SG Mart is a B2B platform for construction and industrial materials that was built from scratch inside a listed shell - the promoters acquired a dormant company, infused their own capital, and used four decades of family steel relationships to create a large-scale trader almost overnight. The recurring approach is simple: use the group’s unmatched buying power with top-tier steel mills to get better prices and guaranteed supply, then pass that advantage downstream through a network that reaches from bulk trading all the way to branded retail products.
Business segments
Five engines at different stages - a bulk-trading foundation, two processing and manufacturing platforms scaling nationally, a branded distribution network touching every district, and a renewables bet under construction - each built on the steel-buying muscle of the one before.
1. B2B Metal Trading: the volume engine that opens the mill gates
The company buys hot-rolled coils and flat steel in quantities so large that steel mills give it discounts smaller distributors cannot get, then resells to those same distributors at competitive prices.
- Buys bigger, so buys cheaper - steel mills offer quantity discounts, and because SG Mart buys in larger volumes than any individual distributor, it gets a lower cost of purchase and passes part of that saving on.
- A reseller, not a displacer - the company does not try to replace existing distributors; it lets them buy steel from mills they are not directly attached to, reducing the administrative burden on the mills themselves.
- Direct from producer to customer - products like HR coils, steel billets and zinc ingots are procured directly from primary producers and delivered straight to the customer’s premises, eliminating any need for the company to hold warehousing stock.
- Access locked in with five of the six majors - relationships with JSW Steel, Jindal Steel & Power, NMDC Steel, SAIL and Hindustan Zinc Ltd secure more than 70% of material supplies, a moat built on the promoter group’s sister company being India’s largest steel buyer.
- Thin margins, huge volumes - the business targets an EBITDA margin of just 2%-3% and delivered 411,000 tons of steel in FY26 to roughly 50 large customers, operating on a pass-through model where prices are linked to domestic and international steel rates.
2. Network of Service Centres: the value-added processing chain
Seven regional hubs take raw steel from the mills, cut and slit it into precision sheets for factories, and sell it from stock so customers get immediate delivery instead of waiting for mill schedules.
- Stock-and-sell means instant availability - unlike the B2B pass-through model, service centres hold inventory of cut-to-length sheets, chequered sheets and slitted sheets, so customers in industries like auto components and construction equipment get reduced lead times and customised orders.
- Processing closer to where the customer is - centres are being built near consumption zones in Tier II and Tier III cities, so end-users avoid paying 2%-3% freight to get processed steel from metro-based facilities.
- Machinery as the differentiator - each centre is equipped with advanced profiling and slitting lines; combined monthly capacity across all seven Indian locations is 85,000 tons, with metro centres sized at 8,000 tons per month and non-metro at 5,000 tons.
- Dubai adds a tenth of the volume - the Jebel Ali service centre contributes around 10% of total service-centre tonnage, though operations were disrupted in early 2026 by the Middle East crisis.
- Targeting 20-25 centres by FY27 - the company plans to add five to seven centres each year, with upcoming locations including Kolkata, Hyderabad and Chennai, funded by the capital raised at the group level.
3. Renewable Structures: the solar-mounting factory inside a steel warehouse
Using the same sheds and land as the service centres, the company installs solar profiling machines to manufacture ground-mounting structures for utility-scale solar parks, selling to large power producers under the APL Apollo SunSteel brand.
- Repurposed infrastructure keeps capital costs low - solar profiling machines are installed at existing service-centre facilities, using available land and industrial sheds rather than building greenfield plants.
- Orders secured before production scaled - the company partnered with two large independent power producers and secured confirmed orders with an order visibility of 50,000 Tons even before the vertical began operations in FY26.
- Specialised steel, specialised supply chain - volumes dipped in Q4 FY26 because the business needed coated steel that was in short supply from mills facing gas issues, showing how raw-material access remains the binding constraint.
4. Steel Profiling Products: the branded construction-components play
Multiple steel profiles - from warehouse racking to cold-storage panels - are manufactured under the APL Apollo brand and sold through the group’s existing distribution network, turning a fragmented, unbranded industry into a national branded category.
- One factory, many products - the vertical makes residential rooftop solar structures, cable trays, Z/C purlins (cold-form profiles for buildings), puff panels (insulated panels for cold storage), racking structures and deck sheeting, all from profiling machines added to service-centre sites.
- The brand is the moat - the steel profiling industry has no national-level brand, so the company uses the APL Apollo name and the group’s distribution reach to create one, targeting a combined market of 2.5 million tons annually in India.
- Started small, scaling fast - the business generated its first revenue in Q4 FY26 with around 7,000 tons and good margins, and is targeting 500,000 tons of annual capacity by Q1 FY27 across all profiling products.
- Ten to fifteen new products in the pipeline - the company plans to add new profiling products over the next 12-15 months, expanding the range beyond the initial six categories.
5. Downstream Distribution: the branded building-materials network
A B2C business that sells TMT bars, light structurals, metal sheets and now tiles, cement and paints through a distribution network with touchpoints in nearly every district - the group’s widest funnel for turning steel into retail brand value.
- Royalty, not just revenue - the TMT bar business was shifted to a royalty-based model where the company earns a fee per ton without booking the full sales value, aiming to increase that royalty from Rs. 500 to Rs. 1,000 per ton through brand building.
- More than steel now - the product range has expanded to over 48 categories and more than 4,000 SKUs, including non-steel items like tiles, cement, bath fittings, laminates and paints, making the platform a one-stop construction store.
- No minimum purchase - customers can buy as little as they need, which opens the platform to small retailers and contractors who cannot meet the bulk requirements of traditional steel traders.
- A Rs. 4 trillion funnel - the potential business identified through active group-affiliated distributors engaged in downstream steel products is estimated at approximately Rs. 4 trillion, spanning top-tier EPC companies, real estate developers, OEMs, traders and retailers.
Group structure and partners
The business is backed by a promoter family with four decades in steel, a Dubai subsidiary for international trade, and a newly incorporated Indian subsidiary for metal processing and manufacturing.
- A second wholly-owned subsidiary, SG Super 101 Private Limited, was incorporated in India in August 2024 to engage in metal processing and manufacturing, including heat and cold treatment of metals.
- The company’s equity shares are listed on both BSE and, from September 2025, the National Stock Exchange under the symbol SGMART.