SG Finserve Ltd.

•

sgfinserve.comBSE: 539199NSE: SGFIN

Market Cap₹ 4,441 Cr.

Current Price

High / Low₹ 727 / 323

Stock P/E28.3

Book Value₹ 232

Price to Book1.86

Dividend Yield0.00 %

ROCE9.3 %

ROE10.9 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 140.7% CAGR over last 5 years
Comfortable capital adequacy - CAR of 36.6%
Promoters have been increasing their shareholding - up 10.0pp over 2 years
Solid return on assets for a lender - ROA of 3.8%
Asset quality is healthy - gross NPA of just 0.0%

CONS

Company has a low return on capital employed of 9.4%
Free cash flow has been persistently negative
Equity base is being diluted - shares outstanding up 58.1%
Thin net interest margin of 0.0%
Growth is decelerating - 3Y profit CAGR (90.7%) trails the 5Y trend (140.7%)
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1060.50	32.52	660262.45	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1041.00	21.64	244945.59	1.04	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	375.00	29.46	159182.59	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	JIOFIN	239.85	76.64	158376.35	0.25	8302.50	2457.29	20044.70	3172.82	2.11	69.71
5.	CHOLAFIN	1839.00	27.31	157062.74	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
6.	BAJAJHLDNG	11148.75	14.01	124078.35	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2920.00	10.31	117228.79	1.03	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	404.80	27.00	110814.49	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	314.00	24.73	78699.47	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.90	27.52	62608.60	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.25	26.05	56678.94	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	SGFIN	674.00	28.32	4441.32	0.00	53.68	118.92	136.11	101.64	9.32	92.46

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	35	44	52	59	44	31	42	54	68	75	86	105	136
	3	6	5	6	6	10	9	4	9	6	7	6	65
Operating Profit	31	38	47	53	38	21	33	50	59	69	80	99	126
OPM %	90.36%	86.41%	89.76%	89.97%	86.33%	67.30%	78.72%	91.99%	87.11%	92.26%	92.28%	93.99%	92.46%
Other Income	0	0	0	0	1	0	0	0	0	0	0	0	0
Interest	11	15	18	21	12	0	1	19	25	30	36	43	54
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	21	23	29	32	26	21	32	31	34	38	43	56	72
Tax %	25.17%	24.87%	25.19%	25.42%	26.16%	31.69%	26.35%	23.43%	27.59%	26.12%	24.58%	24.80%	25.03%
Net Profit	16	17	22	24	19	14	24	24	25	28	32	42	54
	4	4	4	4	4	3	4	4	4	5	6	7	1

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	1	0	0	2	0	41	190	170	333	403
	0	1	1	1	1	1	8	20	28	27	83
Operating Profit	-0	0	-1	-1	1	-1	33	169	142	306	319
OPM %	-8.81%	43.40%	-3648.03%	-2870.55%	59.33%	-237.46%	79.51%	89.28%	83.75%	91.91%	79.31%
	0	0	0	0	1	2	1	0	0	0	0
Interest	0	0	0	0	0	0	8	64	32	134	164
Depreciation	0	0	0	0	0	0	0	0	1	1	1
Profit before Tax	0	1	-0	-1	2	1	25	105	110	172	209
Tax %	23.80%	29.05%	28.40%	-4.86%	4.33%	29.81%	26.43%	25.18%	26.48%	25.59%	25.07%
Net Profit	0	1	-0	-1	2	1	18	79	81	128	157
EPS	0.46	1.17	-0.68	-1.99	3.15	1.57	5.05	14.29	14.49	19.56	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 57%
5 Years:: 187%
3 Years:: 100%

COMPOUNDED PROFIT GROWTH

10 Years:: 106%
5 Years:: 141%
3 Years:: 91%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 79%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 10%
3 Years:: 11%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	5	5	5	5	5	5	41	55	56	65
	2	3	2	2	3	4	476	743	843	1,385
	0	0	1	1	0	0	496	957	1,387	2,704
	0	0	-0	0	0	0	65	22	148	61
Total Liabilities	7	8	8	8	8	9	1,078	1,778	2,434	4,215
	0	0	0	0	0	0	0	2	2	2
Capital Work in Progress	0	0	0	0	0	0	1	0	0	0
	1	1	1	2	1	2	0	0	80	0
	2	2	2	1	3	5	0	0	0	0
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	0	0	0	0	0	0	91	77	62	204
	5	5	5	4	4	2	986	1,699	2,290	4,008
Total Assets	7	8	8	8	8	9	1,078	1,778	2,434	4,215

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-0	-0	-1	-1	0	1	-933	-629	-492	-1,571
Cash from Investing	0	-0	1	1	1	-0	2	-4	-56	61
Cash from Financing	-0	-0	0	0	-1	-0	1,030	616	554	1,632
	-0	-0	-0	-0	0	0	91	-18	6	121

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	0.46	1.17	-0.68	-1.99	3.15	1.57	4.46	14.29	14.49	19.56
Book Value (₹)	14.50	15.67	14.99	13.00	16.15	17.71	125.39	145.23	160.83	222.17
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.49	1.21	-0.64	-1.96	3.18	1.58	4.47	14.32	14.58	19.66
PROFITABILITY
Operating Margin %	72.17%	91.88%	-2087.73%	-1897.17%	99.04%	357.47%	80.74%	89.28%	83.75%	91.91%
Net Margin %	51.95%	61.31%	-1721.80%	-2180.25%	92.12%	248.39%	44.41%	41.42%	47.65%	38.29%
ROE %	3.22%	7.75%	-4.46%	-14.23%	21.63%	9.25%	6.99%	11.94%	9.54%	10.87%
ROCE %	4.28%	11.36%	-5.48%	-11.28%	21.52%	13.20%	6.22%	11.96%	6.82%	9.32%
	3.16%	7.35%	-4.14%	-12.72%	20.03%	9.11%	3.39%	5.50%	3.85%	3.84%
EFFICIENCY
Debtor Days	13	8	671	245	147	0	0	0	0	0
Inventory Days	1199	699	0	0	474	4412	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	1213	707	671	245	621	4412	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.08x	0.16x	0.00x	0.00x	0.95x	1.20x	1.54x	1.86x
Interest Coverage (x)	73.05x	26.25x	-10.70x	-13.23x	48.18x	589.21x	3.97x	2.64x	4.45x	2.28x
	9.31x	5.01x	4.38x	2.16x	61.49x	70.23x	2.14x	0.10x	0.12x	2.67x
GROWTH
Revenue Growth %	-87.55%	115.46%	-97.92%	129.97%	3646.69%	-81.58%	0.00%	357.72%	-10.41%	96.16%
Operating Profit Growth %	90.08%	174.28%	-147.31%	-108.98%	295.60%	-33.51%	2864.59%	406.13%	-15.79%	115.01%
Net Profit Growth %	149.55%	154.27%	-158.47%	-191.20%	258.31%	-50.33%	2246.55%	326.95%	3.06%	57.62%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	220.51%	1.37%	34.99%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	28.72x	28.09x	21.17x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.83x	2.53x	1.86x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	18.51x	25.24x	16.96x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.99	48.38	48.38	48.38	48.38	48.38	50.30	52.92	56.95
	0.27	0.07	0.07	0.08	0.12	0.17	0.07	0.26	0.54
	1.62	1.83	1.88	2.26	4.00	3.59	3.02	2.85	2.18
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	51.01	49.72	49.66	49.29	47.51	47.85	46.61	43.97	40.34

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-01

ESOP/ESOS/ESPS

2026-08-01 - SG Finserve Limited has informed the Exchange regarding Grant of 150000 Options.

2026-07-20

Press Release

2026-07-20 - SG Finserve Limited has informed the Exchange regarding a press release dated July 20, 2026, titled "Press Release".

2026-07-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-18 - SG Finserve Limited has informed the Exchange about Transcript

2026-07-17

General Updates

2026-07-17 - SG Finserve Limited has informed the Exchange about Incorporation of Wholly Owned Subsidiary

2026-07-15

Copy of Newspaper Publication

2026-07-15 - SG Finserve Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-14 - SG Finserve Limited has informed the Exchange about Link of Recording

2026-07-14

Monitoring Agency Report

2026-07-14 - SG Finserve Limited has informed the Exchange about Monitoring Agency Report

2026-07-14

ESOP/ESOS/ESPS

2026-07-14 - SG Finserve Limited has informed the Exchange regarding Grant of 55000 Options.

2026-07-14

Resignation of Director/KMP/SMP

2026-07-14 - SG Finserve Limited has informed the Exchange about Resignation of Director/KMP/SMP

News

Recent coverage and analyst commentary for SGFIN

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SG Finserve Ltd.

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Free 5nance Account

Name

BAJFINANCE

1060.50

32.52

660262.45

0.57

6080.60

27.60

23165.45

20.37

10.87

70.70

SHRIRAMFIN

1041.00

21.64

244945.59

1.04

3452.77

59.90

13400.43

17.46

11.49

74.63

TATACAP

375.00

29.46

159182.59

0.15

16281.80

1464.16

88219.30

1051.00

8.66

75.72

JIOFIN

239.85

76.64

158376.35

0.25

8302.50

2457.29

20044.70

3172.82

2.11

69.71

CHOLAFIN

1839.00

27.31

157062.74

0.11

1656.22

45.56

8856.29

21.89

9.70

70.07

BAJAJHLDNG

11148.75

14.01

124078.35

1.75

2708.08

-92.27

394.33

23.34

14.81

684.72

MUTHOOTFIN

2920.00

10.31

117228.79

1.03

2824.84

43.08

8671.60

36.25

15.87

83.76

ABCAPITAL

404.80

27.00

110814.49

0.00

1223.85

43.85

12179.54

137.84

8.82

41.91

LTF

314.00

24.73

78699.47

0.88

915.99

30.70

5212.92

22.38

8.54

62.13

SBICARD

657.90

27.52

62608.60

0.38

664.44

19.51

5040.55

7.60

11.75

29.83

HDBFS

682.25

26.05

56678.94

0.59

785.20

38.31

4937.90

18.71

9.09

57.98

SGFIN

674.00

28.32

4441.32

0.00

53.68

118.92

136.11

101.64

9.32

92.46

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

105

136

Operating Profit

126

OPM %

90.36%

86.41%

89.76%

89.97%

86.33%

67.30%

78.72%

91.99%

87.11%

92.26%

92.28%

93.99%

92.46%

Other Income

Interest

Depreciation

Tax %

25.17%

24.87%

25.19%

25.42%

26.16%

31.69%

26.35%

23.43%

27.59%

26.12%

24.58%

24.80%

25.03%

Net Profit

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

190

170

333

403

Operating Profit

-0

-1

169

142

306

319

OPM %

-8.81%

43.40%

-3648.03%

-2870.55%

59.33%

-237.46%

79.51%

89.28%

83.75%

91.91%

79.31%

Interest

134

164

Depreciation

Profit before Tax

-0

-1

105

110

172

209

Tax %

23.80%

29.05%

28.40%

-4.86%

4.33%

29.81%

26.43%

25.18%

26.48%

25.59%

25.07%

Net Profit

-0

-1

128

157

EPS

0.46

1.17

-0.68

-1.99

3.15

1.57

5.05

14.29

14.49

19.56

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

476

743

843

1,385

496

957

1,387

2,704

-0

148

Total Liabilities

1,078

1,778

2,434

4,215

Capital Work in Progress

Cash & Bank

204

986

1,699

2,290

4,008

Total Assets

1,078

1,778

2,434

4,215

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-0

-1

-933

-629

-492

-1,571

Cash from Investing

-0

-4

-56

Cash from Financing

-0

-1

-0

1,030

616

554

1,632

-0

-18

121

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

0.46

1.17

-0.68

-1.99

3.15

1.57

4.46

14.29

14.49

19.56

Book Value (₹)

14.50

15.67

14.99

13.00

16.15

17.71

125.39

145.23

160.83

222.17

Dividend per Share (₹)

0.00

Cash EPS (₹)

0.49

1.21

-0.64

-1.96

3.18

1.58

4.47

14.32

14.58

19.66

PROFITABILITY

Operating Margin %

72.17%

91.88%

-2087.73%

-1897.17%

99.04%

357.47%

80.74%

89.28%

83.75%

91.91%

Net Margin %

51.95%

61.31%

-1721.80%

-2180.25%

92.12%

248.39%

44.41%

41.42%

47.65%

38.29%

ROE %

3.22%

7.75%

-4.46%

-14.23%

21.63%

9.25%

6.99%

11.94%

9.54%

10.87%

ROCE %

4.28%

11.36%

-5.48%

-11.28%

21.52%

13.20%

6.22%

11.96%

6.82%

9.32%

3.16%

7.35%

-4.14%

-12.72%

20.03%

9.11%

3.39%

5.50%

3.85%

3.84%

EFFICIENCY

Debtor Days

671

245

147

Inventory Days

1199

699

474

4412

Payable Days

1213

707

671

245

621

4412

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

0.08x

0.16x

0.00x

0.95x

1.20x

1.54x

1.86x

Interest Coverage (x)

73.05x

26.25x

-10.70x

-13.23x

48.18x

589.21x

3.97x

2.64x

4.45x

2.28x

9.31x

5.01x

4.38x

2.16x

61.49x

70.23x

2.14x

0.10x

0.12x

2.67x

GROWTH

Revenue Growth %

-87.55%

115.46%

-97.92%

129.97%

3646.69%

-81.58%

0.00%

357.72%

-10.41%

96.16%

Operating Profit Growth %

90.08%

174.28%

-147.31%

-108.98%

295.60%

-33.51%

2864.59%

406.13%

-15.79%

115.01%

Net Profit Growth %

149.55%

154.27%

-158.47%

-191.20%

258.31%

-50.33%

2246.55%

326.95%

3.06%

57.62%

0.00%

220.51%

1.37%

34.99%

VALUATION

P/E (x)

0.00x

28.72x

28.09x

21.17x

P/B (x)

0.00x

2.83x

2.53x

1.86x

Dividend Yield %

0.00%

0.00x

18.51x

25.24x

16.96x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

46.99

48.38

50.30

52.92

56.95

0.27

0.07

0.08

0.12

0.17

0.07

0.26

0.54

1.62

1.83

1.88

2.26

4.00

3.59

3.02

2.85

2.18

Government

0.00

51.01

49.72

49.66

49.29

47.51

47.85

46.61

43.97

40.34

SG Finserve Ltd.

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SG Finserve Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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