We hereby attached earning call transcript for the Q4 FY 26
SMCGLOBAL · price
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SMC Global reported Q4 FY26 consolidated operational income of INR 516.9 crore, up 22.6% YoY, with EBITDA of INR 89.7 crore (margin 17.4%, expanded 250 bps) and PAT of INR 21.5 crore versus INR 4.1 crore in Q4 FY25. For the full year FY26, operational income grew 5.7% to INR 1,876.9 crore with PAT of INR 103.2 crore. Management transparently acknowledged full-year margin compression driven by elevated funding costs (INR 221.3 crore finance costs) and deliberate NBFC disbursement calibration. Broking segment showed strong Q4 recovery (revenue INR 286.8 crore, EBIT up 66.6% YoY), insurance broking grew robustly (FY26 revenue INR 667.5 crore, up 17.1%), while NBFC deliberately shrank AUM to INR 1,119 crore to protect asset quality in a stressed microfinance/unsecured environment. Key strategic highlights: Stoxkart added 100,000 clients and grew revenue 150%; insurance upgraded to composite broker enabling reinsurance expansion; NBFC targeting 15-20% AUM growth from focused secured products in FY27.
The quarter showed strong operational recovery despite market volatility, with management's transparent disclosure of margin headwinds and deliberate NBFC deleveraging being viewed as prudent. Fee-based businesses (broking, insurance) demonstrated resilience while the financing segment will likely contribute progressively as macro conditions normalize. The diversified model across three segments positions the company for sustainable growth.