SG Finserve Ltd(SGFIN)

NSE: SGFINBSE: 539199

₹ 636.55+3.38%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 4,195 crWebsite: www.sgfinserve.comUpdated: 27 Oct 2026

About

SG Finserve Ltd, formerly Moongipa Securities Limited, is a tech-enabled, RBI-registered NBFC headquartered in Delhi-NCR. It specialises in supply chain finance for dealers, distributors, retailers and suppliers of large Indian anchor corporates. Its loan book reached a record ₹5,694 Cr at 30 September 2026, up 98% YoY. It reported FY26 revenue of Rs 333.41 crore.^[1][2][3]

Business segments

Supply chain finance made up two-thirds of the loan book in Q2 FY27. Cross-sell products such as LAP made up the rest.^[2][4]
Supply chain financing made up about 70% of AUM in Q3 FY26. The other ~30% came from cross-sell products such as business loans and LAP.^[5]
Factoring (bilateral and TReDS) reached INR 225 crores AUM in Q1 FY27, up from INR 175 crores at March 2026 end, about 5% of AUM. The RXIL and M1xchange TReDS platforms are live.^[4]

Loan book and disbursements

The loan book reached a record ₹5,694 Cr at 30 September 2026 (Q2 FY27), up 25% QoQ and 98% YoY. Over 80% of the growth came from new customers.^[2]
Gross disbursements exceeded ₹16,000 Cr in H1 FY27.^[2]
Gross disbursements were INR 25,368 crores in FY26 (+40% YoY). Book churn implies an average loan tenure of about 45 days.^[6]
Average AUM was INR 2,640 crores in FY26 vs INR 1,282 crores in FY25, up 106%.^[6]
About 80% of the loan book is secured by exclusive charges on funded inventory and receivables, plus promoter personal guarantees (FY24).^[7]

Key operating metrics

Gross NPA was nil in H1 FY27. Cumulative disbursements since inception exceeded INR 58,000 crores as of Q1 FY27, with zero NPAs reported throughout.^[2][4]
Capital adequacy was about 27% in H1 FY27, vs CRAR of 32% in Q1 FY27.^[2][4]
Debt to tangible net worth was 2.7x in H1 FY27; debt-to-net-worth was 2.2x in Q1 FY27 and 1.9x at March 2026.^[2][4]
RoA was 4.9% and RoE 14.7% in H1 FY27, vs annualised ROA of 5.1% and ROE of 14.0% in Q1 FY27.^[2][4]
Cost-to-income was below 15% in H1 FY27; it was about 7% in Q1 FY27.^[2][4]
In Q2 FY27 interest expense grew 26% QoQ while net interest income grew 13% QoQ.^[2]
Yield on AUM was about 12.5% in Q1 FY27. It had fallen to 11.5% in Q2 FY26 after Tata Motors, Mahindra & Mahindra and Tata Steel were onboarded at rates of about 11%.^[4]

Anchor relationships and customers

In H1 FY27 the company added 14 new anchor corporates and about 275 new borrowers (excluding digital lending).^[2]
52 anchor mandates were in place as of Q1 FY27, with signed MOU limits of INR 7,700 crores.^[4]
About 75% of the loan book sat outside the APL Apollo group ecosystem in Q2 FY27, vs near-100% group share at inception.^[2][4]
Anchors named in FY25 include the TATA Group, AMNS India, Vedanta, Ashok Leyland, JSW-MG Motors, APL Apollo, Adani Group, Jindal Steel, Kajaria Ceramics, Bajaj Electricals and Oppo.^[1]
Anchor partners rose from 19 in FY23 to 35 in FY24.^[7]

Operations and reach

The company operates from 30 pan-India hub locations as of Q4 FY26, each covering roughly a 100 km radius.^[6]
In FY25 it ran regional hubs in Mumbai, Delhi NCR, Kolkata, Bengaluru and Chennai, with a team of 61 professionals across 14 states.^[1]
Its in-house loan origination and management systems are integrated with the income tax and GST portals and with HDFC, Axis, Yes Bank and ICICI Bank (FY25).^[1]

Expansion and new products

In H1 FY27 the company launched Loan Against Property, starting in Delhi-NCR, and a digital lending product through an LSP partnership.^[2]
SG Insurance Brokers, a wholly-owned subsidiary, has been incorporated and is filing for an IRDAI licence; launch expected no earlier than Q4 FY27 (as of Q1 FY27).^[4]
A GIFT City entity is planned for international supply chain financing, subject to RBI and IFSCA approvals (Q1 FY27).^[4]
Retailer financing, one tier below distributors, was launched as a pilot in Q2 FY26 under existing anchor programmes.^[8]

Capital, ratings and registration

Net worth was ₹1,598 Cr in H1 FY27, vs INR 1,539 crores in Q1 FY27.^[2][4]
It received a fresh certificate of registration as an NBFC-ICC Type II on October 3, 2024.^[1]
CRISIL and ICRA reinstated its AA (CE) (positive) long-term and A1+ (Stable) short-term ratings (FY25).^[1]

Management targets

Management guides to AUM CAGR of 25-30%, PAT CAGR of 30-35%, RoA of 4.5%+ and RoE of 15%+ (Q2 FY27).^[2]
Targets include AUM of INR 10,000 crores by FY30 with no fresh equity raise, and leverage rising to about 3x over two years (Q1 FY27).^[4]
The FY27 exit AUM target was cut to about INR 5,500 crores from INR 6,000 crores; FY27 PBT target about INR 300 crores (Q1 FY27).^[4]

Recent developments

Alok Bhushan was appointed Internal Auditor effective October 17, 2026, after Saurabh Mishra resigned from the role on October 16, 2026.^[9]

Market Cap

₹4,195 Cr

High / Low

₹728 / 323

Stock P/E

21.1

Price / Book

2.5

Book Value

₹244

EPS

₹19.6

No. of Shares

5.98 Cr

ROE

10.3%

Debt / Equity

1.85

Sales

₹333 Cr

Net Profit

₹128 Cr

Promoter holding

57.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials