52-week range
Price risk
Balance sheet & cash
Was the rally earned?
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 36.8x to 86.8x); per-share earnings added 7 points.
- The share count rose 9%.
What do "pts" mean?
"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.
Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.
Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.
Net profit is trailing twelve months as reported with a 60-day lag.
What is the price implying?
At a P/E of 195.8x, the price would imply about 44.8%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Fewer than six years of annual earnings are available, which is too little to measure delivered growth.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Utilities The market-wide Expectations lists
What changed?
- Oct '26Volume reached 28.6x its 50-day median on 2026-10-29; price +7.7% that day.
- Sep '26Promoter holding rose 21.6 pts to 57.9%.
- Sep '26Debt / equity halved over 12 months to 0.17x.
- Sep '26Share count is up 18.2% over 12 months.
- Jul '26Volume reached 54.3x its 50-day median on 2026-07-08; price +11.5% that day.
- May '26Volume reached 7.2x its 50-day median on 2026-05-08; price +8.3% that day.
- Jan '26Volume reached 14.3x its 50-day median on 2026-01-23; price +6.2% that day.
- Oct '25Volume reached 8.9x its 50-day median on 2025-10-31; price -3.3% that day.
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Are profits backed by cash?
2 of 5 checks are within range, 1 near a threshold, 2 beyond a threshold.
Tap a check to see how it is measured.
Other income reliance37%Beyond threshold
Other income as a share of pre-tax profit (trailing twelve months): 37.1%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate22%Within range
Median quarterly effective tax rate over about 2.5 years: 22.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion-0.37xBeyond threshold
Operating cash flow divided by net profit over the last three fiscal years: -0.37x (cash from operations ₹-103 cr, net profit ₹275 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow3 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history—Not enough data
Not enough reported data to compute this.
Capital work in progress5% of fixed assetsWithin range
Capital work-in-progress is 5% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days—Not enough data
Not enough reported data to compute this.
How to read this
Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.
Who has been buying and selling?
- Since Jun 2025, promoters added 21.6 pts; DIIs trimmed 1.6 pts; FIIs added 1.0 pts.
- The number of shareholders fell from 31,450 to 20,309 (-35%) between Jun 2025 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-17.3% (2026-01 peak to 2026-01 low, recovered 2026-02)
-17.2% (2026-08 peak to 2026-09 low, recovered 2026-10)
Most recent volume spikes
2026-10-29: 28.6x the 50-day median, price +7.7% that day
2026-10-28: 6x the 50-day median, price +0.4% that day
2026-10-26: 5.6x the 50-day median, price +0.4% that day
Where does it rank among Utilities peers?
Each cell is the company's percentile rank among its Utilities peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Utilities sector page Watch it move against Utilities in the Observatory
What else looks like this?
Companies with the most similar financial profile today, regardless of industry.
| Company | Sector | Similarity | Closest on |
|---|---|---|---|
| BEML (BEML) | Producer Manufacturing | 77% | P/E, operating margin |
| SOBHA (SOBHA) | Finance | 75% | market cap, revenue |
| ENTERO HEALTHCARE SOL (ENTERO) | Distribution Services | 65% | ROCE, revenue |
| PG ELECTROPLAST (PGEL) | Electronic Technology | 63% | ROCE, revenue |
| TEGA INDUSTRIES (TEGA) | Producer Manufacturing | 61% | operating margin, market cap |
| BAJEL PROJECTS (BAJEL) | Utilities | 44% | P/E, operating margin |
| SWAN CORP (SWANCORP) | Utilities | 43% | operating margin, market cap |
| ADANI TOTAL GAS (ATGL) | Utilities | 11% | revenue, P/E |
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like SG MART LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
- Over the following 12 months the middle half of them returned −20% to +29% vs the market, against −1% for all non-financial companies in the same months.
- The gap against the base rate (−0.1%, 80% range −12.9% to +15.7%) is within what chance and overlapping periods produce.
Where the 50 outcomes landed
Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 27 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| STYRENIX Process Industries |
Jun 2020 | 69x | — | +61% | −7% | +19% |
| LAURUSLABS Health Technology |
Apr 2020 | 58x | 8% | +34% | −3% | +177% |
| BECTORFOOD Consumer Non-Durables |
Apr 2023 | 64x | 14% | +103% | 0% | +40% |
| JKCEMENT Non-Energy Minerals |
Jan 2020 | 40x | 13% | +96% | −1% | +29% |
| AMBER Producer Manufacturing |
Mar 2020 | 41x | 14% | +51% | −25% | +50% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| EPL Process Industries |
Mar 2020 | 25x | 17% | +33% | −19% | −15% |
| PSPPROJECT Industrial Services |
Oct 2025 | 166x | 9% | +54% | −1% | −16% |
| INDIACEM Non-Energy Minerals |
Nov 2020 | 98x | 4% | +97% | 0% | −18% |
How reliable is this?
Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, ROCE and revenue growth. One match per company and at most 7 from any one month.
Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.
Monthly history (14 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 86.8x | ₹6480 cr | 7.8% | 10.0% | 0.2x |
| 2026-09 | 76.1x | ₹6480 cr | 7.8% | 10.0% | 0.2x |
| 2026-08 | 91.2x | ₹6315 cr | 7.0% | 10.0% | 0.2x |
| 2026-07 | 79.2x | ₹6315 cr | 7.0% | 10.0% | 0.2x |
| 2026-06 | 67.1x | ₹6315 cr | 7.0% | 10.0% | 0.2x |
| 2026-05 | 69.7x | ₹6087 cr | 8.5% | 11.0% | 0.6x |
| 2026-04 | 67.4x | ₹6087 cr | 8.5% | 11.0% | 0.6x |
| 2026-03 | 54.7x | ₹6087 cr | 8.5% | 11.0% | 0.6x |
| 2026-02 | 45.6x | ₹5778 cr | 9.9% | 11.0% | 0.6x |
| 2026-01 | 35.8x | ₹5778 cr | 9.9% | 11.0% | 0.6x |
| 2025-12 | 37.1x | ₹5778 cr | 9.9% | 11.0% | 0.6x |
| 2025-11 | 37.2x | ₹5867 cr | 9.0% | 11.0% | 0.6x |
| 2025-10 | 36.8x | ₹5867 cr | 9.0% | 11.0% | 0.6x |
| 2025-09 | 38.2x | ₹5867 cr | 9.0% | 11.0% | 0.6x |