SG Mart Ltd
BSE:512329
SG Mart Ltd
Kintech Renewables Ltd. engages in the business of power generation. The company is headquartered in Ahmedabad, Gujarat. The company went IPO on 2005-08-09. The firm is engaged in the business of power generation, electric power, light and supply, and to generate and accumulate electric power and renewable energy, such as wind and solar. The firm operates through the Renewable Energy segment. The company is also a developer and engineering, procurement and construction (EPC) contractor with over a gigawatt (GW) of wind project development. The company has developed projects for various turbine manufacturers. The company has about a 300-megawatt (MW) pipeline of projects and over 100 MW of near-term investable opportunities. Divine Windfarm Private Limited is its wholly owned subsidiary.
Kintech Renewables Ltd. engages in the business of power generation. The company is headquartered in Ahmedabad, Gujarat. The company went IPO on 2005-08-09. The firm is engaged in the business of power generation, electric power, light and supply, and to generate and accumulate electric power and renewable energy, such as wind and solar. The firm operates through the Renewable Energy segment. The company is also a developer and engineering, procurement and construction (EPC) contractor with over a gigawatt (GW) of wind project development. The company has developed projects for various turbine manufacturers. The company has about a 300-megawatt (MW) pipeline of projects and over 100 MW of near-term investable opportunities. Divine Windfarm Private Limited is its wholly owned subsidiary.
Soft Q3, Better Outlook: Q3 financial performance was below expectations due to persistent weak demand and declining steel prices, but management remains confident in business fundamentals.
EBITDA Guidance: Business EBITDA was INR 40 crores in Q3 (with reported EBITDA at INR 17 crores due to inventory losses), and management expects Q4 business EBITDA to increase to INR 60 crores, then reach INR 80–85 crores quarterly run-rate in FY '27.
Expansion Plans: Service center network is expanding from 4 to 20 locations by FY '29, with 5 more centers to open in FY '27 and land acquisition underway for 10 additional sites.
Renewables & New Products: Strong growth seen in renewable structures and new trade-led products, with healthy order book (INR 300 crores+) and plans for 350,000–400,000 tonnes of structures sales in FY '27.
FY '27 Targets: FY '26 EBITDA expected at INR 140 crores (up 35–40% YoY); FY '27 guidance stands at INR 350 crores+ EBITDA and INR 250 crores PAT, assuming no sharp steel price crash.
Margin Recovery: EBITDA per tonne expected to recover in Q4 as discounts are rolled back and product mix shifts toward higher-margin renewables and branded products.
Balance Sheet: Working capital days rose to 27 in December 2025 due to advance steel payments, but expected to improve by March; cash balance of INR 780–900 crores supports expansion.
