SGMART Q4 FY26 Guidance vs Delivery (SGMART Management Mirror)

Financial and Profitability

Management targets FY27 EBITDA of 300 crore to 350 crore in the Mar'26 Qtr, slightly lowering expectations from the over 350 crore target stated in the Dec'25 Qtr, while maintaining a long-term 50% earnings CAGR. Spreads are expected to mirror the prior quarter without deterioration, with per-ton EBITDA targets adjusted in the Mar'26 Qtr to 700–1,000 for B2B trading (down from 900–1,000 in the Dec'25 Qtr), 1,700–2,000 for service centres (vs. 2,000 in Dec'25 Qtr), 3,000–5,000 for solar/renewables (vs. 4,000 in Dec'25 Qtr), and 5,000–8,000 for profile business. The newly scaling puff panel business is expected to yield 5% to 8% margins (Mar'26 Qtr), rebounding from a prior FY26 EBITDA withdrawal (Sep'25 Qtr). [Status: Downgraded]