SGMART Q2 FY27 Guidance vs Delivery (SGMART Management Mirror)

H1 FY27 EBITDA Reaches Rs 131 Crore, Reaffirming Rs 300 Crore FY27 Target Guided in Jun'26 Qtr

SG Mart Ltd reported Q2 FY27 EBITDA of Rs 72.0 crore and H1 FY27 EBITDA of Rs 131 crore with a blended EBITDA margin of 4.5% in the Sep'26 Qtr concall and 4.6% in reported actuals. Management reaffirmed its FY27 full-year EBITDA target of Rs 300 crore, initially guided at Rs 300 to Rs 350 crore in the Mar'26 Qtr and revised to approximately Rs 300 crore in the Jun'26 Qtr, noting that Rs 170 crore is required in H2 FY27 to achieve this. The target to deliver a 50% plus earnings CAGR over the next 3 to 4 years was also reaffirmed. Looking ahead, sustainable blended EBITDA margins are projected to increase to 6% to 7% from the current 4% to 5% once the backward integration plant in Raipur becomes operational in 9 to 12 months, which is anticipated to inch up margins by 200 to 300 bps.