SG Finserve Ltd (SGFIN)

Financial Services · Finance · NSE · Updated 13 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹661.05 ↑ 75.83% (1Y)

🎯 Key Takeaways

SG Finserve Ltd is in a high-growth phase driven by aggressive expansion in loan book and new financial services verticals, targeting significant profitability scaling by FY27 and beyond. Management is executing a strategy centered on leveraging debt to boost ROE, with clear targets of INR300 crores PBT in FY27 and INR1,700 crores equity base, supported by 2x-3x leverage.
Revenue grew 29.1% QoQ to ₹136 in Q1FY27.
⚠️ Execution risk in new verticals like insurance brokerage and fintech acquisitions, which are unproven at scale and may dilute focus.

Market Cap

₹4,356

P/E Ratio

24.9

P/B Ratio

3.00

ROE

10.8%

ROCE

9.0%

Debt/Equity

1.86

Promoter

57.0%

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📖 The Story

SG Finserve Ltd is in a high-growth phase driven by aggressive expansion in loan book and new financial services verticals, targeting significant profitability scaling by FY27 and beyond. Management is executing a strategy centered on leveraging debt to boost ROE, with clear targets of INR300 crores PBT in FY27 and INR1,700 crores equity base, supported by 2x-3x leverage. The company is transitioning from a stable financial services player to a scalable fintech and asset diversification platform, evidenced by record quarterly profitability and strategic acquisitions.

📰 What's Happening

The company reported record Q1 FY27 PBT of INR72 crores, up 82% YoY and 27% QoQ, driven by a 16% QoQ expansion in loan book to INR4,552 crores. Management has set ambitious targets of INR300 crores PBT for FY27 and INR1,700 crores equity base by FY27, maintaining 2x-3x leverage to push ROE from 14% to 16%. Strategic initiatives include expansion into factoring, TReDS, insurance brokerage, and acquisition of 51% in Succesship Technologies with a ₹20 Cr investment cap. Leadership changes include the appointment of Abhishek Mahajan as Chief Risk Officer and Ankit Sharma as new Company Secretary & KMP, while Kush Mishra resigned effective July 18, 2026. The board also approved employee stock options totaling 205,000 shares, introducing potential dilution.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	75	86	105	136
Operating Profit	38	43	56	72
OPM %	51.5%	50.1%	53.1%	52.6%
Net Profit	28	32	42	54
EPS	₹5.08	₹5.81	₹7.45	₹8.21

Quarterly financials show accelerating profitability: revenue grew from ₹75 crores (Sep 2025) to ₹136 crores (Jun 2026), with operating profit margin stable around 52-53% and net profit surging 82% YoY to INR72 crores in Q1 FY27. EPS rose from ₹5.08 to ₹8.21 over the same period, reflecting strong bottom-line expansion. This growth is underpinned by loan book expansion and improved operational efficiency, with management explicitly linking the trajectory to scalable verticals and leverage deployment. The consistent margin stability despite growth suggests effective cost control and scalable operations.

🔮 Management Outlook & What's Next

Management has provided clear forward guidance, targeting INR300 crores PBT in FY27 (75% YoY growth), INR1,700 crores equity base by FY27, and 25-30% AUM CAGR by FY30. They expect profitability to grow at 30-35% CAGR through FY30, supported by scalable new verticals including insurance brokerage and fintech acquisitions. Leverage will be maintained at 2x-3x to drive ROE expansion to 16%. No specific revenue or margin targets were disclosed beyond operational efficiency trends, but the focus remains on capital-light growth through strategic acquisitions and asset diversification.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	56	56	56	65
Reserves	801	959	1,015	1,388
Borrowings	0	1,387	1,847	2,704
Total Liabilities	873	2,407	2,990	4,173
Fixed Assets	1	1	1	2
Investments	0	80	0	0
Total Assets	873	2,407	2,990	4,173

The balance sheet shows a significant equity expansion, with equity rising from ₹56 crores (Mar 2025) to ₹65 crores (Mar 2026), supported by reserves growing from ₹959 to ₹1,388 crores. Borrowings have increased from ₹1,387 to ₹2,704 crores, reflecting active capital deployment to fund growth, while total assets expanded from ₹2,407 to ₹4,173 crores. This indicates aggressive reinvestment and leverage to scale operations, consistent with management's 2x-3x leverage target. The capital structure supports expansion but increases financial risk if growth slows.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	-1,571
Investing	+61
Financing	+1,632
Net Cash Flow	+121

👥 Shareholding Pattern

Category	Q3FY26	Q4FY26	Q1FY27
Promoters	50.3%	52.9%	57.0%
FII	0.1%	0.3%	0.5%
DII	3.5%	3.3%	2.2%
Public	34.5%	28.6%	25.0%
# Shareholders	30,244	26,402	28,150

Promoter holding has declined from 50.3% (Q3FY26) to 56.95% (Q1FY27), but this appears to be offset by rising institutional interest — FII ownership rose from 0.07% to 0.54% and DII from 3.46% to 2.18% over the same period, despite a drop in public shareholding. The total shareholder base remains broad with 28,150 shareholders. No pledging or significant exits were disclosed, but the shift suggests growing institutional confidence amid strategic changes, even as promoter stake fluctuates.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
BAJFINANCE	6.44 L Cr	31.7	10.4%	18.1%	3.82
BAJAJFINSV	3.07 L Cr	30.1	11.4%	26.5%	5.50
SHRIRAMFIN	2.42 L Cr	18.1	11.5%	17.1%	3.80
CHOLAFIN	1.57 L Cr	27.2	9.3%	18.9%	6.93
TATACAP	1.54 L Cr	28.1	8.4%	12.3%	5.28
JIOFIN	1.52 L Cr	71.4	2.3%	1.6%	0.17
ICICIAMC	1.50 L Cr	30.1	111.5%	83.6%	0.00
BAJAJHLDNG	1.24 L Cr	14.0	12.4%	12.3%	0.00
PFC	1.17 L Cr	4.5	9.8%	25.3%	7.62
MUTHOOTFIN	1.12 L Cr	9.9	14.4%	29.3%	3.88

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN CHOLAFIN TATACAP

⚠️ Risk Factors

1. Execution risk in new verticals like insurance brokerage and fintech acquisitions, which are unproven at scale and may dilute focus. 2. Rising leverage to 2x-3x increases financial vulnerability if growth slows or margins compress. 3. Leadership transitions, including new CRO and Company Secretary appointments, may introduce operational uncertainty. 4. Regulatory and compliance risks in expanding into insurance and GIFT City operations, which require new approvals and may face delays.

📋 Recent Filings

🧠 Analyst's Read

SG Finserve is executing a clear, capital-efficient growth strategy with strong quarterly momentum and ambitious profitability targets, but success hinges on flawless execution in new domains. Investors should monitor progress on the Succesship acquisition, insurance brokerage scalability, and whether leverage sustains ROE expansion without compromising stability.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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