NSE: SMCGLOBAL · BSE: 543263
SMC GLOBAL SECURITIES LTD
Operates a diversified financial services platform across equity broking and distribution, insurance broking, and non-banking lending. Broking, Distribution and Trading generated 56.0% of FY26 segment revenue at Rs 1,089.22 cr with EBIT of Rs 239.35 cr; the segment spans retail broking, mutual fund distribution, wealth management and the Stoxkart subscription-based discount broking platform, serving 13.8 lakh broking accounts with DP AUA of Rs 1.65 lakh cr and mutual fund AUM of Rs 4,787 cr backed by 92,129 active SIPs. Insurance broking contributed 34.3% of segment revenue at Rs 667.53 cr but only Rs 14.29 cr of EBIT, reflecting upfront investment in a composite broker upgrade and distribution build-out; the unit placed gross premium of Rs 759 cr across 2.7 lakh policies, using 492 employees, 16,747 POS agents and 3,652 agents. Financing activities (NBFC) made up 9.7% of segment revenue at Rs 188.94 cr with EBIT of Rs 102.21 cr, lending against gold and micro-LAP with AUM of Rs 1,025 cr across 40 branches in 7 states and a secured-retail share of 75% of book. Employee costs at 19.7% of revenue are the largest operating line, followed by other operating expenses at 7.7% and depreciation at 1.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broking, Distribution and Trading (56%), Insurance Broking (34%), Financing activities (10%). Diversified, asset-light financial services platform across broking, insurance distribution and NBFC lending
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,106 | 1,217 | 1,638 | 1,776 | 1,877 |
| EBITDA (ex other income) | 285 | 270 | 425 | 419 | 376 |
| margin % | 25.7 | 22.2 | 25.9 | 23.6 | 20.1 |
| Owners' profit | 174 | 120 | 188 | 146 | 102 |
| EPS, as reported (₹) | 15.43 | 11.25 | 17.89 | 13.92 | 4.87 |
| ROE % · ROCE % | 18.8 · — | 12.9 · — | 17.1 · — | 12.0 · — | 7.9 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 209 | (265) | (193) | 24 | (73) |
| Capex | (64) | (30) | (29) | (29) | (45) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 451 | 455 | 421 | 425 | 865 | 495 | 517 | 515 |
| Profit before tax | 61 | 56 | 6 | 38 | 66 | 39 | 29 | 47 |
| Net profit | 46 | 44 | 4 | 30 | 51 | 31 | 21 | 37 |
| EPS (₹) | 4.33 | 4.17 | 0.36 | 2.84 | 4.81 | 1.46 | 1.01 | 1.75 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Broking, Distribution and Trading | 287 | 12.0 |
| Insurance Broking | 208 | 8.7 |
| Financing activities | 240 | 10.0 |
| Broking, distribution and trading | 1,077 | 45.1 |
| Insurance broking services | 575 | 24.1 |
| Total, before eliminations | 2,387 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BILLIONBRAINS GARAGE VN L | 1,16,321 | 46.8 | 12.05 | 39.5 | 21.6 | 28.9 | — | 67.8 |
| MOTILAL OSWAL FIN LTD | 58,348 | 29.4 | 4.50 | — | 14.5 | — | 20.9 | 57.7 |
| 360 ONE WAM LIMITED | 39,572 | 31.3 | 4.02 | — | 12.4 | — | 22.0 | 66.8 |
| NUVAMA WEALTH MANAGE LTD | 30,763 | 14.5 | 7.46 | — | 25.2 | — | — | 53.0 |
| ANGEL ONE LIMITED | 26,419 | 4.9 | 4.30 | — | 14.9 | — | 32.4 | 34.2 |
| IIFL CAPITAL SERVICES LTD | 10,720 | 18.6 | 3.49 | — | 18.4 | — | 25.1 | 50.0 |
| SHARE IND. SECURITIES LTD | 3,868 | 10.7 | 1.46 | — | 12.2 | — | 26.8 | 45.5 |
| ANAND RATHI SH N STK BR L | 2,955 | 18.6 | 2.19 | 9.7 | 9.6 | 11.5 | — | 31.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.2 | 15.1 | 10 of 33 | 72% |
| P/B | 1.5 | 1.7 | 19 of 40 | 51% |
| ROE | 7.9 | 9.6 | 22 of 40 | 46% |
| EBITDA margin | 20.9 | 31.2 | 29 of 39 | 26% |
| Revenue growth | 21.2 | 22.4 | 19 of 35 | 47% |
| Profit growth | 22.7 | 13.4 | 17 of 38 | 57% |
| Market cap | 1926 | 409 | 11 of 42 | 76% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY2027 earnings call audio recording now available | investor communications | low | — | — |
| 27 Oct 2026 · Q2 FY27 earnings call audio recording now available | investor communications | low | — | — |
| 27 Oct 2026 · SMC Global profit rises; completes Rs150 crore debenture raise | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 FY27 profit after tax jumps 34% on 21% revenue growth | investor communications | medium | — | — |
| 26 Oct 2026 · September quarter results approved; NCD cover and covenants confirmed | compliance | minimal | — | — |
| 26 Oct 2026 · Standalone revenue rises 78%; consolidated profit jumps 57% despite lower revenue | results | high | — | — |
| 26 Oct 2026 · Board approves September 2026 quarterly and half-year results | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Q2 and H1 FY27 earnings call set for 27 October 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Earnings call set for 27 October 2026 to discuss Q2 results | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting for September 2026 results | results | low | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.