Daily Brief India: SG Mart , Dharmaj Crop Guard and more

• SG Mart is rapidly expanding its B2B marketplace for building materials, primarily focusing on steel, with an aggressive growth strategy aiming to capture a significant share of the large and fragmented Indian market.
• The company benefits from the strong backing of the APL Apollo Group, providing it with industry relationships, funding, and brand leverage for its B2C distribution.
• Key risks include the highly competitive nature of the steel trading industry, which operates on thin margins, and the volatility of steel prices, which can impact profitability.

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• Dharmaj Crop Guard had commissioned its INR 275 crore Active Ingredients (AI) plant, cementing its transformation from a formulations-only company to a fully integrated AgroChem player. 
• This strategic backward integration provides a massive new growth lever. However, it came at a short-term cost, as “front-loaded expenses” resulting in EBITDA losses from new plant last year.
• With the new plant’s losses absorbed, Dharmaj is positioned to leverage its integrated model, a pan-India distribution network, to pursue its ambition of becoming a 2,000 crore company by 2030.