FY27, despite B2B challenges. Operations in Dubai are disrupted but expected to contribute significantly once the situation normalizes.
The company has guided for ₹300-350 crores of annualized EBITDA for FY27. Capex for FY26 was ₹525 crores, primarily for service centers and land acquisition for new centers. An approval for ₹600 crores of capex over the next two years has been secured, with plans to acquire new land parcels, set up new service centers, and invest in profile machines. The company also clarified that ESOPs would be granted at an exercise price of ₹367, locked in from a previous plan.
Future projections include a 50% CAGR growth over the next three years, with a focus on increasing profitability from value-added verticals like service centers, renewable structures, and steel profiles. The company expects performance to improve quarter-on-quarter. The EBITDA per ton for B2B is ₹700-1,000, service centers ₹1,800-2,100, renewable structures ₹3,000-5,000, and steel profiles ₹5,000-8,000.
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SG Mart Limited filed this with the NSE as a statutory disclosure, categorised under concall scheduled. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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